Registered charity 204281 Homes England AO318
Marshfield Consolidated Charities (The Crispe Almshouses)
Report and Financial Statements
31 December 2021
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 2021.
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 nurnbor: 204281 Trustees, Report Achievement ond Objective5 The Almshouses continue to wovide good qualrty a¢comm¢xlation to ris res¥Jents. Value for Money (VFM) Each year, the Charity used a rarvJe of data lo measure VFM wogress against the housitVJ sedor. The results help influence investment dwisions aThY provide the regulators aNJ other akeholdets with infomation on the wtyress of the Charily. whi15t also ensuriThJ compliance with regulatory VFM 5taThJard. Financial Rewow Reser¥e$ Policy The Trustees buthJet to set aswje reseNes attordiNJ to the Almshouse Association's recommendations and will maintain a fflinimum balance of £20.01)O for the upkeep of the building5. Designated Funds The Chartty maintains I0 designated reserves- The EOlInary Repairs Fund and the Cyclical Maintenance and Repairs Fund. Results for Il Year The surplus for the year amount to £23.412 as compareil to a surplus of £4,112 in the previous year. The surplus for Ihe year incle5 unrealised surplus on inve5tsnents of £11.245 (unrealised deficil of £2840 last yearl. If we exclude this from the rureS there is a realised surplus for the year of £12.167 (SulUS lasi year of £6,952) Plans for the Future To keep up a hh stani1affl of maintenance. Thls rerKtrt wa5 approved by the board on Dale a) ne0 on its behalf. Trustee
Marshfield Consolidated Charities {The Crispe AlffhOuse5) Independenl examinerfs report to the members of Marshfield ConIdated Chaiilie5 (The Crispe Almshouses) I rèport to the trustees on my examinth.on of th? amnts of the above charity Iltt• TnJ5YI for the year ended 31 De¢bar 2020 Re$FnbiliteS and basls of rnport As the thantys trvstees, you are responsi• for thè prep8ration of the accounts in accordance wrth the requirements of the Chaitties Act 2011 Iyhe Acri I report in respect of my examination of thè Trusys accounts carried out under sertion 145 of the 2011 Act and in carrying out my examination, I have follod 811 the applicable Directions giveFt by the Charity Commission und sectiorb 14515Mb) of the Act. Ind•p•nd•nt examlnefs #tement I have completed my examination. I confirrn that no material matters havè Come to my attention in ¢onneth"on wilh the examination wttich gNes me cause to believe that in, any material respect" 4he accounting records We not kept in accor(JancÈ wth sectiort 130 of the ChaTrties Act". LY 4he accounts did not aOrd the aAuntIng records_" or -the accounts did not wmply the applicable requirements c¢)nceming the form and ¢ontent Of accounts set out in the Charib"6s IAccounts and Reports) R6gulations 2008 other than any requirement that thg axounts give a true an fair view which Is not a mattgl wisidered as part of an indèpendÈnt èxaminetion. I have no concems and have wme across no oth•T matters in connefxion with the examinalign to which attention should be drawn in this report in older to enable a propÈr understanding of the accounts to bo reach. Kaien Say•rs ler Ènd on behalf of Karen Sayers Limited Accountants date 29 Siw Street CrAe Witts SN14 8DY 2Q gol
Marshfield Consolidated Charities (The Crispe Almshouses) Income Statement for the year ended 31 December 2021
| Notes Turnover 3 Operating expenditure Other income Operating surplus 4 Gain/(loss) on revaluation of investments 10 Income from investments Interest receivable Surplus and total comprehensive income for the year |
2021 £ 40,802 (29,610) 937 12,129 11,245 - 38 23,412 |
2020 £ 40,452 (35,502) 1,730 |
|---|---|---|
| 6,680 (2,840) - 272 |
||
| 4,112 |
5
Marshf*ld Consolidated Charities (The Crispe Almshouses) Statement of Financial Position as al 31 December 2021 2021 2020 Fixgd a55ets Housing properties Investments 429.394 96,791 526,185 443.147 85.546 528,693 10 Current assets Debtors Cash at bank atKI in hand 756 192,313 212.506 213.169 Creditors: amounts falling due within one year 13 (6.325) (6.325) Net current assets 2[,844 186,744 Total assets less Curre liabilities 733.029 715.437 Creditors: amounts falling due after more than one year 14 (181.088) (t86,908} Net a$s¢ts 551.941 528,529 Capital and resems unStriCted reseN8s 16 551,941 528.529 Total equity 551,941 528.529 Tfttee Approved by the trustees on Date
Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts for the year ended 31 December 2021
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 2021
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 to which 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 2021
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 . |
2021 £ 34,982 - 34,982 5,820 40,802 2021 £ 13,753 2021 £ 927 Number 1 |
2020 £ 34,632 - |
|---|---|---|
| 34,632 5,820 |
||
| 40,452 | ||
| 2020 £ 13,753 |
||
| 2020 £ 907 |
||
| Number 1 |
||
9
Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts for the year ended 31 December 2021
| 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 2021 At 31 December 2021 Depreciation At 1 January 2021 Charge for the year At 31 December 2021 Carrying amount At 31 December 2021 At 31 December 2020 |
2021 £ 2,119 173 23 10,044 12,359 549 1,542 13,753 - - 480 927 17,251 29,610 2021 £ 927 - 927 |
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 | ||
| Land and buildings At cost £ 657,108 |
||
| 657,108 | ||
| 213,961 13,753 |
||
| 227,714 | ||
| 429,394 | ||
| 443,147 |
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 2021
| 9 Capital Grants Aggregate amount received And 31 December 2018 Released in the year At 31 December 2021 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 10 Investments Cost At 1 January 2021 Unrealised (Loss)/Gain At 31 December 2021 11 Debtors Other debtors Prepayments 12 Investments held as current assets Fair value Listed investments At 1 January 2021 Increase/(decrease) in fair value included in the profit and |
2021 £ 297,811 87,623 5,820 93,443 204,368 Amount £ 2,500 57,738 54,000 50,575 132,998 297,811 2021 £ 91 572 663 2021 £ 96,791 11,245 11,245 |
2,017 £ 297,811 |
|---|---|---|
| 81,803 5,820 |
||
| 87,623 | ||
| 210,188 | ||
| Other investments £ 85,546 11,245 |
||
| 96,791 | ||
| 2020 £ - 756 |
||
| 756 | ||
| 2020 £ 85,546 |
||
| (2,840) | ||
| (2,840) |
11
Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts for the year ended 31 December 2021
| 13 Creditors: amounts falling due within one year Deferred Capital grants Accruals 14 Creditors: amounts falling due after one year Deferred Capital Grants 15 Unrestricted Reserves Revaluation reserve At 1 January At 31 December |
2021 £ 5,820 505 6,325 2021 £ 181,088 2021 £ 551,941 551,941 |
2020 £ 5,820 505 |
|---|---|---|
| 6,325 | ||
| 2020 £ 186,908 |
||
| 2020 £ 528,529 |
||
| 528,529 |
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 £ 218,553 23,412 - 241,965 |
Total £ 528,529 23,412 - |
| 551,941 |
17 Accomodation Details
At 31 December 2021 and 31 December 2020 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 2021
This schedule does not form part of the statutory accounts
| Income Administrative expenses Other operating income Surplus Gain/(loss) on revaluation of investments Income from investments Interest receivable Surplus |
2021 £ 40,802 (29,610) 937 12,129 11,245 - 38 23,412 |
2020 £ 40,452 (35,502) 1,730 |
|---|---|---|
| 6,680 (2,840) - 272 |
||
| 4,112 |
13
Marshfield Consolidated Charities (The Crispe Almshouses) Detailed income and expenditure for the year ended 31 December 2021
This schedule does not form part of the statutory accounts
| Income WMC income Amortised government grants Administrative expenses Premises costs: Rates Light and heat TV Licence Estate maintenance General administrative expenses: Subscriptions Insurance Depreciation Legal and professional costs: Accountancy fees Clerks Fees Other operating income Donations Fundraising Wayleaves Insurance claim Turnover - Services rendered |
2021 £ 34,982 5,820 40,802 2,119 173 23 10,044 12,359 549 1,542 13,753 15,844 480 927 1,407 29,610 927 - - - 10 937 |
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 |
14