Marshall and Browne Memorial Homes Accounts Year Ended 31 De¢ember 2021 Charity Numb9r 201395
Marshall and Browne Memorial Homes
Legal and Administrative Details
Year Ended 31 December 2021
Marshall and Browne Memorial Homes is a registered charity (no. 201395). It was established to administer the properties known as Mrs Marshall's Memorial Cottages and the Browne Memorial Almshouses under a governing document dated 8th June 1978.
The principal address of the charity is 46 Chaucer Road, Tavistock, Devon, PL19 9AJ.
Main agents:
Independent Examiner
Francis Clark LLP North Quay House Sutton Harbour Plymouth Devon PL4 0RA
Bankers
TSB Bank Plc Bedford Square TAVISTOCK Devon PL19 0AG
Investment Advisor
Brewin Dolphin Vantage Point Woodwater Park Pynes Hill EXETER EX2 5FD
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Marshall and Browne Memorial Homes
Trustees' Report
Year Ended 31 December 2021
The Trustees present their report and the Receipts and Payments Accounts of the charity for the year
31 December 2021.
The charity Trustees who acted during the year were as follows:-
W S Lake (Chair) R G Woolcock (retired 11 January 2022) F Lawrence (Vice-Chair) Dr P Ross J Greening (retired 11 January 2022) Mrs A Gould Mrs J Williams Mrs J Tremaine D Carr Mrs A Dawe J Olver T Williams (retired May 2021) R Spackman J G Talbot (appointed 15 October 2021)
New Trustees are elected by the Board of Trustees and serve until retirement.
Aims and organisation
The object of the charity is to maintain and run the properties known as Mrs Marshall's Memorial Cottages and the Browne Memorial Almshouses. The homes shall be appropriated and used for the accommodation of residents, being persons who through misfortune have become reduced from better circumstances, and are resident in the area and are not less than 60 years of age.
The charity has complied with the duty in section 4 of the 2011 Charities Act to have due regard to public benefit guidance published by the Charity Commission when reviewing the Trust's aims and objectives and in planning future activities.
The charity employs two wardens who oversee the residents.
Review of progress and achievements
The charity has continued the renovation and repair of the bungalows during this year, with particular emphasis on health and safety regulations.
Reserves policy
Any surplus funds generated by the charity are accumulated until there are sufficient funds on hand to provide further accommodation to fulfil the charity's objective and to cover necessary expenditure under health and safety regulations.
Investments selection policy
Brewin Dolphin manages the portfolio of investments on a discretionary basis. The Trustees have specified to Brewin Dolphin that they require a certain level of income from the capital of the charity each year and this is to be discussed annually between the Trustees and Brewin Dolphin. Decisions regarding investment selection are made by Brewin Dolphin on a day to day basis in order to capitalise on investment opportunities. The Trustees set out an Investment policy statement to Brewin Dolphin in accordance with the Trustee Act 2000. This statement outlines that the Trustees have selected a balanced investment objective with medium risk, the long term aim being to increase the value of the charity's assets.
Approved by the Trustees on 31 May 2022 and signed on their behalf by:
W S LAKE
For and on behalf of the Board of Trustees
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Marshall and Browne Memorial Homes
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:
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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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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that they 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 applicable Charities (Accounts and Reports) Regulations, 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.
Approved by the Trustees on 31 May 2022 and signed on their behalf by:
W S LAKE
For and on behalf of the Board of Trustees
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Marshall and Browne Memorial Homes
Independent Examiner's Report to the Trustees of Marshall and Browne Memorial Homes
I report to the trustees on my examination of the accounts of Marshall and Browne Memorial Homes 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 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:
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accounting records were not kept in accordance with section 130 of the Charities Act or
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the accounts do not accord with accounting records
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.
D Leslie FCA
Francis Clark LLP Chartered Accountants North Quay House Sutton Harbour Plymouth Devon PL4 0RA
Date: 13 June 2022
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Marshall and Browne Memorial Homes
Receipts and Payments Account
General Fund including Cyclical Maintenance and Extraordinary Repair Funds
Year Ended 31 December 2021
| Receipts Income Receipts From Assets Investment income Deposit interest Other Income Maintenance contribution Other income Total Receipts for the year Payments Charitable Activities Services Repairs Gardens Sundries Other Expenditure Total Payments for the year Net of Receipts Balance at 1 January 2021 Balance at 31 December 2021 |
£ £ 50,926.45 372.20 51,298.65 41,678.65 4,041.67 97,018.97 32,030.98 47,472.62 5,151.50 584.00 85,239.10 8,409.10 93,648.20 3,370.77 96,776.19 100,146.96 2021 |
£ £ 49,527.34 944.99 50,472.33 40,246.49 1,912.95 92,631.77 29,565.41 17,034.58 5,860.00 493.00 52,952.99 7,663.67 60,616.66 32,015.11 64,761.08 96,776.19 2020 |
£ £ 49,527.34 944.99 50,472.33 40,246.49 1,912.95 92,631.77 29,565.41 17,034.58 5,860.00 493.00 52,952.99 7,663.67 60,616.66 32,015.11 64,761.08 96,776.19 2020 |
|---|---|---|---|
| 32,030.98 47,472.62 5,151.50 584.00 |
29,565.41 17,034.58 5,860.00 493.00 |
||
| 92,631.77 | |||
| 52,952.99 7,663.67 |
|||
| 60,616.66 | |||
| 32,015.11 64,761.08 |
|||
| 96,776.19 |
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Marshall and Browne Memorial Homes
Receipts and Payments Account
Capital Fund
Year Ended 31 December 2021
| Investments Gross sale proceeds from the sale of investments Payments for investment assets Stockbroker fees and commission on purchases Stockbroker fees and commission on sales Investment Management fee Total Payments Net of Receipts/(Payments) Balance at 1 January 2021 Balance at 31 December 2021 |
£ £ 516,772.93 480,279.85 112.86 88.25 14,813.74 15,014.85 495,294.70 21,478.23 68,230.79 89,709.02 2021 |
£ £ 285,531.41 335,959.40 342.00 310.00 13,080.98 13,732.98 349,692.38 (64,160.97) 132,391.76 68,230.79 2020 |
£ £ 285,531.41 335,959.40 342.00 310.00 13,080.98 13,732.98 349,692.38 (64,160.97) 132,391.76 68,230.79 2020 |
|---|---|---|---|
| 349,692.38 | |||
| (64,160.97) 132,391.76 |
|||
| 68,230.79 |
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Marshall and Browne Memorial Homes
Statement of Assets and Liabilities
Year Ended 31 December 2021
| Monetary Assets General Capital 2021 Fund Fund Total Cash Fund at 31 December £ £ £ Current account 4,632.92 - 4,632.92 Deposit accounts 92,490.68 - 92,490.68 Stockbroker accounts Note 5 3,023.36 89,709.02 92,732.38 Total Monetary Assets 100,146.96 89,709.02 189,855.98 Liabilities Brewin Dolphin Management Fees 3,800.00 Non-Monetary Assets Permanent Endowment 2021 - Held for investment purposes Market Cost Value Capital Fund (Note 5) £ £ Government Stocks & Debenture Loan Stock 93,731 97,208 Other Quoted Securities 1,244,342 2,025,503 1,338,073 2,122,711 Land Sale Fund Government Stocks & Debenture Loan Stock 13,430 13,878 Other Quoted Securities 236,361 334,987 249,791 348,865 Land and buildings used by the charity: Mrs Marshall’s Memorial Cottages and Browne Almshouses (vested in the Official Custodian for Charities) 2021 Market Other Assets (non-endowed) Cost Value Extraordinary Repair Fund (Note 5) £ £ Other Quoted Securities 12,322 173,357 12,322 173,357 |
2020 Total £ 6,742.12 86,286.22 71,978.64 |
|---|---|
| 165,006.98 | |
| 3,300.00 | |
| 2020 Market Value £ 95,568 1,802,382 |
|
| 1,897,950 | |
| 54,273 263,731 |
|
| 318,004 | |
| 2020 Market Value £ 148,287 |
|
| 148,287 |
Approved by the Trustees on 31 May 2022 and signed on their behalf by:
CHAIRMAN -
W S LAKE
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Marshall and Browne Memorial Homes
Notes to the Accounts
Year Ended 31 December 2021
Accounting Policies
The accounts have been prepared on a receipts and payments basis which complies with section 133 of the Charities Act 2011.
2 Trustees' Remuneration and Expenses
No remuneration nor reimbursement of expenses were paid to any Trustee during the year or the previous year.
| 3 Independent Examiner's Remuneration Independent Examiner's remuneration |
2021 £ 1,272 |
2020 £ 1,248 |
|---|---|---|
4 Staff Costs
Two wardens were employed during the year. No employee earned more than £60,000 per annum.
| 5 Reconciliation of investments held Brewin Dolphin portfolio Fund 1 General Fund Less cash at bank General Fund COIF Investments Radcliffe Poor Fund COIF investments Brewin Dolphin portfolio Fund 2 Land Proceeds Fund Less cash at bank Extraordinary Repair Fund COIF investments Stockbroker cash balances above Brewin Dolphin portfolio Fund 1 General Fund Brewin Dolphin portfolio Fund 2 Land Proceeds Fund To be transferred to general fund Dividends not paid into general fund Charges to be paid by general fund Overpayment of sales proceeds to investment account Stockbroker cash |
Cost £ 1,394,644 (56,572) 1 - 1,338,073 268,941 (19,150) 249,791 12,322 12,322 1,600,186 |
Market Value 2021 £ 2,081,503 (56,572) 96,230 2,550 2,123,711 368,015 (19,150) 348,865 173,357 173,357 2,645,933 56,572 19,150 75,722 (17,596) 35,423 (816) 92,733 |
Market Value 2020 £ 1,855,964 (45,504) 85,231 2,259 |
|---|---|---|---|
| 1,897,950 327,468 (9,464) |
|||
| 318,004 148,287 |
|||
| 148,287 | |||
| 2,364,241 | |||
| 45,504 9,464 |
|||
| 54,968 (17,596) 35,423 (816) |
|||
| 71,979 |
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Management Information Schedule A
Marshall and Browne Memorial Homes
General Fund
Schedule of Receipts and Payments
Year Ended 31 December 2021
| RECEIPTS Investment income Bank Interest Other Income Wayleaves Heating allowances Transfer from Cyclical Maintenance Fund to cover Wardens' wages and Gardening Total Income PAYMENTS Charitable Activities Services Wardens' wages Alarm system Insurance Gas EDF boiler Water rates Transfer to Extraordinary repair fund Gardens Gardening Balance carried forward |
2021 £ 50,926.45 347.12 51,273.57 16.67 4,025.00 17,704.54 21,746.21 73,019.78 12,553.04 1,294.18 2,437.14 9,379.97 1,404.50 4,962.15 9,510.23 41,541.21 5,151.50 5,151.50 46,692.71 |
2020 £ 49,527.34 886.96 |
|---|---|---|
| 50,414.30 12.95 1,900.00 16,649.68 |
||
| 18,562.63 | ||
| 68,976.93 | ||
| 10,789.68 1,272.96 2,371.06 9,278.57 1,492.05 4,361.09 - |
||
| 29,565.41 | ||
| 5,860.00 | ||
| 5,860.00 | ||
| 35,425.41 |
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Marshall and Browne Memorial Homes
Management Information Schedule A
| General Fund Schedule of Receipts and Payments Year Ended 31 December 2021 Balance brought forward Sundries Gratuities Vouchers Other expenditure Telephone, postage & printing Secretarial Accountancy fees Subscriptions Sundry expenses Total Payments Net of Receipts Opening balance Closing balance Total General Fund Balance General Fund Cyclical Maintenance Fund (Management Schedule B) Extraordinary Repair Fund (Management Schedule B) |
2021 £ 46,692.71 184.00 400.00 584.00 843.96 5,750.00 1,272.00 236.00 307.14 8,409.10 55,685.81 17,333.97 82,812.99 100,146.96 100,146.96 - - 100,146.96 |
2020 £ 35,425.41 168.00 325.00 |
|---|---|---|
| 493.00 | ||
| 1,085.03 5,000.00 1,248.00 230.00 100.64 |
||
| 7,663.67 | ||
| 43,582.08 | ||
| 25,394.85 57,418.14 |
||
| 82,812.99 | ||
| 82,812.99 13,963.20 - |
||
| 96,776.19 |
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Marshall and Browne Memorial Homes
Management Information Schedule B
Year Ended 31 December 2021
| Maintenance and Repair Funds Cyclical Maintenance Fund RECEIPTS Maintenance contribution Interest Received PAYMENTS Plumbing & heating General repairs Electrical checks and repairs Total Payments Net of Receipts/(Payments) Transfer to Extraordinary Repair Fund 2021 Transfer to General Fund 2021 Net of Receipts/(Payments) after transfers Opening balance Closing balance Extraordinary Repair Fund RECEIPTS Transfer from Cyclical Maintenance Fund 2021 Transfer from General Fund Interest Received PAYMENTS Refurbishment of bungalows Drives re-tarmaced at Marshall Close New boilers Total Payments Net of Receipts/(Payments) |
2021 £ 41,678.65 - 41,678.65 4,645.79 11,112.08 4,577.77 20,335.64 21,343.01 (17,601.67) (17,704.54) (13,963.20) 13,963.20 - 2021 £ 17,601.67 9,510.23 25.08 27,136.98 15,556.98 11,580.00 - 27,136.98 - |
2020 £ 40,246.49 - |
|---|---|---|
| 40,246.49 | ||
| 3,590.02 3,171.79 - |
||
| 6,761.81 | ||
| 33,484.68 (10,214.74) (16,649.68) |
||
| 6,620.26 7,342.94 |
||
| 13,963.20 | ||
| 2020 £ 10,214.74 - 58.03 |
||
| 10,272.77 | ||
| 8,207.70 - 2,065.07 |
||
| 10,272.77 | ||
| - |
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