Charity registration number: 202843
## Alderman Steevens Charity
Annual Report and Financial Statements for the Year Ended 31 December 2021
R S Porter & Co Limited Chartered Accountants The Old Dairy Ashton Hill Farm Weston Road Failand Bristol BS8 3US
## **Alderman Steevens Charity**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2|
|Statement of Trustees' Responsibilities|3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 to 13|
## **Alderman Steevens Charity**
**Reference and Administrative Details Trustees** M Laws, Chairman Mrs S Foxall-Smith J J D McArthur R I Clarke J N G Hawkins Mr Toby Saunders Mr Phillip Bate **Principal Office** Steevens House 34 Old Market Street Bristol **Solicitors** Ince Metcalfes 18 - 21 Queen Square Bristol BS1 4NH **Auditor** R S Porter & Co Limited Chartered Accountants The Old Dairy Ashton Hill Farm Weston Road Failand Bristol BS8 3US **Clerk to the Trustees** Mrs PA Cherrington 31 Horsecastle Close Yatton, North Somerset BS49 4AZ **Charity Registration Number** 202843
Page 1
## **Alderman Steevens Charity**
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2021.
## **Objectives and activities**
## _**Objects and aims**_
Almshouses.
The main purpose of the charity is to provide Almshouses for 'poor persons of good character' resident in Bristol.
## **Structure, governance and management**
## _**Nature of governing document**_
The charity of Alderman Steevens was founded by a will dated 06th April 1679. Various schemes have been approved by Charity Commissioners, the latest being sealed on 3rd November 1959 and later amended on 14th July 1989.
The persons legally responsible for the control and management of the charity are the trustees.
## _**Recruitment and appointment of trustees**_
The trustees are appointed in accordance with the provisions of the governing scheme. Details of the trustees, who all serve throughout the year except where indicated are set out on page 1.
## _**Organisational structure**_
The trustees meet at least four times a year; they make all the policy decisions.
The trustees employ a clerk to undertake the routine administration of the charity.
The charity has a permanent endowment consisting of the Almshouses. Further properties have or will be purchased to provide additional accomodation.
## _**Major risks and management of those risks**_
## _Risk Management_
Risk Management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees will consider and assess the major risks to which the charity may be exposed and will satisfy themselves that appropriate measures are in place to deal with them should they occur. Annual status reports with regards to all aspects of the charity's properties are commissioned and acted upon to minimise risk.
The annual report was approved by the trustees of the charity on 16 May 2022 and signed on its behalf by:
......................................... M Laws Trustee
Page 2
## **Alderman Steevens Charity**
## **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.
Approved by the trustees of the charity on 16 May 2022 and signed on its behalf by:
......................................... M Laws Trustee
Page 3
## **Alderman Steevens Charity**
## **Independent Examiner's Report to the trustees of Alderman Steevens Charity**
I report on the accounts of the charity for the year ended 31 December 2021 which are set out on pages 5 to 13.
## **Respective responsibilities of trustees and examiner**
The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act 2011; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
...................................... Mr Christopher Keates-Porter Chartered Accountants Institute of Chartered Accountants of England and Wales
The Old Dairy Ashton Hill Farm Weston Road Failand Bristol BS8 3US
16 May 2022
Page 4
## **Alderman Steevens Charity**
## **Statement of Financial Activities for the Year Ended 31 December 2021**
|**Note**
**Income and Endowments from:**
Investment income
2
Other income
Total income
**Expenditure on:**
Other expenditure
Total expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
10
**Note**
**Income and Endowments from:**
Investment income
2
Other income
Total income
**Expenditure on:**
Other expenditure
Total expenditure
Net income
**Other recognised gains and losses**
Other gains/losses
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
10|**Unrestricted**
**funds**
**£**
30,232
8,750
38,982
(17,458)
(17,458)
21,524
2,137,963
2,159,487
**Unrestricted**
**funds**
**£**
16,516
9,114
25,630
(24,964)
(24,964)
666
365,000
365,666
1,772,297
2,137,963|**Total**
**2021**
**£**
30,232
8,750|
|---|---|---|
|||38,982|
|||(17,458)|
|||(17,458)|
|||21,524
2,137,963|
|||2,159,487|
|||**Total**
**2020**
**£**
16,516
9,114|
|||25,630|
|||(24,964)|
|||(24,964)|
|||666
365,000|
|||365,666
1,772,297|
|||2,137,963|
All of the charity's activities derive from continuing operations during the above two periods.
Page 5
## **Alderman Steevens Charity**
## **(Registration number: 202843) Balance Sheet as at 31 December 2021**
|**Note**
**Fixed assets**
Tangible assets
6
Investments
7
**Current assets**
Investments
8
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
9
**Net current assets**
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
10|**2021**
**£**
1,940,000
201,345
2,141,345
6,317
12,904
19,221
(1,079)
18,142
2,159,487
2,159,487
2,159,487|**2020**
**£**
1,940,000
181,112|
|---|---|---|
|||2,121,112|
|||6,317
11,611|
|||17,928
(1,077)|
|||16,851|
|||2,137,963|
|||2,137,963|
|||2,137,963|
The financial statements on pages 5 to 13 were approved by the trustees, and authorised for issue on 16 May 2022 and signed on their behalf by:
......................................... M Laws Trustee
Page 6
## **Alderman Steevens Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **1 Accounting policies**
## **Statement of compliance**
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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
Alderman Steevens Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Exemption from preparing a cash flow statement**
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
## **Expenditure**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## _**Other expenditure**_
Freehold housing properties
The land on which the Almshouses stand is vested in the Official Custodian of Charities. There are no records of the original cost of the Almshouses; the housing properties cost relates to subsequent improvements.
The Almshouses are included in the accounts at their revalued amount, the surplus on revaluation being credited to the permanent Endowment Fund.
Windsor Grove, Bruce Road, Brangwyn Grove and Rowlandson Gardens are also shown at their revalued amount.
The trustees believe that both the current open market value and estimated residual value of housing property is considerably greater than the value at which it is carried in the accounts and therefore do not believe that any depreciation charge is necessary.
Page 7
## **Alderman Steevens Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## **Fixed asset investments**
Fixed asset investments, other than programme related 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.
## **Current asset investments**
Current asset investments are included at the lower of cost and net realisable value / market value.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Borrowings**
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Page 8
## **Alderman Steevens Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **2 Investment income**
|Other investment income
**3**
**Other income**
Rental income|**Unrestricted**
**funds**
**General**
**£**
30,232
**Unrestricted**
**funds**
**General**
**£**
8,750|**Total**
**2021**
**£**
30,232
**Total**
**2021**
**£**
8,750|**Total**
**2020**
**£**
16,516|
|---|---|---|---|
||||**Total**
**2020**
**£**
9,114|
## **4 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.
Page 9
## **Alderman Steevens Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **5 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **6 Tangible fixed assets**
|**6**
**Tangible fixed assets**|||
|---|---|---|
|**Cost**
At 1 January 2021
At 31 December 2021
**Depreciation**
At 31 December 2021
**Net book value**
At 31 December 2021
At 31 December 2020|**Land and**
**buildings**
**£**
1,940,000
1,940,000
-
1,940,000
1,940,000|**Total**
**£**
1,940,000|
|||1,940,000
-|
|||1,940,000|
|||1,940,000|
## **Revaluation**
The fair value of the company's Buildings was revalued on 16 September 2020 by Burston Cook, an independent valuer.
The revaluation in 2020 was £Nil (The value in 2019- £1,940,000).
Page 10
## **Alderman Steevens Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
|Cost of Improvements (during 1958-59)
Surplus arising on revaluation - November 1992
Cost
Surplus/loss arising on revaluation - July 2009
Surplus arising on revaluation - June 2015
Surplus arising on revaluation - Sep 2020
**Carrying value at 31st December 2021**|**Almshouses**
**Other**
**Total**
**Properties**
**£**
**£**
**£**
20,316
0
20,316
114,684
0
114,684
0
461,830
461,830
315,000
(6,830)
308,170
370,000
300,000
670,000
180,000
185,000
365,000|
|---|---|
||1,000,000
940,000
1,940,000|
Due to the age of the property there are no records of the original cost of the Almshouses.
## **7 Fixed asset investments**
Other investments
|**2021**
**£**
201,345|**2020**
**£**
181,112|
|---|---|
Page 11
## **Alderman Steevens Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **Other investments**
|**Cost or Valuation**
At 1 January 2021
Revaluation
Disposals
At 31 December 2021
**Net book value**
At 31 December 2021
At 31 December 2020
**8**
**Current asset investments**
Cash deposits
**9**
**Creditors: amounts falling due within one year**
Other creditors
Accruals||**Unlisted**
**investments**
**£**
181,112
30,233
(10,000)
201,345
201,345
181,112
**2021**
**£**
6,317
**2021**
**£**
2
1,077
1,079|**Unlisted**
**investments**
**£**
181,112
30,233
(10,000)
201,345
201,345
181,112
**2021**
**£**
6,317
**2021**
**£**
2
1,077
1,079|**Total**
**£**
181,112
30,233
(10,000)
201,345
201,345
181,112
**2020**
**£**
6,317|
|---|---|---|---|---|
|||201,345|||
|||201,345|||
|||181,112|||
|||**2021**
**£**
6,317
**2021**
**£**
2
1,077
1,079|||
|||||**2020**
**£**
-
1,077|
|||||1,077|
Page 12
## **Alderman Steevens Charity**
## **Notes to the Financial Statements for the Year Ended 31 December 2021**
## **10 Funds**
|**Unrestricted funds**
General
Designated
**Total funds**
**Unrestricted funds**
General
Designated
**Total funds**
**Permenant Endowment Fund**|**Balance at 1**
**January 2021**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Balance at 31**
**December**
**2021**
**£**
1,055,420
38,982
(17,458)
1,076,944
1,082,543
-
-
1,082,543
2,137,963
38,982
(17,458)
2,159,487
**Balance at 1**
**January**
**2020**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
**Balance at**
**31**
**December**
**2020**
**£**
869,754
25,630
(24,964)
185,000
1,055,420
902,543
-
-
180,000
1,082,543
1,772,297
25,630
(24,964)
365,000
2,137,963|**Balance at 31**
**December**
**2021**
**£**
1,076,944
1,082,543|**Balance at 31**
**December**
**2021**
**£**
1,076,944
1,082,543|
|---|---|---|---|
||||2,159,487|
||||**Balance at**
**31**
**December**
**2020**
**£**
1,055,420
1,082,543|
||||2,137,963|
|||||
This is stated as being equivalent to the value at which the Almshouses are carried in the financial statements.
## **Designated Funds: Almshouses**
This is stated as being equivalent to the value at which the Almshouses are carried in the financial statements.
## **Designated Funds: Repairs**
The Trustees decided to designate part of the accumulated income surplus as reserve for any exceptional repair costs that might be incurred in respect of all properties.
## **Value Added Tax**
The charity is not registered for VAT; in these financial statements expenditure is shown inclusive of VAT where applicable.
Page 13