REGISTERED CHARITY NUMBER: 201098
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2021
for
The Gyde Almshouses Charity
701 Stonehouse Park Sperry Way Stonehouse Gloucestershire GL10 3UT
Contents of the Financial Statements for the Year Ended 31 December 2021
The Gyde Almshouses Charity
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 14 |
| Detailed Statement of Financial Activities | 15 |
| Investment schedule | 16 |
The Gyde Almshouses Charity
Report of the Trustees for the Year Ended 31 December 2021
The Trustees present their report with the financial statements of the Charity for the year ended 31 December 2021. 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity maintains and manages ten semi-detached houses at Gyde Road, Painswick, Gloucestershire, which are occupied by residents appointed by the Trustees.
Applicants must have been resident in the Parish of Painswick:
-
For the preceding five years, or have been a resident for 10 years at any time
-
And be at least 55 years of age
On 24th July 2002, the Charity Commission agreed to alter the scheme to allow Trustees in exceptional circumstances to appoint a resident who lives outside the area of benefit but is otherwise qualified. The number of residents appointed under this sub clause must not exceed 4 at any one time.
Public benefit
The Trustees are aware of the Public Benefit provisions of the Charities Act 2011 and of the guidance on them published by the Charity Commission. They are satisfied that the objects of the Charity and the activities of the Charity are within the definitions of the Charitable Purposes as set down in the Act. The Trustees are not aware of any public detriment caused by the Charity's objects or activities, and nor are they aware of anyone receiving any private benefit from the Charity's activities.
FINANCIAL REVIEW
The financial statements for the year to 31st December 2021 show an increase in the value of the Charity's investments with the market value being £366,979 (2020: £322,579). The Charity's investments comprise of Charities Official Investment Funds and M&G Charity Multi Asset Funds.
The Trustees are satisfied with the investment performance after what has been a turbulent year due to the COVID-19 crisis.
The weekly maintenance contributions have increased. Our warden continues to be efficient and well-liked by the residents.
Investment policy and objectives
The Trustees seek to grow the capital value of the fund subject to an appropriate level of risk. Investments are held in collective unit funds specifically designed for charity investment.
Going concern and COVID-19 impact
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
Page 1
The Gyde Almshouses Charity
Report of the Trustees for the Year Ended 31 December 2021
FINANCIAL REVIEW – continued
Reserves policy
The Charity carries a level of free reserves to ensure that it is able to carry out any major repair work on the properties at relatively short notice.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Charity constitution and governing document
The Gyde Almshouses Charity (number 201098) is an unincorporated association and it is governed by Deed of Trust dated 15th July 1910. The Charity de-registered as a social landlord registered with the Housing Corporation under the Housing Act 1996 on 8[th] March 2005. Correspondence should be addressed to Mrs S Baker, Clerk to the Trustees, 14 Green Close, Uley, Dursley, Gloucestershire, GL11 5TH.
Recruitment and appointment of new trustees
There shall be 9 trustees appointed for a term of 7 years as follows:
Ex Officio Trustee: Chairman of Stroud District Council (currently no representative) Representative Trustees (2) Painswick Parish Council (trustee acceptance currently pending) Co-opted Trustees (6)
Induction and training of new trustees
The Trustees who have particular knowledge or skills appropriate to the Charity are invited to join. On appointment the Trustees receive a copy of the governing documents and Charity Commission guidance regarding trusteeship. New Trustees are briefed on the history, background, and work of the Charity.
Risk management
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The Trustees have considered the following risks and mitigation:
-
inflation and fall in capital values mitigated through investment in appreciating assets or fixed deposit accounts
-
fall in value or failure of specific investment vehicles mitigated by diversification of investments
-
failure of investment counterparties mitigated by requiring a minimum 'A' credit rating for deposit taking institutions and a maximum £200,000 cash deposit per counterparty.
The Trustees recognise that internal financial controls are essential checks and procedures that allow it to meet legal duties to safeguard the Charity's assets, administer the Charity's finances and assets in a way that identifies and manages risk. The policies and procedures are reviewed regularly.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
201098
Principal address
Shani Baker Clerk to the Trustees 14 Green Close Uley, Dursley, Gloucestershire, GL11 5TH
Page 2
The Gyde Almshouses Charity
Report of the Trustees for the Year Ended 31 December 2021
Trustees Mrs J Nash Mrs A Daniels Mrs C Irving Mrs S Welbourne Mr N Cooper Mr J Hulme deceased 8[th] October 2021 Ms R Nash Mr M Fletcher
There is currently a vacancy for Ex-officio trustee representative from Stroud District Council.
Independent Examiner
S T Dipple, FCA GCSD Accountants Limited 701 Stonehouse Park Sperry Way Stonehouse Gloucestershire GL10 3UT
Investment Advisors
CCLA Investment Management Ltd COIF Charity Funds Senator House 85 Queen Victoria Street London EC4V 4ET
M&G Investments Governors House 5 Laurence Pountney Hill London EC4R 0HH
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. Mrs J Nash - Trustee
Page 3
Independent Examiner's Report to the Trustees of The Gyde Almshouses Charity
Independent Examiner's report to the trustees of The Gyde Almshouses Charity
I report to the Charity trustees on my examination of the accounts of The Gyde Almshouses Charity (the Trust) for the year ended 31 December 2021.
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.
S T Dipple FCA GCSD Accountants Limited 701 Stonehouse Park Sperry Way Stonehouse Gloucestershire GL10 3UT
Date: .............................................
Page 4
The Gyde Almshouses Charity
Statement of Financial Activities for the Year Ended 31 December 2021
| 2021 Total funds (Unrestricted) Notes £ INCOME AND ENDOWMENTS FROM Maintenance contributions from residents 26,021 Investment income 2 9,951 Total 35,972 EXPENDITURE ON Charitable activities Charitable activities 45,678 Total 45,678 Net gains/(losses) on investments 39,976 NET INCOME/(EXPENDITURE) 30,270 RECONCILIATION OF FUNDS Total funds brought forward 438,813 TOTAL FUNDS CARRIED FORWARD 469,083 |
2020 Total funds £ 25,022 10,817 |
|---|---|
| 35,839 25,267 |
|
| 25,267 1,502 |
|
| 12,074 426,739 |
|
| 438,813 |
The notes form part of these financial statements
Page 5
The Gyde Almshouses Charity
Balance Sheet 31 December 2021
| 2021 Total funds (Unrestricted) Notes £ FIXED ASSETS Tangible assets 6 83,675 Investments 7 366,979 450,654 CURRENT ASSETS Debtors 8 965 Cash at bank 19,532 20,497 CREDITORS Amounts falling due within one year 9 (2,068) NET CURRENT ASSETS 18,429 TOTAL ASSETS LESS CURRENT LIABILITIES 469,083 NET ASSETS 469,083 FUNDS 10 Unrestricted funds 469,083 TOTAL FUNDS 469,083 |
2020 Total funds £ 90,052 322,579 412,631 1,039 27,131 28,170 (1,988) 26,182 438,813 438,813 438,813 438,813 |
|---|---|
The financial statements were approved by the Board of Trustees on ............................................. and were signed on its behalf by:
............................................. Mrs J Nash - Trustee
The notes form part of these financial statements
Page 6
The Gyde Almshouses Charity
Notes to the Financial Statements for the Year Ended 31 December 2021
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.
Cyclical repairs and maintenance
The Trustees have established a regular programme of cyclical repairs and maintenance. Costs are charged to the Revenue Account in the year in which they are incurred.
Extraordinary repairs
Costs of extraordinary repairs, unless representing improvements to the properties, are charged to the Revenue Account in the year in which they are incurred.
Tangible fixed assets
The freehold property consists of ten semi-detached houses at Gyde Road, Painswick, Gloucestershire. The land was gifted to E F Gyde in order to set up the Charity in 1910, together with funds which were used to build the houses. For this reason, a cost figure cannot be shown for this asset in the Balance Sheet. The freehold land and building are insured for £2,280,000 which is an estimate of their replacement cost. Since 1 January 2001, all property improvements costs have been capitalised and depreciated at 5% on cost.
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.
continued...
Page 7
The Gyde Almshouses Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
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.
2. INVESTMENT INCOME
| Investment income Deposit account interest |
2021 £ 9,950 1 9,951 |
2020 £ 10,817 - |
|---|---|---|
| 10,817 |
Investment income includes accumulation units dividends declared for which no cash was received and cost adjustment was made to investments instead.
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no Trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no Trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
4. STAFF COSTS
The average monthly number of personnel during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| Warden (self-employment basis) | 1 | 1 |
continued...
Page 8
The Gyde Almshouses Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES IN 2020 | |
|---|---|---|
| Unrestricted | ||
| funds | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Maintenance contributions from residents | 25,022 | |
| Investment income | 10,817 | |
| Total | 35,839 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Charitable activities | 25,267 | |
| Total | 25,267 | |
| Net gains/(losses) on investments | 1,502 | |
| NET INCOME/(EXPENDITURE) | 12,074 | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 426,739 | |
| TOTAL FUNDS CARRIED FORWARD | 438,813 |
continued...
Page 9
The Gyde Almshouses Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
6. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |
|---|---|
| Improvements | |
| to | |
| property | |
| £ | |
| COST | |
| At 1 January 2021 | 163,515 |
| Additions | 1,554 |
| At 31 December 2021 | 165,069 |
| DEPRECIATION | |
| At 1 January 2021 | 73,463 |
| Charge for year | 7,931 |
| At 31 December 2021 | 81,394 |
| NET BOOK VALUE | |
| At 31 December 2021 | 83,675 |
| At 31 December 2020 | 90,052 |
Not included in cost of land and buildings are freehold land and buildings valued for insurance purposes at £2,280,000 which is not depreciated.
7. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 January 2021 | 322,579 |
| Additions | 4,424 |
| Revaluations | 39,976 |
| At 31 December 2021 | 366,979 |
| NET BOOK VALUE | |
| At 31 December 2021 | 366,979 |
| At 31 December 2020 | 322,579 |
There were no investment assets outside the UK.
continued...
Page 10
The Gyde Almshouses Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
| 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. MOVEMENT IN FUNDS Net movement At 1.1.21 in funds £ £ Unrestricted funds General fund 116,127 1,989 Cyclical repairs and maintenance fund 106 (21,645) Extraordinary repair fund 134,349 17,699 Charitable wide range fund 188,231 32,227 438,813 30,270 TOTAL FUNDS 438,813 30,270 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 26,021 (24,032) Cyclical repairs and maintenance fund 1 (21,646) Extraordinary repair fund 4,424 - Charitable wide range fund 5,526 - 35,972 (45,678) TOTAL FUNDS 35,972 (45,678) |
2021 2020 £ £ 965 1,039 2021 2020 £ £ 2,068 1,988 Transfers between At funds 31.12.21 £ £ (16,120) 101,996 21,646 107 152,048 (5,526) 214,932 - 469,083 - 469,083 Gains and Movement losses in funds £ £ - 1,989 - (21,645) 13,275 17,699 26,701 32,227 39,976 30,270 39,976 30,270 |
|---|---|
continued...
Page 11
The Gyde Almshouses Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Cyclical repairs and maintenance fund Extraordinary repair fund Charitable wide range fund TOTAL FUNDS |
At 1.1.20 £ 110,953 106 138,765 176,915 426,739 426,739 |
Net movement in funds £ 407 (652) (4,416) 16,735 12,074 12,074 |
Transfers between funds £ 4,767 652 - (5,419) - - |
At 31.12.20 £ 116,127 106 134,349 188,231 438,813 438,813 |
|---|---|---|---|---|
Comparative 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 | 25,022 | (24,615) | - | 407 |
| Cyclical repairs and maintenance fund | - | (652) | - | (652) |
| Extraordinary repair fund | 5,398 | - | (9,814) | (4,416) |
| Charitable wide range fund | 5,419 | - | 11,316 | 16,735 |
| 35,839 | (25,267) | 1,502 | 12,074 | |
| TOTAL FUNDS | 35,839 | (25,267) | 1,502 | 12,074 |
continued...
Page 12
The Gyde Almshouses Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Cyclical repairs and maintenance fund Extraordinary repair fund Charitable wide range fund TOTAL FUNDS |
At 1.1.20 £ 110,953 106 138,765 176,915 426,739 426,739 |
Net movement in funds £ 2,396 (22,297) 13,283 48,962 42,344 42,344 |
Transfers between funds £ (11,353) 22,298 - (10,945) - - |
At 31.12.21 £ 101,996 107 152,048 214,932 469,083 469,083 |
|---|---|---|---|---|
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 | 51,043 | (48,647) | - | 2,396 |
| Cyclical repairs and maintenance fund | 1 | (22,298) | - | (22,297) |
| Extraordinary repair fund | 9,822 | - | 3,461 | 13,283 |
| Charitable wide range fund | 10,945 | - | 38,017 | 48,962 |
| 71,811 | (70,945) | 41,478 | 42,344 | |
| TOTAL FUNDS | 71,811 | (70,945) | 41,478 | 42,344 |
continued...
Page 13
The Gyde Almshouses Charity
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
Page 14
The Gyde Almshouses Charity
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
| INCOME AND ENDOWMENTS Contributions received Maintenance contributions from residents Investment income Investment income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Warden's salary Rates and rents Insurance Repairs to property NAA subscriptions Office supplies and sundry Residents' gifts Fees and licences Clerk's fee (one half) Improvements to property depreciation Support costs Governance costs Clerk's fee (one half) Accountancy fees Total resources expended Net income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income |
2021 £ 26,021 9,950 1 9,951 35,972 5,900 60 2,005 21,646 182 191 350 38 2,900 7,931 41,203 2,900 1,575 4,475 45,678 (9,706) - (9,706) |
2020 £ 25,022 10,817 - |
|---|---|---|
| 10,817 | ||
| 35,839 6,440 - 2,049 652 179 326 350 13 2,791 8,176 |
||
| 20,976 2,791 1,500 |
||
| 4,291 | ||
| 25,267 | ||
| 10,572 - |
||
| 10,572 |
This page does not form part of the statutory financial statements
Page 15
THE GYDE ALMSHOUSES CHARITY (REGISTERED NUMBER: 201098)
INVESTMENT SCHEDULE
| COIF Charities Investment Fund Income Units Charitable wide range fund COIF Charities Investment Fund Income Units - SR account Charitable wide range fund M&G Charity Multi Asset Fund Accumulation Units Extraordinary repair fund TOTALS |
Nominal Actual Book cost 10,273.67 121,733.80 176.91 429.78 1,452.179 20,240.08 142,403.66 As at 01.01.2021 |
Nominal Actual Book cost 10,273.67 121,733.80 176.91 429.78 1,452.179 20,240.08 142,403.66 As at 01.01.2021 |
31.12.20 Market Value Date Nominal Cost / (Proceeds) Nominal 185,043.18 10,273.67 3,186.40 176.91 134,349.36 4,423.56 1,452.179 322,578.94 4,423.56 Acquisitions/(Disposals) Accumulation units Cost adjustment |
Actual Book cost Market Value 121,733.80 211,292.41 429.78 3,638.40 24,663.64 152,048.22 146,827.22 366,979.03 As at 31.12.2021 |
Actual Book cost Market Value 121,733.80 211,292.41 429.78 3,638.40 24,663.64 152,048.22 146,827.22 366,979.03 As at 31.12.2021 |
Unrealised gain / (loss) since 31.12.2020 Period to 26,249.23 31.12.20 31.03.21 30.06.21 30.09.21 452.00 31.12.20 31.03.21 30.06.21 30.09.21 17,698.86 03.02.21 01.05.21 01.08.21 03.11.21 44,400.09 |
Dividends received to 31.12.2021 1,334.55 1,355.10 1,355.10 1,387.97 22.98 23.33 23.33 23.90 833.29 1,158.33 1,145.85 1,286.09 |
|
|---|---|---|---|---|---|---|---|---|
| 142,403.66 | 146,827.22 366,979.03 |
9,949.82 |