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2020-12-31-accounts

The Eventide Homes

Annual Report and Financial Statements Year Ended 31 December 2020 Charity registration number: 202516

The Eventide Homes

Contents

Reference and Administrative Details 1 to 2
Trustees' Report 3 to 11
Statement of Trustees' Responsibilities 11
Independent Auditors' Report 12 to 15
Statement of Financial Activities 16 to 17
Balance Sheet 18
Notes to the Financial Statements 19 to 31

The Eventide Homes

Reference and Administrative Details

Trustees

Miss. J M Edgecombe ACP (until 5 November 2020), President Mr. K J Mantock FRSA, Chair Mr. D W Roots, Vice Chair Dr. R A Benson MBBS MRCGP Mr. P R Freeman Mr. R Hucklesby Mrs. D Mantock Rev. P Renyard Mrs. A Rey

Ex-officio Trustees: The Mayor and Deputy Mayor of Bournemouth.

The ex-officio Trustees periods of service to the Charity co-incide with their terms of office as Mayor and Deputy Mayor respectively. The remaining Trustees served throughout the year, except where otherwise indicated.

Page 1

The Eventide Homes

Reference and Administrative Details

Senior Management Team Mr. J Waters, Chief Executive Officer Mrs. D Knight, Residents' Manager Principal Office Eventide Homes 57A Edgecombe Gardens 605 Castle Lane West Bournemouth Dorset BH8 9TW Charity Registration Number 202516 Bankers Santander UK plc Bridle Road Bootle Merseyside GIROAA Investment Managers CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET M & G Charities P.O. Box 9038 Chelmsford CM99 2XF Auditor PKF Francis Clark Statutory Auditors Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW

Page 2

The Eventide Homes

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2020. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, 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 applicable in the UK and Republic of Ireland published on 16 July 2014 (SORP 2015 (FRS102)).

Trustees

The Trustees who have served during the year and since the year end were as follows:

Miss J M Edgecombe, (First Appointed 1970), Honorary President (until 5 November 2020) Mr K J Mantock, (First Appointed 1996), Chair (Elected on the 11 September 2020) Mr D W Roots, (First Appointed 2014), Vice-chair (Elected on the 11 September 2020) Dr R A Benson, (First Appointed 1995) Mr P R Freeman, (First Appointed 2004) Mr R Hucklesby, (First Appointed 2011) Mrs D Mantock, (First Appointed 2018) Rev P Renyard, (First Appointed 1986) Mrs A Rey, (First Appointed 2004)

Page 3

The Eventide Homes

Trustees' Report

Objectives and activities

Objects and aims

The Eventide Homes comprises of seventy four, individual dwellings in Castle Lane West, Bournemouth. These are provided for persons over the age of 60 who, through bereavement or other misfortune, are left without adequate means and are in need of assistance in the provision of a home.

The principal objectives of the Charity are to ensure that it continues to serve those in genuine need of almshouse accommodation, that the Homes are maintained to modern standards in order to provide an acceptable quality of life for the residents, and that the Charity is properly funded and administered.

In order to achieve the first of these objectives, the Trustees receive and consider applications from potential residents; decisions as to the eligibility of applicants are made on the basis of relevant law, the provisions of the Trust Deed and appropriate precedents.

The Trustees aim to enhance the quality of life of the residents by providing attractive grounds on the estate and a community hall for social and recreational use. Maintaining the Homes and grounds in good condition is achieved by means of engaging a suitably qualified Chief Executive Officer, who plans and oversees a programme of property modifications and repairs. Surveyors and other property advisors are consulted as required. The Chief Executive Officer also oversees the administrative and finances services.

The Residents’ Manager supports residents’ welfare on a day-to-day basis, and ensures that a varied programme of activities takes place, to maximise the residents’ quality of life and produce a good community spirit. The Residents’ Manager is also responsible for the Charity’s dealings with the NHS, social services and other official health and caring bodies. Personal care for those residents who require it is provided by external agencies and various charities, but not by the Eventide Homes’ staff.

The Charity’s beloved President and long-serving Trustee Miss J Edgecombe passed away peacefully on the 05 November 2020. Miss Edgecombe had been a Trustee of the Eventide Homes Charity since 1970 and was Chair from 1996, a post she held until poor health made her retire in 2017. Miss Edgecombe’s grandfather, Alderman Edgecombe, founded the charity during his mayoral term and was Chair from 1936 to 1960. Janet’s father, Kenneth Edgecombe, was a Trustee from 1947 and was Chair from 1961 to 1986. It is testament to Miss Edgecombe’s service and that of her father and grandfather before her, that the Charity is flourishing and has made such a difference to so many people’s lives throughout the years.

Page 4

The Eventide Homes

Trustees' Report

Public benefit

The Trustees have considered the guidance issued by the Charity Commission and confirm that they have complied with the requirements of section 4 of the Charities Act 2011 regarding public benefit. They believe that since the Charity was founded in 1936, it has worked consistently to improve the quality of life of older people of limited means, who have always been a significant and vulnerable section of the community.

Although the beneficiaries do bear a significant proportion of the operating costs of the Charity through the payment of weekly maintenance contributions (‘contributions’), the latter are set at a level well below market rentals and the Charity uses all its other income to pay for the balance of annual expenditure. The Trustees compare contributions with market rentals at regular intervals to ensure that a consistent relationship between them is maintained and that the contributions paid result in material charitable benefits accruing to residents. The Trustees also consider that the Charity’s provision of 74 units of social ‘affordable’ housing in Bournemouth makes a modest contribution of accommodation to the community that would otherwise become the responsibility of the various local authorities.

The Trustees do not apply any geographical restrictions to potential beneficiaries and they ensure that, as a charity dedicated to the relief of poverty, Eventide Homes does not use genuine inability to pay contributions as a criterion for rejecting an applicant. However, where it appears that a person in possession of the necessary funds may wilfully fail to pay their contribution, based on their previous credit history, the application may be rejected on the grounds that any shortfall in income is likely to put the Charity at financial risk and may consequently be detrimental to the wellbeing of other residents.

Page 5

The Eventide Homes

Trustees' Report

Achievements and performance

Charities across the country are now working in an environment that is completely different to the one they were in 12 months ago as the Covid-19 pandemic continues to impact on daily operations. The virus and measures taken to contain it have undoubtedly impacted activity.

The Eventide Homes identified the increased risk to its beneficiaries from an early stage and enacted its Emergency Planning policies, which have been regularly reviewed as and when required. This included increasing the support it provides to it beneficiaries, reviewing working practices of its staff, revising budgets and closing communal spaces, such as its hall to minimise the risk of transmission.

The Trustees continued the intensive programme of property maintenance works which commenced in 2010, an initiative that will contribute greatly to residents’ quality of life in the years ahead. In 2019, a quinquennial stock condition survey was undertaken early in the year, with recommendations to commence a programme of roof replacements and insulation improvements, as well as continue our kitchen and bathroom refurbishment programmes. Upon the onset of the pandemic, plans to improve roofing over four of the homes was deferred for a year, as were kitchen refurbishments in occupied homes. The Charity were still able to install three new kitchens and a wet-room in 2020.

In 2020, the Charity was able to house five new beneficiaries in total.

Whilst the Charity’s gardening club were unable to meet as they had in years previous, residents playing an active part in the planning and management of their immediate environment was still encouraged and continued to be well supported winning awards in the Bournemouth in Bloom horticultural competition.

The Charity was unable to hold its annual ‘World’s Biggest Coffee Morning‘, organised by Macmillan Cancer Relief, September, but still managed to raise £810 for the cause.

The Charity continues to interact with other Almshouses, and, as well as being Members of the Almshouse Association, where the Charity’s Chief Executive Officer is a ‘Regional Champion’ acting as a point of contact locally, the Eventide Homes are Members of the national ‘Larger Almshouse Network Group’ and the regional ‘Wessex Almshouse Group’.

A biennial Residents’ Survey of the Charity’s beneficiaries was carried out as part of its commitment for continuous improvement. The accumulated top four priorities were as follows:

  1. ‘Ease of being able to contact a member of staff’. 81% of respondents scored the service as ‘Excellent’ or ‘Very Good’.

  2. ‘Emergency Call System’. 93% of respondents scored the service as ‘Excellent’ or ‘Very Good’.

  3. ‘Overall quality of your home’. 71% of respondents scored the service ‘Excellent’ or ‘Very Good’.

  4. ‘Listening to Residents Views and Acting on them’. 64% of respondents scored the service ‘Excellent’ or ‘Very Good’.

The Trustees developed a new staffing position of a Grounds & Maintenance Assistant and set about recruiting to for the role. The newly created post adds value to the Charity’s aims providing practical support in the form of Gardening, General Repairs and Maintenance and on-site Projects.

The Charity has managed the Eventide Homes properties throughout the year. Under the terms of the Trust, residents of the Eventide Homes are charged a contribution based on the type of Home that they occupy. In 2020 charges ranged from £75 to £115 per week depending on the type of home. All contributions are inclusive of water and sewerage charges.

Page 6

The Eventide Homes

Trustees' Report

Financial review

The total amount spent during the year on maintenance was £66,608 (2019 - £70,898). Additional capital amounts of £47,153 (2019 - £199,369) were expended on major home improvements, such as kitchen and wet room installations. The total outlay under all headings on property reflects the continuous emphasis on this activity referred to above.

The Trustees believe that the Charity’s assets are available and adequate to fulfil the obligations of the Charity. The Charity had an excess of income over expenditure, before investment gains or losses, of £158,526 for the year (2019 - £116,220). The market value of the Charity’s investments has changed during the year, resulting in an unrealised gain on investments of £81,955 (2019 £337,359) with a gain of £62,753 and £19,202 being applied to the Charity’s unrestricted and restricted funds respectively.

Policy on reserves

The Charity’s reserves at 31 December 2020, excluding restricted funds, totalled £3,760,015 (2019 – £3,523,736) as detailed in Note 16 to the accounts. Restricted funds totalled £371,111 (2019 - 351,909) as detailed in note 16 of the accounts. Total reserves are £4,131,126 (2019 – £3,875,645).

The Trustees restructured the reserves in 2013 to clarify the use to which the various balance sheet Funds are put. The long term Funds, Capital (unrestricted), Property (unrestricted) and Ridout (restricted), correspond in aggregate to the total value of the investment portfolio, which is held for the purposes set out under Investment Management below.

The Revenue Fund is a reserve to cover part of the normal annual outgoings of the charity. At balance date the Revenue Fund was £203,109 (2019 – £53,569). The Capital Fund consists of fixed assets and non-restricted fixed asset investments. At balance date the Capital Fund was £3,556,906 (2019 – £3,470,167).

The Trustees are satisfied with the level of reserves, which are monitored and reviewed by the Trustees on a Quarterly basis. The reserves include funds invested to provide additional income in support of the Charity’s work.

Page 7

The Eventide Homes

Trustees' Report

Risks

The Trustees adopted a system in 2015 of identifying and managing risks to ensure that:

• significant risks are known and monitored, enabling Trustees to make informed decisions and

• take timely action the charity makes the most of opportunities and develops them with the confidence that any

The Trustees formulated a Business Plan in 2017 with annual strategic objectives for the next five years. The Objectives are:

  1. To provide high quality homes to our beneficiaries with strong return on investment and weekly maintenance charges, which are reasonable, but relative to rents charged within our areas of operation.

  2. To enhance our unique culture provided to our residents through the services, support and advice we provide. Ensuring that, through our activities and relationships with residents, local groups and organisations, we maximise the opportunities to foster a sense of community.

  3. To contribute to the sustainable development through the design and standards of our properties, and the choices we make in maintaining and improving them to high standards for the comfort, safety and benefit of our residents and for the well-being of the community as a whole.

  4. To continue to demonstrate high standards of governance and business effectiveness through scrutiny and due diligence by the Board of Trustees and Staff, to ensure continued financial viability, and continue to invest in developing high standards of staff performance.

The main risks include the quality of our governance, the services we deliver, future planning, and our reputation with stakeholders and Covid-19. The Trustees have regularly reviewed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate their exposure.

The Charity’s future financial position could potentially be adversely affected if there is a long term recession as a result of the Covid-19. This could impact the Charity’s income from its investments as well the beneficiaries’ ability to make contributions. The Trustees have a dedicated Finance & Audit Committee who oversee internal financial controls and the internal audit process.

Land & Buildings

Land and buildings are shown at cost in the Charity’s accounts at their original cost of £178,191. The buildings were valued for insurance purposes at £10,365,626 as at 25 December 2020. The Trustees acknowledge that the market value of the almshouses is in excess of their book value, but, having taken advice from a Chartered Surveyor, and as the properties are held for carrying out the charitable purposes of the Charity, do not consider that a formal valuation would be justified.

Page 8

The Eventide Homes

Trustees' Report

Investment policy and objectives

Investment Management

The primary purpose of the investment portfolio is to provide a substantial income stream to the Charity that is independent of the income received from residents, thus enabling the Trustees to keep the charges for accommodation well below market rents. The Trustees therefore believe that it is essential to retain the capital element of the investments indefinitely, even though the use of a major proportion of the capital is unrestricted.

CCLA Investment Management Limited (‘CCLA’) has managed all the Charity’s restricted investments (the WH Ridout Fund, see also the next section) and the majority of its unrestricted investments since June 1998 in a single portfolio. The latter comprises a holding in the Charities Official Investment Fund (COIF) Investment income shares, with the remainder being invested in the COIF Property Fund; the restricted investments are separately identified within the two COIF Funds.

The manager’s target is to achieve a total return (income plus capital growth) in excess of the overall return of the markets in which the funds are deployed. The benchmark for the return on the main COIF Investment Fund is a composite of certain FTSE indices (UK Equities, Overseas Equities, Property, Bonds and Cash), while the COIF Property Fund has its own specific index.

Ethical Investment Statement

We encourage and expect our Fund Managers to take social, environmental and ethical considerations into account when assessing the suitability of investments in order to meet the Charities’ aims and objectives. The Trustees do not wish to adopt an exclusionary policy, but individual investments may be excluded if perceived to conflict with the Charity's purposes. Together with other Charities, The Trustees took advantage of an opportunity in 2018 to switch funds to targeted ethical investment funds at a significantly lower price.

The Trustees are satisfied with the manager’s performance in 2020. They continue to monitor the performance of this Fund and to keep the position under regular review. Investment reports are received quarterly and a meeting with the manager to review investment performance and policy is held each year.

In addition to the various COIF investments managed by CCLA, the Charity also has a holding in the Charity Multi Asset fund, managed by M&G acting as an Extraordinary Repair Fund.

In 2017 the Charity diversified its portfolio, purchasing an adjacent property and renting the home on the Open Market. The Rent is used to support the aims and objectives of the Charity.

There are no other investments in the portfolio.

W H Ridout Memorial Fund

In accordance with the SORP requirements this fund is restricted. The terms of the bequest in the will of W H Ridout that ‘the share taken by the Trustees be used exclusively for or towards the maintenance and provision of homes for the aged of Bournemouth’ continues to be fulfilled. Any income received from these investments is offset against property maintenance expenditure in accordance with the terms of the bequest.

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The Eventide Homes

Trustees' Report

Plans for future periods

Aims and key objectives for future periods

In such uncertain times, now more than ever communities will be looking towards Almshouse charities to support older vulnerable members of our society. The main objectives of the Charity are not expected to change significantly in the future, but the means to achieve these objectives will be refined and adapted as necessary to meet changing needs.

Structure, governance and management

Organisational structure

The Homes are currently administered by two ex-officio and up to twelve co-opted Trustees, the latter each serving for a term of four years, apart from the Chairman and Vice-chairman who are elected each year. The duty of the Trustees is to manage the funds of the Trust and to deploy the income against the costs of repairs, insurance, maintenance and management of the Homes. Trustees act in a voluntary capacity and receive no remuneration for their work. They may apply for re-election at the end of each four-year term.

New Trustees are normally recruited by invitation when a vacancy arises, often on the basis of personal recommendation. However, the Trustees will also consider external applications from suitably qualified people. Experience in a relevant field, for example, care & support of the elderly, health care, local government, housing, property management or finance, is required, and previous connection with the Charity in another capacity is also deemed to be of value in some cases. The Trustees take care to ensure that, as a group, their skills and experience cover all the main operations of the Charity.

New Trustees are inducted by the existing (and in some cases outgoing) Trustees, the Chief Executive Officer, the Residents’ Manager and any external advisors who may be relevant to the appointment. Trustee training is by similar methods. In order to ensure that compliance with relevant legislation and regulations is achieved and best practice is followed, the Charity takes external legal and other advice as appropriate on particular issues.

In addition to the Trustees' Board, Trustees oversee three sub-committees:

• The Residents' Welfare Committee, where Trustee Members oversee and make recommendations to the Board on all significant issues concerning individual residents. Mrs A Rey, Mrs D Mantock and Rev. Renyard are all Members of the sub-committee.

• The Property Maintenance Committee, where Trustee Members oversee and make recommendations to the Board regarding property and grounds matters. Mr K Mantock, Chairman of the Board of the Trustees is also Chairman of this sub-committee, joined by Mr P Freeman and Mr R Hucklesby.

• The Finance and Audit Committee, where Trustee Members assist the Board in its duty to supervise the broad direction of the Eventide Homes’ financial affairs. Mr R Hucklesby is Chairman of the sub-committee, joined by Mr D Roots and Dr R A Benson.

Nature of governing document

The governing document is the Trust deed dated 5th May 1936 as amended on 6th August 1975, 18th March 2004, 27th May 2004 and 16th May 2011.

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The Eventide Homes

Trustees' Report

Statement of compliance

The charity has complied with applicable laws and regulations.

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 trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees of the charity on 9 April 2021 and signed on its behalf by:

......................................... Mr. K J Mantock FRSA Trustee

......................................... Mr. D W Roots Trustee

Page 11

The Eventide Homes

Independent Auditor's Report to the Members of The Eventide Homes

Opinion

We have audited the financial statements of The Eventide Homes (the 'charity') for the year ended 31 December 2020, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (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 original financial statements were 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.

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The Eventide Homes

Independent Auditor's Report to the Members of The Eventide Homes

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

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of responsibilities set out on page 9, 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

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:

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The Eventide Homes

Independent Auditor's Report to the Members of The Eventide Homes

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the Charity. We gained an understanding of the Charity and the sector in which the Charity operates as part of this assessment to identify the key laws and regulations affecting the Charity. As part of this, we reviewed the Charity’s website for an indication of any regulations in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified were Charity legislation, health and safety regulations and breaches of The General Data Protection Regulation (“GDPR”). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Charities SORP - FRS 102.

We discussed with management and trustees how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the Charity complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Charity’s ability to continue trading and the risk of material misstatement to the accounts.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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The Eventide Homes

Independent Auditor's Report to the Members of The Eventide Homes

Use of our report

This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our 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.

...................................... Anne-Marie Gates FCCA FCA (Senior Statutory Auditor) PKF Francis Clark, Statutory Auditor

Towngate House 2-8 Parkstone Road Poole Dorset BH15 2PW

Date: 29 April 2021

PKF Francis Clark is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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The Eventide Homes

Statement of Financial Activities for the Year Ended 31 December 2020 (Including Income and Expenditure Account)

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Investment income
4
Total Income
Expenditure on:
Charitable activities
5
Total Expenditure
Gains/losses on investment assets
Net income
Other recognised gains and losses
Gains/losses on revaluation of fixed assets
for charity's own use
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16		 Unrestricted
funds
£
17,225
372,887
49,434
439,546
(281,020)
(281,020)
62,753
221,279
15,000
236,279
3,523,736
3,760,015		 Restricted
funds
£
-
-
14,478
14,478
(14,478)
(14,478)
19,202
19,202
-
19,202
351,909
371,111		 Total
2020
£
17,225
372,887
63,912
454,024
(295,498)
(295,498)
81,955
240,481
15,000
255,481
3,875,645
4,131,126

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The Eventide Homes

Statement of Financial Activities for the Year Ended 31 December 2020 (Including Income and Expenditure Account)

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Investment income
4
Total Income
Expenditure on:
Charitable activities
5
Total Expenditure
Gains/losses on investment assets
Net income
Other recognised gains and losses
Gains/losses on revaluation of fixed assets
for charity's own use
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16		 Unrestricted
funds
£
2,346
351,481
53,883
407,710
(291,490)
(291,490)
287,648
403,868
20,825
424,693
3,099,043
3,523,736		 Restricted
funds
£
-
-
11,620
11,620
(11,620)
(11,620)
49,711
49,711
-
49,711
302,198
351,909		 Total
2019
£
2,346
351,481
65,503
419,330
(303,110)
(303,110)
337,359
453,579
20,825
474,404
3,401,241
3,875,645

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2019 is shown in note 16.

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The Eventide Homes

Balance Sheet

31 December 2020

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: Amounts falling due within one year
14
Net current assets
Net assets
Funds of the charity:
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
16		 2020
£
1,111,958
2,816,059
3,928,017
29,992
188,866
218,858
(15,749)
203,109
4,131,126
371,111
3,760,015
4,131,126		 2019
£
1,102,972
2,719,104
3,822,076
28,194
44,633
72,827
(19,258)
53,569
3,875,645
351,909
3,523,736
3,875,645

The financial statements on pages 16 to 31 were approved by the trustees, and authorised for issue on 9 April 2021 and signed on their behalf by:

......................................... Mr. K J Mantock FRSA Trustee

......................................... Mr. D W Roots Trustee

Page 18

The Eventide Homes

Notes to the Financial Statements

Year Ended 31 December 2020

1 Accounting policies

Exemption from preparing a cash flow statement

The charity has adopted Bulletin 1 published on 2 February 2016 and has therefore not included a cash flow statement in these financial statements.

Going concern

The financial statements have been prepared on a going concern basis. As explained in the trustee report the board have considered the uncertainty relating to the coronavirus pandemic which occurred during the year and the impact on the charity’s operations and finances in the short to medium term. In the opinion of the board, the charity has sufficient working capital to continue to meet its financial obligations and pay its liabilities as they fall due for the foreseeable future, the budgeted income and expenditure is sufficient with the level of reserves held for the charity to be able to continue as a going concern and therefore the financial statements have been prepared on a going concern basis.

(a) General information and basis of preparation

The Eventide Homes is a Charitable Trust registered in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are to provide almshouse accommodation to individuals over 60 who are in need of it.

The charity constitutes a public benefit entity as defined by FRS 102. 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) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements are prepared on a going concern basis and under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.

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

(b) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Page 19

The Eventide Homes

Notes to the Financial Statements

Year Ended 31 December 2020

Donated facilities goods and services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

Fixed asset gifts in kind are recognised when receivable and are included at fair value.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Maintenance contribution income is recognised weekly on a receivable basis.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

(c) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

(d) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of expenditure on charitable activities on a basis consistent with use of the resources.

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

The analysis of these costs is included in note 6.

Page 20

The Eventide Homes

Notes to the Financial Statements

Year Ended 31 December 2020

(e) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Land - not depreciated Main fabric - 30 years straight line Roof/ external doors - 60 years straight line Windows/ external doors - 30 years straight line Kitchen - 20 years straight line Bathrooms/ WCs - 30 years straight line Mechanical (heating etc) - 15/20/30 years straight line Electrics - 10/30 years straight line

(f) Investment properties

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in income or expenditure.

(g) Fixed Asset Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

(h) Current Asset Investments

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year.

(i) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid deposits with a short maturity of three months or less.

Page 21

The Eventide Homes

Notes to the Financial Statements

Year Ended 31 December 2020

(k) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(l) Financial Instruments

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

(m) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

(n) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010.

(o) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

(p) Significant judgements and estimates

The original almshouses, with a historic cost of £178,191, are measured using the cost model and are not revalued. The trustees judge that a valuation would require undue cost and effort relative to the overall financial statements. There are no significant accounting estimates.

2 Income from donations and legacies

Donations Unrestricted
funds
£
17,225
17,225		 Total
2020
£
17,225
17,225		 Total
2019
£
2,346
2,346

Page 22

The Eventide Homes

Notes to the Financial Statements

Year Ended 31 December 2020

3
Income from charitable activities
Weekly maintenance contributions
Other income
4
Investment income
Unrestricted
funds
£
Interest receivable and similar
income;
Interest receivable on bank
deposits
229
Other investment income
49,205
49,434
5
Expenditure on charitable activities
Water rates
Insurance
Human resources
Repairs and maintenance
General maintenance
Equipment repairs and renewals
Cleaning
Travel and subsistence
Entertainment
Sundry
Support costs (Note 6)		 Unrestricted
funds
£
372,823
64
372,887
Restricted
funds
£
-
14,478
14,478		 Total
2020
£
372,823
64
372,887
Total
2020
£
229
63,683
63,912
Total
2020
£
13,690
8,418
35,543
86,207
9,622
-
8,554
510
5,118
181
127,655
295,498		 Total
2019
£
351,468
13
351,481
Total
2019
£
747
64,756
65,503
Total
2019
£
14,292
9,268
37,725
92,643
7,688
21
6,896
561
2,745
589
130,682
303,110

Page 23

The Eventide Homes

Notes to the Financial Statements

Year Ended 31 December 2020

6 Analysis of governance and support costs

Support costs allocated to charitable activities

Support costs allocated to charitable activities
Basis of
allocation
Human resources
Admin Staff
Governance (see below)
100%
Legal and professional
100%
Information technology
100%
Depreciation
100%
Office costs
100%
Bank charges
100%
Bad debts written off
100%		 Total
2020
£
66,007
9,888
6,394
331
38,167
5,248
1,620
-
127,655		 Total
2019
£
64,464
9,752
10,433
1,359
36,552
6,255
1,514
353
130,682

Governance costs

Audit fees
Audit of the financial statements
7
Net incoming/outgoing resources
Net incoming resources for the year include:
Auditor's remuneration
Depreciation of other tangible
(Gain)/loss on investment assets		 Unrestricted
funds
General
£
9,888
9,888		 Total
2020
£
9,888
9,888
2020
£
9,888
38,167
(81,955)		 Total
2019
£
9,752
9,752
2019
£
9,752
36,552
(337,359)

Page 24

The Eventide Homes

Notes to the Financial Statements

Year Ended 31 December 2020

8 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 or any other benefits from the charity during the year.

9 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2020
£
90,294
6,047
5,209
101,550		 2019
£
89,836
7,030
5,323
102,189

The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:

Average No. of employees (head count) 2020
No
2		 2019
No
2

No employee received emoluments of more than £60,000 during the year

The total employee benefits of the key management personnel of the charity were £68,558 (2019 - £66,357).

10 Taxation

The charity is a registered charity and is therefore exempt from taxation.

Page 25

The Eventide Homes

Notes to the Financial Statements

Year Ended 31 December 2020

11 Tangible fixed assets

Cost
At 1 January 2020
Additions
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019 (As restated)		 Land
£
Buildings
and major
home
improvements
£
1,935
1,404,323
-
47,153
1,935
1,451,476
-
303,286
-
38,167
-
341,453
1,935
1,110,023
1,935
1,101,037		 Total
£
1,406,258
47,153
1,453,411
303,286
38,167
341,453
1,111,958
1,102,972

Page 26

The Eventide Homes

Notes to the Financial Statements

Year Ended 31 December 2020

12 Fixed asset investments

Investment properties
Cost or Valuation
At 1 January 2020
Revaluation
At 31 December 2020
Provision
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019
Other investments
Cost or Valuation
At 1 January 2020
Revaluation
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019
13 Debtors
Trade debtors
Prepayments
Accrued income		 Listed
investments
£
2,419,104
81,955
2,501,059
2,501,059
2,419,104
2020
£
-
12,651
17,341
29,992		 Investment
properties
£
300,000
15,000
315,000
-
315,000
300,000
Total
£
2,419,104
81,955
2,501,059
2,501,059
2,419,104
2019
£
724
7,917
19,553
2,501,059
2,501,059
2,419,104
2020
£
-
12,651
17,341
29,992
28,194

Page 27

The Eventide Homes

Notes to the Financial Statements

Year Ended 31 December 2020

14 Creditors: amounts falling due within one year

14 Creditors: amounts falling due within one year
Other creditors
Accruals
Deferred income		 2020
£
76
14,378
1,295
15,749		 2019
£
710
17,975
573
19,258

15 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 £5,209 (2019 - £5,323).

Page 28

The Eventide Homes

Notes to the Financial Statements

Year Ended 31 December 2020

16 Funds

16 Funds
Unrestricted funds
Unrestricted general funds
Revenue Fund
Unrestricted designated funds
Capital Fund
Total unrestricted funds
Restricted funds
Ridout Fund
Total funds		 Balance at 1
January
2020
£
53,569
3,470,167
3,523,736
351,909
3,875,645		 Incoming
resources
£
439,546
-
439,546
14,478
454,024		 Resources
expended
£
(281,020)
-
(281,020)
(14,478)
(295,498)		 Transfers
£
Other
recognised
gains/(losses)
£
(8,986)
-
8,986
77,753
-
77,753
-
19,202
-
96,955		 Balance at
31
December
2020
£
203,109
3,556,906
3,760,015
371,111
4,131,126

Page 29

The Eventide Homes

Notes to the Financial Statements

Year Ended 31 December 2020

Unrestricted funds
Unrestricted general funds
Revenue Fund
Unrestricted designated funds
Capital Fund
Total unrestricted funds
Restricted funds
Ridout Fund
Total funds		 Balance at 1
January
2019
£
100,166
2,998,877
3,099,043
302,198
3,401,241		 Incoming
resources
£
407,710
-
407,710
11,620
419,330		 Resources
expended
£
(291,490)
-
(291,490)
(11,620)
(303,110)		 Transfers
£
Other
recognised
gains/(losses)
£
(162,817)
-
162,817
308,473
-
308,473
-
49,711
-
358,184		 Balance at
31
December
2019
£
53,569
3,470,167
3,523,736
351,909
3,875,645

Page 30

The Eventide Homes

Notes to the Financial Statements

Year Ended 31 December 2020

The specific purposes for which the funds are to be applied are as follows:

Designated funds

The Capital Fund consists of fixed assets and non-restricted fixed asset investments.

Restricted funds

The W H Ridout Memorial Fund is a bequest. The share taken is to be used by the Trustees exclusively for or towards the maintenance and provision of homes for the Aged of Bournemouth.

17 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted funds
General
£
Designated
£
-
1,111,958
-
2,444,948
218,858
-
(15,749)
-
203,109
3,556,906		 Restricted
funds
£
-
371,111
-
-
371,111		 Total funds
£
1,111,958
2,816,059
218,858
(15,749)
4,131,126

18 Related party transactions

There were no related party transactions in the year.

Page 31