DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
**Charity registration number 202892**
## **THE HAVEN OF REST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2021**
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Mrs J Thomas Mr I Thomas Mrs C Rowley Mrs J Cottrell Mrs F Stone Mr T Pottage (Appointed 18 October 2021)
**Charity number** 202892 **Principal address** 87 Bridge Road Maidenhead Berkshire SL6 8LZ **Independent examiner** Jeffrey Smith FCA Eacotts International Limited Grenville Court Britwell Road Burnham Buckinghamshire SL1 8DF
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 13|
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **TRUSTEES' REPORT** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
The Trustees present their annual report and financial statements for the year ended 31 December 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Scheme of 23 October 1986 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 (FRS 102) (effective 1 January 2015)”
## **Objectives and activities**
The charity's object ive s are providing Almshouses for men and women who may be married couples living together or single individuals being gentle folks of good character reduced to poverty by sickness, misfortune, age or infirmity.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
## Matters Relating to Residents
9 cottages and the upper flats have been continuously occupied throughout 2021.
3 residents passed away and one moved into a nursing home.
There are two prospective residents on the list of applicants as of 31 December 2021
With the lifting of Covid 19 restrictions we were able to celebrate the 75th anniversary of the Almshouse Association with afternoon tea in the chairman's garden.
## Activities of the Trustees
Mrs Jane Cottrell, Mrs Cath Rowley and Mrs Fran Stone continued the Pastoral Visits rota where possible. This has proved most beneficial to the overseeing of the health and well-being of the residents.
The Television Licence Concession has been renewed & all but seven residents qualify.
Mr Keith Whiteside resigned at the June meeting due to on-going health problems, the Chairman thanked him for all his support during his time as a trustee.
Mr Tim Pottage joined us as Keith's replacement in October.
## Property Improvements
The annual boiler service has been carried out and all certificates have been handed to the Chairman.
The annual fire extinguisher checks have been carried out.
Cottages Nos 2 & 3 had new shower units, the lower flat had a new combi boiler and a complete new bathroom. Cottages Nos 5,7 & 9 were refurbished with new kitchens, bathrooms, carpets, cookers and were re-decorated throughout in readiness for new residents. Cottage No 12 had a new combi boiler fitted. Cottage No 11 had the bath removed and replaced with a walk-in shower and the bathroom re-decorated. All outside porches, steps and the lychgate were all repainted.
- 1 -
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **Financial review**
The financial statements as laid out on pages 4 to 13 comply with current statutory requirements.
Total reserves currently stand at £1,131,368 (2020: £1,166,466).
Net loss before revaluation of investments for the year was £28,322 (2020: gain of £29,610). The net movement in funds was a loss of £35,098 (2020: gain of £17,787).
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level sufficient to undertake repairs and maintenance requirements as they arise and accumulate funds in order to undertake major improvements and repairs from time to time. Income that is not immediately required for repairs is invested in two funds approved by the charity commission and monitored regularly.
The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities . This level of reserves has been maintained throughout the year.
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
The charity was established by a charitable trust deed on 23 October 1986.
The Trustees who served during the year were: Mrs J Thomas Mr I Thomas Mrs V Lee (Resigned 31 March 2021) Mr K Whiteside (Resigned 17 June 2021) Mrs C Rowley Mrs J Cottrell Mrs F Stone Mr T Pottage (Appointed 18 October 2021)
Trustees appoint members collectively as a body.
All decisions are made by the trustee body as a whole and appropriate powers and authority is delegated to individual trustees who implement the decisions.
The Trustees' r eport was approved by the Board of Trustees.
..............................
**Mrs J Thomas** Trustee Dated: ......................... 22 September 2022
- 2 -
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HAVEN OF REST**
I report on the financial statements of the charity for the year ended 31 December 2021, which are set out on pages 4 to 13.
## **Respective responsibilities of Trustees and examiner**
The charity’s Trustees are responsible for the preparation of the financial statements. The charity's 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:
- (i) examine the financial statements under section 145 of the 2011 Act;
- (ii) to follow the procedures laid down in the G eneral Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- (iii) 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 below.
## **Independent examiner's statement**
In connection with my examination, no other matter except that referred to in the previous paragraph has come to my attention:
- (a) which gives me reasonable cause to believe that in any material respect the requirements:
- (i) to keep accounting records in accordance with section 130 of the 2011 Act; and
- (ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
- have not been met or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
## **Jeffrey Smith FCA**
Eacotts International Limited Grenville Court Britwell Road Burnham Buckinghamshire SL1 8DF
Dated: ......................... 22 September 2022
- 3 -
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**Unrestricted Endowment**
**funds**
**funds**
**2021**
**2021**
**Notes**
**£**
**£**
**Income from:**
Charitable activities
**2**
32,227
-
Investments
**3**
22,546
-
**Total income**
54,773
-
**Expenditure on:**
Charitable activities
**4**
83,095
-
Net gains/(losses) on
investments
**8**
(6,776)
-
**Net movement in funds**
(35,098)
-
Fund balances at 1 January
2021
481,466
685,000
**Fund balances at 31**
**December 2021**
446,368
685,000|**Total Unrestricted Endowment**
**funds**
**funds**
**2021**
**2020**
**2020**
**£**
**£**
**£**
32,227
29,702
-
22,546
2,625
-
54,773
32,327
-
83,095
2,717
-
(6,776)
(11,823)
-
(35,098)
17,787
-
1,166,466
463,679
685,000
1,131,368
481,466
685,000|**Total**
**2020**
**£**
29,702
2,625
32,327
2,717
(11,823)
17,787
1,148,679
1,166,466|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2021**_
|**Notes**
**Fixed assets**
Tangible assets
**9**
Investments
**10**
**Current assets**
Cash at bank and in hand
Net current assets
**Total assets less current liabilities**
**Capital funds**
Endowment funds - general
**12**
**Income funds**
Unrestricted funds|**2021**
**£**
**£**
685,000
428,958
1,113,958
17,410
17,410
1,131,368
685,000
446,368
1,131,368|**2020**
**£**
**£**
685,000
435,734
1,120,734
45,732
45,732
1,166,466
685,000
481,466
1,166,466|
|---|---|---|
22 September 2022 The financial statements were approved by the Trustees on .........................
.............................. Mrs J Thomas **Trustee**
- 5 -
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
## **Company information**
The The Haven of Rest is a registered charity, number 202892, and is constituted under a trust deed dated 23 October 1986.
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the charity's trust deed. 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Incoming resources**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Income relates to rent received from residents and is recognised in accordance with the tenancy agreement.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
**(Continued)**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon receipt of the income in the bank account .
## **1.5 Resources expended**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
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.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The charity applied the FRS102 transitional arrangements. As such the property's value became its deemed cost as at 1 January 2014.
Land and buildings are not subject to depreciation because the buildings are considered to have negligible value in comparison to the value of the land.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure for the year , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 7 -
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **1 Accounting policies**
## **(Continued)**
## **1.9 Financial instruments**
The trust 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.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Other financial assets**_
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in net income/(expenditure) , except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
## **2 Charitable activities**
||**Alms houses**||Alms houses|
|---|---|---|---|
||**2021**||2020|
||**£**||£|
|Sales within charitable activities|32,227||29,702|
|**Investments**||||
||**Unrestricted**||Unrestricted|
||**funds**||
funds|
|||**2021**|
2020|
|||**£**|
£|
|Income from listed investments||957|
1,250|
|Income from unlisted investments|21,586||
1,345|
|Interest receivable||3|
30|
||22,546||
2,625|
## **3 Investments**
- 8 -
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **4 Charitable activities**
|Insurance
Rates
Repairs and maintenance
Subscriptions
Resident Entertainment|**2020**
**£**
1,205
3,090
77,594
-
1,206
83,095|**2020**
**£**
1,174
3,182
(2,705)
506
560
2,717|
|---|---|---|
Charitable expenditure does not include payment to the independent examiner for examination fees or other services.
## **5 Description of charitable activities**
## Alms houses
The charity provides almshouses and all costs incurred relate to the provision of these and services for the benefit of their residents.
## **6 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **7 Employees**
The average monthly number of employees during the year was:
||**2021**|**2020**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
## **8 Net gains/(losses) on investments**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2021**|2020|
||**£**|£|
|Revaluation of investments|(6,776)|
(11,823)|
- 9 -
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**9**
**Tangible fixed assets**
**Land and**
**Cost**
At 1 January 2021
At 31 December 2021
**Carrying amount**
At 31 December 2021
At 31 December 2020|**buildings**
**£**
685,000
685,000
685,000
685,000|
|---|---|
- 10 -
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **10 Fixed asset investments**
|**Listed**
**investments**
**Unlisted**
**investments**
**£**
**£**
**Cost or valuation**
At 1 January 2021
43,434
392,300
Valuation changes
6,161
(12,937)
At 31 December 2021
49,595
379,363
**Carrying amount**
At 31 December 2021
49,595
379,363
At 31 December 2020
43,434
392,300|**Total**
**£**
435,734
(6,776)
428,958
428,958
435,734|
|---|---|
## **Fixed asset investments revalued**
The investments are valued at market value in accordance with the valuation as notified by the fund managers at the year end.
## **Unlisted investments**
The charity holds 38,431 income shares and 3,893 accumulation shares in the National Association of Almshouses Common Investment fund (NAACIF).
## **Listed Investments**
The charity holds 2,411.46 units in the COIF Charities Investment Fund (CCLA).
|**11**|**Financial instruments**|**2021**|**2020**|
|---|---|---|---|
|||**£**|**£**|
||**Carrying amount of financial assets**|||
||Instruments measured at fair value through profit or loss|49,595|43,434|
- 11 -
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
## **12 Endowment funds**
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
|**Balance at**
**1 January 2020**
**£**
**Permanent endowments**
Endowment fund
685,000
685,000|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers Revaluations**
**gains and**
**losses**
**Balance at**
**1 January 2021**
**£**
**£**
**£**
**£**
**£**
-
-
-
-
685,000
-
-
-
-
685,000|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers Revaluations**
**gains and**
**losses**
**Balance at**
**31 December**
**2021**
**£**
**£**
**£**
**£**
**£**
-
-
-
-
685,000
-
-
-
-
685,000|
|---|---|---|
Endowment funds represent freehold property at 87 Bridge Road, Maidenhead, Berkshire, SL6 8LZ; comprising of 12 cottages and 2 flats.
- 12 -
DocuSign Envelope ID: 555569A2-4010-46EB-8C3F-1BDBBB963358
## **THE HAVEN OF REST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2021**_
|**13**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Endowment**
**funds**
**2021**
**2021**
**£**
**£**
Fund balances at 31 December 2021 are represented by:
Tangible assets
-
685,000
Investments
428,958
-
Current assets/(liabilities)
17,410
-
446,368
685,000|**Total**
**2021**
**£**
685,000
428,958
17,410
1,131,368|
|---|---|
- 13 -