THE COLLEGE OF MATRONS, SALISBURY
REPORT OF THE TRUSTEES
AND
STATEMENT OF ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2020
CONTENTS
Page
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- Trustees' Report 5. Independent Examiner's Report 6. Statement of Financial Activities 7. Balance Sheet
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- Notes to the Accounts
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- Detailed Income and Expenditure Account (for Trustees' use only)
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FLETCHER & PARTNERS
CHARTERED ACCOUNTANTS
SALISBURY
Page 1
THE COLLEGE OF MATRONS, SALISBURY
TRUSTEES' REPORT AND STATEMENT OF ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present their annual report and financial statements of the Charity for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's Schemes, 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.
PATRON AND VISITOR:
The Right Reverend The Lord Bishop of Salisbury
| GOVERNORS: | The Dean & Residentiary Canons of the Cathedral Church of the Blessed |
|---|---|
| Virgin Mary in Salisbury | |
| TRUSTEES: | Mr David Coates Resigned 17 July 2020 |
| Mrs Patricia Dragonetti Re-appointed 2016 |
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| Mr Christopher Macey Re-appointed 2016 |
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| Mrs Patricia Mitchell-Innes Re-appointed 2017 |
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| Mrs Rosslyn O'Connor Re-appointed 2018 |
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| Mr Michael Ricketts Re-appointed 2020 |
|
| Mrs Sarah Wheeler Re-appointed 2019 |
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| Mr Charles Greville- Heygate Appointed 17 July 2020 |
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| All the Trustees are co-opted. | |
| PRINCIPAL OFFICER: | Mr Nicholas Stiven, Steward |
| The Old Laundry, 42A The Close, Salisbury, SP1 2EL | |
| CHARITY ADDRESS: | The Old Laundry, 42A The Close, Salisbury, SP1 2EL |
| ADVISERS: | Bankers - Lloyds Bank Plc, 38 Blue Boar Row, Salisbury, |
| SP1 1DB | |
| Solicitors - Parker Bullen, 45 Castle Street, Salisbury, SP1 3SS |
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| Independent - Mrs N A Halls FCA , Fletcher & Partners, |
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| Examiners Crown Chambers, Bridge Street, Salisbury, SP1 2LZ |
|
| Surveyor - The Diocesan Surveyor, Church House, Crane Street, |
|
| Salisbury, SP1 2QB | |
| Investment - CCLA Investment Management Ltd, Senator House |
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| Advisers 85 Queen Victoria Street, London EC4V 4ET |
REGISTERED CHARITY NUMBER: 201720 (England and Wales)
Page 2
THE COLLEGE OF MATRONS
TRUSTEES' REPORT AND STATEMENT OF ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2020
LEGAL STATUS
The College of Matrons is a registered Charity number 201720 and until June 2005 was also a registered Housing Association number A2289. It was founded by Seth, Lord Bishop of Sarum, in 1683, and is now regulated by a Charity Commission Scheme dated 9 March 1979, as amended by a Scheme dated 22 July 1993, a further scheme dated 28 October 1996, which authorises the new almshouses built in Wilton and an amendment pursuant to Section 280 Charities Act 2011 dated 6 August 2018.
GOVERNORS
The Governors are responsible for the general management of the almshouses of the Charity and for the discipline and arrangements for the welfare of the Matrons.
OBJECTS
The principal object of the Charity is to provide accommodation for eligible women in the premises of the College in The Close in Salisbury and at St John's Priory in Wilton. Matrons shall be needy and deserving women resident within the area of benefit with a preference being given to widows and daughters of Ministers of the Church of England. By a revised Scheme of July 1993 the area of benefit was extended to cover the Dioceses of Bath and Wells, Exeter, Portsmouth, Salisbury, Truro and Winchester. There has been no change in objects during the year.
POLICIES
The College houses 15 Matrons and a warden in 16 units of accommodation in Salisbury and 12 Matrons in the 12 units at Wilton. The Matrons contribute a set monthly sum towards the maintenance of the almshouses. The Charity's endowments are invested to provide income to cover the running costs and management expenses of the Charity. Any surplus income may be applied for the benefit of the Matrons in the almshouses as the Trustees think fit or for relief in need by making grants of money or providing items, services or facilities to reduce the need, hardship or distress of persons resident in the area of benefit.
RESERVES POLICY
The Trustees of the Charity are able to use the surplus accumulated income over expenditure on future projects, to improve the facilities for the Matrons and the operation of the Charity. The last quinquennial report notes that the majority of the structural repairs and conservation work had been carried out. The trustees maintain two property reserve funds, the Extraordinary Repairs Fund (ERF) and the Cyclical Maintenance Fund (CMF) as required by the Charity Commissioners. At 31 December 2020 the ERF stood at £102,558 (2019: £87,927) and the CMF at £78,124 (2019: £100,090). The trustees aim to keep free reserves between £100,000 and £200,000 (6 to 12 months' worth of expenditure) to cover unforeseen costs, to help provide further income by investing surplus accumulated profits and to be able to pay the almshouse running costs when voids occur. The free reserves at 31 December 2020 totalled £200,838 (2019: £230,171).
RISK
The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks.
ORGANISATION
The Charity is managed by seven Trustees who meet three times a year. The Governors appoint a Steward who acts on their behalf, and on behalf of the Trustees, and deals with the day- to- day administration of the Charity. Trustees are appointed for terms of five years. New trustees are recruited and appointed after receiving a personal recommendation from the existing trustee body.
TRUSTEES' RESPONSIBILITIES FOR THE PREPARATION OF ACCOUNTS
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year. The trustees have chosen to prepare accruals accounts which must 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.
Page 3
THE COLLEGE OF MATRONS
TRUSTEES' REPORT AND STATEMENT OF ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2020
TRUSTEES' RESPONSIBILITIES FOR THE PREPARATION OF ACCOUNTS (Continued)
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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observe the methods and principles in the Charities SORP;
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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 that must be disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to assume that the Charity will continue in operation.
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 Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the charity's assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
INVESTMENT POWERS
Sums of cash at any time belonging to the Charity and not needed for immediate working purposes shall be invested in accordance with the Trustee Act 2000, which came into force on 1 February 2001.
The investment objective of the Trustees is that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income stocks and cash, through charitable collective investment funds. Investment income is required to help meet the costs of the Charity.
The Trustees have selected a balanced investment objective with medium risk. The proportions invested in equities, fixed income stocks and cash shall be reviewed from time to time by a suitably qualified adviser to provide guidance on the on-going suitability of that element of investment policy. Ethical issues have also been taken into consideration.
REVIEW OF ACTIVITIES AND ACHIEVEMENTS
During 2020, 15 Matrons were housed in the Salisbury almshouses and 12 in Wilton. There were five vacancies during the year. The fire detection system was replaced in Salisbury.
In 2020, the Trustees decided that the Reserves of the charity were sufficiently large as to allow support to the Trussell Trust, to a total of £17,495.
The global coronavirus pandemic began to affect the operation of the charity from March 2020 and continued throughout the year. In particular:
(a) All refurbishment of occupied flats or cottages was postponed until the end of the pandemic.
(b) The annual programme of home visits to Matrons by Trustees, principally to acquaint themselves with the quality of the housing stock but also to enable Matrons to meet the Trustees and raise issues, was postponed until the end of the pandemic.
(c) The annual Summer tea party for Matrons from both sites was cancelled.
One Trustee retired and a replacement Trustee elected. A further Trustee was re-elected. Trustees include a retired chartered surveyor, solicitor and chartered accountant amongst their number.
COVID-19
The global pandemic of COVID-19 had limited financial impact on the Charity in the year to 31 December 2020. Investment values fell in March as a consequence of the market’s initial reaction to the pandemic, however the markets recovered later resulting in a higher market value of investments held as at 31 December 2020. The residents’ contributions continued to be paid, and no major costs were incurred as a result of the lockdown and social distancing measures. Overall the charity held sufficient funds at the year end to meet the reserves policy and the trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. There are no material judgements that affect the accounts.
Page 4
THE COLLEGE OF MATRONS
TRUSTEES' REPORT AND STATEMENT OF ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PUBLIC BENEFIT
The trustees confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.
The charity meets its public benefit remit by providing subsidised housing for needy and deserving women within a secure environment. A preference is given under the Constitution to widows and unmarried daughters of Ministers of the Church of England.
REVIEW OF TRANSACTIONS AND FINANCIAL POSITION
The Charity's total income for the year was £206,143 (2019: £201,036) including investment income of £67,921 (2019: £62,165). Expenditure for the year was £277,234 (2019: £205,648) including donations totalling £17,495 to The Trussell Trust food bank charity (2019: £1,342 to Shaftesbury Refugee Group). Overall, the value of the investments increased by £174,014 during the year and gains of £783 were realised on the sale of investments worth £30,000 from the Cyclical Maintenance Fund. The trustees invested £5,000 into the Extraordinary Repair Fund. Depreciation of £21,005 was charged on the properties, as required by the accounting policy, and was allocated to the fund which provided the finance for the purchase of the relevant property.
Overall, therefore, the Charity's resources increased by £103,706 during the year (2019: increased by £375,578).
Under the cost-sharing arrangements, Matrons College continues to contribute to St John's Hospital, Wilton 40% of the cost of the warden at Wilton, 40% of the cost of gardening and fire and security support contract, together with its share (2/3) of the cost of communal electricity and water rates for the 12 Matrons' flats in the new block of flats in Wilton.
The total endowment capital spent on building the 12 flats at Wilton almshouses and improving No 47 The Close was £762,553 which is being recouped over 50 years from 2000 to 2049 by investing £15,252 per annum from the Charity's surplus income. The Trustees have taken independent financial advice as to appropriate common investment funds into which to invest this money. As at 31 December 2020, the recoupment fund stood at £522,253, all of which was held in investments.
The Charity had net assets of £3,519,450 at the end of the year, including investments worth £2,612,508 but not reflecting the value of the original listed Salisbury almshouses which are insured for approximately £4.1 million. The Trustees consider the financial position of the Charity to be satisfactory and confirm that the assets held are adequate to fulfil the obligations of the Charity.
Approved by the Trustees and signed on their behalf by
C E Macey
................................................ Trustee Approved by the Trustees on: 19 March 2021
Page 5
THE COLLEGE OF MATRONS
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COLLEGE OF MATRONS, SALISBURY
I report to the trustees on my examination of the accounts of The College of Matrons (the Charity) for the year ended 31 December 2020, which are set out on pages 6 to 14.
Responsibilities and basis of report
As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the require ments of the Charities Act 2011(‘the Act’).
I report in respect of my examination of the Charity'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 2011 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 examinat ion giving me cause to believe that in any material respect:
(1) accounting records were not kept in respect of the Charity 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’ wh ich 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 draw n in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Nicola A Halls
Name: Nicola A Halls
Relevant professional qualification or membership of professional body (if any): FCA
Address: Fletcher & Partners, Crown Chambers, Bridge Street, Salisbury SP1 2LZ
Date: 8 April 2021
Page 6
THE COLLEGE OF MATRONS, SALISBURY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
| INCOME FROM: Donations and legacies Investments Other income Charitable activities: Provision of accommodation TOTAL INCOME EXPENDITURE ON: Charitable activities: Provision of accommodation Donations and grants TOTAL EXPENDITURE NET GAINS/(LOSSES) ON INVESTMENTS Realised gains/(losses) on investments Unrealised gains/(losses) on investments NET INCOME/(EXPENDITURE) BEFORE TRANSFERS TRANSFERS BETWEEN FUNDS OTHER RECOGNISED GAINS/(LOSSES) NET MOVEMENT IN FUNDS FUND BALANCES AT 1 JANUARY 2020 FUND BALANCES AT 31 DECEMBER 2020 12, 12, |
Notes | Unrestricted Funds |
Unrestricted Funds |
Endowment Funds |
Endowment Funds |
Endowment Funds |
Restricted Funds |
Total 2020 |
Total 2019 |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 3 4 5 5 9 12, 14 13, 14 13, 14 |
£ - 67,921 2 138,220 206,143 244,238 17,745 261,983 783 27,887 (27,170) (15,252) (42,422) - |
£ - - - - - 15,251 - 15,251 - 146,127 130,876 15,252 146,128 - |
£ - - - - - - - - - - - - - - |
£ - 67,921 2 138,220 206,143 259,489 17,745 277,234 783 174,014 103,706 - 103,706 - |
£ - 62,165 1,680 137,191 201,036 204,306 1,342 205,648 35,884 344,306 375,578 - 375,578 - |
||||||||||||
| (42,422) 567,151 £524,729 |
- 160,817 £160,817 |
The notes on pages 8 to 14 form part of these accounts.
Page 7
THE COLLEGE OF MATRONS, SALISBURY
BALANCE SHEET
AS AT 31 DECEMBER 2020
| FIXED ASSETS Tangible Assets Investments CURRENT ASSETS Debtors Cash at bank and in hand LIABILITIES Creditors: Amounts falling due within one year NET CURRENT ASSETS NET ASSETS THE FUNDS OF THE CHARITY: ENDOWMENT FUNDS RESTRICTED FUNDS UNRESTRICTED FUNDS Designated General TOTAL CHARITY FUNDS |
Notes 8 9 10 11 12 13 14 14 15 |
2020 £ £ 876,476 2,612,508 3,488,984 8,347 34,637 42,984 12,518 30,466 3,519,450 £ 2,833,904 160,817 215,625 309,104 524,729 3,519,450 £ - |
2019 £ £ 897,481 2,447,459 3,344,940 7,196 75,235 82,431 11,627 70,804 3,415,744 £ 2,687,776 160,817 224,799 342,352 567,151 3,415,744 £ |
2019 £ £ 897,481 2,447,459 3,344,940 7,196 75,235 82,431 11,627 70,804 3,415,744 £ 2,687,776 160,817 224,799 342,352 567,151 3,415,744 £ |
|---|---|---|---|---|
| 3,344,940 70,804 |
||||
| 3,415,744 £ |
||||
| 2,687,776 160,817 567,151 |
||||
| 3,415,744 £ |
||||
These financial statements were approved by the Trustees on 19th March 2021 and signed on their behalf by:
Trustee C E Macey
Trustee C R O'Connor
The notes on pages 8 to 14 form part of these accounts.
Page 8
THE COLLEGE OF MATRONS
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1. PRINCIPAL ACCOUNTING POLICIES
The financial statements of the Charity are prepared in accordance with the Statement of Recommended Practice: 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) (effective from 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. The accounts (financial statements) have been prepared to give a ‘true and fair’ view and 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 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. These financial statements are drawn up on the historical cost accounting basis except that investment assets are carried at market value. The charity constitutes a public benefit entity as defined by FRS 102. A summary of the more important accounting policies is set out below.
Preparation of the accounts on a going concern basis
The global pandemic of COVID-19 had limited financial impact on the Charity in the year to 31 December 2020. The trustees have reviewed the anticipated performance for a period of at least twelve months from the date of approval of the financial statements which demonstrate that there is no material uncertainty regarding the board's ability to meet its liabilities as they fall due, and continue as a going concern. On this basis, the trustees consider it appropriate to prepare the financial statements on a going concern basis.
a) Cash flow
The accounts do not include a cash flow statement because the Charity, as a small reporting entity, is exempt from the requirement to prepare such a statement.
b) Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.
Restricted funds represents the Housing Association Grant which is repayable in certain circumstances, primarily following sale of a property but will normally be restricted to net proceeds of sale. Endowment funds are permanent trusts whose income is intended for the benefit of the charity.
c) Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income from the provision of accommodation represents maintenance contributions and service charges receivable, after deduction of voids. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon receipt of income into the bank account. Bank interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. All investment income arising on endowment funds is unrestricted as to its use.
d) 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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
e) Charitable activities
Costs of charitable activities include grants made, governance costs and an apportionment of support costs as shown in note 5. Housing services includes the costs necessary to maintain the housing properties for the residents including utilities, gardening, and wardens' salaries and housing costs.
f) Allocation of support and governance costs
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal fees together with an apportionment of overhead and support costs. Salaries of the Steward are apportioned 2/3:1/3 between "Housing Services" and "Governance costs". The allocation of support and governance costs is analysed in note 5.
Page 9
THE COLLEGE OF MATRONS, SALISBURY
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
g) Housing Properties - Valuation:
The College of Matrons in The Close in Salisbury has existed on its present site since 1683. It is a listed building and the original cost of numbers 39-46 and 47 The Close is thought to be £1,194.
As at 31 December 2020, the Trustees insured the value of numbers 38, 39-46 and 47 The Close at £6,540,185. The construction of new almshouses at Wilton cost £811,898 in 1997. Improvements to No. 47 The Close commenced in 1999 and were completed in 2001. The capital costs were £120,070 and the balance of £102,182 was written off as major repairs.
h) Housing Properties, other fixed assets, and Depreciation:
All assets, including their finance costs, costing more than £1,000 are capitalised and valued at historical cost. Depreciation has been charged to write off tangible fixed assets over their useful economic lives by equal instalments. The following rates are used:
38 The Close, Salisbury - over 40 years 47 The Close, Salisbury - over 50 years St Johns Priory, Wilton - over 50 years Land at Wilton - no depreciation
Depreciation is charged to the fund(s) which provided the finance for the property, hence part of the annual charge is apportioned to Designated and Endowment Funds in the Statement of Financial Activities. Property refurbishment costs and minor improvements are written off in the year. Other small fixed assets such as office equipment are not capitalised.
The Housing Association Grant (HAG) received to assist with development costs of housing properties is no longer set off against the cost of the asset. Instead such grants are recognised as income when receivable and credited to restricted reserves.
i) Fixed Asset Investments:
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The charity does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
j) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are not combined in the Statement of Financial Activities.
k) Debtors
Debtors are measured at the amounts the charity anticipates it will receive from a debt or the amount it has paid in advance for goods or services.
l) Cash at bank and in hand
Cash at bank and in hand includes cash and cash on deposit.
m) Liabilities
Liabilities are measured at the amounts the charity anticipates it will pay to settle a debt or the amount it has received as an advance payment for goods or services it must provide.
n) Financial Instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. They are recognised at amortised cost, except for investments which are measured at fair value with changes recognised in the Statement of Financial Activities.
| INVESTMENT INCOME Income from unlisted investments OTHER INCOME Sundry income |
2020 2019 £67,921 £62,165 2020 2019 £2 £1,680 Unrestricted funds Unrestricted funds |
|---|---|
2. INVESTMENT INCOME
3. OTHER INCOME
Page 10
THE COLLEGE OF MATRONS, SALISBURY
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
| 4. INCOME FROM CHARITABLE ACTIVITIES RESIDENTS' CONTRIBUTIONS Salisbury 15 at £5,100 pa [2019: 15 at £4,980 pa] 1 Warden at nil Wilton 11 at £5,100 pa [2019: 11 at £4,980 pa] 1 at £5,340 pa [2019: 1 at £5,220 pa] Less: Voids Service Charges Heat and Light Laundry contributions (Salisbury) 5. BREAKDOWN OF COSTS OF CHARITABLE ACTIVITIES Housing services Repairs and maintenance and improvements Support costs - Management expenses Support costs - Governance costs Depreciation |
5,132 254 |
2020 76,500 - 56,100 5,340 137,940 (5,106) 132,834 5,386 £138,220 |
2019 74,700 - 54,780 5,220 134,700 (2,387) 132,313 4,585 293 4,878 £137,191 2020 2019 90,774 83,451 129,207 86,307 9,330 4,590 9,173 8,953 21,005 21,005 £259,489 £204,306 Unrestricted funds |
|---|---|---|---|
In 2020, repairs include Phase I of replacing the fire detection system in Salisbury £19,874.
In 2019, repairs include drainage repairs in The Close £13,783, the replacement of 2 bathrooms £8,760, 2 replacement boilers £12,440, repairs to stone gate piers £5,331 and a new fire detection system in Wilton £7,189.
Depreciation is split between the funds of the charity as follows:
| 2020 Endowment funds 15,251 Designated funds 1,839 General fund 3,915 £21,005 All other charitable expenditure is attributable to unrestricted funds for 2019 and 2020. Governance costs comprise: 2020 1/3 of the Steward's salary costs 4,433 Independent Examiner's Remuneration In their capacity as Examiners 1,400 Accountancy fees for advice and preparation of the statutory accounts 3,340 £9,173 |
2019 15,251 1,839 3,915 |
|---|---|
| £21,005 | |
| 2019 4,303 1,375 3,275 £8,953 |
GRANTS:
In 2020 a grant of £17,495 was made to The Trussell Trust charity for the purchase of a new van for use by its food banks. In 2019 a grant of £1,342 was made to the Shaftesbury Refugee Group (through Blackmore Vale Deanery Synod).
6. a) TRUSTEES' AND GOVERNORS' REMUNERATION
The Trustees and Governors received no remuneration and received no other benefits (2019 - £nil) from an employment with the charity or a related entity. One trustee was reimbursed £8 for parking expenses in the year (2019 - £133 for motor mileage expenses).
Page 11
THE COLLEGE OF MATRONS, SALISBURY
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
7. STAFF COSTS
| STAFF COSTS | ||
|---|---|---|
| Salaries and wages Social security costs |
2020 27,530 - £27,530 |
2019 25,465 - |
| £25,465 |
The average number of employees during the year was 5 (2019: 5) with all employee time involved in providing either support to the governance of the charity or support services to its charitable activities.
The charity considers its key management personnel comprise the trustees and the Steward. The total employment benefits of the key management personnel were £ 13,298 (2019: £12,910). No employee had employee benefits in excess of £60,000 (2019: none).
8. FIXED ASSETS - FREEHOLD HOUSING LAND AND BUILDINGS
| COST As at 1 January 2020 and at 31 December 2020 DEPRECIATION As at 1 January 2020 Charge for the year As at 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
39-46 The Close Salisbury 1,194 - - - £1,194 £1,194 |
39-46 The Close Salisbury 1,194 - - - £1,194 £1,194 |
38 The Close Salisbury |
47 The Close Salisbury |
47 The Close Salisbury |
St Johns Priory Land & Buildings |
St Johns Priory Land & Buildings |
Total Land & Buildings |
Total Land & Buildings |
Housing Association Grant 38 The Close - - - - - £ - £ |
Housing Association Grant 38 The Close - - - - - £ - £ |
Total | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 255,445 47,314 2,366 49,680 £205,765 £208,131 |
120,069 48,027 2,401 50,428 £69,641 £72,042 |
940,874 324,760 16,238 340,998 £599,876 £616,114 |
1,317,582 420,101 21,005 441,106 £876,476 £897,481 |
£ | 1,317,582 420,101 21,005 441,106 £876,476 £897,481 |
|||||||||
| £ |
According to records, the original cost of No 39-46 The Close was £1,194 in 1682. The building is listed. The insured value of properties is approximately £8 million.
St John's Priory, Wilton, land and buildings includes land costing £128,976 on which no depreciation is charged.
The net book value of freehold land and buildings is made up as follows:
| Cost of No 39-46 The Close in 1682 Cost of No 38 The Close in 1981 Improvements to No 38 The Close Land at Wilton New Almshouses at Wilton Improvements to No 47 The Close Depreciation The above assets were financed by: Restricted Fund - Housing Association Grant From the Charity's own resources Accumulated income Charitable Fund Property Reserve Endowment capital |
39-46 The Close |
39-46 The Close |
38 The Close |
38 The Close |
47 The Close |
47 The Close |
Land at Wilton |
Almshouses at Wilton 811,898 (340,998) £470,900 98,261 372,639 £470,900 |
Total | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,194 £1,194 1,194 £1,194 |
£ £ |
170,815 84,630 (49,680) 205,765 160,817 10,005 34,943 205,765 |
120,069 (50,428) £69,641 69,641 £69,641 |
128,976 £128,976 128,976 £128,976 |
1,194 170,815 84,630 128,976 811,898 120,069 (441,106) £876,476 - 160,817 - 108,266 34,943 - 572,450 £876,476 |
A Recoupment Fund has been set up to recover the Endowment Capital used to finance the new Wilton almshouses and improvements to No 47 The Close.
Page 12
THE COLLEGE OF MATRONS, SALISBURY
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
| 9. FIXED ASSETS Unlisted Investments Market value at 1 January Additions at cost Disposals at opening value Unrealised investment gains/(losses) Market value at 31 December Historical cost at 31 December |
2020 2019 2,447,459 2,036,016 20,252 656,119 (29,217) (588,983) 174,014 344,307 £2,612,508 £2,447,459 £1,558,632 £1,560,458 |
|---|---|
All investments are made in common investments funds of the CBF Church of England Funds.
All investments are carried at their fair value. Holdings in common investment funds are at the bid price at 31 December 2020. Opening values are at bid price.
Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
| 10. DEBTORS Due after more than one year Prepayments Stair lift maintenance Due within one year Residents' Contributions - Wilton - Salisbury Prepayments Insurance Alarm service and Aid calls Stair lift maintenance Subscriptions Other debtors Insurance claim payments 11. CREDITORS: Amounts falling due within one year Trade Creditors St John's Hospital re shared costs Social security costs Accruals Independent Examination and Accountancy fees Heat and Light Warden Heat and Light Minor Projects Void Maintenance 12. ENDOWMENT FUNDS Balance 01.01.2020 Capital fund 2,214,563 Recoupment fund 473,213 £2,687,776 Balance 01.01.2019 Capital fund 1,976,334 Recoupment fund 388,124 £2,364,458 |
Resources expended (15,251) - £ (15,251) Resources expended (15,251) - £ (15,251) |
2020 573 420 - 4,983 1,379 992 - - £8,347 2020 346 5,130 727 4,740 1,462 113 - - £12,518 Realised and unrealised Transfers gains - 112,339 15,252 33,788 £15,252 £146,127 Realised and unrealised Transfers gains - 253,480 15,252 69,837 £15,252 £323,317 |
2019 - 415 - 6,087 - 413 281 - £7,196 2019 761 2,261 59 4,650 1,226 - 1,320 1,350 £11,627 Balance 31.12.2020 2,311,651 522,253 |
|---|---|---|---|
| £2,833,904 Balance 31.12.2019 2,214,563 473,213 |
|||
| £2,687,776 |
The Recoupment Fund was set up in accordance with Charity Commission Schemes of 1996 and 1999 in order to repay £762,553 used from the Endowment Fund to finance the building of new almshouses at Wilton and works to 47 The Close. The annual repayments amount to £15,252. Income arising is unrestricted as to its use.
Page 13
THE COLLEGE OF MATRONS, SALISBURY
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
13. RESTRICTED FUNDS
| RESTRICTED FUNDS Property Fund - HAG Property Fund (Restated) - HAG |
Balance 01.01.2020 £160,817 Balance 01.01.19 £160,817 |
Incoming resources - £ Incoming resources - £ |
Resources expended - £ Resources expended - £ |
Balance 31.12.2020 £160,817 Balance 31.12.2019 £160,817 |
|---|---|---|---|---|
The Restricted fund holds the Housing Association Grant, paid by the Housing Corporation to reduce the cost of development. The Housing Association Grant is repayable in certain circumstances, primarily following sale of a property but will normally be restricted to net proceeds of sale.
14. UNRESTRICTED FUNDS
| UNRESTRICTED FUNDS | ||||||||
|---|---|---|---|---|---|---|---|---|
| Designated funds Cyclical Maintenance Fund Extraordinary Repairs Fund Charitable Property Fund General fund Designated funds Cyclical Maintenance Fund Extraordinary Repairs Fund Charitable Property Fund General fund |
Balance 01.01.2020 100,090 87,927 36,782 224,799 342,352 £567,151 Balance 01.01.2019 73,445 66,833 38,621 178,899 335,992 £514,891 |
Incoming resources - - - - 206,143 £206,143 Incoming resources - - - - 201,036 £201,036 |
Resources expended - - (1,839) (1,839) (260,144) £(261,983) Resources expended - - (1,839) (1,839) (188,558) £(190,397) |
Realised and Net unrealised Transfers gains (30,000) 8,034 5,000 9,631 - - (25,000) 17,665 9,748 11,005 £(15,252) £28,670 Realised and Net unrealised Transfers gains 10,000 16,645 6,000 15,094 - - 16,000 31,739 (31,252) 25,134 £(15,252) £ 56,873 |
Balance 31.12.2020 78,124 102,558 34,943 215,625 309,104 £524,729 Balance 31.12.2019 100,090 87,927 36,782 224,799 342,352 £567,151 |
|||
| 224,799 342,352 |
||||||||
| £567,151 |
Cyclical Maintenance Fund/Reserve:
This reserve represents amounts set aside for ordinary cyclical maintenance to meet costs in excess of budgeted expenditure for the year, and which occur at infrequent intervals. The fund is represented by investments in CBF Investment Fund Accumulation units. Proceeds of £30,000 were required during the year for repairs to empty flats during voids
Extraordinary Repairs Fund:
This reserve represents amounts set aside to carry out extraordinary repairs, improvement or rebuilding of the Housing Properties, in accordance with the Charity Commission Scheme of 1979.
The fund is represented by investments in CBF Investment Fund units. During the year the trustees invested the sum of £5,000 from General Funds to the Extraordinary Repairs Reserve.
Charitable Property Fund/Reserve:
This represents that proportion of the cost of properties which was financed by the Charity's own resources. The Charitable Property Reserve also includes depreciation equal to loan repayments provided in previous years. The fund is represented by housing land and buildings at No 38 The Close.
Page 14
THE COLLEGE OF MATRONS, SALISBURY
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2020
15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| At 31 December 2020 Housing Land & Buildings No 39-46 The Close No 38 The Close Land at Wilton New Almshouses No 47 The Close Investments Debtors Cash at bank and in hand Creditors: amounts falling due within one year |
Recoupment & Endowment Restricted Designated General Funds Funds Funds Fund 1,194 - - - - 160,817 34,943 10,005 128,976 - - - 372,639 - - 98,261 69,641 - - - 572,450 160,817 34,943 108,266 2,261,454 - 180,682 170,372 - - - 8,347 - - - 34,637 - - - (12,518) £2,833,904 £160,817 £215,625 £309,104 Unrestricted Funds |
Total 1,194 205,765 128,976 470,900 69,641 876,476 2,612,508 8,347 34,637 (12,518) |
|---|---|---|
| £3,519,450 |
At 31 December 2020, £108,266 of the total of £309,104 held in General Fund is represented by housing land and buildings, which leaves £200,838 available for future use by the charity. In addition there are two Designated Repairs Reserves totalling £180,682.
| At 31 December 2019 Recoupment & Endowment Funds Housing Land & Buildings No 39-46 The Close 1,194 No 38 The Close - Land at Wilton 128,976 New Almshouses 385,489 No 47 The Close 72,042 587,701 Investments 2,100,075 Debtors - Cash at bank and in hand - Creditors: amounts falling due within one year - £2,687,776 |
Restricted Designated Funds Funds - - 160,817 36,782 - - - - - - 160,817 36,782 - 188,017 - - - - - - £160,817 £224,799 Unrestricted |
Restricted Designated Funds Funds - - 160,817 36,782 - - - - - - 160,817 36,782 - 188,017 - - - - - - £160,817 £224,799 Unrestricted |
General Fund - 10,532 - 101,649 - 112,181 159,367 7,196 75,235 (11,627) £342,352 Funds |
Total 1,194 208,131 128,976 487,138 72,042 897,481 2,447,459 7,196 75,235 (11,627) |
|---|---|---|---|---|
| £3,415,744 |
16. CAPITAL COMMITMENTS
At 31 December 2020 there were no contracted capital expenditure commitments (2019 - £nil).
Recoupment Fund contributions to recover endowment capital expended on the new Wilton almshouses and No 47 The Close will cost £15,252 pa for 50 years from 2000 to 2049.
17. RELATED PARTY TRANSACTIONS
There were no related party transactions in 2020.