Charity registration number: 202628
## **SIR HENRY EDWARDS' CHARITIES**
# **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
Chartered Accountants
**SIR HENRY EDWARDS' CHARITIES**
## **CONTENTS**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 3|
|Chartered Accountants' Preparation Report|4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8 to 12|
|Supplementary Information for Trustees
Schedule of Investments|13|
**SIR HENRY EDWARDS' CHARITIES**
**REFERENCE AND ADMINISTRATIVE DETAILS**
|**Charity Name**|Sir Henry Edwards' Charities|
|---|---|
||(part of Weymouth Town Charities)|
|**Trustees**|Mr G Hepburn|
||Mr M M Wheller|
||Mr S McLeod|
||Mr S MacCormack|
||Mr M Duggan|
||Mr K G Vincent|
||Mr G D Hillman|
||Miss L Hamilton|
|**Other Officers**|Mr H Jones, Clerk to Trustees|
|**Principal Office**|c/o Edwards & Keeping|
||Unity Chambers|
||34 High East Street|
||Dorchester|
||Dorset|
||DT1 1HA|
|**Charity Registration Number**|202628|
|**Accountants**|Edwards & Keeping|
||Unity Chambers|
||34 High East Street|
||Dorchester|
||Dorset|
||DT1 1HA|
|**Independent Examiner**|Fraser Monro B.Sc. (Hons) FCCA|
||Fraser Monro Accounting Services|
||36 East Street|
||Chickerell|
||Weymouth|
||Dorset|
||DT3 4DT|
- 1 -
**SIR HENRY EDWARDS' CHARITIES**
## **TRUSTEES' REPORT**
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2022.
## **Trustees**
Mr G Hepburn
Mr D Tate (resigned 8 February 2022)
Mr M M Wheller Mr S McLeod
Mr S MacCormack
Ms D Day (resigned 8 February 2022)
Ms C Churchill (resigned 22 September 2022)
Mr M Duggan Mr K G Vincent (appointed 24 May 2022)
Mr G D Hillman (appointed 8 February 2022)
Mrs A E Geare (appointed 15 June 2022 and resigned 14 December 2022) Miss L Hamilton (appointed 22 February 2023)
Ms J Chandler (appointed 22 February 2023 and resigned 16 May 2023)
## **Objectives and activities**
## _**Public benefit**_
The objectives of the charity for the public benefit are as follows:
Alms Homes provide low cost accommodation to the elderly people of Weymouth and Portland who find it difficult to finance and support themselves in their own home.
Edwards Gifts provides an annual dinner to the elderly persons in the alms homes accommodation.
Income derived from the investments of each constituent and from the maintenance contribution income of the alms homes is applied towards these charitable objectives.
The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Financial review**
## _**Policy on reserves**_
The charity's funds are split between Alms Homes and Edwards Gifts and between unrestricted income and expendable endowment funds for the two constituents. The balance held as unrestricted income funds at 31 December 2022 was £191,601 (Alms Homes £153,290 and Edwards Gifts £38,311). The balance held as expendable endowment funds at 31 December 2022 was £2,489,305 (Alms Homes £2,436,405 and Edwards Gifts £52,900). The charity receives income from its properties and investments which is split between Alms Homes and Edwards Gifts as appropriate as it arises.
Alms Homes investments are held to provide income for the maintenance of the properties.
Alms Homes maintenance contributions are set at a level to generate sufficient reserves to finance the following:
- A cyclical maintenance fund: For providing ordinary maintenance and repair of the alms houses. The trustees anticipate, on average, three units become vacant each year. Prior to each unit being offered for re-occupancy, it is subject to necessary refurbishment. The exterior of the properties are also subject to regular maintenance works.
- An extraordinary repair fund: For extraordinary repair, improvement or rebuilding of the alms houses. The trustees acknowledge the age and listed building status of the alms homes adds further costs and complications for any proposed works and, as a result, costs for seemingly simple repairs can be easily escalate to levels capable of clearing all available reserves of the charity. The trustees are now reviewing repair and renovation requirements to determine the level of extraordinary repair fund required.
- 2 -
**SIR HENRY EDWARDS' CHARITIES**
## **TRUSTEES' REPORT**
## _**Investment policy and objectives**_
There are no restrictions on the trustees' power to invest. The trustees intend that the real value of the assets of the charity should be maintained and enhanced over the long term. Investments consist of holdings in COIF Charities Investment Fund - Income Units. The investments in SVS CH Investment Grade Fixed Funds managed by Smith & Williamson were sold in the year and the proceeds reinvested in full in the existing COIF Charities Investment Fund.
## **Structure, governance and management**
## _**Nature of governing document**_
The Sir Henry Edwards' Charities form part of The Weymouth Town Charities which are governed in accordance with a Scheme dated 7 June 1985 that relates to the two registered charities; The Sir Samuel Mico's Charities and The Sir Henry Edwards' Charities. The Sir Henry Edwards' Charities were registered with the Charity Commission on 4 April 1962 (registration number 202628) and consist of two separate constituents: Sir Henry Edwards' Charities Alms Homes (administered under the Scheme dated 7 June 1985) and Sir Henry Edwards' Charities Dinner Gifts (administered under the Scheme dated 7 June 1985).
## _**Recruitment and appointment of trustees**_
Trustees are elected for a five year term and usually meet at least four times each year to review the activities of each of the charity's constituents. The Annual General Meeting is normally held in the spring of each year. The trustees who served during the year are listed on page 1.
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The annual report was approved by the trustees of the charity on 12 September 2023 and signed on its behalf by:
Mr G Hepburn Trustee
- 3 -
**SIR HENRY EDWARDS' CHARITIES**
## **CHARTERED ACCOUNTANTS' REPORT** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
In accordance with the engagement letter dated 30 July 2019, and in order to assist you to fulfil your duties under the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust deed, we have prepared for your approval the financial statements of the Sir Henry Edwards' Charities for the year ended 31 December 2022, set out on pages 6 to 14, from the accounting records and information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the trustees of the Sir Henry Edwards' Charities as a body, in accordance with the terms of our engagement letter dated 30 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of the Sir Henry Edward's and state those matters that we have agreed to state to the trustees in this report in accordance with the guidance of ICAEW as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the trustees as a body, for our work or for this report.
You have acknowledged in the trustees' report for the year ended 31 December 2022 that it is your duty to ensure that the charity has kept proper accounting records and to prepare financial statements under the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust deed, that give a true and fair view of the state of affairs of the charity at the year end and of its incoming and outgoing resources during that year. You consider that the charity is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit or an independent examination of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Edwards & Keeping Chartered Accountants
Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA
12 September 2023
- 4 -
## **SIR HENRY EDWARDS' CHARITIES**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SIR HENRY EDWARDS' CHARITIES**
I report on the accounts of the charity for the year ended 31 December 2022 which are set out on pages 6 to 12.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in 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**
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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination .
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Fraser Monro B.Sc. (Hons) FCCA
Fraser Monro Accounting Services 36 East Street Chickerell Weymouth Dorset DT3 4DT
26 September 2023
- 5 -
**SIR HENRY EDWARDS' CHARITIES**
## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
|**Note**
**Income and**
**Endowments from:**
Charitable activities
2
Investment income
3
Total Income
**Expenditure on:**
Charitable activities
4
Total Expenditure
Gains/(losses) on
investment assets
7
Net movement in
funds
**Reconciliation of funds**
Total funds brought
forward
Total funds carried
forward|**Unrestricted income**
**funds**
**Expendable endowment**
**funds**
**Alms**
**Homes**
**£**
**Edwards**
**Gifts**
**£**
**Alms**
**Homes**
**£**
**Edwards**
**Gifts**
**£**
105,348
-
-
-
1,310
1,528
-
-
106,658
1,528
-
-
(65,403)
(81)
-
-
(65,403)
(81)
-
-
-
-
(11,823)
(6,896)
41,255
1,447
(11,823)
(6,896)
112,035
36,864
2,448,228
59,796
153,290
38,311
2,436,405
52,900|**Total**
**2022**
**£**
105,348
2,838
108,186
(65,484)
(65,484)
(18,719)
23,983
2,656,923
2,680,906|**Total**
**2021**
**£**
106,236
2,680|
|---|---|---|---|
||||108,916|
||||(66,130)|
||||(66,130)|
||||21,885|
||||64,671
2,592,252|
||||2,656,923|
All of the charity's activities derive from continuing operations during the above two periods.
- 6 -
**(REGISTRATION NUMBER: 202628) BALANCE SHEET AS AT 31 DECEMBER 2022**
## **SIR HENRY EDWARDS' CHARITIES**
|**Note**
**Fixed assets**
Tangible assets
6
Investments
7
**Current assets**
Debtors
8
Cash at bank and
in hand
9
**Creditors:**
**Amounts falling**
**due within one**
**year**
10
**Net current**
**assets**
**Net assets**
**Funds of the Charity:**
**Total funds**|**Unrestricted income**
**funds**
**Alms**
**Homes**
**£**
**Edwards**
**Gifts**
**£**
-
-
-
-
-
-
-
-
156,439
38,311
156,439
38,311
(3,149)
-
153,290
38,311
153,290
38,311
153,290
38,311|**Expendable endowment**
**funds**
**Alms**
**Homes**
**£**
**Edwards**
**Gifts**
**£**
2,330,000
-
106,405
52,900
2,436,405
52,900
-
-
-
-
-
-
-
-
-
-
2,436,405
52,900
2,436,405
52,900|**2022**
**£**
2,330,000
159,305
2,489,305
-
194,750
194,750
(3,149)
191,601
2,680,906
2,680,906|**2021**
**£**
2,330,000
178,024|
|---|---|---|---|---|
|||||2,508,024|
|||||1,038
160,042|
|||||161,080
(12,181)|
|||||148,899|
|||||2,656,923|
|||||2,656,923|
The financial statements on pages 6 to 12 were approved by the trustees, and authorised for issue on 12 September 2023 and signed on their behalf by:
Mr G Hepburn Trustee
- 7 -
**SIR HENRY EDWARDS' CHARITIES**
**NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the notes to these accounts. 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 October 2019 and the Charities Act 2011.
Sir Henry Edwards' Charities meets the definition of a public benefit entity under FRS 102.
## **Exemption from preparing a cash flow statement**
The charity adopts Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
## **Going concern**
The financial statements have been prepared on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be reliably measured.
## _**Investment income**_
Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank. Investment income is accounted for when receivable and includes the related tax recoverable. This is normally upon notification by the investment advisor of the dividend or interest yield of the investment portfolio.
## _**Charitable activities**_
Maintenance contributions from the occupants of the alms homes are recognised when the contributions fall due.
## **Expenditure**
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Expenditure includes vat which cannot be recovered, and is reported as part of the expenditure to which it relates. Expenditure is classified under the following activity headings:
## _**Charitable Activities**_
Charitable activities include the maintenance of the alms homes properties and the provision of grants for the elderly poor of Weymouth, together with support costs for these activities. Governance costs include the preparation and examination of the statutory accounts, the cost of trustees' meetings and cost of legal advice of trustees on governance and constitutional matters.
## **Tangible fixed assets**
Tangible fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The alms homes properties were professionally valued on 15 December 2008 and the trustees have used the Nationwide House Price Index to calculate the uplift in market value to 1 January 2015. The charity took advantage of the FRS102 transition exemption to use this 1 January 2015 value as deemed cost without adopting a policy of revaluation.
## **Depreciation and amortisation**
Depreciation is not provided on the alms homes properties as they are maintained in a continual state of sound repair and have a residual value not materially different from the amount that the properties are included in the accounts.
- 8 -
**SIR HENRY EDWARDS' CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
## **Fixed asset investments**
Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
## **Debtors**
Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts due.
## **Cash at bank and in hand**
Cash at bank and in hand includes cash held on investment accounts.
## **Creditors**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
## **Fund structure**
Unrestricted income funds can be spent on any purpose within the charity's objects at the discretion of the trustees and is split between Alms Homes and Dinner Gifts
Expendable endowment funds represent the capital value of the properties and investments held by the charity, including all subsequent gains and losses, and is expendable at the discretion of the trustees to be applied for the purpose for which it was given. Expendable endowment funds are also split between Alms Homes and Dinner Gifts.
Transfers are made between income and capital funds to maintain endowment funds at their current value at the balance sheet date.
## **2 Income from charitable activities**
|Maintenance contributions
Other income|**Unrestricted income funds**
**Alms**
**Homes**
**£**
**Edwards**
**Gifts**
**£**
105,367
-
(19)
-
105,348
-|**Total**
**2022**
**£**
105,367
(19)
105,348|**Total**
**funds**
**£**
**Total**
**2021**
**£**
105,906
330|
|---|---|---|---|
||||106,236|
- 9 -
**SIR HENRY EDWARDS' CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
## **3 Investment income**
|Income from dividends;
Dividends receivable from listed
investments
Interest receivable and similar income;
Interest receivable on bank deposits
Interest receivable on fixed interest
securities|**Unrestricted income funds**
**Alms**
**Homes**
**£**
**Edwards**
**Gifts**
**£**
1,122
1,348
130
32
58
148
1,310
1,528|**Total**
**2022**
**£**
2,470
162
206
2,838|**Total**
**2021**
**£**
2,407
-
273|
|---|---|---|---|
||||2,680|
## **4 Expenditure on charitable activities (including governance and support costs)**
|Council tax
Water rates
Electric
Insurance
Repairs
Gardening and window cleaning
TV licences
Residents' dinner
Office costs
Professional fees - Independent
examiner
Professional fees - Accountancy
Professional fees - Clerk's fees
Other legal and professional fees
Insurance
General expenses
Bank charges|**Unrestricted income funds**
**Alms**
**Homes**
**£**
**Edwards**
**Gifts**
**£**
569
-
8,011
-
436
-
5,157
-
43,011
-
3,012
-
97
-
-
-
471
-
270
-
2,111
-
1,575
-
-
-
599
-
-
-
84
81
65,403
81|**Total**
**2022**
**£**
569
8,011
436
5,157
43,011
3,012
97
-
471
270
2,111
1,575
-
599
-
165
65,484|**Total**
**2021**
**£**
-
7,726
174
5,188
38,820
2,235
97
795
135
510
1,988
1,575
6,069
592
40
186|
|---|---|---|---|
||||66,130|
- 10 -
**SIR HENRY EDWARDS' CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
## **5 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 other benefits from the charity during the year.
## **6 Tangible fixed assets**
|**6**
**Tangible fixed assets**|||
|---|---|---|
|**Cost**
At 1 January 2022
At 31 December 2022
**Depreciation**
At 31 December 2022
**Net book value**
At 31 December 2022
At 31 December 2021|**Alms Homes**
**Property**
**£**
2,330,000
2,330,000
-
2,330,000
2,330,000|**Total**
**£**
2,330,000|
|||2,330,000
-|
|||2,330,000|
|||2,330,000|
## **7 Fixed asset investments**
|**7**
**Fixed asset investments**|||
|---|---|---|
|Listed investments
**Listed investments**
**At fair value**
Market value at 1 January 2022
Loss on revaluation
Additions
Disposals
Market value at 31 December 2022|**Expendable endowment funds**
**Alms**
**Homes**
**£**
**Edwards**
**Gifts**
**£**
**2022**
**£**
106,405
52,900
159,305
**Expendable endowment funds**
**Alms**
**Homes**
**£**
**Edwards**
**Gifts**
**£**
118,228
59,796
(11,552)
(6,200)
3,117
7,999
(3,388)
(8,695)
106,405
52,900|**2021**
**£**
178,024|
|||**Total listed**
**investments**
**£**
178,024
(17,752)
11,116
(12,083)|
|||159,305|
The proceeds received from the investment disposals in the year were £11,116 (£3,117 Alms Homes and £7,999 Edwards Gifts). The realised loss on disposals total £967 (£271 Alms Homes and £696 Edwards Gifts), making the disposals in the year £12,083 (£3,388 Alms Homes and £8,695 Edwards Gifts).
The Gains/ (losses) on investment assets shown on the Statement of Financial Activities includes the unreailsed loss of £17,752 and the realised loss of £967.
- 11 -
**SIR HENRY EDWARDS' CHARITIES**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_
## **8 Debtors**
|**8**
**Debtors**||||
|---|---|---|---|
|Trade debtors
Owed from Sir Samuel Mico's Charities|**Unrestricted income funds**
**Alms**
**Homes**
**£**
**Edwards**
**Gifts**
**£**
-
-
-
-
-
-|**2022**
**£**
-
-
-|**2021**
**£**
256
782|
||||1,038|
## **9 Cash at bank and in hand**
||**Unrestricted**|**income funds**|||
|---|---|---|---|---|
||**Alms**|**Edwards**|||
||**Homes**|**Gifts**|**2022**|**2021**|
||**£**|**£**|**£**|**£**|
|CAF bank account|156,439|38,311|194,750|160,042|
## **10 Creditors: amounts falling due within one year**
|Trade creditors
Accruals
Owed to Sir Samuel Mico's Charities|**Unrestricted income funds**
**Alms**
**Homes**
**£**
**Edwards**
**Gifts**
**£**
90
-
3,059
-
-
-
3,149
-|**2022**
**£**
90
3,059
-
3,149|**2021**
**£**
6,924
2,828
2,429|
|---|---|---|---|
||||12,181|
## **11 Related party transactions**
During the year the charity made the following related party transactions:
## **Sir Samuel Mico's Charities**
(Connected charity run by the same trustees) Included within creditors is nil (2021 - £2,429) owed to Sir Samuel Mico's Charities by Alms Homes and within debtors is nil (2021 -£782) owed from Sir Samuel Mico's Charity to Edward Gifts.
## **Mr H E Jones**
(Clerk to the Trustees) Accountancy fees of £2,111 (2021 - £1,988) are included in the accounts in relation to Edwards and Keeping fees, a firm for which Mr H Jones (clerk to the trustees) is a partner.
- 12 -