**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.
## **-**
## **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**
## **-**
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 prepar*ion 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|
5
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.
7
## **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.
8
## **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|
||||
9
## **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.
10
## **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)|
11
## **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.
12
## **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|
13
## **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|
14