2022-12-31-accounts - Salisbury City Almshouse And Welfare Charities

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SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES

REGISTERED CHARITY NUMBER 202110 REGISTERED SOCIAL LANDLORD NUMBER A0192

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES YEAR ENDED 31 DECEMBER 2022 REGISTERED CHARITY NUMBER 202110

REGISTERED SOCIAL LANDLORD NUMBER A0192

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

		Page
Contents		1
Trustees' Report		2 - 9
Trustees' Statements on Internal Controls and
Responsibility for the Accounts		10
Auditors' Report		11 - 12
Statement of Financial Activities		13
Balance Sheet		14
Cash Flow Statement (with Notes)		15
Notes to the Financial Statements
Accounting Policies	(Note 1)	16 - 18
Income and Expenditure	(Notes 2 - 7)	19 - 22
Fixed Assets	(Notes 8 - 10)	23 - 25
Current Assets	(Notes 11 - 13)	25 - 26
Long Term Creditors	(Note 14)	26
Provisions	(Note 15)	26
Capital Funds	(Notes 16 - 17)	27
Restricted Funds	(Note 18)	28 - 31
Unrestricted Funds	(Note 19)	32
Analysis of Net Assets between Funds	(Note 20)	33
Capital Commitments	(Note 21)	33
Comparative Statement of Financial Activities	(Note 22)	34
for the year ended 31 December 2021

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

REFERENCE AND ADMINISTRATIVE DETAILS

Governing Documents

29 charities are administered under the title of Salisbury City Almshouse and Welfare Charities. The charities are all constituted as charitable trusts, and they are governed by a Charity Commission Scheme dated 19 August 1974 as varied by schemes dated 8 April 1975, 19 July 1979, 4 July 1986, 6 September 1990 and 18 December 2001.

The registration also includes the linked charities known as Mrs Sarah Hayter’s Charity and The Buchanan Housing Charity which are governed by a scheme dated 28 March 1961 (varied by a scheme dated 26 August 1997) and a declaration of trust dated 5 November 1999 respectively. Also linked is the St Mary Magdalen’s Hospital and Little Langford Farm Almshouse Charity which is governed by a scheme dated 4 October 2017. The Charities are a registered with the Homes and Communities Agency under the Housing and Regeneration Act 2008 as a Registered Social Landlord.

The Trustees’ investment powers derive from the 1974 Scheme and the Trustee Act 2000.

Registered Office

Trinity Hospital, Trinity Street, Salisbury, SP1 2BD (01722 325640)

Registered Numbers

Charity number 202110 Registered Social Landlord number A0192

Honorary President

Lady Benson OBE (deceased 1 August 2022)

Board of Trustees

Mr T Austreng - Chairman Mr A Corkill - Vice-Chairman Mr T Clay Mrs A Hatton Dr R Hewetson Mrs P M Lush Dr H McKeown *Mr R W Shipsey Mrs A Taylor Mr A Brain Mrs F Green * denotes a member of Finance and General Purposes Committee.

The Board of Trustees and the Charities’ staff also manage and administer two other charities:

William Botley Charity (Charity number 268418) Salisbury City Educational and Apprenticing Charity (Charity number 309523)

Principal Officer

Clerk to the Trustees: Mrs S E Coen

Appointed Professional Advisers Solicitors Trethowans, London Road Office Park, London Road, Salisbury SP1 3HP Sampson Coward, 51 New Street, Salisbury SP1 2PH Auditors/Accountants Fletcher & Partners, Crown Chambers, Bridge Street, Salisbury SP1 2LZ Bankers Lloyds Bank plc, 38 Blue Boar Row, Salisbury SP1 1DB Investment Managers CCLA Investment Management Ltd, Senator House, 85 Queen Victoria Street, London EC4V 4ET M&G Securities Ltd, POB 9038, Chelmsford CM99 2XF Vanguard Asset Management Ltd, 25 Walbrook, London EC4N 8AF Quilter Cheviot Ltd, London Rd Office Park, Salisbury SP1 3HP

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

The Trustees have established procedures under which all major decisions are taken by the Trustees as a body, with advice being taken from their appointed professional advisers as appropriate. Sub-committees of the Trustees, including the Finance and General Purposes Committee, are established as necessary to consider particular matters and to make recommendations to the main Board. Day-to-day management and administration is delegated to the Clerk to the Trustees.

Policies and Procedures

In carrying out the objects stated below, the Trustees seek to provide a high standard of accommodation as is feasible and necessary to meet the increasing needs of their Residents, and to provide welfare grants to needy persons out of the funds which they have available for the purpose. They apply the following policies for the appointment of Residents and the making of grants, to applicants who are resident in the defined area of benefit:

a. Applicants for sheltered almshouses are assessed using an objective system for physical, social and financial need. When an almshouse becomes available it is offered to the person on the waiting list who is most highly qualified according to these criteria.
b. Applicants for general needs housing are assessed and appointed using a similar system on the basis of social and financial need.
c. Applications for welfare grants are sponsored by social workers or other professionals and are assessed by a sub-committee of Trustees. The values of grants awarded are based on norms established by the Trustees.

The Charities’ established policies are reviewed and amended where appropriate. Trustee recruitment conforms to the agreed policy statement which entails the periodic requirement to conduct a skills audit and compilation of a list of potential candidates from which a selection can be made for preliminary interview and final Board approval. Induction follows a process of visits to almshouse sites, meetings with Residents and staff and overlaying information relating to the functions and values of the Charities through issuance of related documentation such as, inter alia, Annual Report and Audited Accounts, the Charities' Governing Instrument and the Charity Commission's booklet CC3 and other relevant documents. Ongoing training, primarily through seminars offered by the Almshouse Association, is offered to all Trustees.

The Charities’ policies and procedures, together with the system of internal control, are designed to manage risk and to give reasonable assurance that key objectives and expected outcomes are achieved. The principal risks faced by the Trustees identified in the report last year still stand:

The performance of investments. Risks are mitigated by retaining expert investment managers and maintaining a diversified investment portfolio. The portfolio is scrutinised by the Financial and General Purposes Committee throughout the year.
Property damage. These risks are mitigated by regular inspections of the Charities’ properties as well as quinquennial surveys and insurance reviews, supported by a planned maintenance schedule. External CCTV systems are in place at some city centre sites.
Fire. Formal fire risk assessments are undertaken periodically by a professionally qualified fire and safety consultant, and recommendations arising therefrom are followed. Staff receive Fire Warden training and residents are advised annually by the Fire & Rescue Service on fire safety and emergency procedures in their homes. Schedules of electrical inspections, communal electrical appliance testing, and fire protection equipment servicing are adhered to. An annual insurance review is carried out.
Health & Safety. Formal risk assessments are undertaken periodically by the Charities’ appointed Health & Safety consultants, and wardens undertake annual risk assessments at each of their sites. Compliance requirements are regularly reviewed.

Staff remuneration is reviewed annually and any increases are based upon inflation figures. When available, more specific comparisons are made with other almshouse charities of a similar size and operation.

The Trustees, staff and Residents were all extremely saddened to learn of the death of Lady Benson at the beginning of August. Lady Benson was a passionate supporter of Salisbury City Almshouses for over 60 years. She joined the Board of Trustees in 1956, was Chairman of the Board from 1992-2014, and in later years became the Charities’ Honorary President. Throughout these years she worked tirelessly on behalf of the Charities and the Residents, always with energy and robust practical sense, but also with kindness and a wonderful sense of humour. It was not just the Almshouses who benefited from her energy and wisdom. Throughout her life she showed selfless and practical devotion to those less fortunate than herself, encompassing voluntary work for the elderly, the young, the physical handicapped and the sick. She was a remarkable lady whose whole motivation in life was to see what she could do to better people’s lives. She will be hugely missed.

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Value for Money Statement

This is produced in accordance with the standard issued by the Regulator of Social Housing The Value for Money Standard requires registered providers to annually report on their performance against certain metrics defined by the regulator within the Annual Accounts.

Benchmark data taken from Value for Money metrics and reporting 2022- Annex to 2022 Global Accounts for year ended 31 March 2022, issued in March 2023.

Metric 1 Reinvestment %

The reinvestment metric looks at the investment in properties (existing stock and new supply) as a percentage of the value of total properties held.

	2022	2021	2020	Benchmark
	%	%	%	<2500 homes
Reinvestment %	5.49%	8.61%	0.77%	4.70%

This represents the amounts spent in the year at the Charities' site in Wilton, a project which has extended over a number of years.

Metric 2a: New Supply (Social Housing units ) %

The New Supply metric sets out the number of new social housing that have been acquired or developed in the year as a proportion of total social housing units owned at the year end.

New Supply (social Housing units)	2022 2021 2020 % % % 2.74% 0.00% 0.00%	Benchmark <2500 homes 0.90%

This measures the number of properties completed in the year as a percentage of the total number held at the end of the year.

Metric 2b: New Supply (Non-Social Housing units ) %

The New Supply metric sets out the number of new non-social housing units that have been acquired or developed in the year as a proportion of total non-social housing units owned at the year end.

New Supply ( Non-social Housing units)	2022 2021 2020 % % % 0.00% 0.00% 0.00%	Benchmark <2500 homes 0.00%

The Charities do not generally seek to acquire non-social housing.

Metric 3: Gearing %

The gearing metric assesses how much of the adjusted assets are made up of debt and the degree of dependence on debt finance. It is often a key indicator of registered provider's appetite for growth.

Gearing	2022 2021 2020 % % % -27.61% -26.10% -28.47%	Benchmark <2500 homes 32.30%

The Charities hold substantial cash balances which results in a negative measure.

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Value for Money Statement (continued)

Metric 4: Earnings before interest, tax, depreciation and amortisation

The EBITDA MRI interest cover measure is a key indicator of liquidity and investment capacity. It seeks to measure the level of surplus that a registered provider generates compared to interest payable: the measure avoids any distortions stemming from the depreciation charge.

	2022	2021	2020	Benchmark
	%	%	%	<2500 homes
EBITDA MRI interest	2984.81%	2525.09%	2174.33%	194.00%

The interest payable by the Charities is minimal

Metric 5: Headline Social housing cost

The Headline social housing cost per unit metric assesses the headline social housing cost per unit as defined by the regulator.

Headline Social Housing cost	2022 2021 2020 £ £ £ 6,568 5,542 6,288	Benchmark <2500 homes 4,960

These figures include services, including non-housing costs such as wardens and (for certain almshouses) catering. The increase largely reflects the difficulty of carrying out cyclical maintenance during the covid lockdowns.

Metric 5 a: Headline Social housing cost- adjusted to exclude warden and catering costs

The Headline social housing cost per unit metric assesses the headline social housing cost per unit as defined by the regulator but adjusted for the Charities to exclude warden and catering costs

Headline Social Housing cost	2022 2021 2020 £ £ £ 3,841 3,111 3,865	Benchmark <2500 homes 4,960

These figures include some services, such as electricity. The increase largely reflects the difficulty of carrying out cyclical maintenance during the covid lockdowns.

Metric 6a: Operating Margin (Social Housing lettings) %

The Operating Margin demonstrates the profitability of operating assets before exceptional expenses are taken into account.

Operating margin Social Housing	2022 2021 2020 % % % -5.81% 2.91% -6.72%	Benchmark <2500 homes 19.50%

This demonstrates the extent to which the almshouse residents are subsidised out of the Charities' general revenue, largely investment income earned on their historic endowments.

Metric 6b: Operating Margin (Overall) %

Operating margin overall	2022 2021 2020 % % % 12.96% 12.19% 9.59%	Benchmark <2500 homes 17.40%

This figure is calculated to include investment income and measures the overall surplus made by the Charities as percentage of total income. This figure is not large in the context of the Charities' overall finances.

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Value for Money Statement (continued)

Metric 7: Return on capital employed (ROCE) %

The ROCE compares the operating surplus to total assets less current liabilities and is a common measure in the commercial sector to assess the efficient investment of capital resources. The ROCE metric supports registered providers with a wide range of capital investment programmes.

Return on capital employed (ROCE)	2022 2021 2020 % % % 1.10% 0.91% 0.76%	Benchmark <2500 homes 2.40%

Taken with the figures above we believe this shows that the Charities are using their best efforts to keep its charges to residents as low as it reasonably can.

OBJECTIVES AND ACTIVITIES

Objectives

The Charities provide for needy residents principally in the Salisbury area:

Sheltered almshouses, with preference to those longest resident in the Salisbury area.
General needs housing for families, with preference to single parents.
Welfare grants for the relief of those in need, hardship or distress.

The Trustees are satisfied that the Charities' objectives, and the policies and procedures which are applied, comply with Section 4 of the Charities Act 2011. The provision of subsidised, high quality housing for over 200 local residents and the application of welfare grants to the most needy is tangible evidence of public benefit within the Charities' area of benefit. In addition, the large number of applicants, from a wide variety of backgrounds, waiting for accommodation is evidence of the benefit the almshouses have to the local population. The Trustees also consider that the Buchanan Housing Charity's provision of 24 units of social housing in Salisbury has made a modest contribution to the community that would otherwise become the responsibility of the local council. The Trustees aim to keep resident contributions as low as possible, taking into account directives from the Regulator of Social Housing. Communal facilities at one site are made available twice weekly to a Day Centre charity which offers lunch and activities to the elderly, ensuring that the wider community benefits from the Charities' resources.

The Charities own and manage 190 warden-assisted almshouses at 12 sites in and around Salisbury. Six fulltime Wardens, as well as part-time Wardens at the Very Sheltered schemes, are employed to ensure that residents' needs are met and a pleasant and safe environment provided. In addition, a Relief Warden is employed to provide cover for emergencies at weekends and public holidays, as well as cover for holidays and sick leave. The two Very Sheltered schemes are designed for those people who need additional support but are still capable of independent living. These sites have additional facilities such as assisted bathrooms, are fully wheelchair accessible, lunches are provided and staff are on site 24 hours a day, seven days a week.

Ordinary Sheltered Blechynden's Almshouses - 3 flats Hardy House - 16 flats Brickett's Hospital - 7 houses Hussey's Almshouses - 7 flats, 8 houses 'Brympton' - 31 flats, 10 bungalows Sarah Hayter's Almshouses - 11 flats Eyre House - 8 flats Taylor's Almshouses - 6 flats Gloucester House - 25 flats Trinity Hospital - 22 flats

Very Sheltered Robert Stokes Almshouse - 14 flats Steve Biddle House - 22 flats

The Trustees also manage 24 general needs flats/houses (The Buchanan Housing Charity) within the city, primarily for young families or single parents. A further six almshouses in Wilton (St Mary Magdalen Hospital and Little Langford Almshouse Farm Almshouse Charity) were given to the Charities in 2017 which required major renovations, refurbishment and repairs.

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued)

OBJECTIVES AND ACTIVITIES

Objectives (continued)

Five new bungalows (Lady Benson Almshouses) were constructed on the site, all of which were occupied by March. The Trustees were delighted to welcome Lady Benson and her family to the official opening in May. These bungalows, as well as the terrace of six almshouses, are not warden-supported, and priority is given to applicants in financial difficulties who are not eligible for sheltered accommodation or Buchanan housing, and reside in Wilton or nearby parishes. The Charities also own the freehold of a number of buildings in the centre of Salisbury comprising both retail and residential units.

Activities

The Charities continued their intensive programme of property maintenance, improving almshouses as vacancies occurred (31 almshouse vacancies arose during the year, and four at the Buchanan Housing Charity properties), to ensure the accommodation is of the highest standard possible and, wherever possible, making adaptations to meet the needs of individual residents as their circumstances change. Routine and cyclical work is subcontracted wherever possible to Salisbury-based tradespeople on the Charities’ approved list. Charge out rates and invoices are routinely scrutinised to ensure value for money. Where possible and within safety guidelines, minor maintenance works are carried out by the Charities’ Buildings Maintenance Officer. Contracts for major works are put out to tender, for which specification and contract administration is undertaken either by the Buildings Maintenance Officer or a chartered surveyor as appropriate.

The programme of upgrading older kitchens and installing low level access showers for Residents who are unable to use a bath continued. Three kitchens and five bathrooms were upgraded over the year. Lighting upgrades in external and internal communal areas continued in order to improve energy efficiency and to enhance the quality of lighting for residents.

Work continued to modernise and refurbish the Grade II listed almshouses at St Mary Magdalen Hospital in Wilton. The plans included the construction of a rear single storey extension to create additional kitchen space in the middle two properties; replacing the existing staircases with wider, more shallow, straighter staircases to improve accessibility and to comply with current building regulations; ground floor WCs; maximising insulation; replacement double glazed windows where possible; a centralised heating system and underfloor heating at ground level; new kitchens and bathrooms. The pandemic and subsequent supply issues caused delays in the schedule. In addition, theft of lead from the roofs, both in 2021 and 2022, caused extensive damage and further delays. Work to two of the cottages was completed during the year and these are currently currently occupied. It is anticipated that the last four cottages will be ready for occupation during 2023. CCTV cameras were installed on the site to improve the safety of the site to Residents, staff and visitors, and to deter vandalism and anti-social behaviour.

Work to create two new almshouse flats on the top floor of Robert Stokes, replacing the former Warden Manager’s flat, continued, with the first flat being completed and a new resident appointed in September. The Charities’ staff training programme continued, with First Aid and Fire Warden training undertaken as required. Continual monitoring of the quality of services provided by the Charities and addressing issues raised was achieved through weekly planning and feedback meetings between Wardens and the Clerk to the Trustees.

The Wessex Almshouse Group, of which the Clerk to the Trustees is a founding member, continued to meet during the year as a forum for local almshouse charity Clerks/Trustees to discuss common issues of concern and to provide mutual support. This exchange of information and best practice is considered to be of great benefit to all member charities. All costs are recouped by individual member charities paying a portion of the expenses incurred. The Clerk to the Trustees is also a Regional Representative for the National Almshouse Association, acting as a point of contact for almshouse charities in Wiltshire.

ACHIEVEMENTS AND PERFORMANCE

The work of the Charities in managing and administrating its almshouses continued successfully throughout the year. At the end of 2022, of the total 212 (2021:209) Residents (excluding the Buchanan Housing Charity), over 44.8% were aged 80 years or older. The Trustees appointed 35 new residents as qualifying beneficiaries to the almshouses, and approved four transfers on medical grounds. The continuing commitment of the Charities’ staff and the high standard of service they provide ensures the wellbeing of each resident and enables them to maintain their independence with contentment and dignity. This, in turn, allows the residents to remain in their 7

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

own homes for as long as possible, thereby reducing unnecessary and premature admission to hospital or residential care. Staff turnover remains very low, reflecting the organisation’s strong caring culture. Almshouse vacancies in both warden assisted and general needs properties are, under normal circumstances, filled without undue delay, demonstrating that the Charities’ housing continues to be popular and helps to provide good quality of life.

The Trustees were able to offer low-cost housing, through the Buchanan Housing Charity, to a number of Ukrainian families who had been forced to flee their homeland because of the Russian aggression against their country.

The Trustees considered 48 (2021: 45) and approved 42 welfare grant applications totalling £40,486 (2021: £21,879). This included grants awarded not just to eligible local individuals in financial need but also to local organisations and institutions with similar aims, thus helping to maximise the impact of grant assistance to people in need in the Salisbury area. It also included a grant to the Jo Benson Day Centre, a Salisbury-based charity providing subsidised support and activities for adults with physical disabilities.

Financial Transactions and Position

The Charities’ total income in 2022 was £2,027,259 (2021: £1,855,324), of which £1,449,911 was from Residents’ Contributions and £404,043 was investment income. Total expenditure was £1,764,533, including charitable grants of £40,486. The Charities' investments recorded net losses of £1,148,171 and therefore there was a net deficit for the year of £885,363. This was made up of unrestricted funds £480,445 deficit; restricted £111,272 and endowed capital £516,190 deficit. Total net assets at the end of the year were £21,831,461 (2021: £22,716,824).

The Trustees consider that the market value of the almshouses is considerably in excess of their book value, but, as the properties are held on permanent endowment for carrying out the charitable purposes of the Charities, they do not consider that a formal valuation would be justified.

Investments

The investment policy is to hold the Charities' investments in a combination of directly invested segregated portfolios and a number of charity authorised investment funds and to obtain a total return in line with or better than the ARC balanced index. During the year the total return on the endowed portfolio was -6.4%, and the total return on the non-endowed portfolio was -4.2%, compared with a return of -6.9% and -10.2% on the respective indices. Although both portfolios showed losses in the year, the investment performance on both endowed and non-endowed portfolio was above the respective benchmarks.

Reserves

The Trustees have calculated that the Charities' working capital requirements amount to £360,000, and this amount is held in the General Fund less provisions for pension deficits. Any surplus on unrestricted funds is transferred to the Almshouse Development and Major Improvement Fund, and is used to fund almshouse developments once sufficient funding has been obtained. This fund, which currently stands at £4,218,757, has recently been drawn on to fund the development of Lady Benson Almshouses and St Mary Magdalen Hospital. The Trustees' intention is to continue to increase the balance from the Charities' annual surpluses and to draw on it for further developments as they arise. Similarly the Trustees' policy is to use the General Fund of the Buchanan Housing Charity to fund either the purchase or the construction of further houses for general needs.

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (Continued)

FUTURE PLANS

The rolling programme of upgrading the older almshouses and upgrading lighting in communal areas will continue, ensuring that the Charities continue to provide the highest possible quality of housing and respond to the developing needs of its residents.

Major works planned include replacing all the original 1960s single glazed steel windows and doors at Pritchard Houses with UPVC double glazed units to improve thermal efficiency; replacing the passenger lifts at Trinity Hospital and Brympton; replacing the main entrance doors at Robert Stokes Almshouse and Steve Biddle House with fob controlled automatic doors; and installing CCTV cameras to the exterior of Brympton to improve security.

It is anticipated that the major renovation works at the Wilton site will be completed in 2023, as well as the creation of the second new almshouse flat on the top floor of Robert Stokes Almshouse. In view of increased enquiries being received for low-cost housing by Salisbury residents in financial difficulties but not in need of warden-supported accommodation, the Trustees plan to purchase some self-contained houses in the city over future years.

Approved by the Trustees and signed on their behalf

……………… 2023 ………………………….. ……………………………. T AUSTRENG S E COEN Chairman of Trustees Clerk to the Trustees

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES

YEAR ENDED 31 DECEMBER 2022 TRUSTEES' STATEMENT ON INTERNAL CONTROLS

The Trustees acknowledge that they are responsible for the Charities' system of internal control, and for reviewing its effectiveness.
In common with all such systems, the Charities' internal control system is designed to manage, rather than to eliminate, the risk of failure to meet the Charities' objectives, and it can only provide reasonable, as opposed to absolute, assurance against material misstatement or loss.
The process for identifying, evaluating and managing the significant risks faced by the Charities is ongoing, it has been in place throughout the year under review and up to the date of approval of the annual report and accounts; and it is regularly reviewed by the Trustees.
The Trustees' policies to review the effectiveness of the internal controls are as follows:
(i) The presentation to and consideration by the Trustees of the annual review of the risk assessment and the annual accounts;
(ii) The regular review by the Trustees of the effectiveness of Charities' procedures
(iii) The annual report to the Trustees by the external auditor.
The key policies which have been established by the Trustees and which are designed to provide effective internal control are as follows:
(i) The establishment of formal procedures including the involvement of the Trustees in all matters connected with the management of the Charities, including: Strategic planning;
- Risk assessment;
- Preparation of budgets and comparison of actual results with budget; Authorisation of expenditure, including capital projects and grants Appointment of almshouse residents; Appointment of staff; Management of investments.
(ii) The holding of regular Trustees' meetings to which reports on the above matters are submitted.
(iii) The appointment of external auditors to express an opinion on the Charities' annual accounts and to report to the Trustees on any deficiencies in the system of internal controls which come to their attention during the course of their audit;
(iv) The regular reporting to the Trustees of matters including potential new risks and regulatory developments which are relevant to the Charities' activities.

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE PREPARATION OF THE ACCOUNTS

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice, including the Statement of Recommended Practice Accounting and Reporting by Charities (FRS102).

Charity and Housing law requires the Trustees to prepare financial statements, for each financial year, which give a true and fair view of the state of affairs of the Charities and of the surplus or deficit of the Charities for that period. In preparing these financial statements, the Trustees are required to:

Select suitable accounting policies and then apply them consistently.

Make judgements and estimates that are reasonable and prudent.

Follow applicable accounting standards, subject to any material departures disclosed and explained in the accounts.

Prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charities will continue to exist.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charities and to enable them to ensure that the accounts comply with the provisions of the Charities Act 2011, the Accounting Direction for Private Registered Providers of Social Housing 2022. They are also responsible for safeguarding the assets of the Charities

and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES

Opinion

We have audited the financial statements of Salisbury City Almshouse and Welfare Charities for the year ended 31 December 2022, which are set out on pages 13 to 34.

These comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement, and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

i) give a true and fair view of the state of the Charities' affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
ii) have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
iii) have been properly prepared in accordance with the requirements of the Housing SORP 2014: Statement of Recommended Practice for Registered Social Housing Providers and comply with the Accounting Direction for Private Registered Providers of Social Housing 2022.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorʼs responsibilities for the audit of the financial statements section of our report. We are independent of the Charities in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charities' ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees' Annual Report, other than the financial statements and our auditorʼs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES (Continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

i) the information given in the financial statements is inconsistent in any material respect with the Trustees' Report; or

ii) sufficient accounting records have not been kept; or iii) the financial statements are not in agreement with the accounting records; or iv) we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement, set out on page 10, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charities' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charities or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorʼs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our audit procedures were designed to provide reasonable assurance that they would detect irregularities, including non-compliance with relevant laws and regulations, and fraud. They included

obtaining an understanding of the Charities' activities and the laws and regulations which are central to their activities, including in particular housing and charity law, both through our knowledge of the sector and discussions with management;
reviewing the Charities' activities and any relevant correspondence for evidence of non-compliance;
assessing the susceptibility of the financial statements to material misstatement in the light of the Charities' control environment, which we assessed to be low;
ensuring that the engagement team had the appropriate competence and capabilities to recognise non-compliance with laws and regulations, through appropriate training and briefings; and that they remained alert to the possiblity of non-compliance throughout the engagement.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councilʼs website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditorʼs report.

Use of our report

This report is made solely to the Trustees, as a body, in accordance with section 128 of the Housing and Regeneration Act 2008, section 144 of the Charities Act 2011 and the regulations under section 154 of that Act. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not assume responsibility to anyone other than the Charities and Trustees as a body, for our audit work, for this report or for the opinions we have formed.

……………………………………………….. FLETCHER & PARTNERS Chartered Accountants and Statutory Auditors

Date: ………………………. Crown Chambers, Bridge Street, Salisbury SP1 2LZ

Fletcher & Partners is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES STATEMENT OF FINANCIAL ACTIVITIES (STATEMENT OF COMPREHENSIVE INCOME) FOR THE YEAR ENDED 31 DECEMBER 2022

Note INCOME FROM Charitable Activities Turnover Residents' contributions 2 Housing Related Support 2 Government grant income 2 Surplus on disposal Donations and legacies Investments 3 Other income Total income EXPENDITURE ON Raising Funds Investment costs 4 Charitable Activities Almshouse operating costs 2 Almshouse management 2 Interest 5 Welfare grants 7 Total expenditure Net income/(expenditure) before gains OTHER GAINS AND LOSSES Realised gains/(losses) on disposal: Investments Unrealised gains/(losses) on revaluation: Investments Investment properties Pension scheme revaluation 15 Net income/expenditure Transfers between funds 18 Net movement in funds Fund balances at 31 December 2021 Fund balances at 31 December 2022	Unrestricted Funds 939,204 72,306 67,291 1,078,801 - 2,265 300,336 24,812 1,406,214 12,309 989,437 310,288 14,884 1,314,609 40,486 1,355,095 1,367,404 38,810 (21,116) (472,292) - 82 (454,516) (25,929) (480,445) 7,921,582 £7,441,137	Restricted Funds 510,707 3,182 - 513,889 - 2,000 103,707 1,449 621,045 - 315,890 52,360 - 368,250 - 368,250 368,250 252,795 (20,237) (145,945) - - 86,613 24,659 111,272 6,734,907 £6,846,179	Endowment Total Total Funds 2022 2021 - 1,449,911 1,350,758 - 75,488 70,845 - 67,291 67,291 - 1,592,690 1,488,894 - - - - 4,265 429 - 404,043 343,345 - 26,261 22,656 - 2,027,259 1,855,324 11,691 24,000 146,779 17,188 1,322,515 1,105,805 - 362,648 339,752 - 14,884 15,011 17,188 1,700,047 1,460,568 - 40,486 21,879 17,188 1,740,533 1,482,447 28,879 1,764,533 1,629,226 (28,879) 262,726 226,098 (78,383) (119,736) 98,430 (465,198) (1,083,435) 1,500,749 55,000 55,000 90,000 - 82 13,416 (517,460) (885,363) 1,928,693 1,270 - - (516,190) (885,363) 1,928,693 8,060,335 22,716,824 20,788,131 £7,544,145 £21,831,461 £22,716,824	Total 2021
				1,350,758 70,845 67,291
				1,488,894 - 429 343,345 22,656
				1,855,324
				146,779
				1,105,805 339,752 15,011
				1,460,568 21,879
				1,482,447
				1,629,226
				226,098 98,430 1,500,749 90,000 13,416
				1,928,693 -
				1,928,693 20,788,131

Approved by the Trustees on.....................................2023 and signed on their behalf

.............................................. T Austreng (Chairman) .............................................. T Clay (Trustee)

.............................................. S Coen (Clerk to the Trustees)

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES BALANCE SHEET AT 31 DECEMBER 2022

	Note	Note	2022	2022	2021
FIXED ASSETS
Assets treated as held on endowment
Almshouse properties		8a		7,484,431	7,287,248
Offices		8b		24,279	25,178
Investment properties		8c		1,545,000	1,490,000
Investments held on endowment		8d		5,289,142	5,835,237
				14,342,852	14,637,663
Assets purchased from income
Investments recouped		9		94,129	102,039
Equipment, furniture,
fixtures and fittings		10		48,273	56,578
Total fixed assets				14,485,254	14,796,280
CURRENT ASSETS
Debtors		11	61,682		48,411
Investments		12	7,275,017		8,082,625
Cash at bank and in hand			2,206,870		2,043,686
			9,543,569		10,174,722
CREDITORS: Amounts falling due
within one year		13	231,115		216,165
Net current assets				9,312,454	9,958,557
Total assets less current liabilities				£23,797,708	£24,754,837
CREDITORS: Amounts falling due
after more than one year		14		1,962,536	2,031,256
PROVISIONS FOR LIABILITIES
AND CHARGES		15		3,711	6,757
				£21,831,461	£22,716,824
CAPITAL AND RESERVES
Capital
Endowment		16	7,450,016		7,958,296
Endowment recouped	9 &	17	94,129		102,039
				7,544,145	8,060,335
Reserves
Restricted funds		18		6,846,179	6,734,907
Unrestricted funds		19		7,441,137	7,921,582
				£21,831,461	£22,716,824
Approved by the Trustees on.....................................2023 and signed				on their behalf
.............................................. T Austreng (Chairman)			.............................................. T Clay (Trustee)
.............................................. S Coen (Clerk		to the Trustees)

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

2022 CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by (used in) operating activities (1) 65,166 CASH FLOWS FROM INVESTING ACTIVITIES Dividend, interest and rents from investments 325,881 Purchase/improvement of housing property (441,753) Purchase of other fixed assets (6,541) Proceeds from the sale of housing property - Purchase of investments (876,014) Proceeds from the sale of investments 1,145,245 Net cash provided by (used in) investing activities 146,818 CASH FLOWS FROM FINANCING ACTIVITIES Interest paid (14,884) Housing Loans repaid (1,289) Net cash provided by (used in) financing activities (16,173) Change in cash and cash equivalents in the reporting period £195,811 Cash and cash equivalents at the beginning of the reporting period £2,120,113 Cash and cash equivalents at the end of the reporting period (2) £2,315,924 NOTES 1. Reconciliation of net income/(expenditure) to net cash flow from operating activities 2022 Net income/(expenditure) for the reporting period (as per the statement of financial activities) (885,363) Adjustments for: Depreciation charges 229,638 (Gains)/losses on investments 1,148,171 Dividend, interest and rents from investments (404,043) Interest paid 14,884 (Increase)/decrease in debtors (13,271) Increase/(decrease) in creditors (21,804) Increase/(decrease) in provisions (3,046) Net cash provided by (used in) operating activities £65,166 2. Analysis of cash and cash equivalents Balance 31.12.22 Cash at bank and in hand 2,206,870 Cash held in investment portfolio 109,054 £2,315,924	2021	2021
	282,599 (657,745) (33,556) - (1,175,212) 1,507,436 (15,011) (1,162)	9,497 (76,478) (16,173)
		(£83,154) £2,203,267
		£2,120,113
		2021 1,928,693 219,990 (1,689,179) (343,345) 15,011 (1,147) (100,907) (19,619)
		£9,497
		Balance 31.12.21
		2,043,686 76,427
		£2,120,113

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022

1. ACCOUNTING POLICIES

a. Basis of Accounting:

(1) Although the Charities are a Registered Provider of Social Housing, they are primarily an endowed almshouse and welfare charity. The Trustees have therefore drawn up the Financial Statements to reflect this. The Charities are a public benefit entity. The accounts are presented in Sterling.

(2) The Financial Statements have been prepared under the historical cost convention, modified by the revaluation of investment assets. They comply with the Accounting Direction for Registered Providers of Social Housing from January 2022, the Housing SORP 2014 (2018 Update), Financial Reporting Standard 102 (FRS 102) the Statement of Recommended Practice on Accounting and Reporting by Charities (FRS 102) and with applicable accounting standards, except where those statements are inconsistent.

The Trustees consider that there are no material uncertainties regarding the Charities' ability to continue as a going concern. Two significant areas of future uncertainty are the performance of investments and the effects of possible social changes on the ease of recruitment of residents.

The Trustees are required to make judgements, estimates and assumptions that are reviewed on an ongoing basis and are based on historical experience and other factors that are considered relevant, including future events that are considered reasonable.

b. Turnover

Turnover represents the contributions receivable from Almshouse Residents towards maintenance and services, plus Government grants towards revenue expenditure.

c. Investment Income and Charitable Grants These form part of the operating income and expenditure of the Charities, and are therefore included in the Operating Surplus or Deficit.

d. Bequests and Donations

Donations for specific purposes are shown in the income and expenditure account and a corresponding transfer is shown to the relevant restricted fund. Donated land is included at the value at the date of donation. Income from these sources is recognised when it is probable that it will be received and when the value can be measured reliably.

e. Land and Buildings:
(1) Almshouses and Offices are stated at cost less accumulated depreciation (see sub-paragraph i below). (2) Investment Properties are stated at market value and are revalued independently every year. Housing properties held as investments are included as investment properties in order to be consistent and to give a true fair view.

f. Government Grants Social housing assistance, previously known as Social Housing Grants and Housing Association Grants (HAG), paid by the Homes and Communities Agency (formerly the Housing Corporation), or the Local Authority, towards the cost of a development, are recognised as income using the accrual model (as the Charities account for their housing properties at cost). The income is recognised over the expected useful life of the housing property structure. Grant income relating to future years is deferred and split between creditors less than and greater than 1 year. The grants could be repayable in the event that the relevant properties were sold. A liability is not recognised in respect of this as the likelihood is remote. The Trustees will provide for a liability in the event of a decision being made to sell one of the properties.

g. 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. Short term, highly liquid investments are accounted for as fixed asset investments. Investment properties are revalued annually.

h. Equipment, Furniture, Fixtures and Fittings (E F F & F) These items (over £500), which are funded from the Charities' income, are capitalised at cost and depreciated over their expected lives. (See also sub-paragraph i. below). Impairment reviews are carried out when there is an indication that an asset's recoverable amount is less than its net book value.

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022 (CONTINUED)

i. Depreciation

Depreciation is charged to write off tangible fixed assets, over their useful economic lives, by equal instalments commencing in the year of acquisition. The following rates are used:

Almshouses and Offices

Almshouses and Offices 2% to 20% Equipment, Furniture, Fixtures and Fittings (EFF&F) 10% to 20%

Depreciation on those parts of the costs of almshouse and office buildings which have been funded from the Charities' endowed capital, in accordance with the applicable Charity Commission Schemes, is charged to the corresponding endowed capital account. It is therefore shown in the Endowment Funds column of the Statement of Financial Activities.

j. Debtors Debtors are measured at the amounts the Charities anticipate they will receive from a debt or the amount they have paid in advance for goods or services.
k. Cash at bank and in hand

Cash at bank and in hand includes cash and cash on deposit.

l. Liabilities

Liabilities are recognised when it is more probable than not that a transfer of economic benefits will be made as a result of past transactions or events, and when the value can be measured reliably. Deferred income represents Housing Association Grant income spread over the life of the properties.

m. Financial Instruments

The Charities only have financial assets and liabilities of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at their settlement value.

n. Endowment Funds

Expenditure charged to endowment funds is shown in the Income and Expenditure Account and transferred to the endowment funds.

o. Cyclical Maintenance and Extraordinary Repairs

The Trustees have established Restricted Funds for Cyclical Maintenance and Extraordinary Repairs in accordance with the provisions of their Charity Commission Schemes. Each year, the Trustees calculate the annual charges under their programme for Cyclical Maintenance and Extraordinary Repairs and include these in the Maintenance Contributions charged to Almshouse Residents.

The income shown in the Income and Expenditure Account includes the element of the Maintenance Contributions relating to the Restricted Funds, and the income on the underlying investments. The expenditure includes costs incurred on Cyclical Maintenance and Extraordinary Repairs. The net amount of the retained surplus or deficit of the Restricted Funds is then deducted from the total surplus for the year to leave the surplus before appropriations.

p. The Blechynden & Brown Almshouse Charity Under the terms of the Charity Commission Scheme dated 6 September 1990, the Blechynden and Brown Almshouse Charity is administered as one of the Salisbury City Almshouse and Welfare Charities, but subject to greater restrictions on the beneficiary group. Following the closure of the first Order for the recoupment of sums spent on the reconstruction of the Blechynden's Almshouses, therefore, the corresponding investment has to continue to be identified separately and the income applied for the benefit of this Charity.

q. Mrs Sarah Hayter's Charity

Under the terms of the Uniting Direction made by the Charity Commissioners, the accounts of Mrs Sarah Hayter's Charity are to be combined with those of the Salisbury City Almshouse & Welfare Charities but the assets and liabilities are to be identified separately. Since the objects of Mrs Sarah Hayter's Charity are within those of the Salisbury City Almshouse & Welfare Charities, its assets and liabilities have been treated as forming a restricted fund.

r. Buchanan Housing Charity

This charity is registered by the Charity Commission within the group registration of the Salisbury City Almshouse and Welfare Charities. Since its objects are within, but more restricted than, those of the Salisbury City Almshouse and Welfare Charities, its assets and liabilities have been treated as forming a restricted fund.

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022

(CONTINUED)

s. Internal Property Fund

This represents the extent to which almshouse buildings have been funded from the Charities' accumulated income (Note 19). Equivalent funds have been established in respect of Mrs Sarah Hayter's Charity and the Buchanan Housing Charity.

t. Almshouse Development and Major Improvement Fund

This consists of accumulated income which has been set aside by the Trustees for the Development and Major Improvement of Almshouses. When work is capitalised and funded from this Reserve (Note 19) an amount equal to the cost is transferred to the Internal Property Fund. Other expenditure charged to this fund is also shown in Note 19.

u. Expenditure

Expenditure is accrued as soon as a liability is considered probable and the amount of the obligation can be reliably measured. Expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all cost related to that category.

Management and Administration Costs

Costs which cannot be attributed directly are apportioned between the management of the almshouses, generation of income and governance of the Charities, according to the time spent by the office staff on the various activities.

v. Pension Costs
Contributions payable to the Charities' defined contribution scheme are charged as expenditure in the period to which they relate.

w. Provisions

Provisions are recognised when the Charities have a present obligation as a result of a past event and it is probable that the Charities will be required to settle the obligation. Provisions are measured at the Trustees' best estimate of the amount required to settle the obligation.

x. Housing Related Support Income and expenditure

Housing Related Support, previously known as Supporting People, income is shown as a separate item within Turnover. Because of the nature of the Charities' activities it is not meaningful separately to identify the related expenditure and it is therefore included in Almshouse Operating Expenditure.

y. Value Added Tax

Irrecoverable Value Added Tax is included with the relevant expenditure.

z. St Mary Magdalen's Hospital and Little Langford Almshouses

This charity and its property were transferred to the Charities by a Charity Commission Scheme dated 4 October 2017. The combination has been accounted for using acquisition accounting because it did not meet the conditions for merger accounting. The assets and liabilities have been treated as forming a restricted fund.

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022 (CONTINUED)

2.1 TURNOVER AND OPERATING COSTS - 2022

a. Turnover and Operating Costs from Almshouses General Needs Turnover Residents' contributions receivable: Maintenance 184,507 Less voids (4,262) Service charges (not eligible for housing benefit): Heating and hot water - Catering - Electricity - Less voids Housing Related Support - Amortised government grants - 180,245 Operating expenditure Services: Heating and hot water 5,221 Services: Catering - Electricity (for communal areas) and water 914 Wardens, cleaners and gardeners - Speech Call Alarm systems - Routine maintenance 9,081 Cyclical maintenance 39,857 Major repairs and improvements 2,494 Building depreciation 49,255 Bad debts - Other costs - 106,822 Management and administration (Note 2b) 38,909 145,731 Operating surplus/(deficit) £34,514	Supported Housing 1,046,811 (30,570) 143,397 96,772 17,905 (4,649) 75,488 67,291 1,412,445 107,445 84,703 92,059 439,724 26,600 111,694 115,956 59,541 164,646 527 12,798 1,215,693 323,739 1,539,432 (£126,987)	2022 Total 1,231,318 (34,832) 143,397 96,772 17,905 (4,649) 75,488 67,291 1,592,690 112,666 84,703 92,973 439,724 26,600 120,775 155,813 62,035 213,901 527 12,798 1,322,515 362,648 1,685,163 (£92,473)	2021 Total
			1,148,504 (39,620) 133,325 94,581 18,422 (4,454) 70,845 67,291
			1,488,894
			86,989 79,124 79,850 405,122 28,863 102,147 60,939 43,456 204,074 1,442 13,799
			1,105,805 339,752
			1,445,557
			£43,337

b. Management and Administration (Support costs)

Staff costs Office expenses Staff training and recruitment Auditors' remuneration (Note 7) Legal and professional fees Insurance National Association of Almshouses costs	Management	Governance 12,673 1,715 - 10,766 - - - £25,154	2022 253,453 34,301 2,546 12,266 4,343 51,579 4,160 £362,648	2021 236,430 30,167 3,741 12,643 9,508 43,263 4,000	2021
	240,780 32,586 2,546 1,500 4,343 51,579 4,160 £337,494
				£339,752

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022 (CONTINUED)

2.2 TURNOVER AND OPERATING COSTS - 2021

a. Turnover and Operating Costs from Almshouses

*Turnover* Residents' contributions receivable: Maintenance Less voids Service charges (not eligible for housing benefit): Heating and hot water Catering Electricity Less voids Housing Related Support Amortised government grants *Operating expenditure* Services: Heating and hot water Services: Catering Electricity (for communal areas) and water Wardens, cleaners and gardeners Speech Call Alarm systems Routine maintenance Cyclical maintenance Major repairs and improvements Building depreciation Bad debts Other costs Management and administration (Note 2b) Operating surplus(deficit)	General Needs 141,193 - - - - - - 141,193 - - 254 - - 5,663 12,198 2,380 39,427 - 8 59,930 23,590 83,520 £57,673	Supported Housing 1,007,311 (39,620) 133,325 94,581 18,422 (4,454) 70,845 67,291 1,347,701 86,989 79,124 79,596 405,122 28,863 96,484 48,741 41,076 164,647 1,442 13,791 1,045,875 316,162 1,362,037 (£14,336)	2021 Total
			1,148,504 (39,620) 133,325 94,581 18,422 (4,454) 70,845 67,291
			1,488,894
			86,989 79,124 79,850 405,122 28,863 102,147 60,939 43,456 204,074 1,442 13,799
			1,105,805 339,752
			1,445,557
			£43,337

b. Management and Administration (Support costs)

Staff costs Office expenses Staff training and recruitment Auditors' remuneration (Note 7) Legal and professional fees Insurance National Association of Almshouses costs	Management 224,608 28,659 3,741 1,500 6,145 43,263 4,000 £311,916	Governance 11,822 1,508 - 11,143 3,363 - - £27,836	2021 236,430 30,167 3,741 12,643 9,508 43,263 4,000
			£339,752

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022

(CONTINUED)

3. INVESTMENT INCOME

Rents receivable from investment properties Income from endowed asset investments Income from current asset listed investments Accumulated income on current asset listed investments Other interest 4. RAISING FUNDS Investment management fees Investment property expenditure 5. INTEREST PAYABLE Interest on Housing Loans (partly repayable in more than five years)	2022 93,388 170,309 43,111 78,049 19,186 £404,043 2022 20,471 3,529 £24,000 2022 £14,884	2021 76,219 165,085 41,385 60,411 245	2021
		£343,345
		2021
		20,489 126,290
		£146,779
		2021 £15,011	2021

6. EMPLOYEE AND TRUSTEE INFORMATION

a. Employee Numbers Office staff Almshouse staff - wardens, cleaners, cooks Buildings Maintenance Officer Total full-time equivalent b. Staff Costs Salaries Social security costs Pension costs	2022	2021 Part time Full time Part time 1 4 1 18 7 18 - 1 - 19 12 19 22 ___ 2022 2021 655,929 621,883 56,178 48,031 30,647 28,477 £742,754 £698,391	2021	2021
	Full time 4 7 1 12 22 ___			Part time 1 18 - 19 2021 621,883 48,031 28,477
				£698,391

There was one employee during the year whose emoluments were in the band £60,000 to £70,000 (2021: one).

The Clerk to the Trustees is the only paid director of the Charities, under the definition given by the Accounting Direction for Private Registered Providers of Social Housing 2022.

The Charities consider their key management personnel to be the Clerk to the Trustees. The total remuneration including pension contributions of £3,279 paid to this employee during the year was £68,859 (2021: £65,706). The Clerk is an ordinary member of the Charities' pension scheme.

c. Trustees' Emoluments

No remuneration was paid to the Trustees of the Charities in 2022 or 2021. Total expenses reimbursed to Trustees for travel and not chargeable to United Kingdom income tax were £Nil (2021: £Nil). A premium of £1,012 (2021: £885) was paid for Trustee Indemnity Insurance.

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022 (CONTINUED)

d. Pension Scheme

The Charities operate a pension scheme on behalf of the employees. The assets of this scheme are held separately from those of the Charities in an independently administered fund. Although this scheme is principally a defined contributions scheme, for certain members it qualifies as a multi-employer defined benefit scheme. As the Charities are unable to identify their share of the assets and liabilities in this part of the scheme, in accordance with FRS 102 it has been accounted for as a defined contribution scheme, but with the inclusion of a provision for the recovery of arrears as shown in Note 15.

Contributions paid in the year were as shown above and amounts payable to the scheme at the end of the year were £Nil (2021: £87).

On the basis of the most recent Triennial actuarial valuation of the scheme in September 2020, the Charities will need to make further contributions to the scheme in relation to past service for three years from 1 April 2022. In accordance with FRS 102 the accounts include a provision for this amount which is shown in Note 15. The Charities contributed £2,964 during 2022 (2021: £6,203).

In the event that the Charities were to withdraw from the Scheme a further contribution would be required which on the basis of the most recent valuation (30 September 2020) would amount to £73,097. This has not been provided for in the accounts as the Trustees consider that withdrawal is improbable.

7. SURPLUS ON ORDINARY ACTIVITIES

This is stated after charging:

Depreciation of almshouse and office buildings Depreciation of other tangible fixed assets Welfare Grants: To individuals To other Charities in the Salisbury area: Physically disabled Vulnerable and homeless Auditors' remuneration: In their capacity as auditors For taxation and other services And after crediting: Grants received from William Botley Charity Management fees charged to William Botley Charity Salisbury City Educational and Apprenticing Charity	2022 £214,792 £14,846 27,886 10,000 2,600 £40,486 10,766 1,500 £12,266 £8,877 £330 £90	2021 £204,964	2021
		£15,026
		19,237 - 2,642
		£21,879
		11,143 1,500
		£12,643
		£10,297 £450 £180

The Trustees of William Botley Charity and Salisbury City Educational and Apprenticing Charity are all comprised of Trustees of Salisbury City Almshouse and Welfare Charities.

The Charities are not required by statute to prepare group accounts, except in as much as these accounts include those of the subsidiary charities which are shown as restricted funds. The Charities have no parent undertaking.

In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements and some tax compliance.

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022 (CONTINUED)

8. FIXED ASSETS

a. Housing Properties

Mrs Sarah Buchanan Hayter's Housing General Charity Charity Cost At 1 January 2022 7,560,792 957,000 1,971,329 Additions 87,098 - - Transfer - At 31 December 2022 7,647,890 957,000 1,971,329 Depreciation At 1 January 2022 2,767,387 401,933 513,420 Charge for the year 146,926 19,140 39,427 At 31 December 2022 2,914,313 421,073 552,847 Net book value At 31 December 2022 £4,733,577 £535,927 £1,418,482 At 1 January 2022 £4,793,405 £555,067 £1,457,909 These properties consisted of the following categories of accommodation: 31 December 2022 Sheltered housing 178 11 - Wardens' houses 5 - - General needs housing: In use 5 - 24 Under construction/renovation - - - 188 11 24 31 December 2021 Sheltered housing 178 11 - Wardens' houses 5 - - General needs housing: In use - - 24 Under construction/renovation 5 - - 188 11 24	St Mary Magdalen's Hospital 514,467 323,978 - 838,445 33,600 8,400 42,000 £796,445 £480,867 - - 1 5 6 - - - 6 6	Total
		11,003,588 411,076 -
		11,414,664
		3,716,340 213,893
		3,930,233
		£7,484,431
		£7,287,248
		189 5 - 30 5
		229
		189 5 - 24 11
		229

All housing properties are held freehold, except for certain properties held by the Buchanan Housing Charity on very long leases (more than 500 years remaining). The net book value of these leasehold properties at 31 December 2022 was £269,920 (2021: £279,560) and the depreciation charged on them during the year was £9,640 (2021: £9,640).

b. Offices - Freehold Land and Buildings

Cost At 1 January 2022 and 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 1 January 2022	Total
	44,960
	19,782 899
	20,681
	£24,279
	£25,178

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022 (CONTINUED)

8. FIXED ASSETS (CONTINUED)

c. Investment Properties - Freehold Land and Buildings

Investment Properties - Freehold Land and Buildings
Valuation as at 1 January 2022 Unrealised gains/(losses) on revaluation Valuation as at 31 December 2022	Three Shops 840,000 55,000 £895,000	Two Houses 650,000 - £650,000	Total
			1,490,000 55,000
			£1,545,000

These properties were valued as at 31 December 2022 and 31 December 2021 by Messrs Woolley & Wallis, Chartered Surveyors, on the basis of open market value. Their historic costs are not known. The valuers are considered to be independent of the Charities.

d. Fixed Asset Investments

Blechynden General and Brown Endowment Almshouse Fund Charity Market value at 1 January 2022 5,821,299 10,787 Additions 564,723 - Disposals (643,106) - Investment income accumulated - - Investment management fees (11,691) - Unrealised gains/(losses) on revaluation (454,401) (1,254) Market value at 31 December 2022 £5,276,824 £9,533 Historic cost: At 31 December 2022 £4,061,022 £6,198 At 31 December 2021 £4,047,760 £6,198 The market value at 31 December 2022 was made up as follows: Charitable common investment funds 2,011,720 9,533 Listed investments: UK fixed interest 278,809 - UK equities 2,967,874 - Cash 18,421 - £5,276,824 £9,533 9. ENDOWMENTS RECOUPED Blechynden Investments held in Charitable and Brown Common Investment Funds Almshouse Charity Market value at 1 January 2022 27,697 Capital recouped (Note 17) 70 Unrealised gains/(losses) on revaluation (2,493) Market value at 31 December 2022 £25,274 Historic cost: At 31 December 2022 £12,593 At 31 December 2021 £12,523	Mrs Sarah Hayter's Charity 3,151 - - - - (366) £2,785 £1,622 £1,622 2,785 - - - £2,785 Mrs Sarah Hayter's Charity 74,342 1,200 (6,687) £68,855 £26,569 £25,369	Total
		5,835,237 564,723 (643,106) - (11,691) (456,021)
		£5,289,142
		£4,068,842
		£4,055,580
		2,024,038 278,809 2,967,874 18,421
		£5,289,142
		Total
		102,039 1,270 (9,180)
		£94,129
		£39,162
		£37,892

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022

(CONTINUED)

10. OTHER FIXED ASSETS

Equipment, Furniture, Fixtures and Fittings

OTHER FIXED ASSETS Equipment, Furniture, Fixtures and Fittings
Cost As at 1 January 2022 Additions Disposals As at 31 December 2022 Depreciation As at 1 January 2022 Charge for the year Disposals As at 31 December 2022 Net Book Value At 31 December 2022 At 1 January 2022	Almshouses 227,097 6,541 - 233,638 180,978 10,922 - 191,900 £41,738 £46,119	Offices 58,643 - - 58,643 48,184 3,924 - 52,108 £6,535 £10,459	Total
			285,740 6,541 -
			292,281
			229,162 14,846 -
			244,008
			£48,273
			£56,578

It is estimated that the office equipment is used 50% for the support of direct charitable work and 50% for the management and administration of the Charities.

11. DEBTORS Residents' contributions in arrears Other debtors Prepayments	2022 6,208 6,515 48,959 £61,682	2021 4,456 6,062 37,893	2021
		£48,411

12. CURRENT ASSET INVESTMENTS

Buchanan Housing Charity Market value at 1 January 2022 517,377 Additions 79,555 Disposals - Income accumulated - Investment management fees - Other movement in cash - Unrealised gains/(losses) (47,662) Market value at 31 December 2022 £549,270 Historic cost: At 31 December 2022 £326,688 At 31 December 2021 £247,133 The market value at 31 December 2022 was made up Common Investment Funds 549,270 Listed investments: Equities - Fixed interest Cash - £549,270	St Mary Magdalen's Hospital 680,015 - (288,983) - - - (39,493) £351,539 £267,207 £488,312 as follows: 351,539 - £351,539	General Extraordinary Unrestricted Repair Fund Fund 4,877,224 2,008,009 230,466 - (332,237) - 3,504 74,658 (8,780) - 52,446 - (472,292) (58,790) £4,350,331 £2,023,877 £4,164,509 £1,538,855 £4,181,895 £1,464,197 2,279,658 2,023,877 1,614,208 365,832 90,633 - £4,350,331 £2,023,877	Total
			8,082,625 310,021 (621,220) 78,162 (8,780) 52,446 (618,237)
			£7,275,017
			£6,297,259
			£6,381,537
			5,204,344 1,614,208 365,832 90,633
			£7,275,017

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022 (CONTINUED)

13. CREDITORS: Amounts falling due within one year

Housing loans Residents' contributions received in advance Rents received in advance Other creditors Deferred income - Government grants Accruals	2022 1,429 5,387 2,205 86,609 67,291 68,194 £231,115	2021 1,289 3,437 1,140 97,940 67,291 45,068	2021
		£216,165

14. CREDITORS: Amounts falling due after more than one year

CREDITORS: Amounts falling due after more than one year
Housing loans for: Gloucester House (interest rate 11.375%) Trinity Hospital (interest rate 9.5%) Deferred income - Government grants	2022 74,298 65,035 1,823,203 £1,962,536	2021 75,135 65,627 1,890,494	2021
		£2,031,256

The loans are secured on the respective developments and have fixed rates of interest. They are repayable, by half-yearly instalments, over 60 years until 2044 (Gloucester House) and 2049 (Trinity Hospital).

The total amount repayable after more than five years was Deferred income Brought forward at 1 January 2022 Released in the year Deferred in the year Carried forward at 31 December 2022 15. PROVISIONS FOR LIABILITIES AND CHARGES Brought forward pension liability at 1 January 2022 Unwinding of the discount factor Deficit contribution paid Impact of change in assumption and contribution schedule Carried forward pension liability at 31 December 2022	£131,885 2022 1,957,784 (67,291) - £1,890,493 2022 6,757 55 (2,964) (137) £3,711	£134,045	£134,045
		2021 2,025,075 (67,291) -	2021
		£1,957,784
		2021 26,376 63 (6,203) (13,479)	2021
		£6,757

As mentioned in Note 6d, the Charities pension scheme is accounted for as a defined contribution scheme but a provision has been included for the past service element payable with the aim of eliminating the deficit on the scheme. The amount recognised is the present value of contributions payable that result from the terms of the agreement.

Income and expenditure impact Unwinding of the discount factor Impact of change in assumption and contribution schedule Assumptions Rate of discount

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022

(CONTINUED)

16.1 ENDOWED CAPITAL - 2022 Balance as at 1 January 2022 Transfer of assets Depreciation of buildings Investment management fees Investment income accumulated Realised losses on disposal of investments Unrealised gains on revaluation of investment properties Unrealised losses on investments Balance as at 31 December 2022 *16.2* *ENDOWED CAPITAL - 2021* Balance as at 1 January 2021 Transfer of assets Depreciation of buildings Investment management fees Investment income accumulated Realised gains on disposal of investments Unrealised gains on revaluation of investment properties Unrealised gains on investments Balance as at 31 December 2021	Blechynden General and Brown Endowment Almshouse Fund Charity 7,523,159 10,787 - - (7,588) - (11,691) - - - (78,383) - 55,000 - (454,398) (1,254) £7,026,099 £9,533 Blechynden General and Brown Endowment Almshouse Fund Charity 6,802,750 9,442 - - (7,588) - (11,679) - 174 - 36,755 - 90,000 - 612,747 1,345 £7,523,159 £10,787	Mrs Sarah St Mary Hayter's Magdalen's Charity Hospital 37,950 386,400 - - (1,200) (8,400) - - - - - - - - (366) - £36,384 £378,000 Mrs Sarah St Mary Hayter's Magdalen's Charity Hospital 38,757 394,800 - - (1,200) (8,400) - - - - - - - - 393 - £37,950 £386,400	2022 Total
			7,958,296 - (17,188) (11,691) - (78,383) 55,000 (456,018)
			£7,450,016
			2021 Total
			7,245,749 - (17,188) (11,679) 174 36,755 90,000 614,485
			£7,958,296

17. ENDOWED CAPITAL TO BE RECOUPED

The Charity Commissioners ordered that sums expended on the reconstruction of Blechynden's and Mrs Sarah Hayter's Almshouses should be recouped from income to capital. Two recoupment orders are now in force:

are now in force:
(i) On 5 March 1980, for £70 per year for 60 years to 2040, to generate (ii) On 1 June 2000, for £1,200 per year for 50 years to 2050, to generate Capital recouped is held in Charitable Common Investment Funds (Note 9).	20,037 60,000
	£80,037

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022

(CONTINUED)

18.1 RESTRICTED FUNDS - 2022

SCAWC
Mrs Sarah
Buchanan
St Mary
Almshouse
Hayter's
Housing
Magdalen's
Charities
Charity
Charity
Hospital
(Note 18.3a) (Note 18.3b) (Note 18.3c) (Note 18.3d)
Contributions from residents
290,562
73,932
144,537
4,858
Investment income
70,467
4,783
14,335
14,122
Other income
-
1,449
-
-
Legacies and donations
2,000
-
-
-
Expenditure
(160,461)
(78,766)
(119,334)
(9,689)
Net income
202,568
1,398
39,538
9,291
Realised losses on investments
-
-
-
(20,237)
Unrealised losses on investments
(46,010)
(2,739)
(57,285)
(39,911)
Net movement in funds before transfers
156,558
(1,341)
(17,747)
(50,857)
Transfer from unrestricted funds
25,859
-
-
-
Endowed capital recouped
-
(1,200)
-
-
Balance at1 January 2022
2,698,772
423,268
2,589,514
1,023,353
Balance at 31 December 2022
£2,881,189
£420,727
£2,571,767
£972,496
The fund balances include the following unrealised gains/(losses):
As at 31 December 2022
(£46,010)
(£2,739)
(£57,285)
(£39,911)
As at 1 January 2022
£137,207
£8,169
£100,420
£90,512

2022
Total
513,889
103,707
1,449
2,000
(368,250)
252,795
(20,237)
(145,945)
86,613
25,859
(1,200)
6,734,907
£6,846,179
(£145,945)
£336,308

The transfer to restricted funds consists of additional contributions to the extraordinary repair fund of £25,859 (2021: £40,060) reflecting expenditure on boilers and environmental energy schemes.

18.2 RESTRICTED FUNDS - 2021

Contributions from residents Investment income Other income Legacies and donations Expenditure Net income Realised gains on investments Unrealised gains on investments Net movement in funds before transfers Transfer from unrestricted funds Endowed capital recouped Balance at 1 January 2021 Balance at 31 December 2021	SCAWC Almshouse Charities (Note 18.4a) 274,498 45,833 - - (92,336) 227,995 - 137,207 365,202 40,060 - 2,293,510 £2,698,772	Mrs Sarah Hayter's Charity (Note 18.4b) 73,840 2,815 1,427 - (61,458) 16,624 - 8,169 24,793 - (1,200) 399,675 £423,268	Buchanan Housing Charity (Note 18.4c) 141,194 9,588 - - (83,598) 67,184 - 100,420 167,604 - - 2,421,910 £2,589,514	St Mary Magdalen's Hospital (Note 18.4d) - 12,864 - - - 12,864 - 90,512 103,376 - - 919,977 £1,023,353	2021 Total
					489,532 71,100 1,427 - (237,392)
					324,667 - 336,308
					660,975 40,060 (1,200) 6,035,072
					£6,734,907

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022 (CONTINUED)

18.3 RESTRICTED FUNDS (continued)

a. SCAWC Almshouse Charities - 2022

Contributions from residents Investment income accumulated Legacies and donations Expenditure Net income Transfer from Unrestricted Funds Unrealised gains/(losses) on investments Net movement in funds Balance at 1 January 2022 Balance at 31 December 2022	Specific Cyclical Extraordinary Almshouse Maintenance Repair Funds Fund Fund - 180,623 109,939 - 5,940 64,527 2,000 - - - (111,218) (49,243) 2,000 75,345 125,223 - - 25,859 - - (46,010) 2,000 75,345 105,072 6,655 533,574 2,158,543 £8,655 £608,919 £2,263,615	Total 290,562 70,467 2,000 (160,461) 202,568 25,859 (46,010) 182,417 2,698,772 £2,881,189

b. Mrs Sarah Hayter's Charity - 2022

Contributions from residents Investment income Other income Expenditure Net income Unrealised gains on investments Endowed capital recouped Loan from SCAWC repaid Net movement in funds Balance at 1 January 2022 Balance at 31 December 2022	Cyclical Extraordinary General Maintenance Repair Fund Fund Fund 50,051 16,808 7,073 83 663 4,037 1,449 - - (47,174) (9,905) (3,747) 4,409 7,566 7,363 - - (2,739) (1,200) - - (12,000) - - (8,791) 7,566 4,624 46,861 62,972 148,463 £38,070 £70,538 £153,087	Property Fund - - - (17,940) (17,940) - - 12,000 (5,940) 164,972 £159,032	Total 73,932 4,783 1,449 (78,766) 1,398 (2,739) (1,200) - (2,541) 423,268 £420,727

c. Buchanan Housing Charity - 2022

Contributions from residents Investment income Expenditure Net income Realised gains on investments Unrealised gains on investments Additions of housing property Net movement in funds Balance at 1 January 2022 Balance at 31 December 2022	Cyclical Extraordinary General Maintenance Repair Fund Fund Fund 110,858 20,464 13,215 380 1,132 12,823 (32,480) (39,856) (7,572) 78,758 (18,260) 18,466 - - - (47,662) - (9,623) - - - 31,096 (18,260) 8,843 635,914 112,092 383,597 £667,010 £93,832 £392,440	Property Fund - - (39,426) (39,426) - - - (39,426) 1,457,911 £1,418,485	Total 144,537 14,335 (119,334) 39,538 - (57,285) - (17,747) 2,589,514 £2,571,767

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022 (CONTINUED)

18.3 RESTRICTED FUNDS (continued)

d. St Mary Magdalen's Hospital - 2022

Contributions from residents Investment income Expenditure Net income Transfer from General Fund Realised losses on investments Unrealised losses on investments Net movement in funds Balance at 1 January 2022 Balance at 31 December 2022	Extraordinary General Repair Fund Fund 4,858 - 11,510 2,612 (9,689) - 6,679 2,612 (323,978) - (20,237) - (39,493) (418) (377,029) 2,194 613,793 315,093 £236,764 £317,287	Property Fund - - - - 323,978 - - 323,978 94,467 £418,445	Total 4,858 14,122 (9,689) 9,291 - (20,237) (39,911) (50,857) 1,023,353 £972,496

18.4 RESTRICTED FUNDS - 2021

a. SCAWC Almshouse Charities - 2021

Contributions from residents Investment income accumulated Expenditure Net income Transfer from Unrestricted Funds Unrealised gains/(losses) on investments Net movement in funds Balance at 1 January 2021 Balance at 31 December 2021	Specific Almshouse Funds - - - - - - - 6,655 £6,655	Cyclical Maintenance Fund 169,624 55 (52,415) 117,264 - - 117,264 416,310 £533,574	Extraordinary Repair Fund 104,874 45,778 (39,921) 110,731 40,060 137,207 287,998 1,870,545 £2,158,543	Total
				274,498 45,833 (92,336)
				227,995 40,060 137,207
				405,262 2,293,510
				£2,698,772

b. Mrs Sarah Hayter's Charity - 2021

Contributions from residents Investment income Other income Expenditure Net income Unrealised gains on investments Endowed capital recouped Loan from SCAWC repaid Net movement in funds Balance at 1 January 2021 Balance at 31 December 2021	Cyclical Extraordinary General Maintenance Repair Fund Fund Fund 50,981 15,992 6,867 81 6 2,728 1,427 - - (43,475) (790) 747 9,014 15,208 10,342 - - 8,169 (1,200) - - (12,000) - - (4,186) 15,208 18,511 51,047 47,764 129,952 £46,861 £62,972 £148,463	Property Fund - - - (17,940) (17,940) - - 12,000 (5,940) 170,912 £164,972	Total
			73,840 2,815 1,427 (61,458)
			16,624 8,169 (1,200) -
			23,593 399,675
			£423,268

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022 (CONTINUED)

18.4 RESTRICTED FUNDS - 2021 (continued)

c. Buchanan Housing Charity - 2021

Contributions from residents Investment income Expenditure Net income Realised gains on investments Unrealised gains on investments Additions of housing property Net movement in funds Balance at 1 January 2021 Balance at 31 December 2021	Cyclical Extraordinary General Maintenance Repair Fund Fund Fund 109,149 19,471 12,574 5 14 9,569 (29,594) (12,198) (2,380) 79,560 7,287 19,763 - - - 71,723 - 28,697 - - - 151,283 7,287 48,460 484,631 104,805 335,137 £635,914 £112,092 £383,597	Property Fund - - (39,426) (39,426) - - - (39,426) 1,497,337 £1,457,911	Total
			141,194 9,588 (83,598)
			67,184 - 100,420 -
			167,604 2,421,910
			£2,589,514

d. St Mary Magdalen's Hospital - 2021

Contributions from residents Investment income Expenditure Net income Transfer from General Fund Unrealised gains on investments Net movement in funds Balance at 1 January 2021 Balance at 31 December 2021	Extraordinary General Repair Fund Fund - - 12,415 449 - - 12,415 449 (54,171) - 89,266 1,246 47,510 1,695 566,283 313,398 £613,793 £315,093	Property Fund - - - - 54,171 - 54,171 40,296 £94,467	Total
			- 12,864 -
			12,864 - 90,512
			103,376 919,977
			£1,023,353

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022 (CONTINUED)

19.1 UNRESTRICTED FUNDS - 2022

Surplus on unrestricted funds Income credited to designated funds Expenditure charged to designated funds Almshouse improvements Depreciation of almshouses Almshouse developments Recoupment of boilers and capital Repayment of housing loans Repayment of loan to Sarah Hayter's Charity Appropriation of surplus/(deficit) Realised gains/(losses) on investments Unrealised gains/(losses) on investments Pension scheme gains/(deficit) Pension transfer Net movement in funds Balance at 1 January 2022 Balance at 31 December 2022	Almshouse Development Internal and Property Improvement Fund Fund - - 25,672 - - (72,946) - 87,097 (87,097) - - 1,289 - (12,000) 12,000 - 59,588 - (21,116) - (472,292) (3,686) 3,440 (486,931) 2,862,651 4,705,688 £2,866,091 £4,218,757	General Fund 38,810 (25,672) - 72,946 - (25,929) (1,289) - (59,588) - - 82 3,686 3,046 353,243 £356,289	Total
			38,810 - - - - (25,929) - - - (21,116) (472,292) 82 -
			(480,445) 7,921,582
			£7,441,137

19.2 UNRESTRICTED FUNDS - 2021

Surplus on unrestricted funds Income credited to designated funds Expenditure charged to designated funds Almshouse improvements Depreciation of almshouses Almshouse developments Recoupment of boilers Repayment of housing loans Repayment of loan to Sarah Hayter's Charity Appropriation of surplus Realised gains/(losses) on investments Unrealised gains/(losses) on investments Pension scheme gains Pension deficit transfer Net movement in funds Balance at 1 January 2021 Balance at 31 December 2021	Internal Property Fund - - (63,118) 653,347 - 1,162 (12,000) - - - 579,391 2,283,260 £2,862,651	Almshouse Development and Improvement Fund - 22,441 - - (653,347) - - 12,000 (70,491) 61,675 534,893 (6,203) (99,032) 4,804,720 £4,705,688	General Fund (69,876) (22,441) - 63,118 - (40,130) (1,162) - 70,491 - - 13,416 6,203 19,619 333,624 £353,243	Total
				(69,876) - - - (40,130) - - - 61,675 534,893 13,416 -
				499,978 7,421,604
				£7,921,582

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022 (CONTINUED)

20.1 ANALYSIS OF NET ASSETS BETWEEN FUNDS - 2022

Fixed Assets Almshouses Offices Investment properties Investments E F F & F Current asset investments Other current assets Current liabilities Long term liabilities Loan to Mrs Sarah Hayter's Charity Provisions	Unrestricted Funds 3,802,767 24,031 - - 48,273 3,875,071 4,350,331 1,069,807 (231,115) (1,962,536) 343,295 (3,711) £7,441,142	Restricted Funds 3,066,506 - - - - 3,066,506 2,924,686 1,198,281 - - (343,295) - £6,846,178	Endowment Funds 615,158 248 1,545,000 5,383,271 - 7,543,677 - 464 - - - - £7,544,141	Total 7,484,431 24,279 1,545,000 5,383,271 48,273 14,485,254 7,275,017 2,268,552 (231,115) (1,962,536) - (3,711) £21,831,461

The loan to Mrs Sarah Hayter's Charity was provided from the Unrestricted Funds of the Salisbury City Almshouse and Welfare Charities to enable the almshouses owned by Mrs Sarah Hayter's Charity to be rebuilt. It is interest-free and is being repaid out of the income of Mrs Sarah Hayter's Charity.

20.2 ANALYSIS OF NET ASSETS BETWEEN FUNDS - 2021

Fixed Assets Almshouses Offices Investment properties Investments E F F & F Current asset investments Other current assets Current liabilities Long term liabilities Loan to Mrs Sarah Hayter's Charity Provisions 21. CAPITAL COMMITMENTS As at Balance Sheet date the Charities had	Unrestricted Restricted Funds Funds 3,938,873 2,716,038 24,921 - - - - - 56,578 - 4,020,372 2,716,038 4,877,224 3,205,401 922,869 1,168,763 (216,165) - (2,031,256) - 355,295 (355,295) (6,757) - £7,921,582 £6,734,907 commitments as follows:	Endowment Funds 632,337 257 1,490,000 5,937,276 - 8,059,870 - 465 - - - - £8,060,335	Total
			7,287,248 25,178 1,490,000 5,937,276 56,578
			14,796,280 8,082,625 2,092,097 (216,165) (2,031,256) - (6,757)
			£22,716,824

Contracted for but not provided in the accounts:	2022 2021 £0 £8,266	2021

SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2022 (CONTINUED)

22. PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES

Note *INCOME FROM* *Charitable Activities* *Turnover* Residents' contributions 2 Housing Related Support 2 Government grant income 2 Surplus on disposal *Donations and legacies* *Investments* 3 *Other income* Total income *EXPENDITURE ON* *Raising Funds* Investment costs 4 *Charitable Activities* Almshouse operating costs 2 Almshouse management 2 Interest 5 Welfare grants 7 Total expenditure *Net income/(expenditure) before gains* *OTHER GAINS AND LOSSES* *Realised gains/(losses) on disposal:* Investments *Unrealised gains/(losses) on revaluation:* Investments Investment properties Pension scheme liability *Net income/expenditure* Transfers between funds 18 *Net movement in funds* Fund balances at 1 January 2021 *Fund balances at 31 December 2021*	Unrestricted Funds 864,367 67,704 67,291 999,362 - 429 272,071 21,229 1,293,091 135,100 893,894 297,083 15,011 1,205,988 21,879 1,227,867 1,362,967 (69,876) 61,675 534,893 - 13,416 540,108 (40,130) 499,978 7,421,604 £7,921,582	Restricted Funds 486,391 3,141 - 489,532 - - 71,100 1,427 562,059 - 194,723 42,669 - 237,392 - 237,392 237,392 324,667 - 336,308 - - 660,975 38,860 699,835 6,035,072 £6,734,907	Endowment Funds - - - - - - 174 - 174 11,679 17,188 - - 17,188 - 17,188 28,867 (28,693) 36,755 629,548 90,000 - 727,610 1,270 728,880 7,331,455 £8,060,335	Total 2021
				1,350,758 70,845 67,291
				1,488,894 - 429 343,345 22,656
				1,855,324
				146,779
				1,105,805 339,752 15,011
				1,460,568 21,879
				1,482,447
				1,629,226
				226,098 98,430 1,500,749 90,000 13,416
				1,928,693 -
				1,928,693 20,788,131
				£22,716,824