Charity no 200204 THE FREDERICK RAY TRUST FINANCIAL STATEMENTS YEAR ENDED 5TH APRIL 2021 THE FREDERICK RAY TRUST LEGAL AND ADMINISTRATIVE INFORMATION charity Registered Number 2￿204 Twstees Mr Christopher Ray (Date of Appointment: 23103119821 Mrs Peggy Groves (Retired.. 14109/20201 Mr5 Rowena Ray {Date of Appointment-. 01104119981 Mr David Wilson IDate of Appointment= 26102120141 Mr lan Melville IDate of Appointment= 11105120151 Miss Phoebe Ray IDate of Appointment: 15106120181 Mr Michael Hurford (Date of Appointment.. 11112120181 Rev Victoria 8ry50n (Date of Appointment= 07112120201 Nichola5 Redmayne (Date OF Appointment= 0810312021 Mrs Amanda Newton iaerk to the Trustees) 42 Gainsborough Rise Bedford Bedfordshire MK417PR (Appointed 15 June 20181 Bankers HSBC 12 Allhallows Bedford MK40 IU Independent Examtner Stephen Monico FCA DChA 19 Goldington Road Bedford MK40 3JY Investment Adv150rs Rathbones Investment Management 8 Finsbury Circus London EC2M 7AZ Surveyor Rithard Eales 163 Castle Road Bedford MK40 3RT THE FREDERICK RAY TRUST- TRUSfEES REPORT FOR THE YEAR ENDED 5- APRIL 2021 The Trustees present their Annual Report together with the independenty examined accounts for the year ended 5 April 2021. Accountlng Policy The Charitls accounts are prepared on a Receipts and Payments basis. Governing Document The Charity is run in accordance with its goveming instrument, a Scheme dated 19 December 1955. with amendments to the scheme dated 20 N0ve￿ber 1956. 21 September 1967, 16 February 2016 and 26 February 2018. Object5 Undertheterms of the Chartty, the Trustees were empowered to purchase land in or near Kempston, Bedford for the erection of cottages to house aged, FK)or or infirm persons, Ilving in rural Kempston, Stagsden or Bedford. Following the creation of the Charity. a suitable site was acquired in the south of Bedford off the Cardington Road. The site is now named Ravs Close aftd 18 bungalows have been erected to date. With the exception of periods of refurbishmenttheTfusVs properties are IIJN occupied. Upon receivine eonfirniation from the Charity comrnlss￿n that further scheme amendments were unnecessary, the trustee5 agreed to include fonner members of the Royal Anglian Regiment 35 Potential beneficlaries, as long as they met all other existin8 selection criteria. ArtivltiÈs During the yearthe Trustees have continued wtth a programme of planned maintenance and repairs to keep the site and properties well maintained and in good condition forthe well-being of residents. Residents are kept informed of works and relevant news by way of a regular newsietter from the clerk. The Trustees are planning in the next few years to upgrade all bathrooms in the bungalows by converting them to wet rooms. This has been delayed due to restrirtions with Covid-19. however. the Trust was able to carry out one conversion whilst a resident was in hospital. One bungalow berame vacant in March 2021. this bungalow will be refurbished and a new resident will be appointed in the new financial year. Flnancial Review The receipts and payments account for the year showed a surplus of £51,490 Isurplu5 of £57,318 In 2020)- Total net assets excluding the value of the propertiès amounted to £934.1361£743,896 in 20201. The properttes were revalued in April 2017 at £2.710,O¢X). The Trustees decided to reinvest income from the investments rather than taking drvidends. Reserves The Trustees consider that the level of reserve5 is appropriate having regard to future refurbishment costs. Dweloprnent Fund The trustees are consclous of the large and growing capital cash rèserve at theirdisposal, beyond and above what is required for maintenance and repair. They have plans in placeto aCqLtire other properties on thesame sitewhich becomeavailablewtthvacanrpossession.Althoughthetimingand mutual benefitofthese proposed transactions is unpredictable, the trustees consider it prudent to keep cash readity available for a potential property purchase, and for such cash to be kept out of investment markets. This plan follows our failed application in 2014 and failed appÈal in2015to build three more properties on ourexistins51te. ..iE FREDERICK RAY TRusf- TRusfEES REPORT FOR THE YEAR ENDED 5- APRIL 2021 continued Governal￿e The Trustees undertook a thorouRh revie•J of all policv and Dri)cedure documents in 2019. Whilst ma.. Il. documents have been created and others updated. the process is ongoins. riiblic Benefft The Trustees areawareoftheCharitvCommissK)ns£uidanceon public benefftand considerthatthe charitable objects fall wellwithin the publFc benefrtEuideline& The trLtstees also regularly monitorthe ski115 available to them a5 a trustee body. There have been visits to Ra*5 aose for emergencies onty. Trustee and Clerk visits have been paused due to Covitk19 lo¢kdown& It is tntended that regular visiting will recommen￿ later in 2021. Signed on behalf of the Trustees Mr Christopher Rayl Cnairmdll Uaie: 2c,iL THE FREDERICK RAY TRUST Independent Examlner's Report to the Trustees of The Frederick Ray Tn I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2021 which are set out on pages 6 to 7. Responslblllties and basis of report As the charitvs trustees you are responsible for the preparation of the accounts in accordance with the requlrements of the Charities Act 2011 {'the Acrfl. I report in respett of my examination of the chartvs accounts carried out under section 14S of the Act a¥Fd In carrying out my examination I have followed all the applicable Direction5 given by the Charity Q)mmission under section 14515llb} of the Att. Independent examlnerfs statsment I have completed my examination. I confirm that no material matters have tome to my attention in connection with the examination giving me cause to belleve that in any material respert- 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. I have no concerns and have come across r¢0 other matters in connertion with the examination to which attention should be drawn in this report in order to onable a proper understanding of the accounts to be reached. Stephen Monico FCA DChA 19 Goldington Road Bedford MK40 3JY Date: THE FREDERICK RAY TRUST YEAR ENDED 5 APRIL 2021 RECEiiyfs AND PAYMENTS ACCOUNT Unt•drid•d knn& 2021 2021 Unrèstrided fund2 2020 2020 RECEIPTS Weekly Maintenance Charges Investment Income Bank interest 96,241 11,298 186 $8,65g 12,101 SG4 Total receipts 107.725 101,324 PAYMENTS Almshouse Association Bank charges Carelink Clerk Electricity General expenses Christmas Gratuities Grounds maintenance Insurance Legal and Professional fees Println8, Stationèry. postage. telephone Refurbishments Repairs and maintenance Surveyors fees Water 426 80 S.￿6 11,275 625 73 650 10.147 3.683 1.391 77 10,156 12,617 71 4,217 11,0 719 461 675 9,256 3,419 1,802 85 5,854 4,302 2.124 21 29 Total payments 5623S Net of recelpts and payments 51,490 57J18 C4SH FUNDS AT LAST YEAR END 303.155 245,837 TRANSFERS TO INVESTMENT ACCOUNT 111,2061 CASH FUNDS AT THIS YEAR END 343A39 303.155 THE FREDERICK RAY TRusr YEAR ENDED S APRIL 2021 STATEMENT OF ASSEFS AND LIABILMES AS AT 5 APRIL 2021 2021 2020 ASSETS Cash funds Current Money Manager 14 Day 63,253 280,186 23.155 280,( Total ¢a5h funds 343,439 303.155 Investment assets (Market Valuel COIF Charity Funds Account IB 139.827 439.870 102,268 327,473 T¢)tsl investment a55ets 579,697 429,741 National 5aving5 Bonds Ii,(xK) Ii,ocKJ 590,697 440,741 Investment Property {Market Value} 2,710,￿ 2,710.OCX) TOTAL ASSErs 3.644.136 3A53B96 LIABILMES EXCESS OF ASSETS OVER UABILMES 3,644,136 3,453,896