**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 follo*d 811 the applicable Directions giveFt by the Charity Commission und
sectiorb 14515Mb) of the Act.
Ind•p•nd•nt examlnefs #t*ement
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