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2023-06-30-accounts

Charity Number 1179603

PETERBOROUGH ALMSHOUSE TRUST CIO

Unaudited Financial Statements

for the year ended

30 June 2023

PETERBOROUGH ALMSHOUSE TRUST CIO

Index

for the year ended 30 June 2023

Legal and Administrative Information 1
Trustees' Annual Report 2 - 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 20

PETERBOROUGH ALMSHOUSE TRUST CIO Legal and Administrative Information

for the year ended 30 June 2023

Trustees Mrs Pat Bedford Chairman
Mr Iain Vernon Vice-Chairman
Mrs Frances Russell Hon Treasurer
Mrs Helen Facer
Dr John Hastie
Rev Paul Whiteley
Revd Michelle Dalliston
Mrs Mary Martin
Mr Brian Parsons Joined 10 March 2023
Mrs Hilary Newton Retired 18 August 2022
Registered office The Manager's Office
Stephenson Court
Granby Street
Peterborough
PE1 5DW
Charity Registration Number 1179603
Solicitors Greenwoods
Monkstone House
City Road
Peterborough
PE1 1JE
Bankers Yorkshire Bank
10 Church Street
Peterborough
PE1 1XP
Independent examiner Ken Maggs
Hoekman Way
Spalding
PE11 3HE

PETERBOROUGH ALMSHOUSE TRUST CIO

Trustees' Annual Report

for the year ended 30 June 2023

The Trustees of Peterborough Almshouse Trust CIO present their report together with the financial statements for the period 1 July 2022 to 30 June 2023.

TRUSTEES

Trustees who served during the year were as follows:

Mrs Pat Bedford Co-opted Chairman
Mr Iain Vernon Co-opted Vice-Chairman
Mrs Fran Russell Co-opted Hon Treasurer
Mrs Helen Facer Co-opted
Dr John Hastie Co-opted
Mrs Mary Martin Co-opted
Mr Brian Parsons Co-opted Joined 10 March 2023
Mrs Hilary Newton Co-opted Retired 18 August 2022
Revd Paul Whiteley Ex-Officio
Revd Michelle Dallaston Ex-Officio

The Trustees report the retirement of Hilary Newton on 18 August 2023. Hilary was a trustee for 21 years and was the Chairman for 19 of those years. Whilst the Chairman and a trustee, Hilary worked tirelessly with the trustees, staff and residents of Stephenson Court and without her help, expertise and advice it would not have become the wonderful place it is now for the residents to live. The trustees were very pleased to welcome Brian Parsons as a new trustee this year.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document and other information

Peterborough Almshouse Trust CIO, registered charity number 1179603, is currently governed by a Constitution dated 20 August 2018.

All assets and liabilities were transferred from the unincorporated Peterborough Almshouse Trust to Peterborough Almshouse Trust CIO on 1 January 2019 by means of a Transfer Agreement dated 1 January 2019.

Appointment of Trustees

The 2018 Constitution provides that the Charity is administered by up to 9 co-opted and 2 ex-officio Trustees. The ex-officio Trustees are the Vicar of the Ecclesiastical Parish of St John the Baptist, Peterborough and the Rector of the Ecclesiastical Parish of Paston All Saints, Peterborough, for the time being. As required by the Constitution, co-opted Trustees are appointed for a three-year term of office

Potential Trustees are selected on the basis of what their life-skills and professional experience can bring to the charity. The charity relies heavily on the activities of its voluntary Trustees as it employs only two members of staff.

No trustees are paid for carrying out their duties.

Trustee training

Training of Trustees is arranged on an ad hoc basis, often via the Almshouse Association.

Organisation

For the period from 1 July 2022 to 30 June 2023 the main body of Trustees met on eight occasions during the year, carrying out their duty to manage the Charity. Sub-committees met regularly to deal with financial matters, forward-planning and items of fabric and maintenance. The meetings were held in person at Stephenson Court following Covid restrictions.

PETERBOROUGH ALMSHOUSE TRUST CIO Trustees' Annual Report (continued)

for the year ended 30 June 2023

RISK MANAGEMENT

The Trustees are aware that the charity has risks to which it is exposed. They continue to assess the various risks the charity faces and the steps taken to lessen them. The Trustees will continue to monitor and review the risks as they deem appropriate.

OBJECTIVES AND ACTIVITIES

Our charity’s purposes as set out in the objects contained in the charity’s Governing Document are:

The object of the Charity is to administer and manage 56 dwellings at Stephenson Court, Granby Street, Peterborough, in accordance with the above provisions and to use the assets of the charity to further these aims. Our aims fully reflect the purposes that the charity was set up to further.

The charity is not regulated by a regulator or registered with a registrar other than the Charity Commission. It does not carry out its purposes predominantly through grant-making. It does not have a trading subsidiary and does not raise funds from the public.

The focus of our work

The Trustees are committed to providing good quality, secure homes, to safeguarding the interests of the residents of the Almshouse and keep these aims under regular review. This review is intended to look at the work of the charity during July 2022 to June 2023 and the benefits provided for the people we are set up to help. It also helps Trustees ensure our aims, objectives and activities remain focused on our stated purposes. Residents are any qualifying persons in need, hardship or distress, aged 60 or over. They are encouraged to live independently and securely in the community, for as long as they are able.

Where possible Trustees ensure that outings and entertainment are available for both active and less mobile residents and are grateful to the Rotary Clubs and other such organisations for the support they give. During this period the residents enjoyed meals prepared by other residents and staff at Christmas, Easter, Mothering Sunday and Fathers’ Day; a BBQ, quiz nights and afternoon teas out. A celebration was held for the Coronation of King Charles which was funded by a donation from S & G Roofing.

Covid-19

With all the covid restrictions lifted during this time, the residents and staff were able to go about their normal business. Staff still work partly from home, but co-ordinate their time so that the office is manned each day during the week. The communal areas are still medically cleaned by our expert cleaners to ensure that no germs are passed on. This will be monitored.

Lifeline

Residents are protected by the charity’s free provision of a Lifeline service. Trustees and residents are grateful to our Property Manager and Clerk to the Trustees who volunteer to be on call for the service outside office hours.

Strategic planning

The Trustees are fully aware that they have a responsibility to ensure the long-term viability of the Peterborough Almshouse Trust CIO so that it can continue to meet the needs of beneficiaries as long as the need exists. In a changing social and economic environment, it is vital that they regularly review the facilities and services offered. A Strategic Planning Committee meet as required to examine the changing market situation and evaluate technological and social advances to see how best they can be incorporated into future plans.

Staffing

The charity employs a Clerk to the Trustees and Property Manager who are paid above the minimum Living Wage.

PETERBOROUGH ALMSHOUSE TRUST CIO

Trustees' Annual Report (continued)

for the year ended 30 June 2023

OBJECTIVES AND ACTIVITIES (continued)

Website and Contacts

The number of applications for residence has increased significantly both by the website and by close links established with Peterborough City Council and other bodies which support housing people in Peterborough who have become homeless. Advertising via RightMove has attracted qualifying people in need who were unaware of the charity.

Selective Licensing

Selective licensing came into effect in Peterborough in 2016 and affects letting properties within the PE1 district, where the almshouse is situated. Licences are continuously monitored by ourselves and the Peterborough City Council to ensure that gas safety reports, electrical periodic inspections and EPC’s are up to date. It has been confirmed by the Peterborough City Council that we have been exempt from the Licence.

Public Benefit

Trustees have referred to the guidance contained in the Charity Commission’s information on public benefit when reviewing our aims and objectives and in planning our future activities. We have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to this guidance. Almshouses were set up to provide aid to people in need, hardship or distress. All applicants for accommodation, who qualify under the terms of the charity’s Governing Document, are considered carefully and housed if the Trustees consider they will benefit from acceptance by the charity.

ACHIEVEMENTS AND PERFORMANCE

Investments

Trustees hold an annual review of all investments. Our aim continues to be to produce sufficient annual income to cover annual expenditure and to at least maintain the real value of investments. Trustees continue to manage the charity’s expenditure prudently and ensure that the site is maintained in the best possible condition for residents.

Disaster Recovery Plan

This is kept under regular review.

Ensuring our work delivers our aims

In order to keep the dwellings and the site environment in good order and to enable beneficiaries to live in safe, comfortable surroundings, the Trustees have on-going programmes to upgrade or renew the buildings and facilities, with an emphasis on high quality and in a manner that causes as little disruption to residents as possible. All legislation is complied with fully, including testing for legionella, fire alarm testing, gas and electrical safety, and all properties have a full inspection at least annually. The CCTV system encompasses all areas of the site, complementing the existing security fencing and gates.

Property Refurbishment Programme

The Trustees have worked on a programme of refurbishment which trialled all-electric hot water and heating systems, as well as making insulation improvements and improving facilities and layout for the benefit of residents. The Trustees are pleased with the outcome and the heating element has proven to be more economical. The all-electric hot water and heating systems have now been placed in two flats and one bungalow and it is envisaged that this will continue when properties become vacant.

Improvements on Site

During this year the entire site has had the footpaths resurfaced using a purpose made product incorporating old rubber tyres. The look of the footpaths has been enhanced and they have made the site safer with all uneven surfaces removed. The lighting to the flat hallways has been changed to motion sensor lights. This means that even on darker days, the lights will come on. Previously the lights were dusk until dawn, burning energy throughout the night. Where some residents have requested wet rooms due to disabilities, these have been sanctioned.

PETERBOROUGH ALMSHOUSE TRUST CIO

Trustees' Annual Report (Continued)

for the year ended 30 June 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

Energy Performance Certification

Certificates are provided to residents where appropriate under the law.

Reserves Policy

The Trustees aim to maintain sufficient liquid reserves to cover a minimum of 6 - 9 months' expenditure.

The Trust in accordance with the recommendation of the Almshouse association maintains three reserves within its designated funds. These are the Extraordinary Repairs reserve, the Cyclical Maintenance reserve and the Housing Properties fund. The purpose of these is to cover future contingencies. the Trustees review their adequacy at the end of each year.

Financial Review

The financial activities for the year are fully reflected in the Statement of Financial Activities and the financial position in the Balance Sheet on pages 7 and 8.

The property which is known as Stephenson Court and other land held by the charity is required to be held in perpetuity by the charity or suitable equivalent replacement property found. As such this property is a Permanent Endowment and is now shown as such within the financial statements. The Permanent Endowment is included within the financial statement at an amount of £934,941 (2022 - £970,770) and generally only reduces by the depreciation on the properties.

The development flat previously mentioned, has used Extraordinary Repair Fund monies as it meets that objective. As the property will remain within the charity almshouses then a transfer amounting to £0 has been made to create additional Permanent Endowment.

During the year, maintenance and repair costs amounted to £292,168 (2022 - £94,533), of which £56,406 was met from the General Fund, £33,346 was met from the Cyclical Maintenance Fund and £202,416 was met from the Extraordinary Repair Fund.

During the year, the Charity has received unrestricted funds of £270,434 (2022 - £261,153). After expenditure, net outgoing unrestricted funds amounted to £-165,449 (2022 - net incoming £26,523). The charity also saw a net increase in the value of its assets held for investment purposes, amounting to £27,069 (2022 - decrease of £9,370).

The level unrestricted funds at the year end amounted to £1,378,975 (2022 – £1,517,355), of which the General Fund represented £175,654 (2022 – £166,341), the Extraordinary Repair Fund represented £425,434 (2022 – £590,028) and the Cyclical Maintenance Fund represented £777,887 (2022 – £760,986).

The deficit shown should not be considered as a negative point because the funds have been built for this purpose, restoring and maintaining the standard of the properties for the Almspeople and over the last few years, the trustees have been carrying out works around the site as they have been considered necessary.

TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

PETERBOROUGH ALMSHOUSE TRUST CIO

Trustees' Annual Report (Continued)

for the year ended 30 June 2023

TRUSTEES' RESPONSIBILITIES (continued)

Charity law requires the trustees to prepare financial statements for each financial period 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 period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper 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 Charity Act 2011, the Charities (Accounts and Reports) Regulations and the provisions of their constitution. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT EXAMINER

A resolution to re-appoint Mr K J Maggs as independent examiner for the ensuing year will be proposed at the annual general meeting.

Approved by the trustees of the charity on 8 September 2023 and signed on its behalf by:

Mrs Pat Bedford

Chairman

Independent Examiner's Report to the trustees of the

PETERBOROUGH ALMSHOUSE TRUST CIO

I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 June 2023 which are set out on pages 8 to 20.

Responsibilities and basis of report

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

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.

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 Act; or

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

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. 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 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 accounts to be reached.

K.J. Maggs B.A., F.C.A. Chartered Accountant Spalding

Date: 8 September 2023

PETERBOROUGH ALMSHOUSE TRUST CIO

Statement of Financial Activities

for the year ended 30 June 2023

----- Start of picture text -----
2023 2022
Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
Note £ £ £ £ £
Income from:
Donations and legacies 2 - 500 - 500 500
Charitable activities 3 229,421 - - 229,421 231,896
Investments 4 40,019 - - 40,019 28,277
Other income 994 - - 994 480
Total income 270,434 500 - 270,934 261,153
Expenditure on:
Charitable activities 5 435,883 456 35,829 472,168 270,426
Total expenditure 435,883 456 35,829 472,168 270,426
Gains on investment property 7 - - - - -
Gains / (losses) on investments 8 27,069 - - 27,069 (9,370)
Net (expenditure) / income (138,380) 44 (35,829) (174,165) (18,643)
Transfers between funds 11 - - - - -
Net movement in funds (138,380) 44 (35,829) (174,165) (18,643)
Reconciliation of funds:
Total funds brought forward 1,517,355 - 970,770 2,488,125 2,506,768
Total funds carried forward 11 1,378,975 44 934,941 2,313,960 2,488,125
----- End of picture text -----

All of the activities of the charity are classed as continuing activities.

The statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 10 to 20 form part of these financial statements.

PETERBOROUGH ALMSHOUSE TRUST CIO

Balance Sheet

At 30 June 2023

----- Start of picture text -----
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 7 1,378,691 1,417,034
Investments 8 891,475 893,797
2,270,166 2,310,831
Current assets
Debtors 9 25,567 18,369
Cash at bank and in hand 53,902 193,227
79,469 211,596
Creditors: Amounts falling due within
10 (35,675) (34,302)
one year
Net current assets 43,794 177,294
Total assets less current liabilities 2,313,960 2,488,125
Funds
Unrestricted 11 1,378,975 1,517,355
Restricted 11 44 -
Endowment 11 934,941 970,770
2,313,960 2,488,125
----- End of picture text -----

These financial statements were approved and authorised by the Trustees on 8 September 2023 and are signed on their behalf by:

Mrs Pat Bedford Chairman

Mr Iain Vernon Vice-Chairman

The notes on pages 10 to 20 form part of these financial statements.

PETERBOROUGH ALMSHOUSE TRUST CIO Notes to the Financial Statements

for the year ended 30 June 2023

1. Accounting policies

General information and basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

No amount is included in the financial statements for volunteer time in line with the Statement of Recommended Practice (FRS 102) (SORP).

Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

PETERBOROUGH ALMSHOUSE TRUST CIO Notes to the Financial Statements (continued)

for the year ended 30 June 2023

1. Accounting policies (continued)

Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Charitable activity expenditure is detailed in note 5 to the financial statements. These expenses are subcategorised between charitable activities, support costs and governance costs.

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, computer costs, and bank charges. They are incurred directly in support of expenditure on the objects of the charity.

Governance costs are costs of charitable activities but those which relate to the governance and stewardship of the charity rather than directly to the activities themselves.

Fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold land Not depreciated
Almshouse land Not depreciated
Almshouse refurbishments Straight line over 15 year
Office equipment Straight line over 5 years
Fixtures and fittings Straight line over 5 years

Investment properties

Investment properties are properties which are held for long-term investment and are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the SoFA.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Employee benefits

The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the Statement of Financial Activities.

PETERBOROUGH ALMSHOUSE TRUST CIO Notes to the Financial Statements (continued) for the year ended 30 June 2023

1. Accounting Policies (continued)

Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The useful economic life used to depreciate tangible fixed assets relates to the expected future performance of the assets acquired and management’s estimate of the period over which economic benefit will be derived from the asset.

The residual value of an asset is the estimated fair value of that asset at the end of its useful economic life and therefore is also dependent upon the estimation of that life span.

Historically, changes to the useful economic life and residual values have not had a material impact on the depreciation amount charge to the Statement of Financial Activities.

Cut-off is applied at the year end date. An estimation of income or expenditure applicable to the relevant period must be applied when the receipt or payment relates to a different period to the year end.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risk of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

2. Income from donations and grants

Donations £
-
-
Funds
Unrestricted		 £
500
500
Funds
Restricted		 Total
2023
£
500
500		 Total Funds
2022
£
500
500

PETERBOROUGH ALMSHOUSE TRUST CIO

Notes to the Financial Statements (continued)

for the year ended 30 June 2023

3. Charitable activities income

Weekly maintenance contributions
Utility charges
Guest suite
Government grants
General insurance claims
Investment Income
NAACIF Income shares
Land rents receivable
Bank interest receivable		 £
210,606
18,635
180
-
-
229,421
£
18,839
20,542
638
40,019
Funds
Unrestricted
Unrestricted
Funds		 £
-
-
-
-
-
£
-
-
-
-
Restricted
Funds
Restricted
Funds		 Total
2023
£
210,606
18,635
180
-
-
229,421
Total
2023
£
18,839
20,542
638
40,019		 Total Funds
2022
£
211,676
19,335
885
-
-
231,896
Total Funds
2022
£
7,760
20,517
-
28,277

4. Investment Income

PETERBOROUGH ALMSHOUSE TRUST CIO

Notes to the Financial Statements (continued)

for the year ended 30 June 2023

----- Start of picture text -----
5. Charitable activities expenditure
Unrestricted Restricted Endowment Total Total
Funds Funds Funds 2023 2022
£ £ £ £ £
Charitable activities
Wages and social security 16,732 - - 16,732 16,564
Employees pension costs 502 - - 502 480
Staff training - - - - 108
Staff advertising 419 - - 419 -
Community charges 2,083 - - 2,083 3,322
Water rates 6,719 - - 6,719 7,271
Gas and electricity 22,481 - - 22,481 21,641
Gas and electric servicing 9,297 - - 9,297 7,759
Insurance 5,378 - - 5,378 4,955
General repairs 44,034 - - 44,034 34,947
Cyclical maintenance 33,346 - - 33,346 41,666
Extraordinary repairs 202,416 - - 202,416 5,814
Garden maintenance 12,372 - - 12,372 12,106
Travel expenses 119 - - 119 276
Cleaning 18,541 - - 18,541 17,311
Security 469 - - 469 -
Telephone 2,271 - - 2,271 196
Lifeline 4,607 - - 4,607 4,554
Residents welfare 3,241 456 - 3,697 2,011
TV Licences 528 - - 528 334
Subscriptions 573 - - 573 547
Depreciation 2,514 - 35,829 38,343 38,310
388,642 456 35,829 424,927 220,172
Support costs
Wages and social security 37,448 - - 37,448 35,898
Employees pension costs 1,123 - - 1,123 1,077
Printing and stationery 1,122 - - 1,122 875
Postage and sundries 5 - - 5 89
Computer and software costs 4,770 - - 4,770 6,140
Payroll charges 248 - - 248 373
Bank charges and interest 5 - - 5 43
44,721 - - 44,721 44,495
Governance costs
Independent examiner's fees 1,560 - - 1,560 1,776
Other accountancy costs 540 - - 540 1,079
Legal and professional fees 420 - - 420 2,829
Trustee training - - - - 75
2,520 - - 2,520 5,759
Total charitable activities
435,883 456 35,829 472,168 270,426
expenditure
----- End of picture text -----

PETERBOROUGH ALMSHOUSE TRUST CIO

Notes to the Financial Statements (continued)

for the year ended 30 June 2023

6. Staff costs and employee benefits

The aggregate payroll costs were:
Wages and salaries
Social security costs
Other pension costs		 2023
£
54,180
-
1,625
55,805		 2022
£
51,919
543
1,557
54,019

No employee received total employee benefits (excluding employer pension costs) of more than £60,000 in either the current or prior year.

The average number of monthly employees was 3 (2022 - 3).

No amounts are payable to the trustees in respect of remuneration, benefits in kind or reimbursement of expenses.

7. Tangible fixed assets

Cost
At 1 July 2022
At 30 June 2023
Depreciation
At 1 July 2022
Charge for the year
At 30 June 2023
Net book value
At 30 June 2023
At 30 June 2022		 Freehold
land
£
£
2,226,151
1,020,000
2,226,151
1,020,000
1,835,381
-
35,829
-
1,871,210
-
354,941
1,020,000
390,770
1,020,000
Almshouses		 Office
equipment
£
16,515
16,515
15,003
504
15,507
1,008
1,512		 Total
£
£
21,299
3,283,965
21,299
3,283,965
16,547
1,866,931
2,010
38,343
18,557
1,905,274
2,742
1,378,691
4,752
1,417,034
Fixtures and
fittings

The freehold land is held for investment purposes and is in the opinion shown materially at the open market value. The last professional valuation was undertaken by Carter Jonas at 31 December 2020.

PETERBOROUGH ALMSHOUSE TRUST CIO

Notes to the Financial Statements (continued)

for the year ended 30 June 2023

8. Investments
Units held
Market
value at
1 July 2022
235,142
204,362
266,742
95,034
422,693
893,797
9. Debtors
Trade debtors
Prepayments
Accrued income
Other debtors
10. Creditors: Amounts falling due within one year
Trade creditors
Other creditors
Taxation and social security
Pension contributions
Accrued expenditure
Deferred income
National Almshouses
Association C.I.F Income
shares
National Almshouses
Association C.I.F
Accumulation shares
COIF Charities Ethical
Investment Fund
2,254
(2022 - 2,625)		 -
(29,391)
-
(29,391)
Acquisitions
/ (disposals)		 Market
value
30 June 2023
1,246
205,608
2,330
239,681
23,493
446,186
27,069
891,475
2023
2022
£
£
6,989
5,614
17,303
11,000
1,275
1,275
-
480
25,567
18,369
2023
2022
£
£
17,374
18,148
5,500
5,200
906
1,506
512
663
4,850
3,524
6,533
5,261
35,675
34,302
Valuation
adjustment

10. Creditors: Amounts falling due within one year

PETERBOROUGH ALMSHOUSE TRUST CIO Notes to the Financial Statements (continued) for the year ended 30 June 2023

11. Statement of funds

Movement in resources

Designated funds
Extraordinary repairs fund
Cyclical maintenance fund
General funds
General fund
Total unrestricted funds
Restricted funds
Residents benefit fund
Total restricted funds
Endowment funds
Permanent
Total endowment funds
Total funds
Analysis of net assets
Designated funds
Extraordinary repairs reserve
Cyclical maintenance reserve
General funds
General fund
Total unrestricted funds
Restricted funds
Residents benefit fund
Total restricted funds
Endowment funds
Permanent
Total endowment funds
Total funds		 £
590,028
760,986
1,351,014
166,341
1,517,355
-
-
970,770
970,770
2,488,125
Balance at
1 July 2022		 Incoming
£
26,000
35,000
61,000
209,434
270,434
500
500
-
-
270,934
£
-
-
-
395,114
395,114
-
983,577
983,577
1,378,691

Tangible
fixed assets		 Outgoing
£
(202,416)
(33,346)
(235,762)
(200,121)
(435,883)
(456)
(456)
(35,829)
(35,829)
(472,168)
£
389,334
502,141
891,475
-
891,475
-
-
-
891,475
Investments		 Valuation/
Balance at

Transfers 30 June 2023
£
£
11,822
425,434
15,247
777,887
27,069
1,203,321
-
175,654
27,069
1,378,975
44
-
44
-
934,941
-
934,941
27,069
2,313,960
Total
£
£
36,100
425,434
275,746
777,887
311,846
1,203,321
(219,460)
175,654
92,386
1,378,975
44
44
44
44
(48,636)
934,941
(48,636)
934,941
43,794
2,313,960
Other net
assets

PETERBOROUGH ALMSHOUSE TRUST CIO

Notes to the Financial Statements (continued)

for the year ended 30 June 2023

12. Control relationship

The charity is controlled by the trustees jointly and no individual can or does exert control over the others.

13. Fund comparatives

Income from:
Donations and legacies
Charitable activities
Investments
Other income
Total income
Expenditure
Charitable activities
Total expenditure
Losses on investments
Net income
Movement in resources
Designated funds
Extraordinary repairs reserve
Cyclical maintenance reserve
General funds
General fund
Total unrestricted funds
Endowment funds
Permanent
Total endowment funds
Total funds		 Unrestricted
Funds
£
500
231,896
28,277
480
261,153
234,630
234,630
(9,370)
17,153
Incoming
£
£
596,914
26,000
772,939
35,000
1,369,853
61,000
153,338
200,153
1,523,191
261,153
983,577
-
983,577
-
2,506,768
261,153
Balance at
1 July 2021		 Restricted
Endowment
Funds
Funds
£
£
-
-
-
-
-
-
-
-
-
-
-
35,796
-
35,796
-
-
-
(35,796)
Valuation/
Outgoing
Transfers
£
£
(5,814)
(27,072)
(41,666)
(5,287)
(47,480)
(32,359)
(187,150)
-
(234,630)
(32,359)
(35,796)
22,989
(35,796)
22,989
(270,426)
(9,370)
2022		 Total
Funds
£
500
231,896
28,277
480
261,153
270,426
270,426
(9,370)
(18,643)
Balance at
£
590,028
760,986
1,351,014
166,341
1,517,355
970,770
970,770
2,488,125
30 June 2022

PETERBOROUGH ALMSHOUSE TRUST CIO

Notes to the Financial Statements (continued)

for the year ended 30 June 2023

13. Fund comparatives (continued)

Analysis of net assets

Designated funds
Extraordinary repairs reserve
Cyclical maintenance reserve
General funds
General fund
Total unrestricted funds
Endowment funds
Permanent
Total endowment funds
Total funds		 £
-
-
-
433,457
433,457
983,577
983,577
1,417,034
Tangible
**fixed assets **		 £
389,472
504,325
893,797
-
893,797
-
-
893,797
Investments		 £
200,556
256,661
457,217
(267,116)
190,101
(12,807)
(12,807)
177,294
Other net
assets		 Total
£
590,028
760,986
1,351,014
166,341
1,517,355
970,770
970,770
2,488,125