2021-12-31-accounts - Ottery Feoffee Charity

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OTTERY FEOFFEE CHARITY

ACCOUNTS FOR THE YEAR ENDED 31.12.2021

CHARITY INFORMATION

Full name	Ottery Feoffee Charity
Charity Registration Number:	202095
Registered Address:	7 Broad Street, Ottery St. Mary, Devon,
	EX11 1BS
Governing Document:	Scheme dated 22nd February 1980 as amended
	by Order dated 30th September 1998.
Legal Status:	Charitable Trust
Bankers:	Barclays Bank plc,
	Leicester, LE87 2BB
Stockbrokers:	Investec Wealth & Investment Limited
	16 Dix’s Field, Exeter, Devon, EX1 1QA
Clerk to the Trustees:	Mrs T. Bowden
	7 Broad Street, Ottery St. Mary, Devon,
	EX11 1BS
Independent Examiner:	Mr. D.B. Roberts, MBE, 50, Claremont Field,
	Ottery St Mary, Devon, EX11 1NP

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF OTTERY FEOFFEE CHARITY

I report to the trustees on my examination of the accounts of the above Charity (‘the Trust’) for the year ended 31st December 2021.

Responsibilities and basis of report

As the charity trustees of the Trust, 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 Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 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 which gives me cause to believe that in, any material respect:

accounting records were not kept in accordance with section 130 of the Act or
the accounts do not accord with the accounting records

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

Signed:

Date:

Name: DAVID BRIAN ROBERTS M.B.E.

Relevant professional qualification or body: Retired Bank Manager Address: 50 Claremont Field, Ottery St Mary, Devon, EX11 1NP

OTTERY FEOFFEE CHARITY

REPORT OF THE TRUSTEES

The Trustees present their report together with the audited financial statements for the year ended 31st December 2021.

Objects and Policy

The Charity owns 22 flats at Ottery St. Mary (Almshouses). These are occupied by poor persons who are inhabitants within the ancient parish of Ottery St. Mary or who are or have been associated with the said parish during a part of their lives. Contributions are levied by the Trustees to assist towards the maintenance and heating and hot water of the flats.

The Trustees continue to have regard to Charity Commission Leaflet number PB2 (Charities for the Relief of the Poor) under which the Commissioners take the view that anyone who cannot afford the normal things in life which most people take for granted would probably qualify as “poor”.

The Charity also has power to apply up to one half of its endowment income in relieving either generally or individually persons resident in the said parish who are in conditions of hardship or distress by making grants of money or providing or paying for items or services for such persons. As the cost of repairing and maintaining the flats, providing services for these and the cost of insurance now take up a large proportion of the Trustees’ income, they are unable to give much financial assistance by way of grants and gifts.

The Trustees also run and maintain a Day Centre for community use in a timber building erected at the rear of the flats known as Robert Hone House in Sandhill Street. This building is a meeting place for the elderly, disabled and other local persons. Local organisations, individuals and charities also use the Centre for meetings and coffee mornings on payment of small donations for such use. During the past year the Trustees have given consideration to the future of the Day Centre, having regard to the temporary nature of the building and that it is not used as frequently as it was when it was first set up and that other premises are now available in the town for hire. They are exploring the possibility of applying for planning permission to replace the building with a purpose-built block of flats thus furthering the main work of the Charity in providing accommodation for needy inhabitants of the parish. They recognize that the town of Ottery St. Mary is growing and that demand for the Charity’s accommodation is likely to increase and there is already a waiting list of applicants. Appropriate professional advice has been taken.

The Trustees, having regard to “Risk Assessment” as identified in “Charities (Accounts and Reports) Regulations 2008, continue to be engaged in systematically considering the particular risks which may attach to the Day Centre and flats.

There have been no policy changes over the last twelve months, apart from the consideration being given to the future of the Day centre.

Activities and Achievements

Throughout the year the Trustees have continued to run the flats which are all in a level position in the centre of the town and are particularly suitable for the elderly and disabled. When vacancies have occurred they have carefully considered the list of applicants before reallocating a vacant flat.

They have also made some small donations to needy persons and continue to run the Day Centre for the social wellbeing of those using this.

Investment and Financial Review

The Trustees have engaged financial advisers to advise with regard to investments and have given proper regard to the advice given and to the Trustee Act 2000.

Under the terms of the Scheme the Trustees also maintain an Extraordinary Repair Fund to which annual payments are made for the purpose of providing for extraordinary repair or improvement or rebuilding of the flats (Almshouses).

As to reserves the Trustees policy is to be conservative about making inroads as there is a limited take up of flats and capital may be needed to upgrade them

Connected Charities

The Scheme of the Charity also includes the Charity of Richard Seaward for the Poor which is a Charity intended for the relief of poor persons resident in the parish and only has a very small amount of capital.

Trustees

The first Trustees were appointed by the Scheme dated 22nd February 1980. The power of appointing new Trustees is vested in the surviving or continuing Trustees for the time being, apart from the nominative Trustees who are appointed by the Town Council of Ottery St. Mary.

The appointed Trustees during the year were and the current Trustees at the date of this Report are as follows:-

Mrs D V Passey (Chairman) Mr P Bartlett Mr B Cammack Mrs W Cammack Mrs J Davis Mr G Dobson Mr M J G Essame Mrs P J Glennie Mr D T Hemmings Sir John-Michael Kennaway

Cllr. Ellie Pang

Approval

This report was approved by the Trustees on and signed on their behalf by:-

Chairman of the Trustees

Date:

2020 £ 7000 3000 19086 26385 13128 0 0 0 175 93	STATEMENT OF RECEIPTS INVESTMENTS Sum received Income Fund one-off payment Capital payments from Extraordinary Repair Fund FLATS* Maintenance contributions Heating contributions Telephone – contributions from Warden T.V. Licence contributions Repayment by EDF Energy Repayment by EDDC Repayment by Grout Insurance TOTAL	2021 £ 5250.00 0.00 19085.69 38550.00 14155.60 0.00 0.00 0.00 0.00 0.00 £77,041.29

The investment income received by Brokers on behalf of the Charity was £4086

2020STATEMENT OF EXPENDITURE	2020STATEMENT OF EXPENDITURE	2021
CHRISTMAS GIFTS AND DONATIONS
860 Vouchers		795.00
642 Grants to individuals		0.00
3000 Grants to Charities		0.00
FLATS
264 Telephone		662.64
8 T.V. Licence		7.50
1809 Insurance		1766.33
9221 Water charges		9004.52
10719 Electricity		13188.00
18901 Repairs/maintenance		21602.48
5686Servicing of fire extinguishers, replacements and
servicing of fire alarms and emergency lighting		1948.52
126 Repayment of capital		125.69
3960 Extraordinary Repair Fund		3960.00
486 Cleaner’s wages		450.00
650 Window cleaner		780.00
192 Grass cutting		204.00
1137 Council Charges for Empty Flats		462.10
0 Day Centre Development		3659.00
0 Misc.		13.20
DAY CENTRE
872 Insurance		879.85
240 Grass cutting (overpaid by £30)		285.00
ADMINISTRATION
281 N.A.A. Subscription		295.00
5508 Legal Fees		5508.00
0 Trustees’ Indemnity Insurance		0.00
100 Auditor		100.00
0 Almshouse meeting fees		0.00
	TOTAL	£65,696.83
ADD:Excess receipts over expenditure		11,344.46
		£77,041.29

FUNDS AT BANK

CURRENT ACCOUNT Barclays Bank Balance as at 31.12.2020 9852.06 Less unpresented cheques 334.73 ADD: Excess receipts over expenditure ADD: Unpresented cheques at 31.12.21 Balance as at 31.12.21 TOTAL BANK AND CASH BALANCES AT 31.12.2021 Cash in hand (unchanged during 2021) Current Account	£ 9517.33 11344.46 20861.79 2472.72 23334.51 10.49 23334.51 £23,345.00

2021 - STATEMENT OF INVESTMENTS, INVESTMENT INCOME AND INVESTMENT VALUES

Income INCOME PORTFOLIO 2800 Allianz Glb Invest Gilt Yield I Inc GBP Dis 29.44 8065.06 FIL Inv Svcs UK Money Builder Inc I 273.38 5043.605 Liontrust Fund Par Monthly Income Bond B Gross Inc 227.86 3200 Royal London Am Ethical Bond Z GBP Dis 96.12 700 IShares Ii Plc USD Treas Bd 7-10yr Licits (bought 2/2) 42.28 35 H20 Am LLP (Gb) Gbl Strat Multi Aggrg Debt 44.80 42 Oaktree (Lux) Fds Oaktree Gbl Yld Bd H Ia GBP 179.17 320 Pimco Global Advis Gbl Inv Grad Cred Hgd Instl (280 sold 2/2) 146.45 480 Aberdeen Std Invts Gbl Inflt Linked Bd D GBP 0 0 Blackrock Fm Ltd BLK Charities UK Equity Fun (sold 3/2) 85.07 5786.04 Jupiter UT Mngrs UK Special Situations X GBP 118.59 1300 Liontrust Fun Par Special Situats Ins Inc 68.48 3500 Man Fd Mgmt UK Ltd Man GLG Underval Ast Prof C (bgt 10/3) 0 11136.805 Artemis Fd Mngrs Income E GBP Dis 420.50	(2020) (36) (265) (238) (0) (0) (402) (0) (184) (0) (650) (60) (42) (0) (296)	Value at (2020) 31.12.21 5606 (5963) 8170 (8549) 4924 (5130) 3808 (3930) 3774 (0) 4013 (3959) 3970 (3972) 4362 (8538) 6744 (6476) 0 (9893) 5916 (5024) 6931 (5818) 5905 (0) 11481 (11349)

Income
680 Finsbury G&I Tst Ord GBP0.25
116.28
384 T.bailey Fund Svs TB Amati UK
Smlr Cos B Acc (255 bgt 10/3,
260 bgt 12/3, 131 sold 3/12)
0
5150 AXA Investment Man Framlington
UK Mid Cap Zi G
74.82
4300 Aberdeen Std Fd Mg ASI Europe
Ex UK Inc Eqty
131.50
2400 Blackrock Fm Ltd European Dynamic
Fd Inc (bought 3/2)
0
5850 Aviva Investors UK US Equity
Income Ii 5 Dis
223.79
465 Baillie Gifford American W£ Acc
0
800 Brown Advisory Fds BA Beutel
Goodman US Val C (bgt 7/4)
57.36
113 Vanguard Funds Plc S&P 500
Ucits Etf USD Dis (74 sold 11/3)
79.50
0 Vulcan Gbl Val Fd Vulcan Val
Eqty Ii GBP Acc (sold 6/4)
0
370 Baillie Gif Jap Tr Ord GBPO.05
(bought 2/2)
22.20
16 Schroder Inv Mg E ISF Asian
Total Rtn C GBP
99.70
3120
Hermes Fd Mangers F H Global
Eng Mtks J2 GBP (1230 sold 3/12)
44.70
7920 CCLA Investment Ma Property
Inc (8888.98 sold 23/2)
546.81
80 BH Macro Ord NPOV GBP
(bought 8/12)
0

(2020)
(113)
(0)
(26)
(133)
(0)
(0)
(0)
(0)
(29)
(0)
(0)
(0)
(0)
(943)
(0)

Income
(2020)
4500 JPMorgan Am UK Ltd Gbl Macro
Opps C Net Acc
0
(0)
9200
Gemcap Investment Ahfn
Structured Products I
406.38
(0)
3230
Greencoat UK Wind Ord
GBP0.01 (230 bought 23/11)
214.80
(0)
4500 Int Public Partner, Ord GBP0.0001335.70
(327)
4085.68
(5016)
CASH (includes small interest payments and deducts Brokers’
Management charges of £3643, and 3 regular payments
of £1750 per quarter to the Charity)
Additional money held on accumulation of income a/c
TOTAL
4085.68
(5016)
Accumulating Funds(Repayment of Capital)
513 M&G Securities Ltd Charity Multi Asset Acc (Yonder Corner)
(plus accumulated cash)
-
-
645
M&G Securities Ltd Charity Multi Asset Acc (Sherman House)
(plus accumulated cash)
-
-
258
M&G Securities Ltd Charity Multi Asset Acc (Robert Hone)
(plus accumulated cash)
-
-

Value at
(2020)
31.12.21
8096
(7691)
10398
(9713)
4538
(4023)
7641
(7655)
203954
(192880)
3878
(4209)
4207
(3956)
212,039
(201045)
53829
(47947)

67013
(59749)
26953
(24024)

Brokers’ management charges on these three funds are £1,818

Income
(2020)
Accumulating Funds (Extraordinary Repair Fund)
7000
Allianz Glb Invest Gilt Yield I (Inc) GBP Dis
(2500 bought 3/2)
10546.62
FIL Inv Svcs UK, Money Builder Inc I
8500
Royal London Am Ethical Bond Z GBP Dis
7350
Allianz Glb Invest Strategic Bond I Inc GBP
7100
BNY Mellon Glb Fds Global Bond Z GBP Inc Hgd
(bought 3/2)
90
H20 Am LLP (Gb) Gbl Strat Multi Agrg Debt
700
Pimco Global Advis Gbl Inv Grad Cred Hgd Instl
26000
Aberdeen Std Fd Mg ASI Gbl Infltlkd Bd Instl S
21061.22 Jupiter UT Mngrs UK Spec Situations X GBP
4600
Link Fund Sol Ltd LF Lindsell Train UK Eqty
(bought 3/2)
4650
Liontrust Fund Par Special Situats Ins Inc
0
M & G Securities Ltd Charity Multi Asset Acc
(sold 3/2)
8200
RIum Limited RL Sustnable Ldrs Tst D Acc
640
Blackrock Sm Comp Ord GBPO.25
655
T.bailey Fund Svs TB Amati UK Smlr Cos B Acc
(bought 12/3)
13100
AXA investment Man Framlington UK Mid Cap Zi G
6400
Blackrock Fm Ltd European Dynamic Fd Inc
(2100 sold 3/12)
2900
Invesco Fd Mngrs Invesco EURP Eqty Inc UK Z

Value at
(2020)
31.12.21
14015
(9584)
10684
(11179)
10115
(10438)
9124
(10078)
7067
(0)
10320
(10179)
9541
(9961)
16715
(16206)
21752
(18090)
16674
(0)
24793
(20811)
0
(41169)
25371
(20721)
13584
(11098)
10641
(0)
18209
(15641)
19030
(21327)
11185
(10158)

Income
(2020)
0
Aviva Investors UK US Equity Inc Ii 5 Dis
(sold 4/2)
1325
Baillie Gifford American W3 Acc
2300 Brown Advisory Fds BA Beutel Goodman Us Val C
(bought 7/4)
485
Vanguard Funds Plc S&P 500 Ucits Etf USD Dis
(188 sold 11/3)
0
Vulcan Gbl Val Fd Vulcan Val Eqty Ii GBP Acc
(sold 6/4)
10500
Schroder Unit Tst US Smaller Cos Z Inc
950
Baillie Gif Jap Tr Grd GBP0.05
45
Schroder Inv Mg E ISF Asian Total Rtn C GBP
2930
Fundsmith LLP Equity I Inc Nav
-
450
Polar Cap Tech Tst GBP0.25
135
Worldwide Hlthcare Ord GBP0.25 (bought 2/2)
8300
Hermes Fd Mangers F H Global Emg Mtks J2 GBP
(3700 sold 3/12)
18960
Picton Prop Income Ord NPV
-
-
4000
Warehouse Reit Plc Ord GBP0.01 (bought 2/2)
200
BH Macro Ord NPV GBP
1270
Neuberger Ber Inv Uncorrelated Strategies I2
(500 bought 3/12)
18600
Gemcap Investment Atlantic House Defined Rtns
(6600 bought 3/2)
5800
Greencoat UK Wind Ord GBP0.01
(4000 bought 3/12)
7312
INT Public Partner Ord GBP0.0001

Value at
(2020)
31.12.21
0
(16403)
24831
(25480)
26197
(0)
19920
(25137)
0
(23480)
19698
(15866)
9324
(10460)
20946
(20234)
17956
(14736)
12263
(10350)
4860
(0)
13697
(21053)
19301
(14324)
7040
(0)
7510
(7040)
13526
(8231)
32052
(18558)
14396
(7778)
12416
(12438)

Income (2020) 37 Invesco Physical Secured Gold Lkd Nts 31/12/ CASH (Allows for dividends received which are accumulated to fund, and £3780 fees paid to brokers) Additional money held on accumulation of income a/c Total value of ERF OVERALL FUND TOTALS 4085.68 (5016) Notes:	Value at (2020) 31.12.21 4829 (4972) 12374 (20104) 9374 (3426) 551,330 (516710) 911,164 (849,495)

The Accumulating funds (repayment of capital) are not immediately available

The Charity also owns the following buildings:-

Robert Hone House, Sandhill Street, Ottery St. Mary (Aug 2016 reinstatement value £525,000) Sherman House, Yonder Street, Ottery St. Mary (Aug 2016 reinstatement value £1,025,000) Yonder Corner, Chapel Lane, Ottery St. Mary (Aug 2016 reinstatement value £415,000) Day Centre, Brook Street, Ottery St. Mary (Aug 2016 reinstatement value £100,000)

	DAY CENTRE
STATEMENT OF RECEIPTS
2020		2021
£		£
513	Donations	0.00
10000 Grant from EDDC		0.00
		----------
		£0.00
STATEMENT OF EXPENDITURE
2020		2021
	Electricity (paid out of Charity Account)	0.00
117	Water charges	111.90
510	Cleaner’s wages	0.00
0	Cleaning materials	0.00
120	Window cleaning	180.00
0	Grass cutting (paid out of Charity Account)	0.00
0	Insurance (paid out of Charity Account)	0.00
13009 Day Centre development		0.00
		------------
		291.90
SUBTRACT: Excess expenditure over receipts		(291.90)
		£0.00

FUNDS AT BANK

Barclays Bank plc Current Account at 31.12.2020 SUBTRACT: Excess expenditure over receipts Balance as at 31.12.2021 ADD: Unpresented cheques at 31.12.21 OTTERY FEOFFEE DAY CENTRE Donations received in 2021 Over Sixties Saghar Life Group Grant from EDDC	1346.39 (291.90) 1054.49 0.00 £1,054.49 2021 (2020) 0.00 (300) 0.00 (75) 0.00 (138) 0.00 (10000) £0.00 (10513)

OTTERY FEOFFEE DAY CENTRE