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2021-03-31-accounts

Charity registration number: 202400

THE HOME OF DEVENISH

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Chartered Accountants

THE HOME OF DEVENISH

CONTENTS

Reference and Administrative Details 1
Trustees' Report 2 to 4
Independent Auditors' Report 5 to 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 16

THE HOME OF DEVENISH

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Registration Number 202400
Trustees Mrs D M Ludlow
Captain J B Harvey LVO RN
Lady Malbon
Mr J Tate BA ACA
Mr S Jacobs
General Manager Mrs Lesley Turner
Registered Address Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
Advisors:
Bankers Barclays Bank
10 South Street
Dorchester
Dorset
DT1 1BT
Auditor Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
DORCHESTER
Dorset
DT1 1HA
Investment Managers Investec
2 Poole Road
Bournemouth
Dorset
BH1 2BW

THE HOME OF DEVENISH

TRUSTEES' REPORT

The trustees present the annual report together with the financial statements and auditors' report of the charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's scheme, the Charities Act 2011, and Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS102) applicable in the UK and Republic of Ireland published in October 2019.

Objectives and activities for the public benefit

The objects of the charity are to provide almshouses for almspeople and to provide income which is to be used for the day to day expenses of the properties and incidental administration expenses and should provide for an extraordinary repair fund. Income can also be used for the benefit of the almspeople while they reside in the almshouses, or for donations to other institutions or organisations which provide assistance for those qualifies under the terms of the Scheme provided that no money is applied in relief of public funds.

The almspeople shall be women from the following class of persons who are disadvantaged by reason of financial hardship and are members of Christian churches in the United Kingdom;

From 17 October 1991, following approval from the Charity Commission, the charity may apply income not required by the 16 May 1961 Scheme in paying by way of donation or subscription to institutions or organisations who undertake to provide services or facilities for the benefit of persons qualified under the 16 May 1961 Scheme.

The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

Achievements and performance

All the properties are currently occupied. We have an applicant who has already been interviewed and is on the waiting list for when a property becomes available. Other completed application forms have been received and interviews will be held when restrictions allow.

Thirteen kitchens are still to be refurbished when these properties are vacant between residents. No other major repairs are due to be undertaken at present.

A total of £209,276 (2020- £240,008) was spent on almshouses costs (note 5) and £20,000 (2020- £50,000) on donations (note 7) in furtherance of the charitable objects.

Financial review

The charity is mainly financed through income arising from its endowment assets. Investment income for the year was £279,295 (2020- £287,119), donations of £610 were also received and total expenditure was £272,155 (2020- £332,086). As a result, the charity's net surplus for the year was £7,750 compared with a deficit of £44,967 for the previous year.

The net gain on investments in the year was £2,601,243. Investments sold in the period achieved a gain of £237,506 whilst there was an unrealised gain on the revaluation of investments of £2,363,737. The net movement in funds was a surplus of £2,608,993 (2020- £1,104,029 deficit), with total funds standing at £13,247,351 at 31 March 2021.

The current impact of Covid on the general economy may decrease investment income and value in the coming twelve months but the charity has adequate reserves to continue as a going concern.

THE HOME OF DEVENISH

TRUSTEES' REPORT

Investment policy

The investment policy for the charity is a balanced return from an income and capital growth objective, over the longer term, with a medium risk profile being appropriate. Medium risk is defined as having an appetite for asset classes which are subject to a degree of volatility including, but not limited to, equities, bonds and alternatives. No single holding should, under normal circumstances, account for more than 7.5% of the total portfolio value. Where abnormal circumstances necessitate exposure to a single holding in excess of 7.5% the Trustees will be provided with an appropriate investment rationale at the time the holding is established or when an existing holding breaches this limit. This does not apply to cash. All of the investments, under normal market conditions, will have daily liquidity unless agreed otherwise with the trustees.

The Trustees are aware that the investment income fluctuates and there is recourse to capital if necessary. Bearing in mind that historically capital growth has been ahead of income the Trustees may, from time to time, consider using total return from income and capital growth when assessing the level of expenditure they make each year. As such, there is no specific income target. There are no liabilities and the investment time horizon is in excess of 10 years.

The Trustees wish to ensure that their investments are managed by their appointed investment manager to take into account Environmental, Social and Governance (ESG) considerations. To this end, the investment manager should have in place a policy for responsible investing and sustainability and the Trustees expect that these are taken into account when managing the investment portfolio on their behalf.

The investment portfolio is managed on a discretionary basis in line with the stated investment policy whilst there are no specific investment restrictions. The appropriate performance measurement benchmark will be agreed with the trustees and discussed at each review meeting.

The investment policy is reviewed regularly by the Trustees and the appointed investment manager to ensure it remains appropriate on an ongoing basis.

Reserves Policy

The trustees have examined the charity's requirements for reserves in light of major risks to the organisation. Since endowment funds are expendable at the trustees' discretion, should the need arise, the trustees consider that there is no need to accumulate reserves an d are satisfied the charity has sufficient resources to continue in operation for the foreseeable future.

At 31 March 2021, unrestricted funds totalled £434,506. After allowing for funds invested in tangible fixed assets of £428,700, the free reserves of the charity are £5,806. Since expenditure broadly equates with income, the trustees consider this to be sufficient.

The extraordinary repair fund is maintained in order to comply with the requirements of the Charity Commission Scheme and at 31 March 2021 stood at £2,811. In the event of any major extraordinary repair costs arising, endowment investments would be liquidated, so the trustees consider this level to be sufficient for their purposes.

The endowment fund balance of £12,810,034 at 31 March 2021 represents the unexpended element of the original capital assets bequeathed under the will of John Herbert Clark Devenish. Income arising on the endowment assets is unrestricted and finances the charity's activities. As the fund is expendable, assets may be liquidated to provide for any shortfall in income funds or to finance major works in accordance with the charity's objects.

Plans for future periods

The trustees intend to continue to provide almshouses for almspeople in accordance with the charity's objects and become Net Zero by 2030.

THE HOME OF DEVENISH

TRUSTEES' REPORT

Structure, governance and management

Nature of governing document

The Home of Devenish is a registered charity (no 202400) founded by the Will of John Herbert Clark Devenish. The charity is regulated by a scheme approved by the Charity Commission on 16 May 1961. It is governed by trustees. As at 31 March 2021 there were five trustees. Trustees shall be not less than three, nor more than five competent persons appointed for five years by resolution of the Trustees. No formal induction or training procedures for new trustees is considered necessary.

The charity is a member of the Almshouse Association.

The trustees have assess the major risks to which the charity is exposed, in particular those which related to the operations and finances of the charity and are satisfied that systems are in place to mitigate exposure to the major risks.

Statement of trustees' responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities 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 the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.

The annual report was approved by the trustees of the charity on 4 November 2021 and signed on its behalf by:

Mr J Tate BA ACA Trustee

THE HOME OF DEVENISH

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HOME OF DEVENISH

Opinion

We have audited the financial statements of The Home of Devenish (the 'charity') for the year ended 31 March 2021, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including significant accounting policies. 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 Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s 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 charity's 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 annual report, other than the financial statements and our auditor’s 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.

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: .

THE HOME OF DEVENISH

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HOME OF DEVENISH

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 4), 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 the trustees 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 charity's 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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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 auditor’s 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

THE HOME OF DEVENISH

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HOME OF DEVENISH

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity trustees, as a body, in accordance with Part 4 of the Charities (accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Ian Carrington (Senior Statutory Auditor) For and on behalf of Edwards & Keeping, Statutory Auditor

Unity Chambers 34 High East Street DORCHESTER Dorset DT1 1HA

11 November 2021

Edwards and Keeping is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

THE HOME OF DEVENISH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Note
Income and Endowments from:
Donations and legacies
2
Investment income
3
Total income
Expenditure on:
Charitable activities:
Donations paid
4
Almshouse costs
5
Investment management
costs
Total expenditure
Gains/losses on investment
assets
10
Net income/(expenditure)
Gross transfers between
funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
15		 Unrestricted
funds
£
610
279,295
279,905
-
(20,000)
(209,276)
-
(229,276)
-
50,629
(44,232)
6,397
428,109
434,506		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
2,811
2,811		 Endowment
funds
£
-
-
-
-
-
-
(42,879)
(42,879)
2,601,243
2,558,364
44,232
2,602,596
10,207,438
12,810,034		 Total
2021
£
610
279,295
279,905
-
(20,000)
(209,276)
(42,879)
(272,155)
2,601,243
2,608,993
-
2,608,993
10,638,358
13,247,351		 (As
restated)
Total
2020
£
-
287,119
287,119
-
(50,000)
(240,008)
(42,078)
(332,086)
(1,059,062)
(1,104,029)
-
(1,104,029)
11,742,387
10,638,358

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 15.

THE HOME OF DEVENISH

(REGISTRATION NUMBER: 202400) BALANCE SHEET AS AT 31 MARCH 2021

Note
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Investments
Cash at bank and in hand
12
Creditors: Amounts falling due within one year
13
Net current assets
Net assets
Funds of the charity:
Endowment funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
15		 2021
£
428,700
12,472,753
12,901,453
2,399
258,260
102,427
363,086
(17,188)
345,898
13,247,351
12,810,034
2,811
434,506
13,247,351		 (As restated)
2020
£
428,700
9,542,002
9,970,702
4,314
612,723
79,030
696,067
(28,411)
667,656
10,638,358
10,207,438
2,811
428,109
10,638,358

The financial statements on pages 8 to 16 were approved by the trustees, and authorised for issue on 4 November 2021 and signed on their behalf by:

Mr J Tate BA ACA Trustee

THE HOME OF DEVENISH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared 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) (published October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Charity has applied Update Bulletin 1 as published 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS102 section A.

Basis of preparation

The Home of Devenish 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 notes.

The financial statements are presented in sterling which is the functional currency of the Charity, and rounded to the nearest pound.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income

All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt, and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. Income, which is almost entirely unrestricted, is derived from dividends, interest from quoted securities and deposit accounts and includes any related tax recoverable. No expenses are netted off income.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Expenditure includes VAT which cannot be recovered , and is reported as part of the expenditure to which it relates.

Investment management costs are charged against endowment funds. Whilst the Charity Commission Scheme requires expenses to be first defrayed from income, the trustees believe this treatment gives a true and fair view.

Charitable activities

Charitable expenditure represents all costs incurred identifiable as wholly or mainly in support of the charity's objects. It includes donations payable, costs directly incurred in maintaining the almshouse premises and related support and governance costs. Donations payable are payments made to qualifying third parties in the furtherance of the charitable objects of the charity. Governance costs include expenditure incurred in the governance of the charity's assets and compliance with constitutional and statutory requirements.

THE HOME OF DEVENISH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Tangible fixed assets

Almshouses are stated at cost and no depreciation is provided. This represents a departure from accounting standards. It is, however, the charity's policy to maintain its freehold property in such condition that it is not impaired by the passage of time and the trustees believe that the residual value of the freehold property is greater than the book value. Any depreciation on the freehold property would, in the opinion of the trustees, be immaterial due to the long life of the assets.

Fixed asset investments

Investments are initially recognised at their transaction value and subsequently measured at market value at the balance sheet date using the closing quoted market price. The statement of financial activities includes all unrealised gains or losses arising on revaluation together with net realised gains or losses on the disposal of investments.

Realised gains and losses are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the market price at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.

Fund structure

Unrestricted fund: The accumulated income fund represents income from fixed asset investments and is applied for financing the administration and day to day running costs of the charity. This fund may at the discretion of the trustees be expended for capital purposes.

Restricted fund: The 1961 Scheme requires an extraordinary repair fund to be set aside out of income to provide for future extraordinary repair, improvement or rebuilding of the almshouses belonging to the charity. The amount to be set aside is at the discretion of the trustees.

Endowment fund: The endowment fund represents the unexpected value of the original endowment gifted under the Charity Commission 1961 Scheme. This fund includes all subsequent gains and losses, both realised and unrealised arising from fixed asset investments. the endowment fund is expendable at the discretion of the trustees and may be applied for the general objects of the charity.

2 Income from donations and legacies

Donations and legacies;
Donations from individuals		 Unrestricted
funds
General
£
610		 Total
2021
£
610		 Total
2020
£
-

THE HOME OF DEVENISH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

3 Investment income

Unrestricted funds

Interest receivable and similar income;
Interest receivable on bank deposits
Other interest receivable
Other income from fixed asset investments
4
Donations
The amount awarded in the year comprises:
Officers' Association
Church of England Pensions Board
5
Almshouse Costs
Premises costs
Gardening
Light, Heat and Power
Life Line Rental
Council Tax
Insurance
Repairs - Routine / Internal
Repairs - External and Painting
Repairs - Extraordinary
Support costs
Staff costs (note 8)
Legal and Professional
Advertising and website costs
Sundry expenses
Auditor’s remuneration		 General
£
24
38
279,233
279,295		 Total
2021
£
24
38
279,233
279,295
Total
2021
£
10,000
10,000
20,000
Total
2021
£
33,604
30,537
4,590
45,341
8,371
16,475
9,219
207
148,344
50,061
1,212
2,300
1,597
5,762
60,932
209,276		 Total
2020
£
701
-
286,418
287,119
Total
2020
£
25,000
25,000
50,000
Total
2020
£
34,819
23,465
4,590
45,139
8,366
19,070
5,074
24,859
165,382
60,849
1,476
4,466
2,248
5,587
74,626
240,008

THE HOME OF DEVENISH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6 Auditors' remuneration

The auditor's remuneration constituted an audit fee of £4,000 (2020: £4,000) and additional accounts and payroll work amounting to £1,762 (2020: £1,587).

7 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses from the charity during the year.

8 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Pension costs		 2021
£
49,550
511
50,061		 2020
£
60,492
357
60,849

No employee received remuneration in excess of £60,000 during the year. The average number of employees during the year was 2 (2020 - 3) with all employee time involved in providing support to the governance of the charity or support services to charitable activities.

The total employee benefits of the key management personnel of the Charity were £Nil (2020 - £Nil).

9 Tangible fixed assets

Cost
At 1 April 2020
At 31 March 2021
Depreciation
At 1 April 2020
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Freehold
Almshouses
£
428,700
428,700
-
-
428,700
428,700		 Total
£
428,700
428,700
-
-
428,700
428,700

No depreciation is provided on almshouse properties. For insurance purposes almshouse properties are valued at £3,884,676 (rebuild costs), The Trustees indicative value of the Properties is in the region of £5m.

THE HOME OF DEVENISH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10 Fixed asset investments

Market Value
At 1 April 2020
Additions
Disposals
Revaluation
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020
11 Debtors
Income tax recoverable
Prepayments
12 Cash at bank and in hand
Petty cash
Cash at bank
Extraordinary fund account
13 Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals		 Unlisted
investments
£
9,542,002
2,481,511
(1,914,497)
2,363,737
12,472,753
12,472,753
9,542,002
2021
£
-
2,399
2,399
2021
£
245
99,371
2,811
102,427
2021
£
807
2,737
2,704
10,940
17,188		 Unlisted
investments
£
9,542,002
2,481,511
(1,914,497)
2,363,737
12,472,753
12,472,753
9,542,002
2021
£
-
2,399
2,399
2021
£
245
99,371
2,811
102,427
2021
£
807
2,737
2,704
10,940
17,188		 Total
£
9,542,002
2,481,511
(1,914,497)
2,363,737
12,472,753
12,472,753
9,542,002
(As restated)
2020
£
1,968
2,346
12,472,753
12,472,753
9,542,002
2021
£
-
2,399
2,399
2021
£
245
99,371
2,811
102,427
2021
£
807
2,737
2,704
10,940
17,188
4,314
2020
£
14
76,205
2,811
79,030
2020
£
14,231
3,108
2,792
8,280
28,411

14 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £Nil (2020 - £Nil).

THE HOME OF DEVENISH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

15 Funds

Unrestricted funds
General
Restricted funds
Endowment funds
Expendable

Total funds

Unrestricted funds
General
Restricted funds
Endowment funds
Expendable

Total funds
 (Restated)
Balance at
1 April
2020
£
428,109
2,811
10,207,438
10,638,358
(Restated)
Balance at
1 April
2019
£
453,072
2,811
11,286,504
11,742,387		 Incoming
resources
£
279,905
-
-
279,905
Incoming
resources
£
287,119
-
-
287,119		 Resources
expended
£
(229,276)
-
(42,879)
(272,155)
Resources
expended
£
(290,008)
-
(42,078)
(332,086)		 Transfers
£
Other
recognised
gains/(losses)
£
(44,232)
-
-
-
44,232
2,601,243

-
2,601,243

Transfers
£
Other
recognised
gains/(losses)
£
(22,074)
-
-
-
22,074
(1,059,062)

-
(1,059,062)
 (Restated)
Balance at
31 March
2021
£
434,506
2,811
12,810,034
13,247,351
(Restated)
Balance at
31 March
2020
£
428,109
2,811
10,207,438
10,638,358

16 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
428,700
-
22,994
(17,188)
434,506		 Restricted
funds
£
-
-
2,811
-
2,811		 Endowment
funds
Expendable
£
-
12,472,753
337,281
-
12,810,034		 Total funds
£
428,700
12,472,753
363,086
(17,188)
13,247,351

The restricted income fund comprises of monies set aside by the trustees for extraordinary repairs, as required by the Charity Commission.

Purposes of funds

The expendable endowment fund represents the unexpended value of the original endowment gifted under the Charity Commission 1961 Scheme and include all subsequent gains and losses, both realised and unrealised arising from fixed asset investments. Transfers between funds reflect amounts moved to unrestricted fund bank accounts in excess of investment income received.

THE HOME OF DEVENISH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Prior Period Adjustment

The accounts have been restated to reflect the income tax debtor previously carried forward which was subsequently found not to be claimable. The change has resulted in a reduction in the unrestricted reserve balance of £24,007.

17 Related party transactions

There were no transactions with related parties (2020 = £Nil) which require disclosure in the financial statements.