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2022-12-31-accounts

Charity registration number 1172390

HUMPHRYS' ALMSHOUSES CIO

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

HUMPHRYS' ALMSHOUSES CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs A Virgo
Mr K Hobbs
Mrs V Forte
Mrs Noelle Jones
Mrs V Grubb
Mr J T Holden
Mr Robin Rogers
Mrs D Foan
Reverend S Foster
Charity number 1172390
Independent examiner John Greaney FCCA
3 Carberry Rise
7 Leigham Vale Road
Southbourne
Dorset
BH6 3BZ
Accountants The Martlet Partnership LLP
Martlet House
E1, Yeoman Gate
Yeoman Way
Worthing
West Sussex
BN13 3QZ

HUMPHRYS' ALMSHOUSES CIO

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 - 16

HUMPHRYS' ALMSHOUSES CIO

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

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 constitution registered 3 April 2017 (as amended by Members' Resolutions dated 14 May 2020 and 13 August 2020), 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)".

Objectives and activities

The charity's principal activity for the year is to provide a public benefit from the ownership and management of Humphrys' Almshouses, which provides accommodation for the poor. The trustees ensure the internal and external fabric of the accommodation is well maintained and cared for and kept up to modern day living standards and ensuring whenever work is carried out the Almspeople are not unnecessarily inconvenienced.

The solar panels, which were installed in 2012 at a cost of £25,000, continue to work effectively and are ecofriendly to our local environment. The trustees are satisfied with the investment and their carbon footprint contribution to wider climate change issues.

Bi-annual surveys are conducted with regards to legionella causes, fire safety and health & safety. All aspects of the reports are actioned where necessary as a matter of appropriate urgency. The next surveys are due in 2024 but all health & safety matters are under continuous review by the managing agents and trustees.

Every 5 years the trustees carry out a review of the trusts external providers including those providing administration and bookkeeping. This review will be carried out again in 2023.

The trustees have designated surplus reserves into an Extraordinary Building Fund, as shown in the notes to the accounts, and we continue to allow for additional emergency costing, as defined in the Charity Operations & Records Examination (C.O.R.E.) Report.

The Charity owns property situated at 50 Grafton Road, Worthing, which it rented out to a third party charity until December 2021 when the lessee vacated the premises. The most recent valuation, carried out in January 2020, as provided by a local firm of Chartered Surveyors, C G Spratt & Son Ltd, was £200,000. The trustees have decided to convert the property into 2 more almshouses and therefore the property has been reclassified at its book value of £200,000 in the accounts from being treated as an investment property to a tangible fixed asset under construction. The work on this property is to begin in 2023, with an expected date of completion Autumn 2023.

The Charity's residents continue to maintain themselves in an independent way and trustees would only visit them by appointment and invitation by the residents.

The Charity continues its process of diversity by ensuring the trustees are kept up to date on matters relating to Almshouses as well as bi-annual training. The trustees have different areas of knowledge covering finance, accountancy, governance, health & safety, pastoral, management administration and care needs. The Charity became a Charitable Incorporated Organisation (CIO) on 1 July 2018 and the trustees continue to seek to keep the charitable objectives up to date, with the help of the Charity Commissioners’ advice and guidance.

HUMPHRYS' ALMSHOUSES CIO

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees receive outside training to enhance their knowledge and understanding of Charity law, Commissioners' guidelines and law issues. Normally training sessions occur bi-annually, which is especially important for the newly elected trustees. These sessions were unfortunately disrupted during the the Covid pandemic but reconvened in October 2021.

These sessions are provided by legal and charity professionals. Their work included enhancing our Trust Policy document, a long-term plan on charitable incorporation and asset management and a more advanced C.O.R.E (Charities Operations and Records Examination) document and working with the Managing Agent on a robust approach to resident contracts and affordability. Consequently, we can look forward to a more professional trust, but which will also rely on the trustees investing time in robust governance.

There are robust procedures in place regarding health and safety, fire risk management, and clear guidelines for the almspeople by way of a residents' handbook, which is kept up-to-date for circulation to the residents.

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 trustees have complied with the duty in section 4 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission.

The trustees, with the help of legal advice, produced a motion of amendment to our original trust document regarding the age and sex of potential Almspeople to be accepted by the trust. This move is to allow greater freedom of choice for all and conforms with the Equality Act. The trust constitution was updated accordingly by Members' Resolutions dated 14 May 2020 and 13 August 2020.

Covid-19 restrictions have put on hold plans to redecorate communal areas and replace old stair and floor vinyl with a fire-retardant carpet covering. An external survey of the property is due in 2023 and the managing agents are in the process of tendering for any works to be done

The CIO conducted a review of the rental aspect of the weekly maintenance charge and agreed, with effect from the 1st January 2023 to increase the rent to £143 per week, up from the previous £114 per week which hadn't changed for over 10 years. This is in line with Local Authority rent limits to £143 per week.

The trustees have sought to enhance the Charity to be more robust and efficient. This has been possible by the dedication of the current trustees who have been guided by professional lawyers, accountants and property agents.

At the CIO meeting in July 2021, the trustees discussed the arrangements for the car park:

”The CIO felt that there needed to be a re-evaluation of how the car park should be used. There has been a sharp increase in the need to park from: carers for the Almspeople, new residents with cars, contractors, family and friends visiting Almspeople, Trustees and Managing Agents and emergency vehicles. The trustees decided unanimously that the rented spaces should be withdrawn from hire”.

As a result at this meeting, the trustees further explained their decision to forgo the revenue from renting out spaces to commercial businesses, as the increased need of the residents, their visitors, and emergency workers and carers is more beneficially aligned to the objects of the charity than any revenue gained previously. The trustees made this decision after considering information from their accountants that this reduction in revenue from both sites should be sustainable in not adversely affecting the financial security of the CIO, but would remain under review as appropriate.

The number of trustees is enhancing the diversity required to take the Charity well into the 21st century. The CIO have bi-annual training events and annual Trustee let training. Trustees are informed and aware of the need to recruit trustees.

HUMPHRYS' ALMSHOUSES CIO

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Financial review

There was a deficit for the year, before accounting for gains and losses on investments, as indicated in the Statement of Financial Activities of £10,960 (2021: surplus of £8,262).

There was a deficit for the year, after accounting for gains and losses on investments, as shown in the Statement of Financial Activities of £36,786 (2021: surplus of £25,874).

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees monitor and review the Charity's activities and consider the risks to which it is exposed. As part of this process the trustees maintain a risk management strategy that comprises:

Plans for future periods

The lease on the property situated at 50 Grafton Road expired in December 2021. Legal advice to the CIO confirmed that the property known as Provident House could legitimately be converted from a Permanent Investment Endowment to a Permanent Functional Endowment, to be used as additional Almshouse accommodation, subject to the change of use application being successful. The Trustees discussed the benefit gained financially in renting the property to a business against the benefit in providing further accommodation to additional almspeople. Their conclusion was that, as the principle objects of the charity were to provide for the financially vulnerable, that the benefit and revenue in providing additional homes for almspeople, with the increased benefit of providing, in this case for some who may be disabled, outweighed any sole financial gain in renting the property to a business solely for income, even though this may be greater. As stated above there is an expected time of completion of the project being autumn 2023 and the CIO has set aside a budget of £200,000, which would include the replacement of the tiled roof.

The fabric of the Almshouses is under continuous review. The fabric of the buildings are well maintained and the CIO does not expect high expenditure.

Structure, governance and management

The charity is incorporated as a Charitable Incorporated Organisation (CIO) and is a registered charity, number 1172390. It was previously registered as an unincorporated charity (no: 216253). In order to provide more protection to the trustees the CIO was set up in April 2017 and the assets and rights were transferred on 30 June 2018.

The trustees who served during the year and up to the date of signature of the financial statements were: Mrs A Virgo

Mr K Hobbs Mrs V Forte Mrs Noelle Jones Mrs V Grubb Mr J T Holden Reverend D Renshaw (Resigned 16 June 2022) Mr Robin Rogers Mrs D Foan Reverend S Foster

HUMPHRYS' ALMSHOUSES CIO

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

All decisions of the charity are made by the board of trustees who currently plan to meet four times a year. During 2021 there was 1 virtual and 5 in person trustees meetings

The board of trustees must constitute at least five members. When a vacancy arises this will be filled only after full consideration by the board of trustees in order to ensure the appointee will benefit the charity and complement the skills set of the existing trustees.

The only persons eligible to be members of the CIO are its charity trustees. In the event of the CIO being wound up the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.

The Board are supported in their role by a local firm of accountants who deal with the bookkeeping and bank accounts and who assist the treasurer by preparing financial information for the trustees' meetings.

In circumstances when the trustees require legal charity advice they consult H3 Solicitors Limited, and for other non-charitable advice, Miller Parris Solicitors LLP. For the services of a surveyor they consult with C G Spratt & Son Ltd, who also act as the trust's managing agent. The trustees utilise the services of Mrs J Hobbs as 'Clerk' and she handles all administrative duties and advises on governance, but receives no remuneration.

Compliance

The charity has ensured that it is compliant with the General Data Protection Regulations (GDPR) introduced in May 2018.

The trustees report was approved by the board of trustees.

Mr K Hobbs

Dated: 14 July 2023

HUMPHRYS' ALMSHOUSES CIO

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF HUMPHRYS' ALMSHOUSES CIO

I report to the trustees on my examination of the financial statements of Humphrys' Almshouses CIO (the charity) for the year ended 31 December 2022.

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:

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.

John Greaney FCCA

3 Carberry Rise 7 Leigham Vale Road Southbourne Dorset BH6 3BZ

Dated: 14 July 2023

HUMPHRYS' ALMSHOUSES CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Endowment
funds
funds
2022
2022
Notes
£
£
Income and endowments from:
Charitable activities
3
51,760
-
Investments
4
4,303
-
Other income
5
1,619
-
Total income
57,682
-
Expenditure on:
Charitable activities
6
68,642
-
Net losses/gains on
investments
10
(25,826)
-
Net
(outgoing)/incoming
resources before
transfers
(36,786)
-
Gross transfers between
funds
341
(341)
Net movement in funds
(36,445)
(341)
Fund balances at 1
January 2022
641,497
25,914
Fund balances at 31
December 2022
605,052
25,573		 Total
Unrestricted
Endowment
Total
funds
funds
2022
2021
2021
2021
As amended
As amended
£
£
£
£
51,760
48,809
-
48,809
4,303
27,371
-
27,371
1,619
2,853
-
2,853
57,682
79,033
-
79,033
68,642
70,771
-
70,771
(25,826)
17,612
-
17,612
(36,786)
25,874
-
25,874
-
341
(341)
-
(36,786)
26,215
(341)
25,874
667,411
615,281
26,255
641,536
630,625
641,496
25,914
667,410		 Total
Unrestricted
Endowment
Total
funds
funds
2022
2021
2021
2021
As amended
As amended
£
£
£
£
51,760
48,809
-
48,809
4,303
27,371
-
27,371
1,619
2,853
-
2,853
57,682
79,033
-
79,033
68,642
70,771
-
70,771
(25,826)
17,612
-
17,612
(36,786)
25,874
-
25,874
-
341
(341)
-
(36,786)
26,215
(341)
25,874
667,411
615,281
26,255
641,536
630,625
641,496
25,914
667,410
79,033
70,771
17,612
25,874
-
25,874
641,536
667,410

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

HUMPHRYS' ALMSHOUSES CIO

BALANCE SHEET

AS AT 31 DECEMBER 2022

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
15
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds - general
Income funds
Unrestricted funds
Designated funds:
Building fund
16
General unrestricted funds
Revaluation reserve		 2022
£
21,405
280,204
301,609
(18,649)
200,000
200,000
205,052
200,000		 £
267,599
80,066
347,665
282,960
630,625
25,573
605,052
630,625		 2021
£
33,982
111,923
145,905
(15,935)
200,000
200,000
157,091
284,405		 £
270,155
267,285
537,440
129,970
667,410
25,914
641,496
667,410

The financial statements were approved by the trustees on 14 July 2023

Mr K Hobbs Trustee

HUMPHRYS' ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

Humphrys' Almshouses CIO is a Charitable Incorporated Organisation (CIO), which was formed on 3 April 2017. On 30 June 2018 the assets (except as referred to in note 11), liabilities and undertaking of the unincorporated charity 'Humphrys' Almshouse' (charity no: 216253) were transferred by formal agreement to the CIO, which until that date had been dormant.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's constitution registered 3 April 2017 (as amended by Members' Resolutions dated 14 May 2020 and 13 August 2020), 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 charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

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 amounts 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.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

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

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.

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.

HUMPHRYS' ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

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 from residents is measured at the fair value of the consideration received or receivable and represents the weekly management charges to residents and parking rent.

1.5 Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

·expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

·expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

·other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

1.6 Tangible fixed assets

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

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

Almshouses 1% SL Property fittings 15% SL New care line 20% SL

Assets in the course of construction are not depreciated.

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 the statement of financial activities.

1.7 Fixed asset investments

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

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.

HUMPHRYS' ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

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 payments 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.

Derecognition of financial liabilities

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

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.

HUMPHRYS' ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

3 Charitable activities

Unrestricted
Unrestricted
funds funds
2022 2021
£ £
Weekly maintenance charge 51,760 46,924
Parking rent - 1,885
51,760 48,809

4 Investments

Unrestricted Unrestricted
funds funds
2022 2021
As amended
£ £
Rental income - 11,633
Income from listed investments 3,556 729
Dilapidations settlement - 15,000
Interest receivable 747 9
4,303 27,371

5 Other income

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Solar panel income 1,619 2,853

HUMPHRYS' ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

6 Charitable activities

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Depreciation and impairment 10,088 7,058
Rates and water 7,043 2,381
Light and heat 7,973 3,190
Maintenance costs 9,494 16,338
Property insurance 4,889 4,552
Garden maintenance 1,940 1,080
Health and safety - 540
Managing agent's fees 11,195 12,299
Cleaning 1,694 1,300
Subscriptions 223 -
Resident's welfare 90 450
Sundry expenses 188 46
54,817 49,234
Share of support costs (see note 7) 1,745 1,766
Share of governance costs (see note 7) 12,080 19,771
68,642 70,771

HUMPHRYS' ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

7 Support costs

Support
costs
Governance
costs
£
£
Bank charges
85
-
Investment manager's
fees
1,660
-
Accountancy
-
3,625
Legal and professional
-
4,589
Trustees' meeting costs
including Awayday
-
-
Independent examination
fee
-
450
Bookkeeping and
administration
-
3,416
1,745
12,080
Analysed between
Charitable activities
1,745
12,080		 2022
Support
costs
Governance
costs
£
£
£
85
97
-
1,660
1,669
-
3,625
-
3,912
4,589
-
9,899
-
-
2,130
450
-
400
3,416
-
3,430
13,825
1,766
19,771
13,825
1,766
19,771		 2021
£
97
1,669
3,912
9,899
2,130
400
3,430
21,537
21,537

8 Trustees

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

9 Employees

There were no employees during the year or the preceding year.

10 Net gains on investments

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Revaluation of investments (25,826) 17,612

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

HUMPHRYS' ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

12
Tangible fixed assets
Almshouses
Assets under
construction
£
£
Cost
At 1 January 2022
34,074
200,000
Additions
-
4,119
At 31 December 2022
34,074
204,119
Depreciation and impairment
At 1 January 2022
8,157
-
Depreciation charged in the year
341
-
At 31 December 2022
8,498
-
Carrying amount
At 31 December 2022
25,576
204,119
At 31 December 2021
25,914
200,000		 Property
fittings
New care line
£
£
128,947
2,982
3,411
-
132,358
2,982
84,706
2,982
9,748
-
94,454
2,982
37,904
-
44,241
-		 Total
£
366,003
7,530
373,533
95,845
10,089
105,934
267,599
270,155

The Investment property - 50 Grafton Road was rented out to a third party until the lease expired in December 2021. The trustees have provisionally made a decision to convert the property into two more Almshouses. The property is now transferred to tangible fixed asset as a property under construction at its current value £200,000 .

The charity has chosen not to adopt a policy of revaluation of any class of its tangible fixed assets including the almshouses, and instead continues to include its tangible fixed assets at cost less depreciation, less any provision for impairment. Consequently the net book value of the almshouses would bear very little resemblance to their market value if such a market value was ascertained.

HUMPHRYS' ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2022

13 Fixed asset investments

Investment
funds
£
Cost or valuation
At 1 January 2022 267,285
Valuation changes (25,826)
Management charges (1,660)
Income generated 3,556
Disposals (163,289)
At 31 December 2022 80,066
Carrying amount
At 31 December 2022 80,066
At 31 December 2021 267,285

Fixed asset investments revalued

The listed investments are valued using closing bid prices as at 31 December 2022. The historical cost of the investments are £182,880 (2021: £182,880). The excess of the year-end valuation over the historical cost is included in the revaluation reserve and is £nil (2021: £84,405.).

14 Debtors

Amounts falling due within one year:
Accounts receivable
Other debtors
Prepayments and accrued income		 2022
£
11,449
5,084
4,872
21,405		 2021
£
10,244
8,148
15,590
33,982

15 Creditors: amounts falling due within one year

Deferred income
Accounts payable
Accruals and deferred income		 2022
£
2,473
10,805
5,371
18,649		 2021
£
2,473
8,374
5,088
15,935

HUMPHRYS' ALMSHOUSES CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

16 Designated 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 Movement
in funds in funds
Balance at Incoming
Balance at		 Incoming Balance at
1 January 2021 resources 1 January 2022 resources 31 December
2022
£ £ £ £ £
Building fund 200,000 - 200,000 - 200,000
200,000 - 200,000 - 200,000

The fund is to allow for additional emergency costing, as defined in the Charity Operations & Records Examination (C.O.R.E.) Report.

17 Analysis of net assets between funds

Unrestricted
funds
Endowment
funds
2022
2022
£
£
Fund balances at 31
December 2022 are
represented by:
Tangible assets
242,026
25,573
Investments
80,066
-
Current assets/(liabilities)
282,960
-
605,052
25,573		 Total Unrestricted
funds
Endowment
funds
2022
2021
2021
£
£
£
267,599
244,241
25,914
80,066
267,285
-
282,960
129,970
-
630,625
641,496
25,914		 Total
2021
£
270,155
267,285
129,970
667,410

18 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).

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