REGISTERED CHARITY NUMBER: 1179687
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2022
for
Wakefield Almshouses Charity
W R Frost & Co Riversdale Ashburton Road TOTNES Devon TQ9 5JU
Wakefield Almshouses Charity
Contents of the Financial Statements for the Year Ended 31 March 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 11 |
Wakefield Almshouses Charity
for the Year Ended 31 March 2022
Report of the Trustees
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 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 trustees have had due regard to guidance published by the Charities Commission on public benefit.
OBJECTIVES AND ACTIVITIES
The objective of the CIO are, for the public benefit:
(1) the provision and maintenance of almshouse accommodation for the benefit of persons resident in England who are in need or experiencing poverty or infirmity.
(2) such charitable purposes for the benefit of the residents in the almshouses of the CIO in such manner as the charity trustees think fit from time to time.
The main activity of the CIO is the provision of affordable housing in Totnes, Devon for people in need or experiencing poverty or infirmity. The trustees are fully aware of the Charity's purpose and Charity Commission guidance "Public benefit: running a charity (PB2)" When appointing beneficiaries (Almshouse residents) the trustees carefully assess the applicant's needs and the restricted choice of housing they might be experiencing due to poverty or infirmity.
ACHIEVEMENT AND PERFORMANCE
SPECIFIC INVESTMENT POWERS
The charity's Constitution provides that the trustees may invest at their absolute discretion,k as they think fit. The trustees have started an investment portfolio, and in partnership with their stockbrokers they manage the portfolio as Risk Category 6 which, is regarded as moderate investment risk and is described as: The trustees are prepared to have the significant majority of the charity's investments in equities in order to achieve higher returns at the expense of greater risk to the capital. The portfolio will typically have a substantially higher weighting towards equities than fixed income investments and is likely to have moderate market volatility.
The portfolio is managed with an aim to balance these three objectives:
-
The need to reduce investment risk through diversification
-
The need to take "proper advice"
-
Maximise the returns for the benefit of the charity
The investment portfolio is under discretionary management by the trust's stockbroker allowing the execution of appropriate transactions in a timely fashion without prior reference to the trustees.
Discontinuing the Wakefield Almshouses Charitable Trust
In 2019 the Wakefield Almshouses Charitable Trust Reg. No. 1041964 completed the transfer of assets and liabilities under section 105 of the Charities Act 2011 to this CIO as authorised by the Charity Commission 20 March 2019. A practical completion of the asset transfer was achieved on 1 October 2019, however the registration of one leasehold transfer has been delayed for over 3 years at the Land Registry and this has prevented the final close down of the Wakefield Almshouses Charitable Trust Reg. No. 1041964.
The charity has continued to carry out maintenance work to its properties along with some improvements aimed at keeping them abreast of modern standards.
FINANCIAL REVIEW
Reserves policy
In order to ensure that sufficient funds are built up for the long term maintenance and improvement of their properties, the trustees have adopted a policy of basing the level of the charges made to the occupants of the Almshouses on equivalent fair rents as assessed by the rents service. This level of charge has been set to 80% of the equivalent fair rents by the trustees to ensure it is adequate to build up and sustain the designated fund for the long-term maintenance and improvement of the Almshouses. In addition the charity continues to build a project fund with a view to building more Almshouses in Totnes.
Page 1
Wakefield Almshouses Charity
for the Year Ended 31 March 2022
Report of the Trustees
FINANCIAL REVIEW
FIXED ASSETS
The freehold and leasehold properties are stated in the financial statements at cost as the trustees are of the opinion that there would be no benefits in obtaining an open market valuation. The trustees are of the opinion that the current market values are in excess of cost.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity was formed by Constitution dated 23 July 2018 as a Charitable Incorporated Organisation.
Organisational structure
The trust has up to twelve trustees who are the only members. New trustees are invited to meetings with the existing board to become familiar with operations and governance of the Charity before deciding if they would like to join the board. Appointment is by unanimous vote of the existing trustees.
Due to government restrictions during the Covid-19 pandemic only one formal meeting of the trustees was held during the year but the trustees were kept informed with email updates and reports and fully involved in any decisions.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1179687
Principal address
C/O Mr John Severn The Coach House Station Road South Brent Devon TQ10 9BB
Trustees
Mrs J A Holmes M C Mitchell Miss J A Westacott MBE Mrs J Mitchell Mrs M Victory
Independent Examiner
Mr RJ Lewis ACA W R Frost & Co Riversdale Ashburton Road TOTNES Devon TQ9 5JU
RELATIONSHIP WITH CONNECTED CHARITIES
This charity has been merged with the Wakefield Almshouses Charitable Trust Reg. No. 1041964, once the merger is complete the Wakefield Almshouses Charitable Trust Reg. no. 1041964 will be discontinued.
Approved by order of the board of trustees on 10 October 2022 and signed on its behalf by:
Mrs J A Holmes - Trustee
Page 2
Independent Examiner's Report to the Trustees of Wakefield Almshouses Charity
Independent examiner's report to the trustees of Wakefield Almshouses Charity
I report to the charity trustees on my examination of the accounts of Wakefield Almshouses Charity (the Trust) for the year ended 31 March 2022.
Responsibilities and basis of report
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Mr RJ Lewis ACA W R Frost & Co Riversdale Ashburton Road TOTNES Devon TQ9 5JU
7 November 2022
Page 3
Wakefield Almshouses Charity
Statement of Financial Activities
for the Year Ended 31 March 2022
| Notes INCOME AND ENDOWMENTS FROM Charitable activities Almshouses Investment income 2 Other income Total EXPENDITURE ON Raising funds 3 Charitable activities Almshouses Total Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 61,215 1,997 - 63,212 643 21,486 22,129 (4,538) 36,545 1,532,292 1,568,837 |
Endowment fund £ - - - - - - - - - 150,000 150,000 |
2022 Total funds £ 61,215 1,997 - 63,212 643 21,486 22,129 (4,538) 36,545 1,682,292 1,718,837 |
2021 Total funds £ 60,342 1,216 5,000 |
|---|---|---|---|---|
| 66,558 | ||||
| - 22,178 |
||||
| 22,178 | ||||
| - | ||||
| 44,380 1,637,912 |
||||
| 1,682,292 |
The notes form part of these financial statements
Page 4
Wakefield Almshouses Charity
Balance Sheet
31 March 2022
| Notes FIXED ASSETS Tangible assets 6 Investments 7 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted funds £ 1,335,599 138,329 1,473,928 96,061 (1,152) 94,909 1,568,837 1,568,837 |
Endowment fund £ 150,000 - 150,000 - - - 150,000 150,000 |
2022 Total funds £ 1,485,599 138,329 1,623,928 96,061 (1,152) 94,909 1,718,837 1,718,837 1,568,837 150,000 1,718,837 |
2021 Total funds £ 1,485,599 - 1,485,599 202,220 (5,527) 196,693 1,682,292 1,682,292 1,532,292 150,000 1,682,292 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 10 October 2022 and were signed on its behalf by:
J A Holmes - Trustee
The notes form part of these financial statements
Page 5
Wakefield Almshouses Charity
Notes to the Financial Statements for the Year Ended 31 March 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
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 2019)', 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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixed assets for charity use are capitalised at cost when purchased, or market value as determined by the trustees where donated.
Depreciation is calculated to write off the cost of fixed assets, less their estimated residiual value over their expected useful lives as follows: Fixtures and fittings 10% straight line.
Leasehold property is depreciated over the period remaining on the lease.
Freehold property has not been depreciated on the basis that the charity has a policy and practice of regular maintenance and repair (charges for which are recognised in the Statement of Financial Activities) such that any residual value would make depreciation negligible.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 6
continued...
Wakefield Almshouses Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Investment Income | 1,287 | - |
| Deposit account interest | 710 | 1,216 |
| 1,997 | 1,216 | |
| RAISING FUNDS | ||
| Investment management costs | ||
| 2022 | 2021 | |
| £ | £ | |
| Portfolio management | 643 | - |
3. RAISING FUNDS
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Charitable activities Almshouses Investment income Other income Total EXPENDITURE ON Charitable activities Almshouses NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 60,342 1,216 5,000 66,558 22,178 44,380 1,487,912 1,532,292 |
Endowment fund £ - - - - - - 150,000 150,000 |
Total funds £ 60,342 1,216 5,000 |
|---|---|---|---|
| 66,558 | |||
| 22,178 44,380 1,637,912 |
|||
| 1,682,292 |
continued...
Page 7
Wakefield Almshouses Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
6. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|
| COST At 1 April 2021 and 31 March 2022 DEPRECIATION At 1 April 2021 and 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 |
Freehold property £ 1,427,126 - 1,427,126 1,427,126 |
Long leasehold £ 59,673 1,201 58,472 58,472 |
Fixtures and fittings £ 12,655 12,654 1 1 |
Totals £ 1,499,454 |
| 13,855 | ||||
| 1,485,599 | ||||
| 1,485,599 |
7. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| Additions | 142,867 |
| Revaluations | (4,538) |
| At 31 March 2022 | 138,329 |
| NET BOOK VALUE | |
| At 31 March 2022 | 138,329 |
| At 31 March 2021 | - |
The following investments were held:
| 2022 | ||
|---|---|---|
| £ | ||
| 6,400 | Insight Inv FDS UK GVT All Mat | 6,408 |
| 4,100 | Royal London AM Ethical Bond | 4,576 |
| 700 | Ishares II PLC USD | 3,858 |
| 9,000 | Legal & General UT GBL | 5,218 |
| 3,600 | Rlum Limited RL Sustainable | 8,838 |
| 860 | Ishares Core | 6,361 |
| 12,500 | Legal & General UT GBL | 7,883 |
| 320 | Aberforth Smlr | 4,410 |
| 240 | Baillie Gifford American | 3,473 |
| 400 | Brown Advisory FDS US Sustainable | 5,928 |
| 1,550 | Fidelity UCITS ICA US Qual Inc | 10,703 |
| 310 | Ishares Core S & P | 10,783 |
| 2,400 | Blackrock FM Ltd European Dynamic | 6,229 |
| 4,380 | European Assets | 5,103 |
| 280 | Baillie Gifford Japanese | 4,654 |
| 7,600 | Fil Inv Svcs UK Index Pacific Ex Japan | 10,242 |
| 30 | Vontobel Fund MTX Sust | 3,027 |
| 3,850 | Ecofin GBL Utilities | 8,547 |
| 10,500 | Schroder Unit Trust Global Energy Transition | 5,352 |
| 3,900 | Bny Mellon Fund Manager Sustainable Global | 3,752 |
| 45 | Muzinich Funds | 4,477 |
| 5,400 | Schroder Unit Trust Global Cities Real Est | 5,584 |
| 2,420 | Hipgnosis Songs Fund | 2,923 |
continued...
Page 8
Wakefield Almshouses Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
7. FIXED ASSET INVESTMENTS - continued
138,329
Cost or valuation at 31 March 2022 is represented by:
| Valuation in 2022 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 9. MOVEMENT IN FUNDS Net movement At 1.4.21 in funds £ £ Unrestricted funds General fund 1,347,292 40,439 Future Development 105,000 (3,634) Provision for External Maintenance 29,000 (260) Provision for Major Repairs 38,000 - Provision for Internal Decoration 6,500 - Provision for Fixtures and Fittings Replacement 6,500 - 1,532,292 36,545 Endowment funds Endowment fund 150,000 - TOTAL FUNDS 1,682,292 36,545 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 61,925 (21,486) Future Development 1,201 (600) Provision for External Maintenance 86 (43) 63,212 (22,129) TOTAL FUNDS 63,212 (22,129) |
Listed investments £ 138,329 |
Listed investments £ 138,329 |
Listed investments £ 138,329 |
||
|---|---|---|---|---|---|
| 2022 £ 1,152 Transfers between funds £ (35,000) 35,000 - - - - - - - Gains and losses £ - (4,235) (303) (4,538) (4,538) |
2021 £ 5,527 At 31.3.22 £ 1,352,731 136,366 28,740 38,000 6,500 6,500 1,568,837 150,000 1,718,837 Movement in funds £ 40,439 (3,634) (260) 36,545 36,545 |
continued...
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Wakefield Almshouses Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.4.20 in funds £ £ Unrestricted funds General fund 1,347,912 44,380 Future Development 60,000 - Provision for External Maintenance 29,000 - Provision for Major Repairs 38,000 - Provision for Internal Decoration 6,500 - Provision for Fixtures and Fittings Replacement 6,500 - 1,487,912 44,380 Endowment funds Endowment fund 150,000 - TOTAL FUNDS 1,637,912 44,380 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 66,558 TOTAL FUNDS 66,558 |
Transfers between funds £ (45,000) 45,000 - - - - - - - Resources expended £ (22,178) (22,178) |
At 31.3.21 £ 1,347,292 105,000 29,000 38,000 6,500 6,500 |
At 31.3.21 £ 1,347,292 105,000 29,000 38,000 6,500 6,500 |
|---|---|---|---|
| 1,532,292 150,000 |
|||
| 1,682,292 | |||
| Movement in funds £ 44,380 44,380 |
|||
| 44,380 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Future Development Provision for External Maintenance Provision for Major Repairs Provision for Internal Decoration Provision for Fixtures and Fittings Replacement Endowment funds Endowment fund TOTAL FUNDS |
At 1.4.20 £ 1,347,912 60,000 29,000 38,000 6,500 6,500 1,487,912 150,000 1,637,912 |
Net movement in funds £ 84,819 (3,634) (260) - - - 80,925 - 80,925 |
Transfers between funds £ (80,000) 80,000 - - - - - - - |
At 31.3.22 £ 1,352,731 136,366 28,740 38,000 6,500 6,500 |
|---|---|---|---|---|
| 1,568,837 150,000 |
||||
| 1,718,837 |
continued...
Page 10
Wakefield Almshouses Charity
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
9. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 128,483 | (43,664) | - | 84,819 |
| Future Development | 1,201 | (600) | (4,235) | (3,634) |
| Provision for External Maintenance | 86 | (43) | (303) | (260) |
| 129,770 | (44,307) | (4,538) | 80,925 | |
| TOTAL FUNDS | 129,770 | (44,307) | (4,538) | 80,925 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
Page 11