DocuSign Envelope ID: 3A7FBF77-0BB0-42E2-A482-0C3B53EFD4CE
Charity number: 202211
MARSHALL'S CHARITY, WELNEY
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
DocuSign Envelope ID: 3A7FBF77-0BB0-42E2-A482-0C3B53EFD4CE
MARSHALL'S CHARITY, WELNEY
| CONTENTS | |
|---|---|
| Page | |
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 24 |
DocuSign Envelope ID: 3A7FBF77-0BB0-42E2-A482-0C3B53EFD4CE
MARSHALL'S CHARITY, WELNEY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022
| Trustees | Mr S Booth, Chairman |
|---|---|
| Mr K Goodger, Deputy Chairman | |
| The Bishop of Ely | |
| Rector of St Mary's | |
| Mr M Barker | |
| Mr D Carter | |
| Mr P Clabon | |
| Miss S Gaylor | |
| Mr A Giles (resigned 8 December 2022) | |
| Dr V Pratley | |
| Mr A B Singleterry | |
| Ms D Lowry (appointed 2 March 2023) | |
| Charity registered number 202211 Principal office The Beeches 79 Ely Road Little Downham Ely Cambridgeshire CB6 2NS Clerk Mrs J Millard Accountants Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Listed Investment Manager CCLA Investment Management Senator House 85 Queen Victoria Street London EC4V 4ET Investment Property Manager Abbotts Countrywide 16 Bridge Street Downham Market Norfolk PE38 9DH Professional Property Valuers Brown & Co The Fair Ways Great North Road Wyboston Bedfordshire MK44 3AL |
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MARSHALL'S CHARITY, WELNEY
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their annual report together with the financial statements of Marshall's Charity, Welney for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity’s trust deed, the Charities Act 2011 and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102.
OBJECTIVES AND CHARITABLE ACTIVITIES FOR THE PUBLIC BENEFIT
The Charity was set up for the following charitable purposes:
Maintenance and provision of almshouses for poor widows
The Charity owns and maintains 4 almshouses for the benefit of poor widows who are resident within the combined areas of administration of the East Cambridgeshire District Council, the Fenland District Council and King’s Lynn and West Norfolk Borough Council, with a preference for poor widows who are resident in the Parish of Welney.
In return, the widows are required to contribute a weekly sum towards the cost of maintaining the almshouses, providing essential services and utilities.
Achievements
During the year, all four properties were occupied, yielding weekly contributions amounting to £12,406 (2021: £8,073). The total cost of maintaining and servicing the almshouses during the year was £17,383 (2021: £13,530).
Under the Scheme, the Trustees may establish a Cyclical Maintenance Fund to cover routine costs of maintaining and repairing the almshouses and other property belonging to the Charity. During the year, £3,000 (2021: £3,000) was transferred to the Cyclical Maintenance Fund.
The Scheme requires the Trustees to establish and maintain an Extraordinary Repair Fund to cover the extraordinary repair, improvement or rebuilding of the almshouses and other property belonging to the Charity. Transfers to this fund must amount to at least £120 per annum. During the year, £300 (2021: £300) was transferred to this fund.
Financial support to poor widows resident in the parish of Welney
The Scheme requires one-third of any surplus income generated by the Charity to be set aside for the benefit of poor widows resident in the parish of Welney.
Achievements
The Charity distributed £10,540 (2021: £10,460) to poor widows during the year. A total of 16 widows (2021: 16) were supported by the Charity.
Financial support to the Parochial Church Council of the Ecclesiastical Parish of Welney
The Scheme requires one-third of any surplus income generated by the Charity to be set aside for the benefit of the Parochial Church Council. Any funds provided are to fund the maintenance and repair of the church, church yard, fences, gates, and the heating and cleaning of the church.
Achievements
The Charity distributed £16,011 (2021: £11,476) to the Parochial Church Council.
Discretionary financial support to the inhabitants of the Parish of Welney
The Scheme requires one-third of any surplus income generated by the Charity to be set aside for the benefit of the inhabitants of the Parish of Welney. The number, timing and size of grants are at the discretion of the Trustees.
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MARSHALL'S CHARITY, WELNEY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
Achievements
In 2022, three discretionary grants were made to individuals totalling £564 (2021: £265). The Charity made three discretionary grant to institutions totalling £4,545 (2021: one grant totalling £734).
Public Benefit Statement
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
INVESTMENT POLICY AND PERFORMANCE
Investment policy
The financial objective of the Trustees when selecting investments is to achieve strong long-term returns (targeting CPI+5% per annum on average), volatility no greater than 75% of stock market volatility and to achieve a reliable, progressively rising annual distribution.
The Trustees invest in a diverse range of assets classes, with bias towards overseas equities, UK equities and property.
The Trustees avoid investments with weak environmental, social and governance (ESG) credentials. Indeed, the Trustees do not invest in companies that generate more than 10% of their revenue from the extraction and/or refining of oil and gas.
Investment performance
The policy above is achieved by investing in the following assets.
COIF Charities Investment Fund
This fund is invested in a diverse range of assets, principally property and shares to achieve long-term growth. The fund’s strategy is aligned with the Trustees’ Investment Policy.
During the year, the value of the portfolio fell by £70,176 (2021: increased by £115,871) owing to increases in interest rates and the slowing global economy.
Land at Bells Drove, Gold Hill and Lady Fen
The Charity owns and leases 209 acres of agricultural land. Management of the land is performed in house.
During the year, rental income amounted to £43,641 (2021: £43,641). Costs associated with the land amounted to £2,655 (2021: £2,312).
Residential property (Downham Market)
The Charity owns and leases (through Abbotts Countrywide) two properties in Downham Market: 2 Heather Court and 11 Piebald Close.
During the year, rental income totalling £17,577 (2021: £16,680) was generated. Abbotts’ professional fees and property maintenance costs totalled £4,728 (2021: £4,178).
GRANT MAKING POLICY
Discretionary grants are awarded based on the following criteria:
-
Beneficiaries must be inhabitants of the Parish of Welney.
-
The grant must have the widest possible benefit to the inhabitants of Welney.
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MARSHALL'S CHARITY, WELNEY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
RISK MANAGEMENT
The Trustees consider that the main risks facing the Charity are as follows:
Fall in value of investments
The Trustees believe that volatility in the value of the COIF Charities Investment Fund constitutes the most significant financial risk to the Charity. This risk is mitigated by having experienced fund managers and regular trustee oversight.
Non payment of rent
Failure of the tenants to pay rent would result in a material fall in income. This risk is mitigated through regular contact with tenants, helping to ensure that any circumstances causing non payment of rent are addressed promptly.
Safeguarding
Many of the beneficiaries of the Charity are elderly, particularly the tenants of the almshouses. There is a risk that the Charity fails to take reasonable steps to safeguard them. This risk is mitigated through regular safeguarding reviews at Trustees' meetings and, where deemed necessary, the solicitation of independent professional advice.
Ineffective grants
The Trustees consider that the most significant operational risk is providing grants that fail to further the charitable objectives of the Charity. This is mitigated by careful due diligence and, where deemed proportionate, regular monitoring.
Non-compliance with laws and regulations
The Charity is required to comply with laws and regulations, such as the Charities Act 2011 and let property regulations. A breach of these regulations could be detrimental to the reputation of the Charity. The Trustees mitigate this risk by consulting external professionals with knowledge of these laws and regulations.
RESERVES POLICY
The Trustees aim to maintain free reserves in unrestricted funds at a level equating to approximately 12 months of expenditure. The Trustees consider that this level will provide sufficient resources and time to enable the Trustees to respond to a sudden adverse shock on the operations of the Charity, minimising the impact on beneficiaries. The Trustees consider that 12 months is sufficient given the discretion they have over grant making, historic profitability of the activities performed by the Charity and the relatively short time period required to realise investments.
The cost of running the Charity for a year is estimated to be £50,000. Free reserves (unrestricted funds less designated funds and funds tied up in almshouses, Downham Market properties and land) equated to £649,791. The Trustees are investigating ways to align reserves with the target level, such as increasing awareness of the Charity's offering using social media and amending the governing document to encompass more beneficiaries.
FUNDRAISING PRACTICES
The Charity does not actively engage in fundraising and does not employ or engage professional fundraisers. Therefore, the Charity is not registered with the Fundraising Regulator. However, this will be reviewed should fundraising activities increase in the future. In any case, the Charity is committed to avoiding any intrusive fundraising practices and will never pressurise potential donors.
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MARSHALL'S CHARITY, WELNEY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
FINANCIAL REVIEW
Total income from charitable activities (almshouses contributions) amounted to £12,406 (2021: £8,073). Income from fundraising activities (rent from residential property and agricultural land) amounted to £61,473 (2021: £60,323). Other income (wayleaves) amounted to £370 (2021: £370).
Expenditure on charitable activities (chiefly maintenance of the almshouses and grants to widows and the Church) amounted to £66,457 (2021: £41,768). Expenditure on raising funds (cost of administering and maintaining the agricultural land and residential properties) amounted to £24,867 (2021: £13,791).
The loss on revaluation of the investments was £70,176 (2021: £283,531 gain).
The gain on revaluation of property, plant and equipment (PPE) was £nil (2021: £110,000).
Before investment gains, a deficit of £17,075 arose (2021: £13,207 surplus). After losses on investments, the overall deficit was £87,251 (2021: £406,738 surplus).
At the end of the reporting period, the Charity had net assets totalling £3,052,901 (2021: £3,140,152). Cash at bank and in hand amounted to £62,328 (2021: £78,487).
Unrestricted general funds amounted to £2,947,291 (2021: £3,008,875). The Cyclical Maintenance Fund totalled £35,629 (2021: £42,522). The Extraordinary Repair Fund totalled £600 (2021: £300). The Widows Fund totalled £20,243 (2021: £27,021). The Church Fund totalled £Nil (2021: £10,947). The Public Purpose Fund totalled £49,138 (2021: £50,487). For details on the purposes of these funds, please see note 18.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
PLANS FOR THE FUTURE
The Trustees plan to invest in promoting greater awareness of the Charity. Potential steps in the short-term include making better use of social media and developing a dedicated website.
The Trustees will also continue to seek grant-giving opportunities to support the inhabitants of the Parish of Welney.
The Trustees will continue with their overhaul of the Charity's governance. An important part of this is the conversion to a Charitable Incorporated Organisation (CIO) with wider objectives. Converting to a CIO with wider objectives and an updated constitution will enable the Charity to have a greater impact on its beneficiaries.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Structure
The Charity was created on 8 August 1904 by the lodging of a sealed deed with the Board of the Charity Commissioners. This was duly registered on 26 June 1906. The Charity’s current governing document is a Scheme dated 7 February 1986 as amended on 21 January 1998.
Trustees
The Scheme requires the Board of Trustees to comprise 11 trustees: two Ex-officio Trustees, four Nominative Trustees and five Co-optative Trustees.
The Ex-officio Trustees are the The Lord Bishop of Ely and The Rector of the Ecclesiastical Parish of Welney for
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MARSHALL'S CHARITY, WELNEY
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
the timebeing and by virtue of their respective offices.
Nominative Trustees are appointed by Welney Parish Council. Each appointment is for a term of four years. The appointments may be (but need not be) members of the Council.
Co-optative Trustees are persons who (through residence, occupation, employment or otherwise) have special knowledge of the parish of Welney. Every further Co-optative Trustee is appointed for a term of five years by a resolution of the Trustees passed at a special meeting.
No person is entitled to act as a Trustee, whether on a first or on any subsequent entry into the office, until after signing in the minute book a declaration of acceptance and of willingness to act in the trusts of the Scheme.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Mr S Booth (Chair of Trustees)
Date: 17/10/2023
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MARSHALL'S CHARITY, WELNEY
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MARSHALL'S CHARITY, WELNEY ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2022.
RESPONSIBILITIES AND BASIS OF REPORT
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
17 October 2023 Signed: Dated: Mrs K Bretherick FCA PETERS ELWORTHY & MOORE Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA
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MARSHALL'S CHARITY, WELNEY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note INCOME FROM: Charitable activities 4 Investments 5 Other income 6 TOTAL INCOME EXPENDITURE ON: Raising funds 7 Charitable activities 8 TOTAL EXPENDITURE NET (EXPENDITURE)/INCOME BEFORE NET (LOSSES)/GAINS ON INVESTMENTS Net (losses)/gains on investments 15 NET MOVEMENT IN FUNDS BEFORE OTHER RECOGNISED GAINS OTHER RECOGNISED GAINS: Gains on revaluation of fixed assets NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2022 £ 12,406 61,473 370 74,249 24,867 66,457 91,324 (17,075) (70,176) (87,251) - (87,251) 3,140,152 (87,251) 3,052,901 |
Total funds 2022 £ 12,406 61,473 370 74,249 24,867 66,457 91,324 (17,075) (70,176) (87,251) - (87,251) 3,140,152 (87,251) 3,052,901 |
Total funds 2021 £ 8,073 60,323 370 |
|---|---|---|---|
| 68,766 | |||
| 13,791 41,768 |
|||
| 55,559 | |||
| 13,207 283,531 |
|||
| 296,738 110,000 |
|||
| 406,738 | |||
| 2,733,414 406,738 |
|||
| 3,140,152 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 10 to 24 form part of these financial statements.
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MARSHALL'S CHARITY, WELNEY
BALANCE SHEET AS AT 31 DECEMBER 2022
| Note FIXED ASSETS Tangible assets 13 Investments 15 Investment property 14 CURRENT ASSETS Debtors: amounts falling due after more than one year 16 Debtors: amounts falling due within one year 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 NET CURRENT ASSETS TOTAL NET ASSETS CHARITY FUNDS Unrestricted funds Designated funds 18 General funds 18 Total unrestricted funds 18 TOTAL FUNDS |
2,000 1,000 62,328 65,328 (19,997) 105,610 2,947,291 |
2022 £ 300,000 710,070 1,997,500 3,007,570 45,331 3,052,901 3,052,901 3,052,901 |
3,000 1,068 78,487 82,555 (19,849) 131,277 3,008,875 |
2021 £ 300,000 779,946 1,997,500 |
|---|---|---|---|---|
| 3,077,446 62,706 |
||||
| 3,140,152 3,140,152 |
||||
| 3,140,152 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mr S Booth
(Chair of Trustees)
Date: 17/10/2023
The notes on pages 10 to 24 form part of these financial statements.
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MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. GENERAL INFORMATION
Marshall's Charity, Welney is an unincorporated charity registered in England and Wales. Its registered office is The Beeches, 79 Ely Road, Little Downham, Ely, Cambridgeshire, CB6 2NS.
2. ACCOUNTING POLICIES
2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Marshall's Charity, Welney meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 GOING CONCERN
The Trustees have assessed the Charity's forecast income and expenditure over the next 12 months. Based on this assessment, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
2.3 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.4 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Clerk's fees and expenses are allocated on the basis of time spent.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs associated with managing the agricultural land, Downham Market residential properties and the COIF Charities Investment Fund.
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MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. ACCOUNTING POLICIES (CONTINUED)
2.4 EXPENDITURE (CONTINUED)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 INTEREST RECEIVABLE
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.
Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, the Charity may need to estimate fair value using an income or depreciated replacement cost approach.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
- Freehold property Not depreciated as residual value of almshouses is estimated to be in excess of carrying value.
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MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2. ACCOUNTING POLICIES (CONTINUED)
2.7 INVESTMENTS
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
2.8 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 LIABILITIES
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.11 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Valuation of investment properties and almshouses
The investment properties and almshouses have been professionally valued by Brown & Co. The valuation has been made in accordance with the RICS Valuation - Global Standards and complies with International Valuation Standards and the UK National Supplement.
Many assumptions have to be made when valuing the agricultual land, residential properties and almshouses owned by the Charity, including rental yields and the condition of the properties. At the end of the reporting period, the carrying value of these assets amounted to £2,297,500 (2021: £2,297,500).
4. INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted funds 2022 £ Tenant contributions towards maintenance of almshouses 12,406 TOTAL 2021 8,073 |
Total funds 2022 £ 12,406 8,073 |
Total funds 2021 £ 8,073 |
|---|---|---|
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MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
5. INVESTMENT INCOME
| Unrestricted funds 2022 £ Land income - Bells Drove 1,060 Land income - Gold Hill 2,279 Land income - Lady Fen 40,302 Heather Court 9,300 Piebald Close 8,277 Interest 255 61,473 TOTAL 2021 60,323 |
Total funds 2022 £ 1,060 2,279 40,302 9,300 8,277 255 61,473 60,323 |
Total funds 2021 £ 1,060 2,279 40,302 9,300 7,380 2 |
|---|---|---|
| 60,323 | ||
6. OTHER INCOMING RESOURCES
| Wayleaves TOTAL 2021 |
Unrestricted funds 2022 £ 370 370 |
Total funds 2022 £ 370 370 |
Total funds 2021 £ 370 |
|---|---|---|---|
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DocuSign Envelope ID: 3A7FBF77-0BB0-42E2-A482-0C3B53EFD4CE
MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
7. EXPENDITURE ON RAISING FUNDS
COSTS OF RAISING VOLUNTARY INCOME
| Unrestricted funds 2022 £ Piebald Close management fees 1,246 Heather Court management fees 1,018 Piebald Close repairs and maintenance 1,694 Heather Court repairs and maintenance 770 Advertising - Clerk's fees 4,529 Clerk's expenses 30 Trustees' meetings 316 Accountancy and examination fees 2,780 Professional fees 12,042 Insurance 442 Land maintenance costs - 24,867 TOTAL 2021 13,791 |
Total funds 2022 £ 1,246 1,018 1,694 770 - 4,529 30 316 2,780 12,042 442 - 24,867 13,791 |
Total funds 2021 £ 1,088 1,600 76 1,414 150 2,446 20 337 1,000 2,982 366 2,312 |
|---|---|---|
| 13,791 | ||
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DocuSign Envelope ID: 3A7FBF77-0BB0-42E2-A482-0C3B53EFD4CE
MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Summary by fund type
| Unrestricted funds 2022 £ Provision and maintenance of almshouses 29,568 Support of poor widows 12,283 Support of Welney Church 17,754 Support of inhabitants of Welney 6,852 66,457 TOTAL 2021 41,768 |
Total 2022 £ 29,568 12,283 17,754 6,852 66,457 41,768 |
Total 2021 £ 17,240 10,991 12,007 1,530 |
|---|---|---|
| 41,768 | ||
9. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Provision and maintenance of almshouses Support of poor widows Support of Welney Church Support of inhabitants of Welney TOTAL 2021 |
Activities undertaken directly 2022 £ 17,383 - - - 17,383 13,530 |
Grant funding of activities 2022 £ - 10,540 16,011 5,109 31,660 22,935 |
Support costs 2022 £ 12,185 1,743 1,743 1,743 17,414 5,303 |
Total funds 2022 £ 29,568 12,283 17,754 6,852 66,457 41,768 |
Total funds 2021 £ 17,240 10,991 12,007 1,530 |
|---|---|---|---|---|---|
| 41,768 | |||||
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DocuSign Envelope ID: 3A7FBF77-0BB0-42E2-A482-0C3B53EFD4CE
MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF DIRECT COSTS
| Depreciation Insurance Almshouses water Almshouses repairs and maintenance Subscriptions Council tax Legal and professional fees Inspections Almshouses electricity Almshouses Careline TOTAL 2021 |
Provision and maintenance of almshouses 2022 £ - 529 654 7,430 146 - 5,164 - 2,698 762 17,383 13,530 |
Total funds 2022 £ - 529 654 7,430 146 - 5,164 - 2,698 762 17,383 13,530 |
Total funds 2021 £ 6,000 481 814 1,798 142 651 - 290 2,710 644 |
|---|---|---|---|
| 13,530 |
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DocuSign Envelope ID: 3A7FBF77-0BB0-42E2-A482-0C3B53EFD4CE
MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
9. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF SUPPORT COSTS
| Clerk's fees Clerk's expenses Trustees' meetings Accountancy and examination fees Legal and professional fees TOTAL 2021 |
Provision and maintenance of almshouses 2022 £ 3,169 21 219 1,946 6,830 12,185 3,710 |
Support of poor widows 2022 £ 453 3 32 278 977 1,743 531 |
Support of Welney Church 2022 £ 453 3 32 278 977 1,743 531 |
Support of inhabitants of Welney 2022 £ 453 3 32 278 977 1,743 531 |
Total funds 2022 £ 4,528 30 315 2,780 9,761 17,414 5,303 |
Total funds 2021 £ 2,446 20 337 1,000 1,500 |
|---|---|---|---|---|---|---|
| 5,303 | ||||||
10. ANALYSIS OF GRANTS
| Grants, Support of poor widows Grants, Support of Welney Church Grants, Support of inhabitants of Welney TOTAL 2021 |
Grants to Institutions 2022 £ - 16,011 4,545 20,556 12,210 |
Grants to Individuals 2022 £ 10,540 - 564 11,104 10,725 |
Total funds 2022 £ 10,540 16,011 5,109 31,660 22,935 |
Total funds 2021 £ 10,460 11,476 999 |
|---|---|---|---|---|
| 22,935 | ||||
The Charity has made the following material grants to institutions during the year:
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DocuSign Envelope ID: 3A7FBF77-0BB0-42E2-A482-0C3B53EFD4CE
MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
10. ANALYSIS OF GRANTS (CONTINUED)
| NAME OF INSTITUTION Welney Residents Users Group (RUG) Parochial Church Council of the Ecclesiastical Parish of Welney Welney Playing Field Charity Royal British Legion |
2022 £ 1,105 16,011 3,420 20 20,556 |
2021 £ 734 11,476 - - |
|---|---|---|
| 12,210 |
11. INDEPENDENT EXAMINER'S REMUNERATION
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Independent examination | 2,200 | 2,000 |
| Fees payable to the Charity's independent examiner in respect of: | ||
| Preparation of financial statements | 1,100 | 1,000 |
12. TRUSTEES' REMUNERATION AND EXPENSES
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 December 2022, the Charity paid £677 (2021: £629) to hire rooms and provide refreshments for Trustees' meetings.
During the year, expenses totalling £150 were reimbursed or paid directly to 1 Trustee (2021 - £341 reimbursed to 1 Trustee). The expenses reimbursed related to provision of Christmas hampers to residents of the almshouses.
13. TANGIBLE FIXED ASSETS
| VALUATION At 1 January 2022 At 31 December 2022 |
Almshouses £ 300,000 |
|---|---|
| 300,000 |
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DocuSign Envelope ID: 3A7FBF77-0BB0-42E2-A482-0C3B53EFD4CE
MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
13. TANGIBLE FIXED ASSETS (CONTINUED)
The valuation has been performed by Brown & Co. The valuation has been made in accordance with the RICS Valuation - Global Standards and complies with International Valuation Standards and the UK National Supplement.
The carrying amount under the cost model of the assets which have been revalued would have been £NIL (2021 - £NIL).
14. INVESTMENT PROPERTY
| VALUATION At 1 January 2022 At 31 December 2022 |
Land and residential property £ 1,997,500 |
|---|---|
| 1,997,500 |
The valuation has been performed by Brown & Co. The valuation has been made in accordance with the RICS Valuation - Global Standards and complies with International Valuation Standards and the UK National Supplement.
15. FIXED ASSET INVESTMENTS
| VALUATION At 1 January 2022 Additions Revaluations AT 31 DECEMBER 2022 |
Listed investments £ 779,946 300 (70,176) |
|---|---|
| 710,070 |
The investments are held in the CCLA COIF Charities Investment Fund.
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DocuSign Envelope ID: 3A7FBF77-0BB0-42E2-A482-0C3B53EFD4CE
MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
16. DEBTORS
| DUE AFTER MORE THAN ONE YEAR Other debtors DUE WITHIN ONE YEAR Trade debtors Prepayments and accrued income |
2022 £ 2,000 2022 £ 547 453 1,000 |
2021 £ 3,000 |
|---|---|---|
| 2021 £ 531 537 |
||
| 1,068 |
Other debtors due after more than one year represents a loan to Welney Parish Council to fund a new footpath. The original loan amounted to £7,000. Annual repayments are £1,000. The loan is interest free.
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Accruals and deferred income Deferred income at 1 January 2022 Resources deferred during the year Amounts released from previous periods |
2022 £ 875 19,122 19,997 2022 £ 13,222 13,257 (13,222) 13,257 |
2021 £ 403 19,446 |
|---|---|---|
| 19,849 | ||
| 2021 £ 13,222 13,222 (13,222) |
||
| 13,222 |
Deferred income represents wayleaves and investment property rental income received in advance.
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DocuSign Envelope ID: 3A7FBF77-0BB0-42E2-A482-0C3B53EFD4CE
MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
18. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTED FUNDS DESIGNATED FUNDS Cyclical Maintenance Fund Extraordinary Repair Fund Widows Fund Church Fund Public Purpose Fund GENERAL FUNDS General Fund TOTAL UNRESTRICTED FUNDS |
Balance at 1 January 2022 £ 42,522 300 27,021 10,947 50,487 131,277 3,008,875 3,140,152 |
Income £ - - - - - - 74,249 74,249 |
Expenditure £ (9,893) - (10,540) (16,011) (5,110) (41,554) (49,770) (91,324) |
Transfers in/out £ 3,000 300 3,762 5,064 3,761 15,887 (15,887) - |
Gains/ (Losses) £ - - - - - - (70,176) (70,176) |
Balance at 31 December 2022 £ 35,629 600 20,243 - 49,138 |
|---|---|---|---|---|---|---|
| 105,610 | ||||||
| 2,947,291 | ||||||
| 3,052,901 |
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DocuSign Envelope ID: 3A7FBF77-0BB0-42E2-A482-0C3B53EFD4CE
MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
18. STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
| UNRESTRICTED FUNDS DESIGNATED FUNDS Cyclical Maintenance Fund Extraordinary Repair Fund Widows Fund Church Fund Public Purpose Fund GENERAL FUNDS General Fund TOTAL UNRESTRICTED FUNDS |
Balance at 1 January 2021 £ 51,412 - 26,534 11,476 40,539 129,961 2,603,453 2,733,414 |
Income £ - - - - - - 68,766 68,766 |
Expenditure £ (11,890) - (10,460) (11,476) (999) (34,825) (20,734) (55,559) |
Transfers in/out £ 3,000 300 10,947 10,947 10,947 36,141 (36,141) - |
Gains/ (Losses) £ - - - - - - 393,531 393,531 |
Balance at 31 December 2021 £ 42,522 300 27,021 10,947 50,487 |
|---|---|---|---|---|---|---|
| 131,277 | ||||||
| 3,008,875 3,140,152 |
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DocuSign Envelope ID: 3A7FBF77-0BB0-42E2-A482-0C3B53EFD4CE
MARSHALL'S CHARITY, WELNEY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
General Fund
These are funds that have not been designated for specific purposes by the Trustees. The Trustees are free to use these funds to further the objectives of the Charity as they see fit.
Cyclical Maintenance Fund
This fund has been established to finance the routine maintenance and repair of the almshouses and other property held by the Charity.
Extraordinary Repair Fund
This fund has been established to finance the extraordinary repair, improvement or rebuilding of the almshouses and other property belonging to the Charity.
Widows Fund
This fund houses surplus income earmarked for payment to poor Widows residing in the parish of Welney. The transfer to this fund equates to one-third of surplus income generated during the accounting period.
Church Fund
This fund houses surplus income earmarked for payment to the Parochial Church Council. The transfer includes one-third of surplus income generated during the accounting period and a transfer from the general fund to clear the deficit.
Public Purpose Fund
This fund contains surplus income to fund grants to the inhabitants of the parish of Welney. The transfer to this fund equates to one-third of surplus income generated during the accounting period.
19. RELATED PARTY TRANSACTIONS
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2022.
Page 24