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2021-12-31-accounts

Charity Registration No. 201687

THE ROYAL ALBERT & ST SWITHUN'S HOMES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

THE ROYAL ALBERT & ST SWITHUN'S HOMES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr H Burton Mr M Ellison Mr B Thompson Mrs B Thompson Mr W Simpson MBE Mr M A Thomas Councillor L Denham Councillor S MacKay Mrs C G Gardner Clerk to the Trustees Mr J I Wagstaff Charity number 201687 Principal address 17 Royal Albert Close Fort Royal Worcester WR5 1BX Independent examiner T. C. P. Calder FCA Kendall Wadley LLP Merevale House 27 Sansome Walk Worcester WR1 1NU Bankers Lloyds Bank plc 4 The Cross Worcester WR1 3PY Investment advisors M&G Securities Limited PO Box 9038 Chelmsford CM99 2XF

THE ROYAL ALBERT & ST SWITHUN'S HOMES

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5 - 6
Balance sheet 7
Notes to the financial statements 8 - 22

THE ROYAL ALBERT & ST SWITHUN'S HOMES

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their annual report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019)

Objectives and activities

Objects of charity

The objects of the charity are:

Activities of the organisation

The Almshouses belonging to the charity shall be appropriated and used for the residence of Almspersons in accordance with the Scheme.

The Trustees shall charge the Almspersons a weekly sum towards the cost of maintaining the Almshouses and essential services. There have been no changes in the stated objects during the year.

Public benefit

As a charity, The Royal Albert and St Swithun's Homes provides a public benefit to the local community providing housing for the elderly and providing grants to young persons under the age of 18, who are in need, hardship or distress.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Organisation review and results

At the start of the year the first meeting of the Trustees in February had to held virtually, due to the ongoing restrictions for the Coronavirus pandemic. The April meeting was cancelled and the AGM, usually held in April, was deferred until July. Normal meetings of the Trustees then resumed.

We have had two vacancies during the year and with the refurbishment of the units being completed quickly the new residents could move in. Some of the major maintenance work has been carried out but it has also been necessary to re-schedule some for completion in 2022.

The charity's investments held in the M & G Charity Multi Asset Funds have recovered and are now back in

value to pre-pandemic levels.

Once again our thanks go out to our Warden who has, during a further difficult year, provided an excellent service of care to our Residents in looking out for their mental and physical welfare. She has also kept the Trustees fully informed, complied with government guidelines and dealt promptly with the maintenance issues as they have arisen.

As usual the ongoing schedule of work to both improve the Residents facilities and to maintain the property to a high standard continues and thus the Trustees set their forward Budget Plan to cover this.

THE ROYAL ALBERT & ST SWITHUN'S HOMES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Financial review

Reserves Policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which provides sufficient funds to cover resources expended for approximately two to three years, which equates to between £ 30 0,000 and £ 4 00,000, to ensure the continuity of the provision of Almshouses to the residents.

Total reserves stand at £1, 352,613 (20 20 - £ 1,238,707 ) of which £ 231,979 (20 20 - £ 231,979 ) is permanently endowed. Restricted Funds total £1 34,967 (20 20 - £ 121,334 ) further details are provided on the use of these funds in the notes to the financial statements. Of the remaining funds £392,730 (20 20 - £ 352,872 ) is designated to ensure that the programme of cyclical and other maintenance of the properties can be undertaken, leaving unrestricted funds at £ 592,937 (20 20 - £ 532,522 ).

Investment policy

The Trustees have considered the most appropriate policy for investing funds and have found that specialised unit trusts, designed for the charity sector, meet their requirements to generate both income and capital growth. The Trustees consider the return on investments in the year to be satisfactory.

Risk review

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

Organisation status

The Organisation is an unincorporated charity regulated by a Charity Scheme dated 19 December 2000 and as approved by the Charity Commission for England and Wales. The board of trustees is responsible for the decisions taken concerning the management of the charity.

THE ROYAL ALBERT & ST SWITHUN'S HOMES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Trustees

The Trustees who served during the year were:

Mr H Burton Mr M Ellison Mr B Thompson Mrs B Thompson Mr W Simpson MBE Mr M A Thomas Councillor L Denham Councillor S MacKay Mrs C G Gardner

Recruitment and appointment of new Trustees

Trustees are appointed either by nomination or co-option, in accordance with clauses 7 and 8 of the Charity Scheme of 19 December 2000, for a term of four years.

Trustee Training

Trustees must give each new Trustee, on their first appointment, a copy of the Scheme and any amendments made to it and a copy of the charity's latest report and statement of accounts. Trustees receive any additional training as is necessary during Trustee meetings.

The Trustees' r eport was approved by the Board of Trustees.

Mrs B Thompson

Trustee Dated: 9 February 2022

THE ROYAL ALBERT & ST SWITHUN'S HOMES

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE ROYAL ALBERT & ST SWITHUN'S HOMES

I report to the Trustees on my examination of the financial statements of The Royal Albert & St Swithun's Homes (the charity) for the year ended 31 December 2021.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 financial statements to be reached.

T. C. P. Calder FCA Kendall Wadley LLP

Merevale House 27 Sansome Walk Worcester WR1 1NU

Dated: 4 April 2022

THE ROYAL ALBERT & ST SWITHUN'S HOMES

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted Unrestricted
Restricted Endowment
funds
funds
funds
funds
general d esignated
2021
2021
2021
2021
Notes
£
£
£
£
Income from:
Charitable activities
3
154,895
-
-
-
Investments
4
5,274
-
250
-
Total income
160,169
-
250
-
Expenditure on:
Charitable activities
5
113,150
49,092
670
-
Net gains/(losses) on
investments
9
61,556
40,790
14,053
-
Net incoming resources
before transfers
108,575
(8,302)
13,633
-		 Total Unrestricted Unrestricted
Restricted Endowment
funds
funds
funds
funds
general d esignated
2021
2020
2020
2020
2020
£
£
£
£
£
154,895
151,738
-
-
-
5,524
5,619
-
250
-
160,419
157,357
-
250
-
162,912
103,971
14,668
500
-
116,399
(20,531)
(12,517)
(3,506)
-
113,906
32,855
(27,185)
(3,756)
-		 Total
2020
£
151,738
5,869
157,607
119,139
(36,554)
1,914

THE ROYAL ALBERT & ST SWITHUN'S HOMES

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted Unrestricted
Restricted Endowment
funds
funds
funds
funds
general d esignated
2021
2021
2021
2021
Notes
£
£
£
£
Net incoming resources
before transfers
108,575
(8,302)
13,633
-
Gross transfers between
funds
10
(48,160)
48,160
-
-
Net movement in funds
60,415
39,858
13,633
-
Fund balances at 1 January
2021
532,522
352,872
121,334
231,979
Fund balances at 31
December 2021
592,937
392,730
134,967
231,979		 Total Unrestricted Unrestricted
Restricted Endowment
funds
funds
funds
funds
general d esignated
2021
2020
2020
2020
2020
£
£
£
£
£
113,906
32,855
(27,185)
(3,756)
-
-
(46,865)
46,865
-
-
113,906
(14,010)
19,680
(3,756)
-
1,238,707
546,532
333,192
125,090
231,979
1,352,613
532,522
352,872
121,334
231,979		 Total
2020
£
1,914
-
1,914
1,236,793
1,238,707

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE ROYAL ALBERT & ST SWITHUN'S HOMES

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds
16
Income funds
Restricted funds
17
Unrestricted funds - designated
18
Unrestricted funds - general		 2021
£
£
231,979
1,043,459
1,275,438
4,000
103,272
107,272
(30,097)
77,175
1,352,613
231,979
134,967
392,730
592,937
1,352,613		 2020
£
£
231,979
925,614
1,157,593
4,215
93,942
98,157
(17,043)
81,114
1,238,707
231,979
121,334
352,872
532,522
1,238,707

The financial statements were approved by the Trustees on 9 February 2022

................................................... ................................................... Mrs B Thompson Trustee Trustee

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

Charity information

The Royal Albert & St Swithun's Homes is a charity registered in England and Wales. The principal address is 17 Royal Albert Close, Fort Royal, Worcester, WR5 1BX.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements .

Restricted funds are subject to specific conditions by donors as to how they may be used. The purpose and uses of the restricted funds are set out in the notes to the accounts.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt.

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Governance costs include costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examiners fees and costs linked to the strategic management of the charity.

All expenditure is accounted for on an accruals basis and is allocated to the activity to which it relates.

Royal Albert and St Swithun's Homes has established a regular programme of cyclical repairs and maintenance. Costs are charged to the revenue account in the year in which they are incurred.

Costs of extraordinary repairs, unless representing improvements to the properties, are charged to the revenue account in the year in which they are incurred.

The Royal Albert and St Swithun's Homes are not registered for value added tax (VAT).

1.6 Tangible fixed assets

Housing properties are stated at cost. The development cost of housing properties includes the following: 1) cost of acquiring land and buildings, and 2) development expenditure.

As the properties are maintained in a state of repair such that their estimated residual value is not less than their improvement cost or carrying amount, no depreciation charge is made on the grounds that it would be immaterial.

Housing Association Grant (HAG) is paid by the Housing Corporation to reduce the cost of development and is, therefore, shown as a deduction from the cost of housing the properties on the balance sheet.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure ) for the year , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less .

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

3 Charitable activities

Notional Voids Rent Total Notional Voids Rent Total
receipts from receivable 2021 receipts receivable 2020
occupants from
occupants
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £ £ £
Provision of Almshouses 148,328 (705)
7,272		 154,895 144,897 (395)
7,236		 151,738

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

4 Investments

Unrestricted
Restricted
TotalUnrestricted
funds
funds
funds
general
general
2021
2021
2021
2020
£
£
£
£
Income from listed
investments
5,070
250
5,320
5,393
Interest receivable
204
-
204
226
5,274
250
5,524
5,619
Charitable activities
House
services
costs
Housing
maintenance
and repairs
Social
costs
£
£
£
Staff costs
18,987
-
-
Water
7,509
-
-
Heat and light
31,319
-
-
Insurance
4,999
-
-
Clerk to the Trustees' fees
3,522
-
-
Telephone
4,325
-
-
Subscriptions
442
-
-
Sundry
3,453
-
-
Gardening
10,158
-
-
Housing maintenance and repairs
(unrestricted fund)
-
17,247
-
Large non-recurring repairs
(extraordinary repairs fund)
-
21,977
-
Recurring maintenance costs (cyclical
maintenance fund)
-
27,115
-
Social event costs
646
-
670
Grants from Children's Fund
-
-
-
85,360
66,339
670
Share of governance costs (see note
6)
10,543
-
-
95,903
66,339
670		 Restricted
funds
2020
£
250
-
250
Total
2021
£
18,987
7,509
31,319
4,999
3,522
4,325
442
3,453
10,158
17,247
21,977
27,115
1,316
-
152,369
10,543
162,912		 Total
2020
£
5,643
226
5,869
Total
2020
£
18,485
7,646
24,399
4,865
3,425
3,910
281
3,792
10,057
16,950
5,487
9,181
-
500
108,978
10,161
119,139

5 Charitable activities

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

6 Governance costs

Clerk to the Trustees' fees
Independent examiner's fees
Sundry
Analysed between
Charitable activities		 2021
£
7,043
1,710
1,790
10,543
10,543		 2020
£
6,850
1,680
1,631
10,161
10,161

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

Liability insurance has been taken out by the charity for its trustees. The cost of £484 (2020 £484) is included in governance costs sundry expenses.

8 Employees

Number of employees

The average monthly number of employees during the year was:

2021 2020
Number Number
Warden 1 1
Employment costs 2021 2020
£ £
Wages and salaries 18,616 18,124
Other pension costs 371 361
18,987 18,485

In addition to employees' wages paid during the year, the Clerk to the Trustees received remuneration of £ 10,565 (20 20 £ 10 , 275).

There were no employees whose annual remuneration was £60,000 or more.

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

9 Net gains/(losses) on investments

Unrestricted Unrestricted Restricted Total Unrestricted Unrestricted Restricted Total
funds
funds		 funds funds funds funds
general d esignated general d esignated
2021
2021		 2021 2021 2020 2020 2020 2020
£
£		 £ £ £ £ £ £
Revaluation of investments 61,556
40,790		 14,053 116,399 (20,531)
(12,517)		 (3,506) (36,554)

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

10 Transfers

At the year end transfers were made from unrestricted funds to designated funds to increase the amounts set aside to cover future costs of cyclical maintenance to housing and extraordinary repairs to housing. These transfers amounted to £ 2 9,890 transferred to the Cyclical Repairs and Maintenance Fund and £ 1 8,270 transferred to the Extraordinary Repairs to Housing F und from unrestricted funds .

11 Tangible fixed assets

Land and
Cost
At 1 January 2021
At 31 December 2021
Carrying amount
At 31 December 2021
At 31 December 2020
Net book value of fixed assets at 31 December 2021 represents:
Freehold property, Fort Royal Worcester
Less: Housing Association grants
Freehold property, St Swithun's Close Worcester		 buildings
£
231,979
231,979
231,979
231,979
121,344
(19,790)
101,554
130,425
231,979

The current value for insurance purposes of the Freehold Property is £7,712,646 (2020 - £7,488.005)

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

12 Fixed asset investments

Income
Accumulation
Total
investments
investments
£
£
£
Cost or valuation
At 1 January 2021 134,809
790,805
925,614
Additions -
1,446
1,446
Valuation changes 12,139
104,260
116,399
At 31 December 2021 146,948
896,511
1,043,459
Carrying amount
At 31 December 2021 146,948
896,511
1,043,459
At 31 December 2020 134,809
790,805
925,614
The historical cost as at 31 December 20 21 for the M&GCMAF Income Investments was £83,000 (20 20
£83,000) and for the M&GCMAF Accumulation Investments was £ 204,965 (20 20 £ 203,520 ).
13 Financial instruments 2021
2020
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 1,043,459
960,724
Carrying amount of financial liabilities
Measured at amortised cost 30,097
17,043
14 Debtors
2021
2020
Amounts falling due within one year: £
£
Prepayments and accrued income 4,000
4,215
15 Creditors: amounts falling due within one year
2021
2020
£
£
Other creditors 23,930
13,092
Accruals and deferred income 6,167
3,951
30,097
17,043

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

16 Endowment funds

The income funds of the charity include endowment funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 January 2020

£
Permanent endowments
Property fund
231,979
231,979		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Investments
gains/losses
Balance at
1 January 2021

£
£
£
£
£
-
-
-
-
231,979
-
-
-
-
231,979		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Investments
gains/losses
Balance at
31 December
2021
£
£
£
£
£
-
-
-
-
231,979
-
-
-
-
231,979

The property fund represents the cost of the freehold land and buildings held by the charity on the condition that such property is maintained by the charity.

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

17 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 January 2020

£
Social Fund
8,921
Children's Fund - Capital
4,692
Children's Fund - Income
1,300
Capital Redemption
110,177
125,090		 Movement in funds
Incoming
resources
Resources
expended
Investments
gains/losses
Balance at
1 January 2021

£
£
£
£
-
-
-
8,921
-
-
-
4,692
250
(500)
-
1,050
-
-
(3,506)
106,671
250
(500)
(3,506)
121,334		 Movement in funds
Incoming
resources
Resources
expended
Investments
gains/losses
Balance at
31 December
2021
£
£
£
£
-
(670)
-
8,251
-
-
-
4,692
250
-
-
1,300
-
-
14,053
120,724
250
(670)
14,053
134,967

Social Fund - This fund is held for use by the Social Committee in providing and promoting social events, outings and activities for the benefit of the Residents.

Children's Fund - The trustees allocate amounts of £250, or as agreed, to the relief of persons under the age of 18, living in the city of Worcester, who are in need, hardship or distress.

Capital Redemption Fund - This reserve is for the future development and/or rebuilding costs.

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

18 Unrestricted funds - designated

These are unrestricted funds which are material to the charity's activities made up as follows:

Balance at
1 January 2020

£
Cyclical Repairs
and Maintenance
Repairs Fund
127,731
Extraordinary
Repairs to
Housing Fund
205,461
333,192		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Investments
gains/(losses)
Balance at
1 January 2021

£
£
£
£
£
-
(9,181)
29,085
(4,798)
142,837
-
(5,487)
17,780
(7,719)
210,035
-
(14,668)
46,865
(12,517)
352,872		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Investments
gains/(losses)
Balance at
31 December
2021
£
£
£
£
£
-
(27,115)
29,890
16,511
162,123
-
(21,977)
18,270
24,279
230,607
-
(49,092)
48,160
40,790
392,730

Cyclical Repairs and Maintenance Repairs Fund - This reserve represents amounts set aside for the cyclical maintenance to meet costs in excess of budgeted expenditure for any year.

Extraordinary Repairs To Housing Fund - This reserve represents amounts set aside for the extraordinary repair, improvement or rebuilding of the homes.

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

19
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
Endowment
funds
2021
2021
2021
2021
£
£
£
£
Fund balances at 31
December 2021 are
represented by:
Tangible assets
-
-
-
231,979
Investments
589,002
333,733
120,724
-
Current assets/(liabilities)
3,935
58,997
14,243
-
592,937
392,730
134,967
231,979		 TotalUnrestricted
funds
Designated
funds
2021
2020
2020
£
£
£
231,979
-
-
1,043,459
526,000
292,943
77,175
6,522
59,929
1,352,613
532,522
352,872		 Restricted
funds
Endowment
funds
2020
2020
£
£
-
231,979
106,671
-
14,663
-
121,334
231,979		 Total
2020
£
231,979
925,614
81,114
1,238,707

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

20 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .