**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:
1. The need to reduce investment risk through diversification
2. The need to take "proper advice"
3. 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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I 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...
Page 9
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