**Registered charity 204281 Homes England AO318**
## Marshfield Consolidated Charities (The Crispe Almshouses)
Report and Financial Statements
31 December 2020
## **Marshfield Consolidated Charities (The Crispe Almshouses) Report and accounts Contents**
||**Page**|
|---|---|
|Charity information|1|
|Trustees' report|2|
|Report of the Independent Examiner|4|
|Income statement|5|
|Statement of comprehensive income|5|
|Statement of financial position|6|
|Notes to the financial statements|7|
## **Marshfield Consolidated Charities (The Crispe Almshouses) Charity Information**
## **Trustees**
Mr R Artingstall (Chair) Mrs J Down Mrs M Hammond Mr A Pierce Mrs S Watkins Mr P White
## **Ex Officio**
Rev S Wheeler
## **External Examiner**
Karen Sayers Limited 29 Silver Street Colerne Wilts SN14 8DY
**Bankers** Santander Business Banking Brindle Road Bootle L30 4GB
## **Investment Managers**
COIF Charity Funds Senator House 85 Queen Victoria Street London EC4V 4ET
## **Investment Managers**
M & G Securities PO Box 9038 Chelmsford CM99 2XF
## **Registered office**
14 Back Lane Marshfield Wilts SN14 8NQ
**Registered charity number** 204281
1
## **Marshfield Consolidated Charities (The Crispe Almshouses) Registered Charity number:** 204281 **Trustees' Report**
The Trustees present their report and financial statements for the year ended 31 December 2020.
## **Structure, Governance and Management**
## **Legal Status and Constitution**
The Charity is governed by the scheme of the Charity Commission dated 20th May 1913 and as varied by schemes dated 1916, 1957 and 2000.
The Charity's Registered Number is 204281 and it is also registered with the Regulator of Social Housing (Homes England) number A0318
-
## **Trustee Appointment and Training**
Four Representative Trustees are appointed by the Parish Council of Marshfield. The remaining Trustees are persons residing or carrying on business in the parish of Marshfield and are recruited with the aim of having a Board of Trustees with a range of relevant skills and experience. New Trustees are inducted by the Board and are able to attend courses run by the Almshouse Association and others.
## **-**
## **Organisational Structure**
The Board of Trustees met 2 times in 2019 to determine strategy and policy. It is serviced by the Clerk to the Charity. The Clerk to the Charity oversees the day to day operations at the Almshouses. The Trustees also confirm that they have had regard for the Charity Commission guidance in respect of public benefit when reviewing the Charity's aims and objectives and planning future activities.
-
## **Risk**
The Trustees have identified the risks to which the charity might be exposed. These are reviewed annually and systems established to minimise risks.
## **Objective and Activities**
- **Objects**
The Crispe Almshouses were set up to provide accommodation for poor persons of good character.
-
## **Aims**
The Charity's aim is to continue to provide a high standard of maintenance to ensure that all 8 houses comply with the Decent Homes Standards and thus continue to provide affordable accommodation for local elderly people.
## **-**
## **Activities and Public Benefit**
The Charity runs 8 one-bedroom houses for elderly people of the village. The houses have been redeveloped to ensure compliance with Decent Homes Standards and it is aimed to keep up a high standard of maintenance.
The Charity provides public benefit by providing accommodation to those who are unable to afford commercial rents, thereby protecting the residents' health and wellbeing by providing good affordable houses.
## **Objectives for the year**
This was to maintain comfortable and safe houses for the residents.
2
## **Marshfield Consolidated Charities (The Crispe Almshouses) Registered Charity number:** 204281 **Trustees' Report**
## **Achievement and Objectives**
The Almshouses continue to provide good quality accommodation to its residents.
## **Value for Money (VFM)**
Each year, the Charity used a range of data to measure VFM progress against the housing sector. The results help influence investment decisions and provide the regulators and other stakeholders with information on the progress of the Charity, whilst also ensuring compliance with regulatory VFM standard.
## **Financial Review**
## **Reserves Policy**
The Trustees budget to set aside reserves according to the Almshouse Association's recommendations and will maintain a minimum balance of £20,000 for the upkeep of the buildings.
## **Designated Funds**
The Charity maintains two designated reserves - The Extraordinary Repairs Fund and the Cyclical Maintenance and Repairs Fund.
## **-**
## **Results for the Year**
The surplus for the year amounted to £4,097 as compared to a surplus of £13,146 in the previous year.
The surplus for the year includes unrealised deficit on investments of £2,840 (unrealised gain of £13,611 last year). If we exclude this from the figures there is a realised surplus for the year of £6,937 (deficit last year of £465)
## **Plans for the Future**
To keep up a high standard of maintenance.
This report was approved by the board on 12 August 2021 and signed on its behalf.
Trustee
3
## **Marshfield Consolidated Charities (The Crispe Almshouses) Independent examiner's report to the members of Marshfield Consolidated Charities (The Crispe Almshouses)**
I report to the trustees on my examination of the accounts of the above charity ('the Trust') for the year ended 31 December 2020.
## **Responsibilites 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 Trust's accounts carried out under section 145 of the 2011 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 which gives me cause to believe that in, any material respect:
- -the accounting records were not kept in accordance with section 130 of the Charities Act; or
- -the accounts did not accord with the accounting records: or
-the accounts did 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.
Karen Sayers for and on behalf of Colerne Karen Sayers Limited Wilts Accountants 25 August 2021 SN14 8DY
29 Silver Street Colerne Wilts
4
## **Marshfield Consolidated Charities (The Crispe Almshouses) Income Statement for the year ended 31 December 2020**
|**Notes**
**Turnover**
3
Operating expenditure
Other income
**Operating surplus/(loss)**
4
(Loss)/gain on revaluation of investments
10
Income from investments
Interest receivable
**Surplus and total comprehensive income for the year**|**2020**
**£**
40,452
(35,502)
1,730
6,680
(2,840)
-
272
4,112|**2019**
**£**
36,280
(39,413)
2,112|
|---|---|---|
|||(1,021)
13,611
25
532|
|||13,147|
5
## **Marshfield Consolidated Charities (The Crispe Almshouses) Statement of Financial Position as at 31 December 2020**
||**Notes**||**2020**||**2019**|
|---|---|---|---|---|---|
||||**£**||**£**|
|**Fixed assets**||||||
|Housing properties|8||443,147||456,900|
|Investments|10||85,546||88,386|
||||528,693||545,286|
|**Current assets**||||||
|Debtors|11|756||717||
|Cash at bank and in hand||192,313||177,828||
|||193,069||178,545||
|**Creditors: amounts falling due**||||||
|**within one year**|13|(6,325)||(6,685)||
|**Net current assets**|||186,744||171,860|
|**Total assets less current**||||||
|**liabilities**|||715,437||717,146|
|**Creditors: amounts falling due**||||||
|**after more than one year**|14||(186,908)||(192,728)|
|**Net assets**|||528,529||524,418|
|**Capital and reserves**||||||
|Unrestricted reserves|16||528,529||524,418|
|**Total equity**|||528,529||524,418|
Trustee
Approved by the trustees on 12 August 2021
6
**Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts for the year ended 31 December 2020**
## **1 Summary of significant accounting policies**
## _**Basis of preparation**_
Marshfield Consolidated Charities (Almshouses) is a registered Charity Number 204281 and is also registered with Homes England registered number A0318.
A description of the nature of the Charity's operations and its principal activity is disclosed in the Report of the Trustees. The Charity's registered office is stated on page 1.
The financial statements have been prepared in accordance with the Statement of Recommended Practice for Social Housing Providers 2014, and in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102). Marshfield Consoldiated Charities (Almshouses) is a public benefit entity and applies FRS102 accordingly. The accounts comply with the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing in England 2015.
The Almshouse Charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider there are no material uncertainties about the Charity's ability to continue as a going concern.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in the financial statements are rounded to the nearest £.
## _**Turnover**_
Turnover represents maintenance contributions receivable from residents and government grants recognised in the year.
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from Government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
## _**Housing properties**_
The Almshouses were constructed in the early Seventeenth Century and there is no record of the original cost and no value has been attributed thereto. The Housing Properties costs relate to inprovements carried out since 1957 which were funded by Social Housing Grants and from the Charity's own resources and a loan from the Almshouse Assiociation.
7
## **Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts for the year ended 31 December 2020**
## _**Depreciation**_
Depreciation of building improvements is charged so as to write down the net book value to the estimated residual value on a straight line basis over their estimated useful economic lives or the lives of the structure wo thish they relate, if shorter, at the following expected lives:
||Years||
|---|---|---|
|Structure||100|
|Roofs||70|
|Windows and doors||30|
|Bathrooms||30|
|Kitchens||20|
|Electrical||40|
|Boilers||15|
## _**Works to Existing Housing Properties**_
The Charity capitalises expenditure on housing properties which increases the net rental stream over the life of the property. An increase in the net rental stream may arise through an increase in rental income, a reduction in future maintenance costs or a significant extension of the life of the property.
## _**Investments**_
Investments are shown at market value. Investment income is accounted for when the income is received.
## _**Cyclical Repairs and Maintenance**_
Marshfield Consolidated Charities Almshouses has established a regular programme of cyclical repairs and maintenance. Amounts are transferred to the Cyclical Repairs and Maintenance Reserves as considered necessary and drawn on to meet costs in excess of budgeted expenditure.
## _**Extraordinary Repairs**_
Costs of extraordinary Repairs, unless representing improvements to the properties, are charged to the Income and Expenditure Account in the year in which they are incurred.
## _**Value Added Tax**_
The Charity is not registered for VAT and consequently all income and expenditure where applicable are disclosed in the accounts inclusive of VAT.
## _**Debtors**_
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## _**Cash at Bank and in Hand**_
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of aquisition or opening of the deposit or similar account.
8
## **Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts for the year ended 31 December 2020**
## _**Significant Management Judgements and Estimation Uncertainties**_
The following are critical judgements and key sources of estimation uncertainty that the Board has made in the process of applying the Charity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements:
## Identification of housing property components
The Charity accounts for its expenditure on housing properties using component accounting. Under component accounting, the housing property is divided into those major components which are considered to have substantially different useful economic lives. Judgment is used in allocating property costs between components (land, structure, kitchens, bathrooms etc.) and in determining the useful economic lives of each component.
Housing property depreciation is calculated on a component by component basis. The identification of such components is a matter of judgement and may have material impact on the depreciation charge. The comonents selected are those which reflect how the major repairs to the property are managed.
## Amortisation of Government Grants
Government grants received for housing properties are recognised in income over the useful life (as identified for the depreciation charge) of the housing property structure (excluding land), on a pro rata basis under the accrual model.
## **2 Trustees' Emoluments**
None of the Trustees received any emoluments. Neither were they reimbursed any expenses.
|**3**
**Turnover**
Maintenance contributions receivable
Losses from Voids
Net contributions from Residents
Amortised Government Grants
**4**
**Operating (deficit) / surplus**
**Is stated after charging**
Depreciation of owned fixed assets
**5**
**Employee information**
Honorarium
**Average number of persons volunteering during the year**
Office staff
Key Management personnel represents the Clerk .|**2020**
**£**
34,632
-
34,632
5,820
40,452
**2020**
**£**
13,753
**2020**
**£**
-
**Number**
1|**2019**
**£**
34,253
(3,793)|
|---|---|---|
|||30,460
5,820|
|||36,280|
|||**2019**
**£**
13,753|
|||**2019**
**£**
907|
|||**Number**
1|
||||
9
## **Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts for the year ended 31 December 2020**
|**6**
**Operating Costs**
**Estate costs**
Rates
Light and heat
TV Licence
Estate maintenance
**Office overheads**
Subscriptions
Insurance
Depreciation
Sundry expenses
Audit fees
Accountancy fees
Clerks Fees
**7**
**Other income**
Donations and Gift Aid
Other Fundraising Activities
**8**
**Tangible fixed assets**
**Housing Property**
**Cost or valuation**
At 1 January 2020
At 31 December 2020
**Depreciation**
At 1 January 2020
Charge for the year
At 31 December 2020
**Carrying amount**
At 31 December 2020
At 31 December 2019|**2020**
**£**
2,116
178
23
16,026
18,343
546
1,458
13,753
-
-
480
922
17,159
35,502
**2020**
**£**
1,322
35
1,357|**2019**
**£**
1,737
374
23
19,605|
|---|---|---|
|||21,739|
|||530
1,409
13,753
8
-
504
907|
|||17,111|
||||
|||38,850|
|||**2019**
**£**
1,660
2,276|
|||3,936|
|||**Land and**
**buildings**
_At cost_
**£**
657,108|
|||657,108|
|||200,208
13,753|
|||213,961|
|||443,147|
|||456,900|
The Almshouses were constructed in the early Seventeenth Century. There is no record of the original cost and no value is attributed thereto. The above details relate to improvements carried out since 1957, which were funded by grants amounting to £297,811. The balance of £359,297 was provided from the Charity's own resources, and, with a loan from the Almshouse Association amounting to £52,000.
10
## **Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts for the year ended 31 December 2020**
|**9**
**Capital Grants**
Aggregate amount received
And 31 December 2018
Released in the year
At 31 December 2020
Capital Grants Carrying Value
The grants received were as follows:
Year
Received from
1959
Ministry of Works
1977
North Avon District Council
2006
Housing Corporation
2007
Housing Corporation
2008
Housing Corporation
At 1 January 2019|**2020**
**£**
297,811
87,623
5,820
93,443
204,368
Amount
£
2,500
57,738
54,000
50,575
132,998
297,811|**2,017**
**£**
297,811|
|---|---|---|
|||81,803
5,820|
|||87,623|
|||210,188|
||||
## **10 Investments**
|**Cost**
At 1 January 2020
Unrealised (Loss)/Gain
At 31 December 2020
**11 Debtors**
Prepayments
**12 Investments held as current assets**
**Fair value**
Listed investments
**13 Creditors: amounts falling due within one year**
Deferred Capital grants
Accruals
**Increase/(decrease) in fair value included in the profit and**|**2020**
**£**
756
**2020**
**£**
85,546
(2,840)
(2,840)
**2020**
**£**
5,820
505
6,325|**Other**
**investments**
**£**
88,386
(2,840)|
|---|---|---|
|||85,546|
|||**2019**
**£**
717|
|||**2019**
**£**
88,386|
|||13,611|
|||13,611|
|||**2019**
**£**
5,820
865|
|||6,685|
11
## **Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts**
**for the year ended 31 December 2020**
|**14 Creditors: amounts falling due after one year**
Deferred Capital Grants
**15 Unrestricted Reserves**
Revaluation reserve
At 1 January
At 31 December|**2020**
**£**
186,908
**2020**
**£**
528,530
528,530|**2019**
**£**
192,728|
|---|---|---|
|||**2019**
**£**
524,418|
|||524,418|
## **16 Unrestricted Reserves**
|**Unrestricted Reserves**||||||
|---|---|---|---|---|---|
|At 1 January
Surplus for the year
Expenditure Reserve
At 31 December|Cyclical
Repairs and
Maintennce
£
118,848
-
-
118,848|Extra-ordinary
Repairs
Fund
£
171,805
-
-
171,805|Investment
Revaluation
£
19,323
-
-
19,323|Income and
expenditure
reserve
£
214,442
4,112
-
218,554|Total
£
524,418
4,112
-|
||||||528,530|
## **17 Accomodation Details**
At 31 December 2020 and 31 December 2019 the Charity had eight one bedroom terraced houses in management.
12
## **Marshfield Consolidated Charities (The Crispe Almshouses) Detailed income and expenditure for the year ended 31 December 2020**
_This schedule does not form part of the statutory accounts_
|**Income**
Administrative expenses
Other operating income
**Surplus**
(Loss)/gain on revaluation of investments
Income from investments
Interest receivable
**Surplus**|**2020**
**£**
40,452
(35,502)
1,730
6,680
(2,840)
-
272
4,112|**2019**
**£**
36,280
(39,413)
2,112|
|---|---|---|
|||(1,021)
13,611
25
532|
|||13,147|
13
## **Marshfield Consolidated Charities (The Crispe Almshouses) Detailed income and expenditure for the year ended 31 December 2020**
_This schedule does not form part of the statutory accounts_
|**Income**
WMC income
Voids
Amortised government grants
**Administrative expenses**
Premises costs:
Rates
Light and heat
TV Licence
Estate maintenance
Cleaning
General administrative expenses:
Subscriptions
Insurance
Depreciation
Sundry expenses
Legal and professional costs:
Accountancy fees
Clerks Fees
**Other operating income**
Donations
Fundraising
Wayleaves
Insurance claim
Turnover - Services rendered|**2020**
**£**
34,632
-
5,820
40,452
2,116
178
23
16,026
-
18,343
546
1,458
13,753
-
15,757
480
922
1,402
35,502
1,322
35
3
345
25
1,730|**2019**
**£**
34,253
(3,793)
5,820|
|---|---|---|
|||36,280|
|||1,737
374
23
19,605
563|
|||22,302|
|||530
1,409
13,753
8|
|||15,700|
|||504
907|
|||1,411|
||||
|||39,413|
|||1,382
700
-
-
30|
|||2,112|
14