| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 6 |
| Report ofthe Independent Auditors |
7 | to | 8 |
| Statement ofFinancial Activities | |||
| Balance Sheet | 10 | ||
| Cash Flow Statement | |||
| Notes to the Cash Flow Statement | 12 | ||
| Notes to the Financial Statements | 13 | to | 20 |
| Detailed Statement ofFinancial Activities | 21 | to | 22 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Total | ||||||
| funds | funds | ||||||
| Notes | |||||||
| INCOME AND ENDOWMENTS | FROM | ||||||
| Donations and legacies |
85,331 | 64,875 | |||||
| Investment income |
787,911 | 840,943 | |||||
| Total | 873,242 | 905,818 | |||||
| EXPENDITURE | ON | ||||||
| Raising funds | 176,035 | 128,448 | |||||
| Charitable activities |
|||||||
| Almshouses | 739,724 | 657,932 | |||||
| Total | 915,759 | 786,380 | |||||
| Net gains/(losses) | on | investments | ~451,9453 | 583,632 | |||
| NVT INCOME/(EXPENDITURE) | (494,462) | 703,070 | |||||
| RECONCILIATION | OF FUNDS | ||||||
| Total funds brought | forward | 26,432,825 | 25,729,755 | ||||
| TOTAL FUNDS | CARRIED FOR%YARD | 25,938,363 | 26,432,825 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Unrestricted | Total | |||
| funds | funds | |||
| Notes | ||||
| FIXEDASSETS | ||||
| Tangible assets Investments |
10 11 |
3,980,680 21,616,349 |
4,077,562 22,065,973 |
|
| 25 597029 | 26 143 535 | |||
| CURRENT ASSETS | ||||
| Debtors | 12 | 280,006 | 186,570 | |
| Cash at bank and in hand | 402,143 | 416,100 | ||
| 682,149 | 602,670 | |||
| CRFDITORS | ||||
| Amounts falling due within |
one year | 13 | (275,052) | (246,995) |
| NET CURRENT ASSETS | 407,097 | 355,675 | ||
| TOTAL ASSETSLESSCURRENT | ||||
| LIABILITIES | 26,004, 126 | 26,499,210 | ||
| CREDITORS | ||||
| Amounts falling due after more than one year |
14 | (65,763) | (66,385) | |
| NET ASSETS | 25 938363 | 26 432 825 | ||
| FUNDS | 17 | |||
| Unrestricted funds |
25,938,363 | 26,432,825 | ||
| TOTAL FUNDS | 25,938,363 | 26,432,825 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Notes | E | ||||
| Cash flows from operating | activities | ||||
| Cash generated from operations Interest paid |
(785,095) ~7,182) |
(695,277) ~7,238) |
|||
| Net cash used in operating activities |
~792,277) | ~702,5 15) | |||
| Cash flows from investing | activities | ||||
| Purchase oftangible fixed assets Purchase offixed asset investments |
(6,710) (2,322) |
(3,604,261) | |||
| Sale offixed asset investments | 3,543,578 | ||||
| Rents received | 684,070 | 689,496 | |||
| Dividends & interest | 101,330 | 150,998 | |||
| Interest received | 615 | 34 | |||
| Dividends received |
1,896 | 415 | |||
| Net cash provided by investing activities |
778,879 | 780,260 | |||
| Cash flows from financing Loan repayments in year |
activities | ~559) | ~506) | ||
| Net cash used in financing | activities | ~559) | ~506) | ||
| Change in cash and cash the reporting period |
equivalents | in | (13,957) | 77,239 | |
| Cash and cash equivalents | at the | ||||
| beginning ofthe reporting |
period | 416,100 | 338,861 | ||
| Cash and cash equivalents | at the end | of | |||
| the reporting period |
402,143 | 416,100 |
| OPERATING ACTIVITI | ES | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| Net (expenditure)/income | for the reporting | period (as per the | ||
| Statement ofFinancial Activities) | (494,462) | 703,070 | ||
| Adjustments for: |
||||
| Depreciation charges |
103,592 | 103,592 | ||
| Losses/(gain) on investments |
451,945 | (583,632) | ||
| Interest received | (615) | (34) | ||
| Interest paid | 7, 182 | 7,238 | ||
| Dividends received |
(1,896) | (415) | ||
| Rents received | (684,070) | (689,496) | ||
| Dividends and interest received |
(101,330) | (150,998) | ||
| Increase in debtors Increase/(decrease) in creditors |
(93,436) 27,995 |
(73,347) ~11,255 |
||
| Net cash used in operations | ~785,095) | ~695,277) |
| ANALYSIS OF CHAN | GES IN NET FUNDS | ||||
|---|---|---|---|---|---|
| At 1.1.22 | Cash flow | At 31.12.22 | |||
| f. | |||||
| Net cash | |||||
| Cash at bank and in hand | 416,100 | ~13,957) | 402,143 | ||
| 416,100 | ~13,957) | 402,143 | |||
| Debt | |||||
| Debts falling due within | 1 year | (560) | (62) | (622) | |
| Debts falling due after | 1 | year | ~66,385) | 622 | ~65,763) |
| ~66,945) | 560 | ~66,385) | |||
| Total | 349,155 | ~13,397) | 335,758 |
| DONATIONS AND LEG |
ACIES | ||
|---|---|---|---|
| 2022 | 2021 | ||
| Resident's contribution |
83,407 | 62,033 | |
| Donations from visitors |
1,924 | 2,842 | |
| 85,331 | 64,875 | ||
| INVESTMENT INCOME | |||
| 2022 | 2021 | ||
| Rents received | 684,070 | 689,496 | |
| Dividends &interest |
101,330 | 150,998 | |
| Guest room rental | 1,896 | 415 | |
| Deposit account interest | 615 | 34 | |
| 787,911 | 840,943 | ||
| RAISING FUNDS | |||
| Investment management |
costs | ||
| 2022 | 2021 | ||
| Property repairs Professional charges |
98,305 67,158 |
69,850 50,761 |
|
| Insurance | 4,604 | 4,174 | |
| Rates | 2,791 | ||
| Heat 8c Light | 3,177 | 3,663 | |
| 176,035 | 128,448 |
| Grant | ||||||||
|---|---|---|---|---|---|---|---|---|
| funding of | ||||||||
| activities | Support | |||||||
| Direct | (see note | costs (see | ||||||
| Costs | 6) | note 7) | Totals | |||||
| Almshouses | 494,931 | 42,431 | 206,862 | 744,224 | ||||
| GRANTS PAYABLE | ||||||||
| 2022 | 2021 | |||||||
| Almshouses | 42,431 | 25,000 | ||||||
| The total grants paid to institutions | during | the | year was as follows: | |||||
| 2022 | 2021 | |||||||
| St Richards | ofChichester | Christian | Care | Association | 30,000 | 25,000 | ||
| Chichester | Heart for Homeless | 12,000 | ||||||
| St Wilfrid's | Hospice | 100 | ||||||
| ST Barnabas Hospice | 155 | |||||||
| St Richard's | Hospital | 176 | ||||||
| 42,431 | 25,000 | |||||||
| SUPPORT | COSTS | |||||||
| Governance | ||||||||
| Management | Finance | costs | Totals | |||||
| Almshouses | 135,355 | 7,578 | 63,929 | 206,862 | ||||
| 135,355 | 7,578 | 59,429 | 202,362 |
| 9. | STAFF COSTS | |||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||
| Wages and salaries | 118,106 | 112,869 | ||||||
| Social security costs | 6,764 | 9,758 | ||||||
| Other pension costs | 16,986 | 22,632 | ||||||
| 141,856 | 145,259 | |||||||
| The average monthly | number ofemployees | during | the year was | as follows: | ||||
| 2022 | 2021 | |||||||
| 4 | 5 | |||||||
| No employees received emoluments |
in excess off60,000. | |||||||
| 10. | TANGIBLE FIXED | ASSETS | ||||||
| Freehold | StMary's | Plant and | ||||||
| property | Lodge | machinery | Totals | |||||
| COST | ||||||||
| At 1st January 2022 | 4,848,410 | 397,725 | 5,246, 135 | |||||
| Additions | 6,710 | 6,710 | ||||||
| At 31st December 2022 | 4,848,410 | 397,725 | 6,710 | 5,252,845 | ||||
| DEPRECIATION | ||||||||
| At 1st January 2022 | 943,192 | 225,381 | 1,168,573 | |||||
| Charge for year | 96,968 | 6,624 | 103,592 | |||||
| At 31st December 2022 | 1,040, 160 | 232,005 | 1,272, 165 | |||||
| NET BOOK VALUE | ||||||||
| At 31st December 2022 | 3,808,250 | 165,720 | 6,710 | 3,980,680 | ||||
| At 31st December 2021 | 3,905,218 | 172,344 | 4,077,562 | |||||
| 11. | FIXEDASSET INVESTMENTS | |||||||
| Listed | Investment | |||||||
| investments | Properties | Totals | ||||||
| MARKET VALUE | ||||||||
| At 1st January 2022 | 3,838,473 | 18,227,500 | 22,065,973 | |||||
| Additions Revaluations |
2,322 ~45 1,946) |
2,322 ~491,946) |
||||||
| At 31st December 2022 | 3,388,849 | 18,227,500 | 21,616,349 | |||||
| NET BOOK VALULr | ||||||||
| At 31stDecember 2022 | 3,388,849 | 18,227,500 | 21,616,349 | |||||
| At 31stDecember 2021 | 3,838,473 | 18,227,500 | 22,065,973 |
| Listed | Investment | ||||
|---|---|---|---|---|---|
| investments | Properties | Totals | |||
| Valuation | in | 2022 | 3,388,849 | 18,227,500 | 21,616,349 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Trade debtors | 45,008 | 49,596 | ||
| Other debtors | 234,998 | 136,974 | ||
| 280,006 | 186,570 | |||
| CREDITORS: | AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 2022 | 2021 | |||
| Other loans (see note | 15) | 622 | 560 | |
| Trade creditors | 40,871 | 31,727 | ||
| Social security | and other taxes | 1,624 | 2,634 | |
| Other creditors | 45,876 | |||
| Rent deposits | 77,821 | 74,312 | ||
| Accruals and deferred |
mcome | 108,238 | 137,762 | |
| 275,052 | 246,995 |
| 15. | LOANS | LOANS | LOANS | ||
|---|---|---|---|---|---|
| An analysis ofthe maturity ofloans is given below: | |||||
| 2022 | 2021 | ||||
| Amounts falling due within one year on demand: |
|||||
| Housing corporation loan |
622 | 560 | |||
| Amounts falling between one |
and two years: | ||||
| Other loans - 1-2 years | 691 | 622 | |||
| Amounts falling due between Other loans —2-5 years |
two and five | years: | 2,565 | 2,310 | |
| Amounts falling due in more |
than five years: | ||||
| Repayable by instalments: Other loans more 5yrs instal |
62,507 | 63,453 | |||
| 16. | SECURED DEBTS | ||||
| The following secured debts are included |
within creditors: | ||||
| 2022 | 2021 | ||||
| Housing corporation loan |
66,385 | 66,945 |
| MOVEM | EN | T IN FUND | S | ||||
|---|---|---|---|---|---|---|---|
| Net | Transfers | ||||||
| movement | between | At | |||||
| At 1.1.22 | in funds | funds | 31.12.22 | ||||
| Uni estricted | funds | ||||||
| General fund Extraordinary |
repair fund | —designated | 26,182,825 250,000 |
(494,462) | 250,000 ~250,000) |
25,938,363 | |
| 26,432,825 | ~494,4623 | 25,938,363 | |||||
| TOTAL | I"UNDS | 26,432,825 | ~494,4623 | 25 938363 |
| Incoming | Resources | Gains and | Movement | |||
|---|---|---|---|---|---|---|
| resources | expended | losses | in funds | |||
| Unrestricted | funds | |||||
| General | fund | 873,242 | (915,759) | (451,945) | (494,462) | |
| TOTAL | FUNDS | 873,242 | ~915,759) | (451,945) | f494,462) |
| Compara | tives | for m | ovem | en | t in funds |
|||
|---|---|---|---|---|---|---|---|---|
| Net | ||||||||
| movement | At | |||||||
| At 1.1.21 | in funds | 31.12.21 | ||||||
| Unrestricted | funds | |||||||
| General | fund | 25,479,755 | 703,070 | 26,182,825 | ||||
| Extraordinary | repair | fund | - | designated | 250,000 | 250,000 | ||
| 25,729,755 | 703,070 | 26,432,825 | ||||||
| TOTAL | FUNDS | 25,729,755 | 703,070 | 26,432,825 |
| Incoming | Resources | Gains and | Movement | |||
|---|---|---|---|---|---|---|
| resources | expended | losses | in funds | |||
| Unrestricted | funds | |||||
| General | fund | 905,818 | (786,380) | 583,632 | 703,070 | |
| TOTAL | I"UNDS | 905,818 | ~786,380) | 583,632 | 703,070 |
| A current | year | 12 mo | nths | and prior year 12 | months combined po |
sition is as fol | lows: | |
|---|---|---|---|---|---|---|---|---|
| Net | Transfers | |||||||
| movement | between | At | ||||||
| At 1.1.21 | in funds | funds | 31.12.22 | |||||
| Unr estricted | funds | |||||||
| General fund Extraordinary |
repair | fund | —designated | 25,479,755 250,000 |
208,608 | 250,000 ~250,000) |
25,938,363 | |
| 25,729,755 | 208,608 | 25 938 363 | ||||||
| TOTAL | FUNDS | 25,729,755 | 208,608 | 25,938,363 |
| as follow | s: | |||||
|---|---|---|---|---|---|---|
| Incoming | Resources | Gains and | Movement | |||
| resources | expended | losses | in funds | |||
| Unrestricted | funds | |||||
| General | fund | 1,779,060 | (1,702, 139) | 131,687 | 208,608 | |
| TOTAL | FUNDS | 1,779,060 | (1,702,139) | 131,687 | 208,608 |
| 2022 | 2021 | ||
|---|---|---|---|
| INCOME AND ENDOWMENTS | |||
| Donations and legacies Resident's contribution |
83,407 | 62,033 | |
| Donations from visitors |
1,924 | 2,842 | |
| 85,331 | 64,875 | ||
| Investment income |
|||
| Rents received | 684,070 | 689,496 | |
| Dividends &interest |
101,330 | 150,998 | |
| Guest room rental | 1,896 | 415 | |
| Deposit account interest | 615 | 34 | |
| 787,911 | 840,943 | ||
| Total incoming resources |
873,242 | 905,818 | |
| EXPENDITURE | |||
| Investment management |
costs | ||
| Property repairs Professional charges |
98,305 67,158 |
69,850 50,761 |
|
| Insurance | 4,604 | 4, 174 | |
| Rates | 2,791 | ||
| Heat &,Light | 3,177 | 3,663 | |
| 176,035 | 128,448 | ||
| Charitable activities |
|||
| Wages Social security Pensions |
118,106 6,764 16,986 |
112,869 9,758 22,632 |
|
| Rates and water | 24,681 | 25,439 | |
| Insurance | 18,982 | 17,687 | |
| Light and heat Sundries |
71,017 24,126 |
63,599 15,385 |
|
| Garden expenses Repairs & maintenance Outings &trips Rent |
23,531 76,976 10,170 |
12,517 63,965 7,430 754 |
|
| Other staff costs | 540 | ||
| Depn ofSt Mary's Courtyard Depn ofSt Mary's Lodge Grants to institutions |
96,968 6,624 42,431 |
96,968 6,624 25,000 |
|
| 537,362 | 481,167 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Support costs | ||||||
| Management Telephone IT Services |
7,653 30,919 |
4,912 2,989 |
||||
| Administration services Chichester Cathedral |
provided | by Chapter of | 96,783 | 130,193 | ||
| 135,355 | 138,094 | |||||
| Finance Bank charges Loan |
396 7,182 |
380 7,238 |
||||
| 7,578 | 7,618 | |||||
| Governance costs Auditors' remuneration |
10,580 | 9,000 | ||||
| Bookkeeping Legal fees |
28,800 20,049 |
8,491 13,562 |
||||
| 59,429 | 31,053 | |||||
| Total resources expended |
915,759 | 786,380 | ||||
| Net (expenditure)/income losses |
before gains and | (42,517) | 119,438 | |||
| Realised recognised Realised gains/(losses) |
gains and losses on fixed asset investments |
349,420 | ||||
| Net (expenditure)/income | ~42,517) | 468,858 |