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
_Page 1_
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
_Page 2_
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.
_Page 3_
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.
_Page 4_
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:
1. 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.
2. Stocks and shares which are managed by an independent financial adviser the charity’s funds and invested in a Transact Portfolio.
3. 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.
_Page 5_
## 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.
_Page 6_
## 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;
- c. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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.
_Page 7_
## 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
- 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 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
_Page 8_
## 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
_Page 9_
## 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|
|---|---|---|
_Page 10_
## 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:
- (i) ensuring that the Charity keeps proper accounting records under paragraph 18 (2) of Schedule 1 of the Act, and
- (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)|
||||||
||||||
||||||
||||||
_Page 12_
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.
_Page 13_
## 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.
_Page 14_
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.
_Page 15_
## 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|
_Page 16_
## 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.
_Page 17_
## 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|
|||||
_Page 18_
## 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.
_Page 19_
## 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|
|---|---|
_Page 20_
## 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)|
_Page 22_
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_