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2021-12-31-accounts

THE COLLEGE OF MATRONS, SALISBURY

REPORT OF THE TRUSTEES

AND

STATEMENT OF ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2021

CONTENTS

Page

1. - 4. Trustees' Report
5. Independent Examiner's Report
6. - 7. Statement of Financial Activities
8. Balance Sheet
9. - 15. Notes to the Accounts
16. - 17. Detailed Income and Expenditure Account
(for Trustees' use only)

FLETCHER & PARTNERS

CHARTERED ACCOUNTANTS

SALISBURY

Page 1

THE COLLEGE OF MATRONS, SALISBURY

TRUSTEES' REPORT AND STATEMENT OF ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their annual report and financial statements of the Charity 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 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: Mrs Patricia Dragonetti Re-appointed 2021 Mr Charles Greville- Heygate Appointed 17 July 2020 Mr Christopher Macey Re-appointed 2021 Mrs Patricia Mitchell-Innes Re-appointed 2017 Mrs Rosslyn O'Connor Re-appointed 2018 Mr Michael Ricketts Re-appointed 2020 Mrs Sarah Wheeler Re-appointed 2019 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 - Independent Mrs N A Halls FCA , Fletcher & Partners, 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 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 2021

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 2021 the ERF stood at £126,198 (2020: £102,558) and the CMF at £49,168 (2020: £78,124). 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 2021 totalled £150,102 (2020: £200,838).

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 2021

TRUSTEES' RESPONSIBILITIES FOR THE PREPARATION OF ACCOUNTS (Continued)

In preparing these financial statements the trustees are required to :

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 ACHIEVEMENT

During 2021, 15 Matrons were housed in the Salisbury almshouses and 12 in Wilton. There were two vacancies during the year, in Salisbury. One Matron relocated to a ground floor flat for health reasons.

In 2021, the Trustees decided that the Reserves of the charity were sufficiently large as to allow support to the Salisbury Women's Refuge, to a total of £5,000.

The global coronavirus pandemic continued to affect the operation of the charity throughout the year. However, refurbishment work was undertaken in accordance with public health guidelines:

(a) The gardens of 38, 39-46 and 47 The Close were improved with new paved areas and raised vegetable plots.

(b) The exteriors of 38 and 39-46 The Close were refurbished in accordance with the recommendations of the Quinquennial Report published in 2020.

(c) The bathrooms in two cottages in Salisbury were converted to shower rooms.

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 2022.

The annual Summer tea party for Matrons from both sites was cancelled.

The Trustee body remains unchanged and include a 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 2021. 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 2021

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 £212,144 (2020: £206,143) including investment income of £70,441 (2020: £67,921). Expenditure for the year was £327,036 (2020: £277,234) including donations totalling £5,000 to The Salisbury Women's Refuge (2020: £17,745 to the Trussell Trust food bank charity). Overall, the value of the investments increased by £368,855 during the year and gains of £10,327 were realised on the sale of investments worth £59,640 from the unrestricted fund and £40,630 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 £264,290 during the year (2020: increased by £103,706).

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 2021, the recoupment fund stood at £613,523 all of which was held in investments.

The Charity had net assets of £3,783,740 at the end of the year, including investments worth £2,911,672 but not reflecting the value of the original listed Salisbury almshouses which are insured for approximately £4.4 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 R O'Connor

................................................ Trustee Approved by the Trustees on: 18 March 2022

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 2021, which are set out on pages 6 to 15.

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 requirements 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 examination 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’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

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: 18 March 2022

Page 6

THE COLLEGE OF MATRONS, SALISBURY

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021
FUND BALANCES AT 31 DECEMBER 2021
12,
12,		 Notes Unrestricted
Funds
£
-
70,441
840
140,863
212,144
306,785
5,000
311,785
10,327
42,760
(46,554)
(15,252)
(61,806)
-
(61,806)
524,729
£462,923		 Endowment
Funds
£
-
-
-
-
-
15,251
-
15,251
-
326,095
310,844
15,252
326,096
-
326,096
2,833,904
£3,160,000		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
160,817
£160,817
2
3
4
5
5
9
12, 14
13, 14
13, 14

The notes on pages 9 to 15 form part of these accounts.

Page 7

THE COLLEGE OF MATRONS, SALISBURY

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

COMPARATIVE INFORMATION ONLY

COMPARATIVE INFORMATION ONLY
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
£
-
67,921
2
138,220
206,143
244,238
17,745
261,983
783
27,887
(27,170)
(15,252)
(42,422)
-
(42,422)
567,151
£524,729		 Endowment
Funds
£
-
-
-
-
-
15,251
-
15,251
-
146,127
130,876
15,252
146,128
-
146,128
2,687,776
£2,833,904		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
160,817
£160,817
2
3
4
5
5
9
12, 14
13, 14
13, 14

Page 8

THE COLLEGE OF MATRONS, SALISBURY

BALANCE SHEET

AS AT 31 DECEMBER 2021

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		 2021
£
£
855,471
2,911,672
3,767,143
7,863
27,726
35,589
18,992
16,597
3,783,740
£
3,160,000
160,817
208,470
254,453
462,923
3,783,740
£
-		 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
£		 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
£
3,488,984
30,466
3,519,450
£
2,833,904
160,817
524,729
3,519,450
£

These financial statements were approved by the Trustees on 18th March 2022 and signed on their behalf by:

C R O'Connor Trustee

C E Macey Trustee

The notes on pages 9 to 15 form part of these accounts.

Page 9

THE COLLEGE OF MATRONS

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021. 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 10

THE COLLEGE OF MATRONS, SALISBURY

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

g) Housing Properties - Valuation:

As at 31 December 2021, the Trustees insured the value of numbers 38, 39-46 and 47 The Close at £6,780,075. 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.

2.
INVESTMENT INCOME
Income from unlisted investments
3.
OTHER INCOME
Sundry income		 2021
2020
£70,441
£67,921
2021
2020
£840
£2
Unrestricted funds
Unrestricted funds

Page 11

THE COLLEGE OF MATRONS, SALISBURY

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

4.
INCOME FROM CHARITABLE ACTIVITIES
RESIDENTS' CONTRIBUTIONS
Salisbury
15 at £5,160 pa [2020: 15 at £5,100 pa]
1 Warden at nil
Wilton
11 at £5,160 pa [2020: 11 at £5,100 pa]
1 at £5,400 pa [2020: 1 at £5,340 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

4,644
125
 2021
2020
77,400
76,500
-
-
56,760
56,100
5,400
5,340
139,560
137,940
(3,466)
(5,106)
136,094
132,834
5,132
254
4,769
5,386
£140,863
£138,220
2021
2020
90,686
90,774
193,867
129,207
7,082
9,330
9,396
9,173
21,005
21,005
£322,036
£259,489
Unrestricted funds

In 2021, repairs include Quinquennial programmed repairs £93,111, replacement of 2 bathrooms £17,867, garden improvement projects £8,392 and internal decoration of communal areas £4,850.

In 2020, repairs include Phase I of replacing the fire detection system in Salisbury £19,874.

Depreciation is split between the funds of the charity as follows:

2021
Endowment funds
15,251
Designated funds
1,839
General fund
3,915
£21,005
All other charitable expenditure is attributable to unrestricted funds for 2020 and 2021.
Governance costs comprise:
2021
1/3 of the Steward's salary costs
4,566
Independent Examiner's Remuneration
In their capacity as Examiners
1,430
Accountancy fees for advice and preparation of the statutory accounts
3,400
£9,396		 2020
15,251
1,839
3,915
£21,005
2020
4,433
1,400
3,340
£9,173

GRANTS:

In 2021 a grant of £5,000 was made to the Salisbury Women's Refuge.

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.

6. a) TRUSTEES' AND GOVERNORS' REMUNERATION

The Trustees and Governors received no remuneration and received no other benefits (2020 - £nil) from an employment with the charity or a related entity. No trustee was reimbursed during the year for expenses (2020 - one trustee £8 for parking expenses).

Page 12

THE COLLEGE OF MATRONS, SALISBURY

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

7. STAFF COSTS

STAFF COSTS
Salaries and wages
Social security costs		 2021
28,777
-
£28,777
 2020
27,530
-
£27,530

The average number of employees during the year was 6 (2020: 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 £13,698 (2020: £13,298). No employee had employee benefits in excess of £60,000 (2020: none).

8. FIXED ASSETS - FREEHOLD HOUSING LAND AND BUILDINGS

COST
As at 1 January 2021
and at 31 December 2021
DEPRECIATION
As at 1 January 2021
Charge for the year
As at 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020		 39-46
The Close
Salisbury
1,194
-
-
-
£1,194
£1,194		 38
The Close
Salisbury
255,445
49,680
2,366
52,046
£203,399
£205,765		 47
The Close
Salisbury
120,069
50,428
2,401
52,829
£67,240
£69,641		 St Johns
Priory Land
& Buildings
940,874
340,998
16,238
357,236
£583,638
£599,876		 Total Land
& Buildings
1,317,582
441,106
21,005
462,111
£855,471
£876,476		 Housing
Association
Grant
38 The Close
-
-
-
-
-
£
-
£		 Total
1,317,582
441,106
21,005
462,111
£855,471
£876,476

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 £8.7 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
1,194
£1,194
1,194
£1,194		 38
The Close
170,815
84,630
(52,046)
£203,399
160,817
9,478
33,104
£203,399		 47
The Close
120,069
(52,829)
£67,240
67,240
£67,240		 Land at
Wilton
128,976
£128,976
128,976
£128,976		 Almshouses
at Wilton
811,898
(357,236)
£454,662
94,873
359,789
£454,662		 Total
1,194
170,815
84,630
128,976
811,898
120,069
(462,111)
£855,471
-
160,817
-
104,351
33,104
-
557,199
£855,471

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 13

THE COLLEGE OF MATRONS, SALISBURY

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

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		 2021
2020
2,612,508
2,447,459
20,252
20,252
(89,943)
(29,217)
368,855
174,014
£2,911,672
£2,612,508
£1,540,537
£1,558,632

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 2021. 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
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
12. ENDOWMENT FUNDS
Balance
01.01.2021
Capital fund
2,311,651
Recoupment fund
522,253
£2,833,904
Balance
01.01.2020
Capital fund
2,214,563
Recoupment fund
473,213
£2,687,776		 Resources
expended
(15,251)
-
£ (15,251)
Resources
expended
(15,251)
-
£ (15,251)		 2021
76
-
226
5,327
1,408
826
£7,863
2021
10,345
1,630
736
4,830
1,290
161
£18,992
Realised and
unrealised
Transfers
gains
-
250,077
15,252
76,018
£15,252
£326,095
Realised and
unrealised
Transfers
gains
-
112,339
15,252
33,788
£15,252
£146,127		 2020
573
420
-
4,983
1,379
992
£8,347
2020
346
5,130
727
4,740
1,462
113
£12,518
Balance
31.12.2021
2,546,477
613,523
£3,160,000
Balance
31.12.2020
2,311,651
522,253
£2,833,904

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 14

THE COLLEGE OF MATRONS, SALISBURY

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

13. RESTRICTED FUNDS

Property Fund - HAG

Property Fund (Restated) - HAG

Balance
01.01.2021
£160,817
Balance
01.01.20
£160,817		 Incoming
resources
-
£
Incoming
resources
-
£		 Resources
expended
-
£
Resources
expended
-
£		 Balance
31.12.2021
£160,817
Balance
31.12.2020
£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
01.01.2021
78,124
102,558
34,943
215,625
309,104
£524,729
Balance
01.01.2020
100,090
87,927
36,782
224,799
342,352
£567,151		 Incoming

resources
-
-
-
-
212,144
£212,144
Incoming

resources
-
-
-
-
206,143
£206,143		 Resources
expended
-
-
(1,839)
(1,839)
(309,946)
£(311,785)
Resources
expended
-
-
(1,839)
(1,839)
(260,144)
£(261,983)		 Realised and
Net
unrealised
Transfers
gains
(40,630)
11,674
5,000
18,640
-
-
(35,630)
30,314
20,378
22,773
£(15,252)
£ 53,087
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		 Balance
31.12.2021
49,168
126,198
33,104
208,470
254,453
£462,923
Balance
31.12.2020
78,124
102,558
34,943
215,625
309,104
£524,729





215,625
309,104
£524,729

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 £40,630 were required during the year for Quinquennial repairs.

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 15

THE COLLEGE OF MATRONS, SALISBURY

NOTES TO THE ACCOUNTS (Continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

At 31 December 2021

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
33,104
9,478
128,976
-
-
-
359,789
-
-
94,873
67,240
-
-
-
557,199
160,817
33,104
104,351
2,602,801
-
175,366
133,505
-
-
-
7,863
-
-
-
27,726
-
-
-
(18,992)
£3,160,000
£160,817
£208,470
£254,453
Unrestricted Funds		 Total
1,194
203,399
128,976
454,662
67,240
855,471
2,911,672
7,863
27,726
(18,992)
£3,783,740

At 31 December 2021, £104,351 of the total of £254,453 held in General Fund is represented by housing land and buildings, which leaves £150,102 available for future use by the charity. In addition there are two Designated Repairs Reserves totalling £175,366.

At 31 December 2020
Recoupment
& Endowment
Funds
Housing Land & Buildings
No 39-46 The Close
1,194
No 38 The Close
-
Land at Wilton
128,976
New Almshouses
372,639
No 47 The Close
69,641
572,450
Investments
2,261,454
Debtors
-
Cash at bank and in hand
-
Creditors: amounts falling due within one year
-
£2,833,904		 Restricted
Designated
Funds
Funds
-
-
160,817
34,943
-
-
-
-
-
-
160,817
34,943
-
180,682
-
-
-
-
-
-
£160,817
£215,625
Unrestricted		 Restricted
Designated
Funds
Funds
-
-
160,817
34,943
-
-
-
-
-
-
160,817
34,943
-
180,682
-
-
-
-
-
-
£160,817
£215,625
Unrestricted		 General
Fund
-
10,005
-
98,261
-
108,266
170,372
8,347
34,637
(12,518)
£309,104
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

16. CAPITAL COMMITMENTS

At 31 December 2021 there were no contracted capital expenditure commitments (2020 - £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 2021.