Exeter Dispensary Charity CIO
(Charity registration number - 1189534)
Annual Report and Financial Statements
For the Year Ended 31 December 2021
EXETER DISPENSARY CHARITY CIO Charity registration number 1189534
ANNUAL REPORT and FINANCIAL STATEMENTS for YEAR ENDED 31 DECEMBER 2021
CONTENTS
| page | |
|---|---|
| Legal and administrative information | 2 |
| Trustees' annual report | 3 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 9 |
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EXETER DISPENSARY CHARITY CIO Charity registration number 1189534
LEGAL AND ADMINISTRATIVE INFORMATION
YEAR ENDED 31[st] DECEMBER 2021
CONSTITUTION The CIO is governed under a Charity Commission Scheme dated 18 May 2020. ADDRESS Ridge Farm Broadhembury Honiton EX14 3LU TRUSTEES Mr A McNicol (Chairman) Ms J Wilson (Vice Chairman) Mr J Claxton (Treasurer) Mrs J A Charles Mr A J Eveleigh Ms J Hickey Cllr A Leadbetter (Exeter City Council) Mr M McGahey Dr J Richards (Exeter & Mid Devon BMA) Dr V Rosser Mr M Stott (Appointed 17[th] November 2021)
Trustees serve for a period of three years, they can then be reappointed for a further term of three years. A trustee who has served for three consecutive terms may not be appointed for a fourth consecutive term but may be reappointed after an interval of at least one year. The reappointment dates of the charity trustees have been staggered to enable a phased programme of their retirements or reappointments.
Hon Secretary Mrs Carol Cathcart
Hon Applications Secretary Dr David Bostock
Solicitors Tozers LLP Broadwalk House Southernhay East Exeter EX1 1UA Bankers CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4JQ Independent Examiner Matthew Melksham FCCA Bush & Co Limited Chartered Accountants 2 Barnfield Crescent Exeter EX1 1QT 2
EXETER DISPENSARY CHARITY CIO Charity registration number 1189534 TRUSTEES’ REPORT
The Trustees present their report together with the financial statements of the Charity for the year ended 31 December 2021. The financial statements comply with current statutory requirements, the governing document and have been prepared in accordance with applicable accounting standards, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102) issued in 2015 and the 2008 regulations.
Charity’s objects
The Charity is governed by a Scheme dated 18 May 2020. Its charitable objects are the relief of suffering among sick or disabled people of all ages who are in financial need and live within the boundaries of the City of Exeter, making grants or donations to other charities based in Devon and having similar aims and objectives as Exeter Dispensary Charity. The Trustees confirm that they have paid due regard to the Charity Commission’s guidance on public benefit when undertaking the following activities:
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Making grants to individual people meeting the criteria for or towards the cost of medical aids and appliances not provided from public funds, chiropody, heating, beds/bedding, warm clothing and footwear, floor covering, domestic appliances and such other necessities as the Trustees may from time to time deem appropriate.
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Making grants or donations to other charities having similar objects which provide appliances and medical and ancillary care and assistance for the sick and disabled in Exeter.
Supportive grants to individuals
187 grants ( 2020 – 200 grants ), amounting to £34,068 ( 2020 - £36,704 ), were advanced to individuals during the year.
The grants have benefitted a wide range of people with physical and mental health problems, whose living conditions have not been easy for them, and whose income has not kept pace with the rise in the everyday cost of living. The needs we have met have varied from practical household items, furniture, carpets, help with utility costs and basic living expenses, and they are often against a background of debt, and sometimes violence or broken relationships, as well as serious illness or disability. Helping children has been an important part of our grant giving.
Grants to other charities
During 2021, 7 grants were paid to other charities amounting to £6,000 ( 2020 – No grants paid) .
General fund
The Charity's total income in 2021 amounted to £45,051 ( 2020 - £42,083 ) of which £42,221 was investment income ( 2020 - £41,168 ).
Total expenditure in 2021 was £41,180 ( 2020 - £39,028 ), all made from the general fund. The Charity made a surplus of £3,871 ( 2020 -£3,055 ), which, after including the general fund brought forward from 2020 of £13,860, resulted in £17,731 being carried forward.
Investment and endowment funds
The unrealised value of the COIF Charities Ethical Investment Fund at 31 December 2021 was £1,566,841 ( 2020 - £1,380,256 ).
There are no related party transactions, no fundraising is undertaken, and no trustee received any form of benefit from the charity.
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EXETER DISPENSARY CHARITY CIO Charity registration number 1189534 TRUSTEES’ REPORT
Election of Trustees
When a vacancy occurs it shall be notified to the Trustees at least four weeks before the next meeting. Trustees should be invited to nominate an appropriate person and provide a short CV in writing to the Secretary at least four weeks prior to the next meeting. The Secretary will circulate the nominations with the Agenda. Any appointments should be determined at the next meeting. If there is one nomination acceptable to the Trustees that person shall be elected at that meeting. If there is more than one nomination there should be a vote at the meeting and the preferred candidate shall be elected at that meeting. The elected candidate shall be invited to attend the next meeting.
Reserves Policy
It is the policy of the charity to maintain a balance on free reserves that equates to three months unrestricted payments. All the funds of the charity are available to spend apart from the Permanent Endowment fund. To maintain the income of the charity funds have been designated into the Unrestricted Investment and Expendable Endowment funds. These funds are available to spend but the trustees wish to keep these amounts invested to generate income. Cash flow is managed to take account of the income received from the investments of approximately £10,000 per quarter. At the year end the balance of the free reserves was £17,731.
Acknowledgements
The Trustees wish to thank the staff of CCLA Limited for their continuing help and advice on the investments in the COIF Charities Ethical Investment Fund.
They wish particularly to thank our Secretary Carol Cathcart and the Applications Secretary Dr David Bostock for all the voluntary time and hard work they do to ensure that the Charity meets its objectives, which is gratefully appreciated by the individuals and organisations which it serves in Exeter.
Trustees' Responsibility in respect of the Accounts
The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its financial activities for that period. In preparing those statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the statements on the going concern basis unless it is inappropriate to presume that Charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the statements comply with the Charities Act 1993 and the Charities Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chairman
Date 23rd March 2022
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
EXETER DISPENSARY CHARITY CIO (Charity registration number 1189534)
I report to the trustees on my examination of the accounts of Exeter Dispensary Charity for the year ended 31 December 2021 which are set out on pages 6 to 9.
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 Trustee’s accounts carried out under section 145 of the 2011 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 2011 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:
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(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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(2) the accounts do not accord with those records; or
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(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.
M Melksham FCCA Bush & Co Limited Chartered Accountants 2 Barnfield Crescent Exeter EX1 1QT
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EXETER DISPENSARY CHARITY CIO
Charity registration number 1189534
ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
STATEMENT OF FINANCIAL ACTIVITY
| STATEMENT OF FINANCIAL ACTIVITY | |
|---|---|
| Unrestricted fund-general Unrestricted fund- investment Expendable endowment fund Permanent endowment fund Total Income from: £ £ £ Investments CCLA Charities Ethical Investment Fund 42,221 - - - 42,221 42,221 - - - 42,221 Charitable activities - Donations 2,500 2,500 Grant refunds 330 - - - 330 Total 45,051 - - - 45,051 Expenditure on: Charitable activities-grants and donations to: Supportive grants to individuals 34,068 - - - 34,068 Age UK Exeter 500 - - - 500 Community Equality Disability Action 1,000 - - - 1,000 Exeter Nursing Association Trust 500 - - - 500 Force Cancer Charity 1,000 - - - 1,000 Hospiscare 1,000 - - - 1,000 St. Petrock's (Exeter) Ltd. 1,000 - - - 1,000 WESC Foundation - now "Insight" 1,000 - - - 1,000 6,000 - - - 6,000 Total grants and donations 40,068 - - - 40,068 Administration 279 - - - 279 Web Site 116 - - - 116 Independent examination fee- 717 - - - 717 Total 41,180 - - - 41,180 Unrealised gain /(deficit) on revaluation of investments - 28,335 5,053 153,097 186,485 Net income 3,871 28,335 5,053 153,097 190,356 3,871 28,335 5,053 153,097 190,356 Reconciliation of funds Total funds brought forward 13,860 209,735 37,395 1,133,225 1,394,215 Total funds carried forward 17,731 238,070 42,448 1,286,322 1,584,571 2021 |
Unrestricted fund-general Unrestricted fund- investment Expendable endowment fund Permanent endowmen t fund Total £ £ £ £ £ 41,168 - - - 41,168 41,168 - - - 41,168 - 50 - - - 50 865 - - - 865 42,083 - - - 42,083 36,704 - - - 36,704 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 36,704 - - - 36,704 1,515 - - - 1,515 116 - - - 116 693 - - - 693 39,028 - - - 39,028 2020 |
| - 12,472 2,223 67,389 82,084 3,055 12,472 2,223 67,389 85,139 3,055 12,472 2,223 67,389 85,139 10,805 197,263 35,172 1,065,836 1,309,076 13,860 209,735 37,395 1,133,225 1,394,215 6 |
EXETER DISPENSARY CHARITY CIO
Charity registration number 1189534
ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
BALANCE SHEET AS At 31 DECEMBER 2021
| Tangible fixed assets £ £ Investments CCLA Charities Ethical Investment Fund 1,566,841 Current assets Bank current accounts 18,349 CCLA Charities deposit fund 71 18,420 less: Current liabilities Creditors Independent Examiners' fees 689 689 NET CURRENT ASSETS 17,731 TOTAL ASSETS LESS CURRENT LIABILITIES 1,584,572 Capital and reserves General fund 17,731 Investment fund 238,071 Expendable endowment fund 42,448 Permanent endowment fund 1,286,322 1,584,572 2021 |
£ £ 1,380,356 14,469 71 14,540 680 680 13,860 1,394,216 13,860 209,736 37,395 1,133,225 1,394,216 2020 |
£ £ 1,380,356 14,469 71 14,540 680 680 13,860 1,394,216 13,860 209,736 37,395 1,133,225 1,394,216 2020 |
|---|---|---|
| 1,380,356 | ||
| 13,860 1,394,216 13,860 209,736 37,395 1,133,225 1,394,216 |
………………………………………………..
Chairman ……………………………………… Date
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EXETER DISPENSARY CHARITY CIO
Charity registration number 1189534
ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
NOTES ON THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021
Note 1 Accounting policies
The financial statements have been prepared under the historic cost convention except for the valuation of investment assets, which are shown at market value. The financial statements have also been prepared in accordance with applicable accounting standards, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102) and the 2008 regulations.
The Charity meets the definition of a public benefit entity under FRS102.
There are no material uncertainties regarding the Charity's ability to continue as a going concern
Investments
The Charity’s investments in the CCLA Ethical Investment Fund are basic financial instruments as defined in FRS 102.
They are shown at their transaction price including transaction costs when they are initially purchased and at each financial year end (31 December) they are shown at market value.
Funds
The General fund represents the working capital funds of the charity applied to general purposes of the charity.
The Investment fund represents the funds of the charity invested in the CCLA Ethical Investment Fund not subject to any restrictions regarding their use and are applied to the general purposes of the charity.
The Permanent endowment fund is a capital fund comprising the investments with CCLA Ethical Investment Fund and is not available to be spent.
The Expendable endowment fund is a capital fund comprising investments with CCLA Ethical Investment Fund and has been designated by the Trustees to supplement the assets of the Permanent endowment fund to protect the income generated in future years.
Income: dividends are accounted for when due and receivable. Interest entitlements are accounted for as they are received
Grants payable: Grants payable are included when approved by the applications secretary. Unpaid grants are included in creditors.
Gains and losses on investments : realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31 December
Financial instruments The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
| Note 2 Investments | Price | Unrestricted fund-investment | Unrestricted fund-investment | Expendable endowment fund | Expendable endowment fund | Permament endowment fund | Permament endowment fund | Total | |
|---|---|---|---|---|---|---|---|---|---|
| per share | Shares | Valuation | Shares | Valuation | Shares | Valuation | |||
| CCLA Charities Ethical Investment Fund | £ | £ | £ | £ | |||||
| At 1 January 2020 | £2.59 | 76,190 | 197,264 | 13,585 | 35,172 | 411,663 | 1,065,836 | 1,298,272 | |
| Unrealised gain on revaluation of investments | |||||||||
| At 1 January 2021 | £2.75 | 12,472 | 2,224 | 67,389 | 82,085 | ||||
| Unrealised gain on revaluation of investments At | 209,736 | 37,396 | 1,133,225 | 1,380,357 | |||||
| 31 December 2021 | £3.12 | 28,335 | 5,052 | 153,097 | 186,484 | ||||
| 238,071 | 42,448 | 1,286,322 | 1,566,841 |
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EXETER DISPENSARY CHARITY CIO
Charity registration number 1189534
ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021
| Note 3 Movement of funds Balance brought forward at 1 January2021 Net movement of funds in the year Balance carried forward at 31 December 2021 CCLA Charities Ethical Investment Fund Net current assets |
Unrestricted fund-general Unrestricted fund-investment Expendable endowment fund Permanent endowment fund Total £ £ £ £ £ 13,860 209,736 37,395 1,133,225 1,394,216 3,871 28,335 5,053 153,097 190,356 17,731 238,071 42,448 1,286,322 1,584,572 - 238,071 42,448 1,286,322 1,566,841 17,731 - - - 17,731 17,731 238,071 42,448 1,286,322 1,584,572 2021 |
Unrestricted fund-general Unrestricted fund- investment Expendable endowment fund Permanent endowment fund Total £ £ £ £ £ 10,805 197,264 35,172 1,065,836 1,309,077 3,055 12,471 2,224 67,389 85,139 13,860 209,735 37,396 1,133,225 1,394,216 - 209,735 37,396 1,133,225 1,380,356 13,860 - - - 13,860 13,860 209,735 37,396 1,133,225 1,394,216 2020 |
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Note 4 Trustees' remuneration and expenses
No remuneration directly or indirectly out of funds of the Charity was paid or payable for the year to any trustee or to any other person or persons known to be connected to any of them.
No remimbursement of expenses in respect of services provided has been made or is due to be made to any of the trustees in respect of the year.
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2021 Examined Accounts