Charity registration number: 201084
## Bridport Charities
Annual Report and Financial Statements for the Year Ended 31 December 2022
## **Bridport Charities**
## **Contents (continued)**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 to 14|
## **Bridport Charities**
## **Reference and Administrative Details**
**Trustees** Mr L Gatehouse, Chairman Mr K Bodycombe Reverend D Smith Mrs L Hedworth Mrs C Murless Mr R Harris Miss E England Mrs G Massey Miss Sandra Brown Mr A Wheatley Mr I Bark **Senior Management / Leadership** Mrs J Seogultze, Clerk to the Trustees **Team** Mrs S Waters, Treasurer **Charity Registration Number** 201084 **Principal Office** 10 South Street Bridport Dorset DT6 3NJ **Independent Examiner** Simon Dorrington-Ward FCA Chartered Accountant 10 South Street Bridport Dorset DT6 3NJ
Page 1
## **Bridport Charities**
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2022.
## **Objectives and activities**
## _**Objects and aims**_
The object of the charity is the provision of housing for the elderly of Bridport and the surrounding area.
The Trustees aim to provide such satisfactory and safe housing at reasonable cost.
## _**Public benefit**_
Providing housing for the elderly of Bridport
The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Financial review**
## _**Policy on reserves**_
The Trustees policy is to hold sufficient reserves to cover anticipated future repair and enhancements to both of the properties.
## _**Investment policy and objectives**_
The Trustees operate a low risk approach to investments, with investments being held in a portfolio of a managed discretionary funds.
## **Structure, governance and management**
## _**Nature of governing document**_
The Charity is governed by its Trust Deed and is registered with the Charity Commissioners (No 201084) and is a member of the National Association of Almshouses and the Independent Housing Ombudsman Scheme.
## _**Recruitment and appointment of trustees**_
The Trustees manage the activity of the Charity and seek to follow good practice as recommended by the Charity Commission. New Trustees are appointed, with due consideration to the mix of skills required to provide the effective governance for the Charity by the existing Trustees.
## _**Induction and training of trustees**_
The Trustees are actively seeking suitable new Trustees. The Trustees have developed an induction plan for all new Trustees to cover all aspects of their responsibilities.
## _**Arrangements for setting key management personnel remuneration**_
No Trustee received any remuneration The Secretary and Treasurer receive remuneration as set by the Trustees.
## _**Organisational structure**_
The Charity address for correspondence purposes is: The Clerk to The Trustees, Delta, Allngton Park, Bridport, Dorset, DT6 5DD.
The Trustees have met regularly in the year to carry out their responsibilities for the management of the Charity's aims.
Page 2
## **Bridport Charities**
## **Trustees' Report (continued)**
## _**Major risks and management of those risks**_
## _General risks to the Charity_
The Trustees consider risks at their regular meetings and take appropriate action to manage emerging risks. The Trustees consider variability of investment values to constitute the Charity's major financial risk. this is mitigated by retaining a large proportion of the investments with expert managers with a risk level set at 'upper moderately low/lower moderate' while the balance is held in cash based accounts. No other significant risks have been identified.
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees 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 the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the trustees of the charity on 6 June 2023 and signed on its behalf by:
......................................... Mr L Gatehouse Trustee
Page 3
## **Bridport Charities**
## **Independent Examiner's Report to the trustees of Bridport Charities**
I report to the trustees on my examination of the accounts of Bridport Charities for the year ended 31 December 2022.
## **Responsibilities and basis of report**
As the charity trustees of Bridport Charities 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 Bridport Charities'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 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 Bridport Charities 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 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.
...................................... Simon Dorrington-Ward FCA Chartered Accountant M W Burrough & Co
10 South Street Bridport Dorset DT6 3NJ
6 June 2023
Page 4
## **Bridport Charities**
## **Statement of Financial Activities for the Year Ended 31 December 2022**
|**Note**
**Income and Endowments from:**
Investment income
3
Other income
4
Total income
**Expenditure on:**
Charitable activities
Total expenditure
Other recognised gains and losses
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
14
**Note**
**Income and Endowments from:**
Donations and legacies
Investment income
3
Other income
4
Total income
**Expenditure on:**
Charitable activities
Total expenditure
Gains/losses on investment assets
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
14|**Unrestricted**
**£**
7,009
48,601
55,610
(119,686)
(119,686)
(27,236)
(91,312)
411,252
319,940
**Unrestricted**
**£**
50
6,208
48,171
54,429
(77,067)
(77,067)
23,567
929
410,323
411,252|**Restricted**
**£**
3,412
-
3,412
(500)
(500)
(13,214)
(10,302)
165,213
154,911
**Restricted**
**£**
-
3,125
-
3,125
(500)
(500)
17,349
19,974
145,238
165,212|**Total**
**2022**
**£**
10,421
48,601|
|---|---|---|---|
||||59,022|
||||(120,186)|
||||(120,186)|
||||(40,450)|
||||(101,614)
576,465|
||||474,851|
||||**Total**
**2021**
**£**
50
9,333
48,171|
||||57,554|
||||(77,567)|
||||(77,567)|
||||40,916|
||||20,903
555,561|
||||576,464|
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 7 to 14 form an integral part of these financial statements. Page 5
## **Bridport Charities**
## **(Registration number: 201084) Balance Sheet as at 31 December 2022**
|**Note**
**Fixed assets**
Tangible assets
9
Investments
10
**Current assets**
Investments
11
Cash at bank and in hand
12
**Creditors: Amounts falling due within one year**
13
**Net current assets**
**Net assets**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
**Unrestricted income funds**
Unrestricted funds
**Total funds**
14|**2022**
**£**
79,347
336,062
415,409
22,163
42,716
64,879
(5,437)
59,442
474,851
154,911
319,940
474,851|**2021**
**£**
81,645
426,685|
|---|---|---|
|||508,330|
|||20,990
51,538|
|||72,528
(4,394)|
|||68,134|
|||576,464|
|||165,212
411,252|
|||576,464|
The financial statements on pages 5 to 14 were approved by the trustees, and authorised for issue on 6 June 2023 and signed on their behalf by:
......................................... ......................................... Mr L Gatehouse Mr R Harris Trustee Trustee
The notes on pages 7 to 14 form an integral part of these financial statements. Page 6
## **Bridport Charities**
## **Notes to the Financial Statements for the Year Ended 31 December 2022**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
Bridport Charities meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
## _**Donations and legacies**_
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
## _**Investment income**_
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Page 7
## **Bridport Charities**
## **Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)**
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets costing £1000.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
## **Asset class**
Freehold property improvements
**Depreciation method and rate** over 50years
## **Fixed asset investments**
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
## **Current asset investments**
Current asset investments are included at the lower of cost and net realisable value / market value.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Page 8
## **Bridport Charities**
## **Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)**
## **2 Income from donations and legacies**
|**Total for 2022**
**Total for 2021**
**3**
**Investment income**
Interest receivable and similar income;
Interest receivable on bank deposits
Other income from fixed asset investments
Other investment income
**Total for 2022**
**Total for 2021**
**4**
**Other income**
Rental income
Rental income
**Total for 2022**
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
44
6,965
-
7,009
6,208
**Unrestricted**
**funds**
**General**
**£**
48,601|**Unrestricted**
**funds**
**General**
**£**
-
50
**Restricted**
**funds**
**£**
1
3,340
71
3,412
3,125
**Total**
**2022**
**£**
48,601
**Unrestricted**
**funds**
**General**
**£**
48,601
48,601
48,171|**Total**
**funds**
**£**
-|
|---|---|---|---|
||||50|
||||**Total**
**funds**
**£**
45
10,305
71|
||||10,421|
||||9,333|
||||**Total**
**2021**
**£**
48,171|
||||**Total**
**funds**
**£**
48,601|
||||48,601|
||||48,171|
Page 9
## **Bridport Charities**
## **Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)**
## **5 Expenditure on charitable activities**
|**Note**
General
Governance costs
6
**Total for 2022**
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
108,736
10,950
119,686
77,067|**Restricted**
**funds**
**£**
500
-
500
500|**Total**
**funds**
**£**
109,236
10,950|
|---|---|---|---|
||||120,186|
||||77,567|
## **6 Analysis of governance and support costs**
## **Governance costs**
|Independent examiner fees
Examination of the financial statements
Other governance costs
**Total for 2022**
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
1,250
9,700
10,950
10,080|**Total**
**funds**
**£**
1,250
9,700|
|---|---|---|
|||10,950|
|||10,080|
## **7 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
## **8 Independent examiner's remuneration**
|**8**
**Independent examiner's remuneration**|||
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|Examination of the financial statements|1,250|1,080|
Page 10
## **Bridport Charities**
## **Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)**
## **9 Tangible fixed assets**
|**Cost**
At 1 January 2022
At 31 December 2022
**Depreciation**
At 1 January 2022
Charge for the year
At 31 December 2022
**Net book value**
At 31 December 2022
At 31 December 2021
**10 Fixed asset investments**
**Other investments**
**Cost or Valuation**
At 1 January 2022
Revaluation
Disposals
At 31 December 2022
**Net book value**
At 31 December 2022
At 31 December 2021|**Land and**
**buildings**
**£**
128,325
128,325
46,680
2,298
48,978
79,347
81,645
**Listed**
**investments**
**£**
426,685
(40,623)
(50,000)
336,062
336,062
426,685|**Total**
**£**
128,325|
|---|---|---|
|||128,325|
|||46,680
2,298|
|||48,978|
|||79,347|
|||81,645|
|||**Total**
**£**
426,685
(40,623)
(50,000)|
|||336,062|
|||336,062|
|||426,685|
Page 11
## **Bridport Charities**
## **Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)**
## **11 Current asset investments**
|**11 Current asset investments**|||
|---|---|---|
|Listed other shares
**12 Cash and cash equivalents**
Cash on hand
Cash at bank
Short-term deposits
Other cash and cash equivalents
**13 Creditors: amounts falling due within one year**
Trade creditors
Accruals|**2022**
**£**
22,163
**2022**
**£**
73
33,518
125
9,000
42,716
**2022**
**£**
2,987
2,450
5,437|**2021**
**£**
20,990|
|||**2021**
**£**
105
42,308
125
9,000|
|||51,538|
|||**2021**
**£**
3,194
1,200|
|||4,394|
Page 12
## **Bridport Charities**
## **Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)**
## **14 Funds**
|**Unrestricted funds**
**_General_**
General Funds
**Restricted funds**
8 Acre and Malt House
Relief In Sickness
Relief In Need
Drill Hall
**Total funds**
**Unrestricted funds**
**_General_**
General Funds
**Restricted funds**
8 Acre and Malt House
Relief In Sickness
Relief In Need
Drill Hall
**Total funds**|**Balance at 1**
**January 2022**
**£**
411,252
149,891
2,643
1,461
11,218
165,213
576,465
**Balance at 1**
**January 2021**
**£**
410,323
130,410
2,489
1,321
11,018
145,238
555,561|**Incoming**
**resources**
**£**
55,610
3,181
50
45
136
3,412
59,022
**Incoming**
**resources**
**£**
54,429
2,973
47
43
62
3,125
57,554|**Resources**
**expended**
**£**
(119,686)
(500)
-
-
-
(500)
(120,186)
**Resources**
**expended**
**£**
(77,067)
(500)
-
-
-
(500)
(77,567)|**Other**
**recognised**
**gains/(losses)**
**£**
(27,236)
(13,085)
(40)
(37)
(52)
(13,214)
(40,450)
**Other**
**recognised**
**gains/(losses)**
**£**
23,567
17,007
107
97
138
17,349
40,916|**Balance at 31**
**December**
**2022**
**£**
319,940
139,487
2,653
1,469
11,302|
|---|---|---|---|---|---|
||||||154,911|
||||||474,851|
||||||**Balance at 31**
**December**
**2021**
**£**
411,252
149,890
2,643
1,461
11,218|
||||||165,212|
||||||576,464|
Page 13
## **Bridport Charities**
## **Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)**
## **15 Analysis of net assets between funds**
|**15 Analysis of net assets between funds**||||
|---|---|---|---|
|Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
79,347
224,812
21,218
(5,437)
319,940
**Unrestricted**
**funds**
**General**
**£**
81,645
287,221
46,780
(4,394)
411,252|**Restricted**
**funds**
**£**
-
111,250
43,661
-
154,911
**Restricted**
**funds**
**£**
-
139,464
25,748
-
165,212|**Total funds at**
**31 December**
**2022**
**£**
79,347
336,062
64,879
(5,437)|
||||474,851|
||||**Total funds at**
**31 December**
**2021**
**£**
81,645
426,685
72,528
(4,394)|
||||576,464|
Page 14