**REGISTERED CHARITY NUMBER: 201098**
**Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2022**
**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 2022**
## **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|
## **The Gyde Almshouses Charity**
## **Report of the Trustees for the Year Ended 31 December 2022**
The Trustees present their report with the financial statements of the Charity for the year ended 31 December 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).
## **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:
1. For the preceding five years, or have been a resident for 10 years at any time
2. 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 Trustees withdrew £20,000 from the Charity’s Extraordinary Repair Fund. This was to upgrade the heating system. The financial statements for the year to 31st December 2022 show a decrease in the value of the Charity's investments with the market value being £322,768 (2021: £366,979). 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 yet another turbulent year due to the COVID-19 crisis and the War in Ukraine.
The weekly maintenance contributions have increased.
## **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**
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 2022**
## **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 Co-opted Trustees (6) one vacancy
## **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 2022**
## **Trustees**
Mrs J Nash Mrs A Daniels Mrs C Irving Mrs S Welbourne Mr N Cooper Ms R Nash Mr M Fletcher - resigned 1 April 2021 Mr I Massey - appointed 11 February 2022
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 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.
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 2022**
|2022
Total funds
(Unrestricted)
Notes
£
**INCOME AND ENDOWMENTS FROM**
Maintenance contributions from residents
26,378
Investment income
2
10,902
**Total**
37,280
**EXPENDITURE ON**
**Charitable activities**
Charitable activities
27,334
**Total**
27,334
Net gains/(losses) on investments
(29,441)
**NET INCOME/(EXPENDITURE)**
(19,495)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
469,083
**TOTAL FUNDS CARRIED FORWARD**
449,588|2021
Total
funds
£
26,021
9,951|
|---|---|
||35,972
45,678|
||45,678
39,976|
||30,270
438,813|
||469,083|
The notes form part of these financial statements
Page 5
## **The Gyde Almshouses Charity**
## **Balance Sheet 31 December 2022**
|2022
Total funds
(Unrestricted)
Notes
£
**FIXED ASSETS**
Tangible assets
6
109,673
Investments
7
322,768
432,441
**CURRENT ASSETS**
Debtors
8
1,052
Cash at bank
18,184
19,236
**CREDITORS**
Amounts falling due within one year
9
(2,089)
**NET CURRENT ASSETS**
17,147
**TOTAL ASSETS LESS CURRENT LIABILITIES**
449,588
**NET ASSETS**
449,588
**FUNDS**
10
Unrestricted funds
449,588
**TOTAL FUNDS**
449,588|2021
Total
funds
£
83,675
366,979
450,654
965
19,532
20,497
(2,068)
18,429
469,083
469,083
469,083
469,083|
|---|---|
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 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 costs 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 2022**
## **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|2022
£
10,902
-
10,902|2021
£
9,950
1|
|---|---|---|
|||9,951|
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 2022 nor for the year ended 31 December 2021.
## **Trustees' expenses**
There were no Trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
## **4. STAFF COSTS**
The average monthly number of personnel during the year was as follows:
||2022|2021|
|---|---|---|
|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 2022**
|**5.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES IN 2021**||
|---|---|---|
|||Unrestricted|
|||funds|
|||£|
||**INCOME AND ENDOWMENTS FROM**||
||Maintenance contributions from residents|26,021|
||Investment income|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|
continued...
Page 9
## **The Gyde Almshouses Charity**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **6. TANGIBLE FIXED ASSETS**
||Improvements|
|---|---|
||to|
||property|
||£|
|**COST**||
|At 1 January 2022|165,069|
|Additions|34,926|
|At 31 December 2022|199,995|
|**DEPRECIATION**||
|At 1 January 2022|81,394|
|Charge for year|8,928|
|At 31 December 2022|90,322|
|**NET BOOK VALUE**||
|At 31 December 2022|109,673|
|At 31 December 2022|83,675|
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 2022|366,979|
|Additions|5,230|
|Disposals|(20,260)|
|Revaluations|(29,181)|
|At 31 December 2022|322,768|
|**NET BOOK VALUE**||
|At 31 December 2022|322,768|
|At 31 December 2021|366,979|
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 2022**
|**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 1.1.22
in funds
£
£
**Unrestricted funds**
General fund
101,996
(680)
Cyclical repairs and maintenance fund
107
(276)
Extraordinary repair fund
152,048
782
Charitable wide range fund
214,932
(19,321)
469,083
(19,495)
**TOTAL FUNDS**
469,083
(19,495)
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
26,378
(27,058)
Cyclical repairs and maintenance fund
-
(276)
Extraordinary repair fund
5,230
-
Charitable wide range fund
5,672
-
37,280
(27,334)
**TOTAL FUNDS**
37,280
(27,334)|2022
2021
£
£
1,052
965
2022
2021
£
£
2,089
2,068
Transfers
between
At
funds
31.12.22
£
£
25,396
126,712
276
107
(20,000)
132,830
(5,672)
189,939
-
449,588
-
449,588
Gains and
Movement
losses
in funds
£
£
-
(680)
-
(276)
(4,448)
782
(24,993)
(19,321)
(29,441)
(19,495)
(29,441)
(19,495)|
|---|---|
continued...
Page 11
## **The Gyde Almshouses Charity**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **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 1.1.21
£
116,127
106
134,349
188,231
438,813
438,813|Net
movement
in funds
£
1,989
(21,645)
17,699
32,227
30,270
30,270|Transfers
between
funds
£
(16,120)
21,646
-
(5,526)
-
-|At
31.12.21
£
101,996
107
152,048
214,932
469,083
469,083|
|---|---|---|---|---|
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|26,021|(24,032)|-|1,989|
|Cyclical repairs and maintenance fund|1|(21,646)|-|(21,645)|
|Extraordinary repair fund|4,424|-|13,275|17,699|
|Charitable wide range fund|5,526|-|26,701|32,227|
||35,972|(45,678)|39,976|30,270|
|**TOTAL FUNDS**|35,972|(45,678)|39,976|30,270|
continued...
Page 12
## **The Gyde Almshouses Charity**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **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 1.1.21
£
116,127
106
134,349
188,231
438,813
438,813|Net
movement
in funds
£
1,309
(21,921)
18,481
12,906
10,775
10,775|Transfers
between
funds
£
9,276
21,922
(20,000)
(11,198)
-
-|At
31.12.22
£
126,712
107
132,830
189,939
449,588
449,588|
|---|---|---|---|---|
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|52,399|(51,090)|-|1,309|
|Cyclical repairs and maintenance fund|1|(21,922)|-|(21,921)|
|Extraordinary repair fund|9,654|-|8,827|18,481|
|Charitable wide range fund|11,198|-|1,708|12,906|
||73,252|(73,012)|10,535|10,775|
|**TOTAL FUNDS**|73,252|(73,012)|10,535|10,775|
continued...
Page 13
## **The Gyde Almshouses Charity**
**Notes to the Financial Statements - continued for the Year Ended 31 December 2022**
## **11. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2022.
Page 14
## **The Gyde Almshouses Charity**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2022**
|**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 /(expenditure) before gains and losses**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset investments
**Net income / (expenditure)**|2022
£
26,378
10,902
-
10,902
37,280
6,172
-
2,018
276
-
157
354
1,794
3,030
8,928
22,729
3,030
1,575
4,605
27,334
9,946
(260)
9,686|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)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 15