Registered charity 204281 Homes England AO318
Marshfield Consolidated Charities (The Crispe Almshouses)
Report and Financial Statements
31 December 2022
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 2022.
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 Vicar of Marshfield is an ex officio Trustee. 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.
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Organisational Structure
The Board of Trustees met 4 times in 2022 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
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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.
2
Marshfleld Consolldated Charlties (The Crispe Almshouses) Registered Charity number. 204281 Trustees. Report Objectlves for the year This was io maintain comfortable aThY safe houses for the resKlents. Achievement and Objectives The Almshouses continue lo ¥e go1 quality accommall0 to its wdents. Value for Money IVFMI Each year. the Chartty used a range of data to measure VFM wogress against the housing sector. The results help influence inveslmenl decisions aThJ provhje the regulatOf5 and other stakeholders wrth infomiation on the progress of the Ghanty, whilsl also ensuring eA)mpli8n¢e th regulatory VFM standard. Financial Revièw Reserves Policy The Twstees budget to set aside reserves accDrding to tlie Almshouse Association recommendations and wll maintain a minimum balance of £20.000 for the upkeep of the buildings. Designaled Funds The Charrty maintains two deson8t&J reseNes- The Extraordinary Repairs Fund and the Cyclical Maintenance and Repairs Fund. Results for the Year The surplus for the year amounted to £67.433 as compared to 2 surplus of £23,412 in the previous year. The surplus for the year IndleS Unall$e surplus on invethients of £124 (unrealised surplus of £11,245 last year). If we exclude this from the figures there is a realised sU1S for the year of £67,309 (surplus18St year of £12.16n There is also a legacy received this year and if Mis is also excluded. the surplu5 for the year 15 £14.891 Plans for the Future To keep up a high standard of rnaintenance. This report was approved by the boavd on Date and ned on ils behalf. Truslee 29 2011
Marshfield Consolidated Charilies (The Crispe Almshouses) Independent examiners report to the nnber$ of Marshfield Consolidated Charilies {The Crispe Almshouses) I report to the trustèes on my examinats.on of the 袢ourrts of the above charity Ilhe Trusy) for the year ended 31 December 2020. ResponSIlIteS basls ot rep)rt As the charity's trustees, you are iesponsible for the preparion of tho a¢¢ounts in a¢¢ordance wrth the requirements tsf the Charities Act 2011 Ilhe Act'i I report in respect of my examination of the Trusfs accounts caTried oul undef Se¢tion 145 of tho 2011 Act and In earrying out my examin8tion. I have followed all the aptyicable Oirecknons gIn by the Chafity Commi$si¢n undet sèction 145(5Kbl of the Act Independent ex¥minerfs statement I have completed my exafflination I confirm that no material matters have come to my att8ntion in eonnoction with th• èxamination which give5 rne cause to believe that in. any mateThal respect" -the accountng re(x)rd5 were not kept in accordance se¢lion 130 of the Charities Act., or -the accounts did not accxjrd wth the accounting records or -the accounts did not comply wth the applicable requsFem8nt5 Lxjnceming the form and content ol accounts set out in the Charities (Accounts and Reportsl Regulations 2CK)8 other than any requirement that the a¢unt$ gNe a ttrue and faif view %hich is not a matter considered as part of an independent examinabon. I have no concerns and have come across no other mattws in connection with the examination to Yéhich attention should be drayffl in this report In ordef lo enable a proper understanding ol the ac¢ounts to be r¥o¢hed. Karen Sayers for and on behalf of Karen Sayers Limited Accountants date 29 &"fver Street Colerne wi5 19 2013 SN14 8DY
Marshfield Consolidated Charities (The Crispe Almshouses) Income Statement for the year ended 31 December 2022
| Notes Turnover 3 Operating expenditure Other income Operating surplus 4 Gain on revaluation of investments 10 Interest receivable Surplus and total comprehensive income for the year |
2022 £ 41,418 (29,139) 54,054 66,333 124 976 67,433 |
2021 £ 40,802 (29,610) 937 |
|---|---|---|
| 12,129 11,245 38 |
||
| 23,412 |
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Marshfield Consolidated Charities (The Crispe Almshouses) Statement of Financial Position as at 31 December 2022 Noles 2022 2021 Fixed assets Housing prOrtieS Investments 415.641 96,915 429,394 96,791 526.185 10 Current assets Debtot Cash at bank aThJ in hand 1.224 287.186 663 212.5C 213.169 Credilors: amounts falling due within one year 13 (6.324) (8,325) Net Current assets 282.086 Total assets less current liabilities 794.642 733.029 CThditors: amounts falling due after mor• Ihan one year 14 (175.268) (181.0881 Net assets 619,374 551.941 Capital and reserves Unrestricted reserves 16 619,374 551,941 Total equity 619.374 551.941 Tnjstee Approved by the trustee5 on Dat
Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts for the year ended 31 December 2022
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 improvements carried out since 1957 which were funded by Social Housing Grants and from the Charity's own resources and a loan from the Almshouse Association.
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Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts for the year ended 31 December 2022
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.
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Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts for the year ended 31 December 2022
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 . |
2022 £ 35,598 - 35,598 5,820 41,418 2022 £ 13,753 2022 £ 956 Number 1 |
2021 £ 34,982 - |
|---|---|---|
| 34,982 5,820 |
||
| 40,802 | ||
| 2021 £ 13,753 |
||
| 2021 £ 927 |
||
| Number 1 |
||
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Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts for the year ended 31 December 2022
| 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 Other Fundraising Activities Gift aid Legacy 8 Tangible fixed assets Housing Property Cost or valuation At 1 January 2022 At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Carrying amount At 31 December 2022 At 31 December 2021 |
2022 £ 1,963 126 23 9,934 12,046 574 1,318 13,753 - - 492 956 17,093 29,139 2022 £ 956 305 375 52,418 54,054 |
2021 £ 2,119 173 23 10,044 |
|---|---|---|
| 12,359 | ||
| 549 1,542 13,753 - - 480 927 |
||
| 17,251 | ||
| 29,610 | ||
| 2021 £ 1,322 35 - - |
||
| 1,357 | ||
| Land and buildings At cost £ 657,108 |
||
| 657,108 | ||
| 227,714 13,753 |
||
| 241,467 | ||
| 415,641 | ||
| 429,394 |
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.
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Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts for the year ended 31 December 2022
| 9 Capital Grants Aggregate amount received At 31 December 2018 Released in the year At 31 December 2022 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 2022 Unrealised (Loss)/Gain At 31 December 2022 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 |
2022 £ 297,811 93,443 5,820 99,263 198,548 Amount £ 2,500 57,738 54,000 50,575 132,998 297,811 2022 £ 228 996 1,224 2022 £ 96,791 124 124 |
2021 £ 297,811 |
|---|---|---|
| 87,623 5,820 |
||
| 93,443 | ||
| 204,368 | ||
| Other investments £ 96,791 124 |
||
| 96,915 | ||
| 2021 £ 91 572 |
||
| 663 | ||
| 2021 £ 85,546 |
||
| (2,840) | ||
| (2,840) |
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Marshfield Consolidated Charities (The Crispe Almshouses) Notes to the Accounts for the year ended 31 December 2022
| 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 |
2022 £ 5,820 504 6,324 2022 £ 181,088 2022 £ 619,374 619,374 |
2021 £ 5,820 505 |
|---|---|---|
| 6,325 | ||
| 2021 £ 186,908 |
||
| 2021 £ 551,941 |
||
| 551,941 |
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 £ 241,965 67,433 - 309,398 |
Total £ 551,941 67,433 - |
| 619,374 |
17 Accomodation Details
At 31 December 2022 and 31 December 2021 the Charity had eight one bedroom terraced houses in management.
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Marshfield Consolidated Charities (The Crispe Almshouses) Detailed income and expenditure for the year ended 31 December 2022
This schedule does not form part of the statutory accounts
| Income Administrative expenses Other operating income Surplus Gain/(loss) on revaluation of investments Interest receivable Surplus |
2022 £ 41,418 (29,139) 54,054 66,333 11,245 976 78,554 |
2021 £ 40,802 (29,610) 937 |
|---|---|---|
| 12,129 (2,840) 38 |
||
| 9,327 |
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Marshfield Consolidated Charities (The Crispe Almshouses) Detailed income and expenditure for the year ended 31 December 2022
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 Legacy Gift aid Donations Fundraising Turnover - Services rendered |
2022 £ 35,598 5,820 41,418 1,963 126 23 9,934 12,046 574 1,318 13,753 15,645 492 956 1,448 29,139 52,418 375 956 305 - 54,054 |
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 |
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