REGISTERED CHARITY NUMBER: 202033
Report of the Trustees and Financial Statements for the Year Ended 31st December 2021
for
Queen Elizabeth Almshouses Trading as Six Masters' Charities
The Richards Sandy Partnership Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU
Queen Elizabeth Almshouses Trading as Six Masters' Charities
Contents of the Financial Statements for the Year Ended 31st December 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 13 |
| Detailed Statement of Financial Activities | 14 |
Queen Elizabeth Almshouses Trading as Six Masters' Charities
Report of the Trustees for the Year Ended 31st December 2021
The trustees present their report with the financial statements of the charity for the year ended 31st December 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objective of the charity is to provide accommodation for the poor persons who are inhabitants of the City of Worcester. Two blocks of Almshouses, known as Queen Elizabeth Almshouses of The Tything, Worcester and Leas Almshouses of Infirmary Walk, Worcester are in the long standing ownership of the Charity.
Potential residents of Queen Elizabeth's Almshouse Charity must be existing residents of the City of Worcester. Potential residents of Leas Almshouses must be over the age of 60 with preference given to women. Maintenance contributions are charged by the trustees on the residents. The trustees are obliged to repair and insure the properties and establish and maintain an Extraordinary Repair Fund.
Any surplus income after payment of the costs of the above and of appropriate administration and management charges is to be applied for the benefit of the residents in the Almshouses of the Charity and, subject thereto, for the relief in need for charitable purposes for the general benefit of persons resident in or resorting to the City of Worcester who are in conditions of need, hardship or distress and for relief of the aged and impotent, for improved conditions of life and for the advancement of education for the inhabitants of Worcester.
Public benefit
The trustees confirm that they complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to guidance published by the Charity Commission on public benefit when reviewing the charity's aims and objectives and in planning future activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity operates both Queen Elizabeth's Almshouses and Lea's Almshouses almshouses, both of which are located in Worcester.
Alongside these almshouses, the charity generates funds to support disadvantaged people in the Worcester area.
FINANCIAL REVIEW
Financial position
Incoming resources for the year consisted of maintenance charges from residents and investment income. These amounted to £109,509 (2020 - £127,475) in total.
Direct charitable expenditure consisted mainly of building repairs and charitable grants. This amounted to £87,867 (2020 - £84,137).
Following a change in how the listed investments held by the endowment fund are managed, the charity incurred investment management fees of £3,447 (2020 - £nil), paid out of realised gains from the sale of listed investments.
Net unrestricted income amounted to £21,642 (2020 - £43,338). After transferring £45,000 (2020 - £2,000) from total unrestricted funds to the extraordinary repair restricted fund, including £30,000 (2020 - £nil) from the designated repair fund, total unrestricted funds held at the year end was £88,842 (2020 - £112,200).
The needs of the residents have been monitored by the trustees on a regular basis. The trustees will continue to seek to improve the quality of life of the residents in the Almshouses and support those individuals and charities, providing support to the people of Worcester.
Investment policy and objectives
The investment powers of the charity are governed by the Trustee Act 2000.
The trustees seek to maximise long term income without exposing capital to undue risk and the majority of the investment shall be in UK Gilts and Equities.
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Queen Elizabeth Almshouses Trading as Six Masters' Charities
Report of the Trustees for the Year Ended 31st December 2021
FINANCIAL REVIEW (continued)
Reserves policy
At the year end the charity had funds as follows:
| General unrestricted funds Designated repair fund Extraordinary repair fund Endowment funds - capital held in buildings and investments |
2021 £ 88,842 - 81,534 1,750,842 1,921,218 |
2020 £ 82,200 30,000 36,534 1,601,767 1,750,501 |
|---|---|---|
The Trustees aim to hold general unrestricted funds (excluding the designated repair fund) at a level approximately equivalent of one year's running costs for the provision of accommodation, in order to safeguard its activities against either unforeseen additional costs or a sudden drop in income.
At the year end the level of free reserves was approximately equivalent of two year's accommodation running costs. The trustees intend to distribute the surplus funds held to various local charities within the next financial year.
The purpose of endowment fund, restricted funds and designated funds can be found in the notes to the accounts.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The full name of the charity is Queen Elizabeth Almshouses, registered under number 202033, and has a working name of Six Masters' Charities. The charity is governed by 1843 Royal Charter as amended by supplemental order of 11 February 1983, together with scheme of 10 November 1982 and constitutes an unincorporated charity.
On 22 January 1999, the Charity Commission, by direction under Section 96(6) of the Charities Act 1993, permitted Leas Almshouses, a charity constituted on 20 July 1977, with a registered number of 202035 to be registered under the same number as Queen Elizabeth Almshouses.
Recruitment and appointment of new trustees
The Board of Trustees appoint new trustees when positions become vacant.
Decision making
Decisions are made by the trustees in general meeting and execution of those decisions is delegated to the Clerk.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed, with particular attention to residents' health and safety, and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
202033
Principal address
c/o Hallmark Whatley Hulme 16 The Tything Worcester WR1 1HD
Trustees
I L Carmichael Dr R Ingles I J C Smith W B Stallard D Sutcliffe V Wiltshire
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Qu••n Ellzabèth Almshous•$ TTding as Six Masters. Charltl•s Rèport ofth• Trusts•s forthe Year End•d 31st Décèmbèr 2021 REFERENCE AND ADMINISTRATIVE DAlL8 {contlnued) Independent Examlner Robert Richards FCA CTA FCCA . The Rithards Sandy Partnership Thomeloe Housg 25 8Brl)ouma Road Worcèstér orc&sternhl WR1 1RU Chr Andrew Duncan 15 & 16TheTything Worcester WR1 1HD Investment Manag•rs EFG Harris Ald8y 33 Great Charles Streèt Birniingham B3 &IN Approved ty Order of Ihe boord of trust8•s on ....................................... . and sgn8d on its b8haW by.. W g StallaTd- Tru8teg
Ind•p•nd•nt Examin#fs R8POrt to the Tru•t••s of Queen Ell2ab•lh Almshous•$ IndÈp•ndènt èxaminè$ rèport to the trustees of Qu••n Ellzab•th M$hOuse$ I raport to thé ¢harity trustees on my examination of the 8ccouiils of aueen Eltsabeth Alm8hou8es {the Trust) forth• yéar èrtd8d 31st December 2021. R•sponslbllitiè$ and b1 of r•port As thè chartty frust¢8s of the Trvst you are responsibla frm th• prèparation ol tho aounts in accordance vhth Ihe requirements ofthe Charities Act 2011 Ilh9 Acr). I report in SpeCt of my examinatlon of thè TnJsV$ aco)unts carried out under SOCtk 145 of tho Ad ar in ca'ng out my axamin8tKTrn I have followed all epplicatle Dlrectiong by the Charity Commission under seGt1C 14515llbl of lh• .Ind•pond•nt •xxmlngrf8 sternont I havg completed my 8xamin8tion. I confirm Ihat no mataria m8tt8r5 havg ¢x)mg lo my attention in corinecticffl wlth the ° examtnation gwin9 ma cgu89 to believe that in any material reSpt. accounting records were not kèpt In rèspÉd of the TnL4t as requir&J by soction 130 of th• Ad" or the Occnts do nolsttord wilh those records,. or the acCnts ao nol coEnply wilh the applible requlrements conceming thè fom) ond ¢ontonl of acwunts set out in the Charities {Accounts Rèports) Rggulathons 2008 otherlhan any requiremtthat the aixounts give a tNe nd fair view which Is not a m8tt8r con$d¥ as part L)f an Independent Bxamination. I have no wncoms and have com8 ocross no other mattèrs in ¢Cmn$ctiC with th8 examination to vthich att8nlon should drawn in this report in Order tg enat49 a propgr understandlng of th6 accwnts to t¢ rgaGhed. Robert Ri¢har<ls FCA CTA FCCA Tho chardS Sandy Partnership Thorndo8 House 25 88rboumg Road Wnreester Worcestershire WR1 1RU
Queen Elizabeth Almshouses Trading as Six Masters' Charities
Statement of Financial Activities for the Year Ended 31st December 2021
| Notes INCOME AND ENDOWMENTS FROM Charitable activities 3 Provision of accommodation Investment income 2 Total EXPENDITURE ON Raising funds Investment management costs 4 Charitable activities 5 Provision of accommodation Relief of poverty and hardship and general benefit of the inhabitants of Worcester Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 16 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 68,110 41,399 109,509 - - 47,867 40,000 87,867 - 21,642 (45,000) (23,358) 112,200 88,842 |
Restricted funds £ - - - - - - - - - - 45,000 45,000 36,534 81,534 |
Endowment funds £ - - - 3,447 3,447 - - 3,447 152,522 149,075 - 149,075 1,601,767 1,750,842 |
2021 Total funds £ 68,110 41,399 109,509 3,447 3,447 47,867 40,000 91,314 152,522 170,717 - 170,717 1,750,501 1,921,218 |
2020 Total funds £ 61,375 66,100 127,475 - - 43,637 40,500 84,137 (122,511) (79,173) - (79,173) 1,829,674 1,750,501 |
|---|---|---|---|---|---|
The notes form part of these financial statements
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Quo•n Ellzaboth Almshou6•S Trading Six Mtern. Charfll•s Balance Sh•ot 31st Decemb•r 2021 2021 Total funds 2020 Total funds Unrestricted Restricted lund ftjnds Endowment funds Notes FIXED ASSETS Tangible 858ets Investfftents 12 13 500.000 soo.000 1 246 596 500.000 1 101767 1,748,596 1,746.596 1.601.767 CURRENT ASSETS ' Debtors Cash at bank 14 3.012 112.315 3.012 198.095 48,941 110.Jf74 4.246 115.327 81.534 4,248 201,107 159,515 CREDITORS Amounts falling du8 Within or ye8r 15 (26A85} 126N85) 110.7811 NET CURRE SET8 81534 246 148.734 TOTAL ASSETS LESS CURRENT LIA8ILThIES 88.842 81,534 1,750.842 1,921.218 1,750.501 NET ASSETS 1750 842 1 921218 1750 501 FUNDS Unreslriclod funds.. Gener81 unrestricted fund Deslgnoted r6paSr fvnd 16 88,842 82,200 88.8Q 112.200 RÈgtrtct8d fiJnd$'. Extraordinary rgpair fvnd Endowm•nt funds.. Capitsl held In buildlngs and Investsnants 81,534 36.534 1.750 1 601767 TOTAL FUNDS 1.921218 Thefinandal statèmèntswerè Èpproved by the Board ofTrustees and authorfsed for issuè on ..... ond were signad on tts kxh8W by. W B Stallard- Trustge
Queen Elizabeth Almshouses Trading as Six Masters' Charities
Notes to the Financial Statements for the Year Ended 31st December 2021
1. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
These financial statements are prepared in Sterling, which is the functional currency of the charity. All monetary amounts are rounded to the nearest £1.
INCOME
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Maintenance charges received from residents of the almshouses is recognised in line with the periods to which it relates.
Listed investment income is recognised in the income statement when they are declared.
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants payable are charged to expenditure when the offer is conveyed to the recipient, unless the offer is conditional in which case such grants are charged to expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
TANGIBLE FIXED ASSETS - FREEHOLD PROPERTY
Freehold property relates to almshouses held primarily for the provision of social benefits in accordance with the objectives of the charity.
Freehold property is measured at cost less any provisions for depreciation or impairment.
On first time adoption of FRS 102 and Charities SORP (FRS 102) the charity applied the first time adoption exemption to measure freehold property using a past valuation as deemed cost. The past valuation was performed by the trustees when the freehold property was first brought into the accounts on 1 January 2002 following a previous change in accounting standard applied.
The trustees consider that the freehold land has an indefinitely long useful life and that a provision for depreciation therefore is not appropriate. The freehold buildings are subject to a programme of repairs designed to maintain these assets to a high standard. Accordingly, the trustees consider that the lives of these assets are so long and the residual values are so high that any depreciation would not be material.
TAXATION
The charity is exempt from tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
The Endowment funds creates income which is used for the charities unrestricted activities.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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Queen Elizabeth Almshouses Trading as Six Masters' Charities
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
1. ACCOUNTING POLICIES - continued
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 when the charity becomes party to contractual provisions of the instrument.
Financial assets are offset, with the net amounts presented in the accounts where 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 trade and other receivables 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.
Basic Financial Liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts 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 payables are recognised initially at transaction cost.
LISTED INVESTMENTS
Listed investments are stated in the financial statements at their open market value at the balance sheet date. Unrealised and realised gains and losses are included in the Statement of Financial Activities.
2. INVESTMENT INCOME
| Listed investment income Bank interest 3. INCOME FROM CHARITABLE ACTIVITIES Maintenance charges 4. INVESTMENT MANAGEMENT COSTS Investment manager fees |
2021 £ 41,386 13 41,399 2021 £ 68,110 2021 £ 3,447 |
2020 £ 66,068 32 66,100 2020 £ 61,375 2020 £ - |
|---|---|---|
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Queen Elizabeth Almshouses Trading as Six Masters' Charities
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
5. CHARITABLE ACTIVITIES COSTS
| 5. CHARITABLE ACTIVITIES COSTS |
5. CHARITABLE ACTIVITIES COSTS |
|
|---|---|---|
| Grant Direct funding of Support costs (see activities costs (see note 6) (see note 7) note 8) £ £ £ Provision of accommodation 30,085 - 17,782 Relief of poverty and hardship and general benefit of the inhabitants of Worcester - 40,000 - 30,085 40,000 17,782 6. DIRECT COSTS OF CHARITABLE ACTIVITIES 2021 £ Council tax and water 3,108 Insurance 2,705 Light and heat 15,352 Cleaning 1,526 Postage and stationery 110 Gifts to residents 1,050 Building repairs and modernisation 5,894 TV licence 83 Subscriptions 236 Website 21 30,085 7. GRANTS PAYABLE 2021 £ Relief of poverty and hardship and general benefit of the inhabitants of Worcester 40,000 The total grants paid to institutions during the year was as follows: 2021 £ Acorns Children's Hospice Trust 7,500 The Armchair Trust 2,000 Fort Royal Community Primary School 2,000 Hereford & Worcester Army Cadet Force Charitable Trust 1,000 Maggs Day Centre 3,000 Museum of Royal Worcester (The Dyson Perrins Museum Trust) 2,000 The Myriad Centre Limited 2,000 Onside Independent Advocacy 2,000 Perdiswell Young People's Leisure Centre 2,000 St Paul's Hostel 3,000 St Richards Hospice Foundation 7,500 Sight Concern (Worcester Association For The Blind) 1,000 Worcester Food Bank (P.C.C. Of The Ecclesiastical Parish Of St Nicholas & All Saint's Worcester) 5,000 40,000 |
Totals £ 47,867 40,000 87,867 2020 £ 4,491 2,575 11,700 2,060 277 975 3,722 60 236 320 26,416 2020 £ 40,500 2020 £ 7,000 2,500 4,000 1,000 3,000 - 2,000 1,000 2,000 3,000 7,000 2,000 6,000 40,500 |
|
| 2021 £ 40,000 2021 £ 7,500 2,000 2,000 1,000 3,000 2,000 2,000 2,000 2,000 3,000 7,500 1,000 5,000 40,000 |
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Queen Elizabeth Almshouses Trading as Six Masters' Charities
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
8. SUPPORT COSTS
Support costs, included in the above, are as follows:
| Bank charges Independent examiner fees - independent exam Independent examiner fees - other services Clerk's fees |
2021 £ 220 1,542 420 15,600 17,782 |
2020 £ 151 1,470 - 15,600 |
|---|---|---|
| 17,221 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2021 nor for the year ended 31st December 2020.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the year ended 31st December 2021 nor for the year ended 31st December 2020.
10. STAFF COSTS
There were no staff employed in either the current or prior year.
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Charitable activities Provision of accommodation Investment income Total EXPENDITURE ON Charitable activities Provision of accommodation Relief of poverty and hardship and general benefit of the inhabitants of Worcester Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 61,375 66,100 127,475 43,637 40,500 84,137 - 43,338 (2,000) 41,338 70,862 112,200 |
Restricted funds £ - - - - - - - - 2,000 2,000 34,534 36,534 |
Endowment funds £ - - - - - - (122,511) (122,511) - (122,511) 1,724,278 1,601,767 |
Total funds £ 61,375 66,100 127,475 43,637 40,500 84,137 (122,511) (79,173) - (79,173) 1,829,674 1,750,501 |
|---|---|---|---|---|
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Queen Elizabeth Almshouses Trading as Six Masters' Charities
Notes to the Financial Statements - continued
for the Year Ended 31st December 2021
12. TANGIBLE FIXED ASSETS
| COST At 1st January 2021 and 31st December 2021 NET BOOK VALUE At 31st December 2021 At 31st December 2020 |
Freehold property £ 500,000 500,000 500,000 |
|---|---|
The freehold property was brought into the accounts on 1 January 2002 using a valuation made by the trustees as its deemed historical cost.
13. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1st January 2021 Additions Disposals Revaluations At 31st December 2021 NET BOOK VALUE At 31st December 2021 At 31st December 2020 |
Listed investments £ 1,101,767 835,548 (843,241) 152,522 1,246,596 1,246,596 1,101,767 |
|---|---|
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Maintenance charge debtors Accrued income Prepayments CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grants payable Receipts in advance Accrued expenses |
2021 £ 1,569 - 1,443 3,012 2021 £ 20,000 1,394 5,091 26,485 |
2020 £ 1,687 45,828 1,426 48,941 2020 £ 7,000 600 3,181 10,781 |
|---|---|---|
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Receipts in advance relates to maintenance charges received from residents of the almshouses in advance of the period to which they relate.
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Queen Elizabeth Almshouses Trading as Six Masters' Charities
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
16. MOVEMENT IN FUNDS
| Unrestricted funds General unrestricted fund Designated repair fund Restricted funds Extraordinary repair fund Endowment funds Capital held in buildings and investments TOTAL FUNDS Net movement in funds, included in the above ar Unrestricted funds General unrestricted fund Endowment funds Capital held in buildings and investments TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General unrestricted fund Designated repair fund Restricted funds Extraordinary repair fund Endowment funds Capital held in buildings and investments TOTAL FUNDS |
At 1.1.21 £ 82,200 30,000 112,200 36,534 1,601,767 1,750,501 |
Net movement in funds £ 21,642 - 21,642 - 149,075 170,717 |
Transfers between funds £ (15,000) (30,000) (45,000) 45,000 - - |
At 31.12.21 £ 88,842 - 88,842 81,534 1,750,842 1,921,218 Movement in funds £ 21,642 149,075 170,717 At 31.12.20 £ 82,200 30,000 112,200 36,534 1,601,767 1,750,501 |
||
|---|---|---|---|---|---|---|
| e a | Resources expended £ (87,867) (3,447) (91,314) Net movement in funds £ 43,338 - 43,338 - (122,511) (79,173) |
Gains and losses £ - 152,522 152,522 Transfers between funds £ 28,000 (30,000) (2,000) 2,000 - - |
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Queen Elizabeth Almshouses Trading as Six Masters' Charities
Notes to the Financial Statements - continued for the Year Ended 31st December 2021
16. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General unrestricted fund Endowment funds Capital held in buildings and investments TOTAL FUNDS |
Incoming resources £ 127,475 - 127,475 |
Resources expended £ (84,137) - (84,137) |
Gains and Movement losses in funds £ £ - 43,338 (122,511) (122,511) (122,511) (79,173) |
|---|---|---|---|
PURPOSE OF EACH FUND
The unrestricted general funds are used for the day to day running of the charity and the provision of grants in accordance with the trust deed. The balance represents accumulated funds available for future expenditure.
The designated repair fund represents funds designated to provide for future repairs to the charity's almshouses. The charity holds residential freehold properties that require regular improvements and renovations every few years.
The restricted extraordinary repair funds are a requirement of the charity's governing document for the purpose of providing for the extraordinary repair, improvement or rebuilding of the almshouses belonging to the charity. Transfers are made into the extraordinary repair funds each year, which is a requirement of the trust deed.
The endowment funds arose on the formation of the charity. The purpose of the endowment funds is to provide income to achieve the general objectives of the charity. The capital of the endowment cannot be expended.
TRANSFERS BETWEEN FUNDS
The trust deed requires that a transfer is made into the extraordinary repair fund each year from unrestricted funds of at least £780. This year an amount of £15,000 has been transferred into the extraordinary repair fund.
£30,000 previously held in the designated repair fund has also been transferred to the extraordinary repair fund.
17. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2021.
This page does not form part of the statutory financial statements
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Queen Elizabeth Almshouses Trading as Six Masters' Charities
Detailed Statement of Financial Activities for the Year Ended 31st December 2021
| INCOME Investment income Listed investment income Bank interest Charitable activities Maintenance charges Total incoming resources EXPENDITURE Investment management costs Investment manager fees Charitable activities Council tax and water Insurance Light and heat Cleaning Postage and stationery Gifts to residents Building repairs and modernisation TV licence Subscriptions Website Grants to institutions Support costs Bank charges Independent examiner fees - independent exam Independent examiner fees - other services Clerk's fees Total resources expended Net income |
2021 £ 41,386 13 41,399 68,110 109,509 3,447 3,447 3,108 2,705 15,352 1,526 110 1,050 5,894 83 236 21 40,000 70,085 220 1,542 420 15,600 17,562 91,314 18,195 |
2020 £ 66,068 32 66,100 61,375 127,475 - - 4,491 2,575 11,700 2,060 277 975 3,722 60 236 320 40,500 66,916 151 1,470 - 15,600 17,070 84,137 43,338 |
|---|---|---|
This page does not form part of the statutory financial statements
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