The Charity called The Almshouse of St John the Baptist and St John the Evangelist
in the Parish of Sherborne, in the County of Dorset
UNAUDITED FINANCIAL STATEMENTS
for the year ended
31 December 2022
Charity No.202499 Regulator of Social Housing No.A2569
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne LEGAL AND ADMINISTRATIVE DETAILS
GOVERNING DOCUMENTS
The charity is governed by the following documents:
William Dodill’s Charter of 1406 Trust deed of 1418 Royal Charter of Henry VI of 1437 Scheme of 15 September 1953
TRUSTEES
The following persons are the Trustees and called the Master and Brethren, viz:
Michael John Anthony Davies, of Sturminster Newton, farmer Ian Robert Elliott, of Sherborne, gentleman (to 8 March 2023) Timothy Maurice Cobden Higham Bartley, of Sherborne, chartered engineer Laurence John Burke, of Milborne Port, retired medical practitioner Michael David Burks, of Sherborne, horticulturalist Jonathan B Stones, of Sherborne, gentleman (to 31 October 2022) Timothy Adrian Gillies MacBean, of Sherborne, architect (to 3 February 2022) Patricia Maude Appleyard, of Sherborne, Nursing Home proprietor (to 8 April 2022) Karen Elizabeth Fisher, of Sherborne, Matron Richard Hunt, of Sherborne, Businessman Lucy Robins, of Salisbury Paul Wiggall, of Sherborne, Psychotherapist (to 20 March 2023) Joanna Ellis, of Sherborne, Nurse (to 9 June 2022) Reverend Martin Lee, of Sherborne, Rector of Sherborne (from 11 January 2022) Paul Jacobs of Sherborne (from 1 January 2023)
MASTER
Lucy Robins (from 13 January 2022) Richard Hunt (from 14 January 2021 to 12 January 2022)
STEWARD
Rosalind Heron (to 30 June 2023)
DIRECTOR
Fritha Aelise Cassels Costain (from 9 May 2023)
CHARITY REGISTRATION NUMBER
202499
REGULATOR OF SOCIAL HOUSING REGISTERED NUMBER
A2569
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne LEGAL AND ADMINISTRATIVE DETAILS
REGISTERED OFFICE
St Johns’ House Half Moon Street Sherborne Dorset DT9 3LJ
SOLICITORS
Porter Dodson The Abbey Close Sherborne Dorset DT9 3LH
INDEPENDENT EXAMINER
Gill Freeman Milsted Langdon LLP Chartered Accountants Motivo House Alvington Yeovil Somerset BA20 2FG
BANKERS
Barclays Bank Plc King George Street Yeovil Somerset BA20 1PX
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne REPORT OF THE TRUSTEES
The trustees present their report and unaudited financial statements of the Almshouse for the year ended 31 December 2022.
OBJECTIVES AND ACTIVITIES
The Almshouse is registered as a charitable housing association and it is registered with the Regulator of Social Housing (R. S. H No. A2569) and the Charity Commission (Charity No. 00202499).
After paying the cost of repairs and insurance and all other charges and outgoings relating to their property, and all the property costs, charges and expenses of and incidentals to the administration and management of The Almshouse of St John the Baptist and St John the Evangelist, the Master and Brethren are required by the scheme established by the Charity Commission on 15 September 1953 to apply the remainder of their income in providing food, clothing and other necessaries for the residents of the Almshouse and in providing for their welfare and comfort in health and sickness in such way as the Master and Brethren think fit from time to time.
The trustees confirm that they have complied their duties to have due regard to the guidance on public benefit published by the Charity Commission (on their website at Charities and Public Benefit) in exercising their powers and duties.
This guidance has directly influenced the setting of objectives and outcomes. In particular, the trustees have considered how planned activities will contribute to set objectives.
REVIEW OF FINANCIAL PERFORMANCE
Turnover in the year from rent and contributions received was £333,302 (2021 - £372,103). The actual deficit for the year was £113,685 (2021 - £59,320), and the unrealised loss on investments was £85,148 (2021 - £45,226 gain). The net assets at the end of the year are £2,226,469 (2021 - £2,425,302).
The lower number of residents and higher rate of vacancies seen in the previous year continued despite a renewed marketing effort post Covid. Although a whole scale review of all costs undertaken as part of the review of the operating model begun the year before, resulted in savings of £40k (9%), this was not sufficient to offset the lower contributions from residents and the deficit increased compared to the previous year. The trustees do not consider that an increase in the deficit is one that is sustainable long term and have taken specific action to address the Charity’s financial performance which is set out in the Review of Activities and Future Plans.
GOVERNANCE AND MANAGEMENT
The Charity is governed by a Board of Trustees, The Brethren, who regularly meet, usually six times a year but more frequently during the year and for the foreseeable future because of the specific challenges which the Charity faces, to consider the affairs of the Charity and make decisions concerning its strategy. Issues which require more detailed input from the Brethren are usually first considered by the Master’s Standing Committee which meets more frequently, usually once a month.
The day-to-day operations of the Charity are managed by the Steward with support from the House Wardens with direction from the Master.
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne REPORT OF THE TRUSTEES
BRETHREN
A list of the current trustees is set out on page 1.
REVIEW OF ACTIVITIES AND FUTURE PLANS
The trustees devoted considerable time during the year to analysing the reasons for the increasing rate of vacancies, including taking advice from the Almshouse Association and professionals within the not for profit housing sector and considering the options for attracting more residents. The trustees also assessed in detail the risks to the Charity around the current operating model, specifically the high dependency on staff and the resultant cost pressures, the costs of maintaining a Grade 1 listed building and also the risks to the long-term sustainability of the Charity. The trustees reluctantly concluded that the current operating model, specifically of providing fully serviced accommodation in bed sits to older people was outdated and not sustainable and thus that the operating model would need to change. The vacancy rate accelerated during the latter part of the year and, with the likelihood of more of the current residents needing to move to accommodation which was more appropriate for their needs and no evidence to indicate an increased rate of occupancy take up, the trustees concluded that action was urgently required to stem further losses. The trustees identified a number of options for changing the operating model but in view of the risk that a change would result in the loss of jobs, announced a consultation with staff as required by law and thus with residents in early January 2023. The trustees took this decision in the knowledge that the consultation would cause uncertainty and potentially compound the vacancy problem but sought to mitigate the risks by being open and transparent and follow best practice.
On completion of the consultation the trustees concluded that the best option for ensuring the long-term sustainability of the Charity was to create an Almshouse operation where residents can live independently in fit-for-purpose flats either within the existing building, or elsewhere in Sherborne. The trustees are continuing to investigate and assess the best way of moving forward and in the meantime in order to reduce operating losses and protect funds, the trustees concluded that the serviced provision should cease at the end of June 2023 and the staff whose roles provided these services made redundant. Two residents will live independently in part of the building which is easily adaptable to a self-contained unit and thus the Charity will continue to provide for beneficiaries.
The Brethren are monitoring the cash flow of the Charity closely and are confident that the Charity has sufficient resources to fund the staff redundancy payments and other costs associated with the cessation of the serviced accommodation and on this basis no adjustment is required in respect of the Charity's results to 31 December 2022.
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne REPORT OF THE TRUSTEES
RESERVES POLICY
The Brethren reviewed the policy at the start of the year and concluded that the policy of seeking to have funds sufficient to cover three years deficit on the housing properties should continue and that any change should be considered once the review of the operating model had been completed.
The Brethren reviewed the level of funds required and have £420,633 held in stocks and shares which is easily accessible. The Brethren also maintain a flower garland fund for the purposes of dressing the entrance gate with a garland each year. These funds are maintained for management purposes and are not disclosed separately in the financial statements.
At 31 December 2022 the capital and endowment reserve and the revaluation reserve were unchanged from 2021 at £78,552 and £1,614,999 respectively. The income and expenditure reserve had decreased to £532,906 at 31 December 2022 (2021: £725,970) and the Amenity Fund had a balance of £11 at 31 December 2022 (2021: £5,780).
INVESTMENT POLICY
The Brethren have a policy of mixed investments, comprising three elements:
-
A number of architecturally important listed commercial buildings in Sherborne, which the Brethren have acquired over very many years, and which are all subject to commercial lettings, managed by a professional agent and subject to regular rent reviews.
-
Stocks and shares which are managed by an independent financial adviser the charity’s funds and invested in a Transact Portfolio.
-
On further guidance from the independent financial adviser the charitable deposit funds, which are intended for use in cyclical repairs and to be readily accessible, are in part invested in a further deposit account.
The charity’s investments will be reviewed on a regular basis.
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne
REPORT OF THE TRUSTEES
RISK ASSESSMENT
The Brethren regularly conduct reviews of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Internal risks are minimised by the implementation of procedures of authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed in order to ensure that they still meet the needs of the charity.
On behalf of the Trustees
Mrs L A Robins, Master (Chair of Trustees)
Date: 14/08/2023.
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne REPORT OF THE TRUSTEES
The Trustees are required to prepare accounts for each financial year which give a true and fair view of the state of affairs of The Almshouse of St John the Baptist and St John the Evangelist and of the surplus or deficit of The Almshouse of St John the Baptist and St John the Evangelist for that period. In preparing those accounts, the Trustees are required to:
-
a. select suitable accounting policies and then apply them consistently;
-
b. make judgements and estimates that are reasonable and prudent;
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c. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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d. prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the accounts comply with the requirements of the Charities Act 2011, the Housing Act 1996, and the Accounting Direction for Private Registered Providers of Social Housing 2022. 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.
The trustees are responsible for the maintenance and integrity of the Charity and financial information included in the Charity’s website in accordance with the legislation in the United Kingdom governing the preparation and dissemination of financial statements.
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE ALMSHOUSE OF ST JOHN THE BAPTIST AND ST JOHN THE EVANGELIST, SHERBORNE
I report on the accounts of the Almshouse of St John the Baptist and St John the Evangelist 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 Act”). The trustees consider that an audit is not required for the year specified in paragraph 18 (4) of Schedule 1 to the Housing Act 1996 and that an independent examination is needed.
Having satisfied myself that the registered social landlord is not subject to audit under housing law and is eligible for independent examination I report in respect of my examination of the Charity’s accounts carried out under Section 145 of the 2011 Act and under paragraph 18 (2) of Schedule 1 of the Housing Act 1996. By carrying out my examination I have followed all the applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner’s statement
Since the gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no material 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 Act nor in accordance with paragraph 16 of Schedule 1 of the Housing Act 1996; or
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The accounts do not accord with those records; or
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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 the examination.
-
The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
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.
G J Freeman ACA Milsted Langdon LLP Date 16/08/2023 Chartered Accountants Motivo House Alvington Yeovil Somerset BA20 2FG
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME (INCORPORATING AN UNAUDITED INCOME STATEMENT) for the year ended 31 December 2022
| Notes 2022 £ Turnover Rent and contributions receivable 1 333,302 Operating costs 1 (429,887) Operating deficit Donations and legacies 1 (96,585) 1,238 Finance and investment income Government grants 2 10,174 - Investment management costs 4 (6,295) Realised loss from investments (22,217) Deficit for the year 1 (113,685) Unrealised (loss)/gains from investments 12 (85,148) Total loss recognised in the year (198,833) _ |
2021 £ 372,103 (437,515) (65,412) 4,608 8,030 639 (7,185) - (59,320) 45,226 (14,094) _ |
|---|---|
The financial statements were approved on behalf of the Trustees and authorised for issue on 13/07/2023 and signed on their behalf by:-
Mrs L A Robins - Master
Mr M D Burks - Trustee
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne BALANCE SHEET As at 31 December 2022
| Notes FIXED ASSETS Tangible assets Housing properties plant and equipment Investment properties 3 INVESTMENTS 4 CURRENT ASSETS Stocks Debtors 5 Cash at bank and in hand 6 CREDITORS: Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after one year 8 FINANCED BY: HOUSING PROPERTY FINANCE 9 EQUITY Capital and endowment reserves Income and expenditure reserve Amenity fund 12 12 Revaluation reserve |
2022 £ 248,583 1,615,000 1,863,583 426,964 1,500 20,565 101,224 123,289 (39,040) 84,249 2,374,796 (148,327) 2,226,469 1 78,552 532,906 11 1,614,999 2,226,469 |
2021 £ 259,483 1,615,000 1,874,483 655,570 1,500 29,928 64,452 95,880 (45,426) 50,454 2,580,507 (155,205) 2,425,302 1 78,552 725,970 5,780 1,614,999 2,425,302 |
|---|---|---|
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne
BALANCE SHEET As at 31 December 2022
The trustees are satisfied that the Charity is entitled to exemption from the provisions of the Housing Act 1996 (the Act) relating to the audit of the financial statements for the year by virtue of paragraph 18 (4A) of Schedule 1 of the Act.
The trustees acknowledge their responsibilities for:
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(i) ensuring that the Charity keeps proper accounting records under paragraph 18 (2) of Schedule 1 of the Act, and
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(ii) preparing financial statements in accordance with the accounting records and comply with the requirements of paragraph 16 of Schedule 1 of the Act and the Accounting Direction for Private Registered Providers of Social Housing 2022
The financial statements were approved on behalf of the Trustees and authorised for issue on 13/07/2023 and signed on their behalf by: -
Mrs L A Robins - Master
Mr M D Burks – Trustee
Page 11
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne CASH FLOW STATEMENT For the year ended 31 December 2022
| Notes Cash flow from operating activities 15a Cash flow from investing activities 15b CASH INFLOW/(OUTFLOW) BEFORE FINANCING Financing 15c INCREASE/(DECREASE) IN CASH IN THE YEAR RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Increase/(Decrease) in cash in year Cash inflow from decrease in debt Change in net debt resulting in cash flows MOVEMENT IN NET FUNDS IN THE YEAR NET (DEBT) AT 1 JANUARY 2022 NET (DEBT) AT 31 DECEMBER 2022 15d |
2022 £ (77,591) 121,241 43,650 (6,878) 36,772 36,772 6,878 43,650 43,650 (97,631) (53,981) |
2021 £ (43,608) 24,273 |
||
|---|---|---|---|---|
| (19,335) (6,878) |
||||
| (26,213) (26,213) 6,878 (19,335) (19,335) (78,296) (97,631) |
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne ACCOUNTING POLICIES For the year ended 31 December 2022
Introduction and accounting basis
The principal accounting policies of The Almshouse of St John the Baptist and St John the Evangelist are set out below. The financial statements of the Charity, which is a public entity under FRS 102, have been prepared under the historical cost convention, modified by the inclusion of investments and investment properties at market value, in accordance with the Accounting and Reporting by Charities: Statement of recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Housing Statement of Recommended Practice 2018, the Accounting Direction for Private Registered Providers of Social Housing 2022 and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS 102.
Going concern
The trustees assess whether the use of the going concern is appropriate i.e. whether there any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees make this assessment in respect for a period of at least one year from the date of the authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Income recognition
Rent receivable is credited in the income and expenditure account in the period to which it relates.
Income from legacies and donations are included as income when received or when the charity becomes entitled to the monies, if earlier, the receipt is probable and the amount can be measured reliably. Income from commercial letting of properties is stated net of Value Added Tax.
Designated funds
Where monies are set aside by the trustees for specific purpose these are shown in the accounts as specifically designated funds.
Investments
Monies held as investments are included in the accounts at market value. All gains and losses are taken to the Statement of Comprehensive Income as they arise. Realised gains and losses on investments 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 fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Comprehensive Income.
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne ACCOUNTING POLICIES For the year ended 31 December 2022
Stocks
Stocks are stated at the lower of cost and net realisable value.
Mortgages
The mortgage loan advanced by the Homes & Communities Agency has now been repaid bar £1.
Pension
The Charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. Any annual contributions payable are charged to the profit and loss account.
Housing Association grants
Under the Housing SORP 2018 this grant is classified as deferred income and is released to the income and expenditure account over the expected useful life of the asset on a straight line basis.
Revenue grants
Grants in respect of revenue expenditure are credited to the income and expenditure in the same period as the expenditure to which they relate.
Fixed Assets – land and buildings
Housing properties are stated at nominal valuation of £1 plus the cost of housing property renovations. Non housing properties are stated at an estimated valuation of £1,615,000. The Almshouse of St John the Baptist and St John the Evangelist property is insured for £3,477,968 and other let properties are insured for £5,650,109. The Housing properties have been included at nominal valuations as they were originally gifted to The Almshouse of St John the Baptist and St John the Evangelist and therefore had no cost.
Depreciation
The company depreciates housing properties on a straight line basis over their estimated useful economic life of 50 years.
Furniture and fittings are written off over the period of their expected useful lives at 20% on a reducing balance basis.
Items of a capital nature are charged to the income and expenditure account unless they result in an enhancement of economic benefits of the property or where they replace a component which has been treated separately for depreciation purposes.
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne ACCOUNTING POLICIES For the year ended 31 December 2022
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.
Financial instruments
The Charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Charity and their measurement basis are as follows:
Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 5. Prepayments are not financial instruments.
Cash at bank – is classified as a basic financial instrument and is measured at face value.
Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 7. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is no obligation to deliver services rather than cash or another financial instrument.
Taxation
The Charity is exempt from taxation in respect of income or capital gains to the extent that such income or gains are applied exclusively to charitable purposes.
Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
1 PARTICULARS OF TURNOVER AND OPERATING SURPLUS BY CLASS OF BUSINESS
| Income and expenditure from lettings Housing accommodation Other income and expenditure Non housing property lettings Finance and investment income Donations and legacies Government grants - CJRS Schemes Investment management costs Realised loss on investments Deficit for the year on all funds The operating deficit is stated after charging: Depreciation – land and buildings Depreciation – fixtures and fittings Independent examiner’s fee Independent examination fee Other |
Income £ 222,101 111,201 333,302 10,174 1,238 - - - 344,714 113,685 |
Operating costs 2022 £ 407,024 22,863 429,887 - - - 6,295 22,217 458,399 |
Income £ 269,855 102,248 372,103 8,030 4,608 639 - - 385,380 59,320 9,077 1,823 1,600 2,706 |
Operating costs 2021 £ 433,801 3,714 437,515 - - - 7,185 - |
Operating costs 2021 £ 433,801 3,714 437,515 - - - 7,185 - |
|---|---|---|---|---|---|
| 437,515 - - - 7,185 - |
|||||
| 444,700 | |||||
| 10,284 754 3,078 4,624 |
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
| 2 FINANCE AND INVESTMENT INCOME Deposit account interest Dividends received 3 FIXED ASSETS Property, plant and equipment £ Investment properties £ Cost or nominal valuation: 1 January 2022 478,846 1,615,000 Additions - - 31 December 2022 478,846 1,615,000 Depreciation: 1 January 2022 228,480 - Charge for the year 9,077 - 31 December 2022 237,557 - Net book value: 31 December 2022 241,289 1,615,000 31 December 2021 250,366 1,615,000 |
2022 £ 2021 £ - 1 10,174 8,029 10,174 8,030 Fixtures and fittings £ Total £ 74,747 2,168,593 - - 74,747 2,168,593 65,630 294,110 1,823 10,900 67,453 305,010 7,294 1,863,583 9,117 1,874,483 |
2021 £ 1 8,029 |
|---|---|---|
| 8,030 |
The investment properties were valued in 2014 by Nigel Jones of Chesters Commercial Limited. The Brethren do not believe that the value of the property is materially different as at 31 December 2022.
| Housing association stock - for older people, owned Staff units |
2022 No. 19 1 20 |
2021 No. 19 1 |
|---|---|---|
| 20 |
One of the units is used as a guest room.
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
| 4 INVESTMENTS Transact portfolio £ United Trust Bank £ Market value: 1 January 2022 649,239 6,187 Disposals (207,877) - Cash withdrawal Cash proceeds (125,000) 185,660 - - Investment income 10,054 - Management costs (6,295) - Net unrealised loss on investments (85,148) - 31 December 2022 420,633 6,187 31 December 2021 649,239 6,187 On a historical cost basis investments would be included at: 31 December 2022 408,051 5,285 31 December 2021 599,580 5,285 5 DEBTORS Trade debtors Prepayments & accrued income 6 CASH AT BANK AND IN HAND Cash in hand Bank – current account Business reserve accounts Bank deposit accounts – Amenity fund |
4 INVESTMENTS Transact portfolio £ United Trust Bank £ Market value: 1 January 2022 649,239 6,187 Disposals (207,877) - Cash withdrawal Cash proceeds (125,000) 185,660 - - Investment income 10,054 - Management costs (6,295) - Net unrealised loss on investments (85,148) - 31 December 2022 420,633 6,187 31 December 2021 649,239 6,187 On a historical cost basis investments would be included at: 31 December 2022 408,051 5,285 31 December 2021 599,580 5,285 5 DEBTORS Trade debtors Prepayments & accrued income 6 CASH AT BANK AND IN HAND Cash in hand Bank – current account Business reserve accounts Bank deposit accounts – Amenity fund |
Deposit accounts £ Total £ 144 655,570 - (207,877) - - (125,000) 185,660 - 10,054 - (6,295) - (85,148) 144 426,964 144 655,570 144 511,210 144 605,009 2022 £ 2021 £ 1,398 5,646 19,167 24,282 20,565 29,928 2022 £ 2021 £ 11 - 101,202 58,670 - 2 11 5,780 101,224 64,452 |
Deposit accounts £ Total £ 144 655,570 - (207,877) - - (125,000) 185,660 - 10,054 - (6,295) - (85,148) 144 426,964 144 655,570 144 511,210 144 605,009 2022 £ 2021 £ 1,398 5,646 19,167 24,282 20,565 29,928 2022 £ 2021 £ 11 - 101,202 58,670 - 2 11 5,780 101,224 64,452 |
|---|---|---|---|
| 426,964 | |||
| 655,570 | |||
| 511,210 | |||
| 5,285 | 605,009 2021 £ 5,646 24,282 29,928 2021 £ - 58,670 2 5,780 64,452 |
||
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| 7 | CREDITORS: Amounts due within one year | ||
| Trade creditors | 17,048 | 22,870 | |
| Taxation & social security | 3,151 | 2,596 | |
| Accruals & deferred income | 11,932 | 14,308 | |
| VAT liability | 6,909 | 5,652 | |
| 39,040 | 45,426 | ||
| 2022 | 2021 | ||
| £ | £ | ||
| 8 | CREDITORS: Amounts due after more than one year | ||
| Accruals & deferred income: housing grant | 148,327 | 155,205 | |
| 9 | LOANS | 2022 | 2021 |
| £ | £ | ||
| Housing property finance | |||
| Homes & Communities Agency | 1 | 1 | |
| 10 | OPERATING COSTS FROM LETTINGS | Operating | Operating |
| costs | costs | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Housing accommodation (19 units – (2021: 19 units)) | |||
| Services | 337,960 | 340,473 | |
| Management | 48,504 | 74,245 | |
| Maintenance | 20,560 | 19,083 | |
| 407,024 | 433,801 | ||
| 11 | TURNOVER FROM LETTINGS |
Rents receivable are stated net of rent losses from voids.
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
| 12 ACCUMULATED GENERAL FUND 2022 £ As at 1 January 2022 725,970 Deficit for the year (note 1) (113,685) Deficit/(Surplus) on investment revaluations Transfer from Amenity fund (85,148) 5,769 As at 31 December 2022 532,906 AMENITY FUND As at 1 January 2022 5,780 Transfer to accumulated general fund (5,769) As at 31 December 2022 11 |
2021 £ 736,927 (59,320) 45,226 3,137 725,970 8,917 (3,137) 5,780 |
|---|---|
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
| 13 REVALUATION RESERVE As at 1 January 2022 Movement in year As at 31 December 2022 14 EMPLOYEES Staff costs during the year Wages and salaries Steward’s salary Social security costs Pension contributions The average number of persons employed was: |
Total 2022 £ 1,614,999 - 1,614,999 2022 £ 234,570 22,337 13,381 3,058 273,346 2022 No. 24 |
Total 2021 £ 1,614,999 - 1,614,999 2021 £ 243,276 29,277 12,942 2,555 288,050 2021 No. 28 |
Total 2021 £ 1,614,999 - 1,614,999 2021 £ 243,276 29,277 12,942 2,555 288,050 2021 No. 28 |
|---|---|---|---|
| 288,050 | |||
| 2021 No. 28 |
Neither the Brethren nor persons connected with them received any remuneration or other benefits from the Charity in the year (2021 - £Nil).
Page 21
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
| 15 | CASH FLOWS | 2022 | 2021 | |
|---|---|---|---|---|
| £ | £ | |||
| a | Reconciliation of operating result to net cash inflow from | |||
| operating activities | ||||
| Total loss recognised in the year | (198,833) | (14,094) | ||
| Depreciation | 10,900 | 11,038 | ||
| Loss/(Gain) on fixed asset investment | 107,365 | (45,226) | ||
| Increase in debtors | 9,363 | (13,883) | ||
| Increase/(Decrease) in creditors | (6,386) | 18,557 | ||
| __ | __ | |||
| Net cash outflow from operating activities | (77,591) | (43,608) | ||
| 2022 | 2021 | |||
| £ | £ | |||
| b | Cash flows from investing activities | |||
| Proceeds from sale of investments | - | 25,000 | ||
| Investment income | (10,054) | (7,912) | ||
| Investment management costs | 6,295 | 7,185 | ||
| Drawn from investment | 125,000 | - | ||
| Net cash inflow from returns on investments and servicing of | ||||
| finance | 121,241 | 24,273 | ||
| 2022 | 2021 | |||
| £ | £ | |||
| c | Financing | |||
| Release of capital housing grant | (6,878) | (6,878) | ||
| Net cash (outflow) from financing | (6,878) | (6,878) | ||
| d | Analysis of net funds/(debt) | |||
| At 1 January | At 31 | December | ||
| 2022 | Cash flow | 2022 | ||
| £ | £ | £ | ||
| Bank | 64,452 | 36,772 | 101,224 | |
| Debt due after one year | (155,205) | 6,878 | (148,327) | |
| Debt due within one year | (6,878) | - | (6,878) | |
| (97,631) | 43,650 | (53,981) |
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The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2022
16 RELATED PARTY TRANSACTIONS
Mr R Hunt, one of the Brethren and Master from 14 January 2021 to 12 January 2022 is a director of Hunts Foodservice Ltd.
During the year Hunts Foodservice Ltd supplied goods to the value of £10,490 (2021 - £9,367). From 1 January 2021 Hunts Foodservice Ltd took over the maintenance of the books and records and began processing the payroll for the Charity. The total cost for all software and management charges were £7,051 (2021: £6,409)
| 17 | RESIDENTS | 2022 | 2021 |
|---|---|---|---|
| No. | No. | ||
| The average number of residents was: | 9 | 12 |
Page 23