OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

Charity Registration No. 201687

THE ROYAL ALBERT & ST SWITHUN'S HOMES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 S Bannister Mrs S Major

(Appointed 13 April 2022) (Appointed 6 July 2022)

Clerk to the Trustees Mr J I Wagstaff

Charity number 201687 Principal address 17 Royal Albert Close Fort Royal Worcester WR5 1BX

Independent examiner S J Morley ACA 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 2022

The Trustees present their annual report and financial statements for the year ended 31 December 2022.

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 Trustees considered replacement of the Entrance Doors and all Windows at the St Swithun's Close site. Having received quotes this work commenced in June 2022. We have had two vacancies during the year, one just before the end of the financial year. With the refurbishment being completed quickly on the other unit the new resident could move in. With some of the major maintenance work, including replacement of the kitchen units in some flats at the St Swithun's Close site it has once again been necessary to reschedule some for completion in 2023.

The Charity's investments held in the M & G Charity Multi Asset Funds have recovered and this continues to be a

good investment in the fund.

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 2022

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 £300,000 and £400,000, to ensure the continuity of the provision of Almshouses to the residents.

Total reserves stand at £1,318,515 (2021 - £1,352,613) of which £231,979 (2021 - £231,979) is permanently endowed. Restricted Funds total £134,436 (2021 - £134,967) further details are provided on the use of these funds in the notes to the financial statements. Of the remaining funds £360,783 (2021 - £392,730) is designated to ensure that the programme of cyclical and other maintenance of the properties can be undertaken, leaving unrestricted funds at £591,317(2021 - £592,937).

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 2022

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 (Resigned 12 October 2022) Mrs S Bannister (Appointed 13 April 2022) Mrs S Major (Appointed 6 July 2022)

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' report was approved by the Board of Trustees.

Mr W Simpson MBE

Trustee Dated: 8 February 2023

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 2022.

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.

S J Morley ACA Kendall Wadley LLP

Merevale House 27 Sansome Walk Worcester WR1 1NU

Dated: 8 February 2023

THE ROYAL ALBERT & ST SWITHUN'S HOMES

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Current financial year

Unrestricted Unrestricted
Restricted Endowment
funds
funds
funds
funds
general
designated
2022
2022
2022
2022
Notes
£
£
£
£
Income from:
Charitable activities
3
159,421
-
-
-
Investments
4
5,397
-
250
-
Total income
164,818
-
250
-
Expenditure on:
Charitable activities
5
116,727
83,210
1,735
-
Net gains/(losses) on
investments
9
934
618
954
-
Net incoming/(outgoing)
resources before transfers
49,025
(82,592)
(531)
-
Net incoming/(outgoing)
resources before transfers
49,025
(82,592)
(531)
-
Gross transfers between
funds
10
(50,645)
50,645
-
-
Net movement in funds
(1,620)
(31,947)
(531)
-
Fund balances at 1 January
2022
592,937
392,730
134,967
231,979
Fund balances at 31
December 2022
591,317
360,783
134,436
231,979		 Total
2022
£
159,421
5,647
165,068
201,672
2,506
(34,098)
(34,098)
-
(34,098)
1,352,613
1,318,515		 Total
2021
£
154,895
5,524
160,419
162,912
116,399
113,906
113,906
-
113,906
1,238,707
1,352,613

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

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Prior financial year

Unrestricted Unrestricted
Restricted Endowment
funds
funds
funds
funds
general
designated
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/(outgoing) 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
2021
£
154,895
5,524
160,419
162,912
116,399
113,906
-
113,906
1,238,707
1,352,613

THE ROYAL ALBERT & ST SWITHUN'S HOMES

BALANCE SHEET

AS AT 31 DECEMBER 2022

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
Unrestricted funds - general		 2022
£
£
231,979
1,047,411
1,279,390
3,951
61,607
65,558
(26,433)
39,125
1,318,515
231,979
134,436
360,783
591,317
1,318,515		 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		 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
1,275,438
77,175
1,352,613
231,979
134,967
392,730
592,937
1,352,613

The financial statements were approved by the Trustees on 8 February 2023

................................................... Mr W Simpson MBE

Trustee

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 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 amounts 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 2022

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 2022

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 2022

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 2022

3 Charitable activities

Notional Voids Rent Total Notional Voids Rent Total
receipts from receivable 2022 receipts receivable 2021
occupants from
occupants
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £ £ £
Provision of Almshouses 153,634 (1,485) 7,272 159,421 148,328 (705) 7,272 154,895

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

4 Investments

Unrestricted
Restricted
Total
Unrestricted
funds
funds
funds
general
general
2022
2022
2022
2021
£
£
£
£
Income from listed
investments
5,393
250
5,643
5,070
Interest receivable
4
-
4
204
5,397
250
5,647
5,274
Charitable activities
House
services
costs
Housing
maintenance
and repairs
Social
costs
£
£
£
Staff costs
19,610
-
-
Water
7,348
-
-
Heat and light
33,802
-
-
Insurance
5,305
-
-
Clerk to the Trustees' fees
3,636
-
-
Telephone
4,506
-
-
Subscriptions
309
-
-
Sundry
4,085
-
-
Gardening
11,416
-
-
Housing maintenance and repairs
(unrestricted fund)
-
15,838
-
Large non-recurring repairs
(extraordinary repairs fund)
-
59,450
-
Recurring maintenance costs (cyclical
maintenance fund)
-
23,760
-
Social event costs
100
-
1,735
90,117
99,048
1,735
Share of governance costs (see note
6)
10,772
-
-
100,889
99,048
1,735		 Restricted
funds
2021
£
250
-
250
Total
2022
£
19,610
7,348
33,802
5,305
3,636
4,506
309
4,085
11,416
15,838
59,450
23,760
1,835
190,900
10,772
201,672		 Total
2021
£
5,320
204
5,524
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

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

6 Governance costs

Clerk to the Trustees' fees
Independent examiner's fees
Sundry
Analysed between
Charitable activities		 2022
£
7,271
1,840
1,661
10,772
10,772		 2021
£
7,043
1,710
1,790
10,543
10,543

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 (2021 £484) is included in governance costs sundry expenses.

8 Employees

Number of employees

The average monthly number of employees during the year was:

2022 2021
Number Number
Warden 1 1
Employment costs 2022 2021
£ £
Wages and salaries 19,221 18,616
Other pension costs 389 371
19,610 18,987

In addition to employees' wages paid during the year, the Clerk to the Trustees received remuneration of £10,907 (2021 £10,565).

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 2022

9 Net gains/(losses) on investments

**Unrestricted ** Unrestricted Restricted Total Unrestricted Unrestricted Restricted Total
funds funds funds funds funds funds
general designated general designated
2022 2022 2022 2022 2021 2021 2021 2021
£ £ £ £ £ £ £ £
Revaluation of investments 934 618 954 2,506 61,556 40,790 14,053 116,399

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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 £31,430 transferred to the cyclical repairs and maintenance fund and £19,215 transferred to the extraordinary repairs to housing fund from unrestricted funds.

11 Tangible fixed assets

Land and
Cost
At 1 January 2022
At 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021
Net book value of fixed assets at 31 December 2022 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 £8,426,067 (2021 - £7,712.646).

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

12 Fixed asset investments

Income
investments
Accumulation
investments
£
£
Cost or valuation
At 1 January 2022
146,947
896,512
Additions
-
1,445
Valuation changes
(4,577)
7,084
At 31 December 2022
142,370
905,041
Carrying amount
At 31 December 2022
142,370
905,041
At 31 December 2021
146,947
896,512		 Total
£
1,043,459
1,445
2,507
1,047,411
1,047,411
1,043,459

The historical cost as at 31 December 2022 for the M&GCMAF Income Investments was £83,000 (2021 £83,000) and for the M&GCMAF Accumulation Investments was £207,865 (2021 £206,420).

13
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
Carrying amount of financial liabilities
Measured at amortised cost
14
Debtors
Amounts falling due within one year:
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2022
£
1,047,411
26,433
2022
£
3,951
2022
£
17,433
9,000
26,433		 2021
£
1,043,459
30,097
2021
£
4,000
2021
£
23,930
6,167
30,097

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

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
2021
r
£
Permanent endowments
Property fund
231,979
231,979		 Movement in funds
Incoming
esources
Resources
expended
Transfers
Investments
gains/losses
Balance at
1 January
2022
r
£
£
£
£
£
-
-
-
-
231,979
-
-
-
-
231,979		 Movement in funds
Incoming
esources
Resources
expended
Transfers
Investments
gains/losses
Balance at
31
December
2022
£
£
£
£
£
-
-
-
-
231,979
-
-
-
-
231,979		 Movement in funds
Incoming
esources
Resources
expended
Transfers
Investments
gains/losses
Balance at
31
December
2022
£
£
£
£
£
-
-
-
-
231,979
-
-
-
-
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 2022

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
2021
r
£
Social Fund
8,921
Children's Fund - Capital
4,692
Children's Fund - Income
1,050
Capital Redemption
106,671
121,334		 Movement in funds
Incoming
esources
Resources
expended
Investments
gains/losses
Balance at
1 January
2022
r
£
£
£
£
-
670
-
8,251
-
-
-
4,692
250
-
-
1,300
-
-
14,053
120,724
250
(670)
14,053
134,967		 Movement in funds
Incoming
esources
Resources
expended
Investments
gains/losses
Balance at
31 December
2022
£
£
£
£
-
(1,735)
-
6,516
-
-
-
4,692
250
-
-
1,550
-
-
954
121,678
250
(1,735)
954
134,436		 Movement in funds
Incoming
esources
Resources
expended
Investments
gains/losses
Balance at
31 December
2022
£
£
£
£
-
(1,735)
-
6,516
-
-
-
4,692
250
-
-
1,550
-
-
954
121,678
250
(1,735)
954
134,436
134,436

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 2022

18 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 January
2021
Resources
expended
£
£
Cyclical Repairs and Maintenance Repairs
Fund
142,837
(27,115)
Extraordinary Repairs To Housing Fund
210,035
(21,977)
352,872
(49,092)		 Transfers
Investments
gains/losses
Balance at
1 January
2022
Resources
expended
£
£
£
£
29,890
16,511
162,123
(23,760)
18,270
24,279
230,607
(59,450)
48,160
40,790
392,730
(83,210)		 Transfers
Investments
gains/losses
Balance at
31 December
2022
£
£
£
31,430
255
170,048
19,215
363
190,735
50,645
618
360,783		 Transfers
Investments
gains/losses
Balance at
31 December
2022
£
£
£
31,430
255
170,048
19,215
363
190,735
50,645
618
360,783
360,783

Cyclical Repairs and Maintenance Repairs Fund - This reserve represents amounts set aside for 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 2022

19
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
Endowment
funds
2022
2022
2022
2022
£
£
£
£
Fund balances at 31
December 2022 are
represented by:
Tangible assets
-
-
-
231,979
Investments
589,936
335,797
121,678
-
Current assets/(liabilities)
1,381
24,986
12,758
-
591,317
360,783
134,436
231,979		 Total
Unrestricted
funds
Designated
funds
2022
2021
2021
£
£
£
231,979
-
-
1,047,411
589,002
333,733
39,125
3,935
58,997
1,318,515
592,937
392,730		 Restricted
funds
Endowment
funds
2021
2021
£
£
-
231,979
120,724
-
14,243
-
134,967
231,979		 Total
2021
£
231,979
1,043,459
77,175
1,352,613

THE ROYAL ALBERT & ST SWITHUN'S HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

20 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).