Registered Provider of Social Housing No: A0069 Registered Charity No: 205134 TREGONWELL ALMSHOUSE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 RAPID ACCOUNTS LIMITED Accountants
TREGONWELL ALMSHOUSE TRUST CONTENTS Page Legal and admini5tratrve information Report of the trustees Accountants, report Statement of Comprehensive Inccrfne including Income and Expenditure account Balance Sheet Statement of Changes in Reserves Notes to the financial statements 8-12
TREGONWELL ALMSHOUSE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Reglstered Provlder of Soclal Houslng No: A0069 Reglstered Ch•wlty No: 205134 Status Tregonwell Amshouse Trust15 a registered Social Housing Promder. a reglstered charfty and a member of the National Associati¢M of Almshouses, operating in the parish of Millon Abbas. On 9 Docember 1999 (amended 16 June 2010) the Charity Commisskjners for England and wa approved the charity scheme known as 'Tregonwell Almshouse Trusf. This scheme fomis the governing document of the charty. Objects The objects of the rtharity are: a. Thè provision ol housing acLxlmmodab benefiuaries: and b. Suth charitatde purposes for the benefft ofthe resTrdents as the trustees decide. The powers ofthe truslees are inCded Irythin the d)aiityscheme. No trustee may have 8 personal interest in the charity and all trustees musl exercise their powers Junt at properly CnVened meetings. At least Ihree ordinary meetings of twstees must be held in each h¥erncth period. There are five trustees comprising one ex-officio trustee. is th8 Vicar of Milton Abbas, Iwo nominated trustees and vo cTropted trustses. One nominaled trustee is appnted by the ParDchial Church Council of th8 ecdesiastical parish of St James,, Mirton Abbas and one is appointed by Milton Abbas Parish Cwncil. Ctsopted trustees are appointed by the existlng Iruslees. The trust88s serve(1 during the year were as folth: Mr Keith AJmstrong Mr Paul Callaway Lt Col Irefd) Susie Casll&Smilh Mrs Paula Kelsall (Chair) Rev. Lewis Pearson CEO & Clerk to the Trustees Mr Da DuncA)mbAndersQn PrlTh¢ipal Offl tjo Brks[do Milton Mils Milton Abbas Blandtord F(xum Dc*set. DT11 OBQ ACUTrts Rapi(l Accounts Limited Unil 20. The Winc4Jmbe Centr& wlnccbe Business Park shafiestry Dors8L SP7 9QJ
TREGONWELL ALMSHOUSE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 The trnstees present their reFKrtt and the accounts fcr the year ended 31 Dernber 2021. The legal and administr8tiV8 infcfflialion set out on page 1 fomis part of this rert. The 8ttounts comply with current slalulory requirements. the charity scheme doCment and Ihe Slatement of Recommanded Practicè 'Accounting by Registered Social Housing Prowders" {2014). Revlew of Actlvltles The charity continues to manage Fts AJmshourA in the parish of Mikcm Abbas. wowding four units of good quality housing for elderty peOe in houslng need. During the year £75412020 - £1.257) has been spent cydul Maintenan costs, £81212020 - £892) on routine malntenance work and £8.19212020- £1.641) on exLr8ordinary repairs. The aggregate brought forward reserves fLY cydul maintenance and extraordinary paIrS were more than adequate to cover the cost of work carrie(J out Én the year. Transfer5 have been made from revenue reserves to maintsin both the cycllcal Maintenan and extrac*dinary repairs reserves at a levd equating to three years. anticipated eyndlture. The results for the chaiity forlhe year ended 31 D8mber 2021 show an overall Surplus of £21.885 which togelherwlth 8 net transfer from destgnated reseNes of £nil and a transfer the revakjatlon reserve of £9.882 gives £12.003 to be added lo Income an(i Expendrture reserve. At 31 December 2021 the Inc(xne and Expendtlure reserve stands at £244.185. ReseNes pollcy It is the policy of the charity to maintain revenue reserves, vknith are the free r88wves of the charity. at a level whith provides sufficient funds to ensure the proper functioning of the charity arKI lo cover antiupaled costs in the short to medium term. This level is entirety 8t the discretion of the trustees. The charity atso maintains an extraordinary repair reserve and a cyclical Maintenan reserve f(v the purposes of improving and repairing its Almshouses. These are held to ensure thal so far as EIble, sufficAent funds are held to meet routine. long-lem and unexpected needs. The level of each reseNe is entirety at the dISli0n (rf the tnJstee5. but CUTrentty equates to three years, trEdgeted expenditure, transfer5 being made from revenue reserves to maintain this level. Rlsk management The trustees have examined the malor strategic, business and operational risks which the charity faces and confirm that systems heve been established to enable rBgul8r reports to b8 produced so thal the necessary steps can be tsken to less8n these risks. Publle B•nefft The charfty delivers public benefft through the proviwon ofgl qudty housing for elderfy peopk in housing need. The tnjstees confirm that they have read the Charity Commission guidance on Public Benefft planning the oblectfves and activities of the charity.
TREGONWELL ALMSHOUSE TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Statement of the trustees, rnsponslbllltles Housing association and Charity legislation require the trustees to prepare finanrAal statements for each financial year which give a true and fair wow of the st8te of the affairs of the ¢harity as at th8 balance she8t date and of the sUrpS or deficil for that period. In preparing these financial statements the trustees are required to: SeCt Suitab accounting poliues and then appty them cons¢stenty. make judgements and estimatss th8t are reasonable and pnJdenL state whether applicable acwunting standards and the Statemerrts of Recommended Practice-Accounting by Registered Soaal Housing Providers" 120141 have been folbwed subjeGt to any departures dlsdDsed and ewained in tho accounts: and prepare the accounts on the gng ccfflcem basis VeSS it fd inaprKopriate to presume that the charity will continue on that basis. The trustees are responsible for keeping proper accounting records, 5ufficAent to discknse at any time, th reasonable acctjracy, the financial position of the charity and to enable them to ensure that the financial stslements compty th& Charities Act 2011. the Housing and Regeneration Act 2008. and the Accounting Direction for Private Registered Providers of soal Housing 2012 They are also responsible for safeguarding the assets of the charity and hance for taking reasonable steps for Ihe wevenkn.on and detection of fr8ud and other irregularities. Approved by the tNstees on.'- And signed on Ihelr behalf by:" Trustee
TREGONWELL ALMSHOUSE TRUST ACCOUNTANTS. REPORT TO THE TRUSTEES OF TREGONWELL ALMSHOUSE TRUST We report on the accounts for the year ended 31 Dmber 2021 set out on pages 5 to 12. Respectlve responslbllftles of trustees and reportlng accountsnts As deSbed on page 3 the chariVs tru8tee5 are reskK)nsible forthe prBparation of the accounts. and they consider that the chartty is exèmpt fr(>m an audR. tt is (r WPDnsibiMy to cary procedures designed to enable us to report cmjr opinion. Ba81$ of oplTrlon Our work was conducted in accordan V•71h lh8 Staternent of Standards tr ReFOrting Accountants, and so our procedures consisted of CCparing the accounts with the accounting records kept by the charity - and making such Ilmited enqulries of the trustees of the charity as we (SIded necessary the wrp)ses of thls rep. These procedures provide onty the assurance eypressed in our niOn. Oplnlon In our opinian-. the accounts are in agreement the accountlng recoT(Is kept by the ch8rity under paragraph 13512)181 of the Housing and Regeneration Act 2008- havtng regard only to, and on the basis ofthe infornatson contained wthin those 8nI1j records: (il the accounts compfy with Ihe requirements of the Charrtiss Act 2011, and lill the charity satisfied the condttions for exemption from an audit of Ihose accounts for the year spedfied in section 136(3) of the Housing and Regeneration Act 2tXl8". The accounts compty th the requtrements of Ihe Housrng and Regeneratl(m Act 2008 and the Accounthig Direction for Private Registered Prnders of Soual Hougng 2014. Rapld Accounts Llmfted Accountants Unit 20, The Wincombe Centre Inwnbe Business Park Shaftesbury Dorset. SP7 9QJ
TREGONWELL ALMSHOUSE TRUST STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Not•s Tumover Maintenance contiibutions 14.667 14.059 Rent and insurance in¢))me 250 425 Donations received 8,621 2,620 23,538 17.104 Operatlng costs ousing operattonal costs Management costs 11.827 5.754 1,677 2,994 13.504 8.748 Op8ratlng Surplus Interest receivable and other incom 10.034 8.356 1.969 2.088 Interest payable and similar charge5 Movement in fair Wdlue of investments 9,882 (4,992) Surplus for the year 21.885 5,452 Revaluation of freehold property 195,198 Totsl comprnhenslve Income lor th• year 21,885 21x1,650 All of the above results are deTrived from conts"nuing acbwties Approved by the tnjstees ¢m:_ And signed on their ba by.-
TREGONWELL ALMSHOUSE TRUST BALANCE SHEET AS A T31 DECEMBER 2021 2021 2020 Flxed assets Housing properbes Fixed asset investments 1.000,000 1.000,000 111.403 89.521 1. 111,403 1,089,521 CuFrent as$8ts Debtors Cash at bank and in hand 10 6.689 6.686 6,689 6,686 Credltors: amounts falllng due wlthln one year Net current Sets l (Ilabllltles) 6,689 6,686 Total assets less current Ilabllltles 1,118.092 1.096.207 Creditors: amounts falling due after moye than one yr 1.118,092 1,096,207 Reserrfes Income and ExpendÉture reserve Cydical m8inten8n¢e reserve 11 244,185 232,182 6.248 6,248 Extraordinary repairs reserve Revaluation reserve 11 5,662 5,662 11 861.997 852,115 Totsl reserves 1.118.092 1.096.207 The finonci81 statements were approved al aUthsed fc issue by the Board on:. and signed on their behalf ty.- Trustee Trustée
TREGONWELL ALMSHOUSE TRUST STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 DECEMBER 2021 Income and Cyclical Maintenance Extraonlinary Repairs Revaluation Expenditure Reserve Rosorve Reservo Resorvg At 1 January 2020 221,738 6.248 5,662 661,909 895,557 Surplus for the ye8r 10.444 14,992) 5,452 Revaluation of fre8hokJ Property 195,198 195,198 Al 31 Docember 2020 And 1 January 2021 232.182 5.662 852,115 1,096.207 Surplus for the year 12,IXJ3 9,882 21,885 Revaluation of freehold Property At 31 Do¢embor 2021 244.185 5.682 861,997 1,118,092
TREGONWELL ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2021 1. Accounting policios (a) Statutory basls The trust is a registered Social Housing provKler, a member of the National Association of Afmsh)uses and is registered with thé Charrty Commission, owating under a charity scheme amended 16 June 2010. The address of the registered office is given in the infmalion on page 1 of thege financial st81ement$. The nature of the charity's operations and prinapal 8Ctivities are lo manage its Almshouses in the parish of Milton Abbas, providing four units of good q{lty housing for elderty Feople in sing need. The tharty cstituteS a public benefrt entity as defined by FRS 102. (b) Accounting basis The finencial statements have been prepared in &crKdance with applicable accounting standards including Financial Reporting Standard 102 (The Finarri?l Reporting Siandwd Applicable in the UK 8nd Republic of Ireland IFRS 10211, the Stalemgnl of ReCoMmded Practice fry Social Housing Providgrs 2014. and with the Accounting Direction for private registered Ffoviders of social trK)usiro in England 2015. The financial statements are also prepared urThJer the requirements of the Housng and Reg8neralion Acl 2CIJ8 and the charit Act 2011. The finan¢ial slatemenls have been epar on a going concem basis under the historical cost convention, modrfied to indude certain rtems at fair value. The financial statements are prepared in stefling. which is the function81 currency of the charty, and rtyjndaj to the nearest £1. The signfficanl accounting policies appli8d in the preparation of these financial statements are sét out below. These policies have been ¢x)n$i$lenlly applied to all years presented unless otheiSe staled. Th9 charty adopted Ihg SORP in the cajrrent year an expkqnaticn of hcAV trwsrtion to the SORP has affected the reported financial position and erfman* is given note 12. (c) Tumovgr Tumover MpriseS maintenance ntr1xIlions. rental inctjme and tim•fr(n other services supplied and revenuè grants. (d) Value added tsx The charity is not registered for value ajded tsx. In these finarrial statements. wher8 app1Kab, expenditure is shown inclusive of VAT. (e) Houslng propert106 Housing properties were cfiginalty acquired at nil cost and are included in Ihe accwnls atfair value with any thang8 in fair v81ue recogni$ed in inrne and exwditure. IM&ements to oPertIeS m>Je betsveen valuations are caprtalised at cosL No deprecration charge is made on housing prDFfjrti8son the grndS that ts d8weciation tharge and accumulated depreciation would be immaterial.
TREGONWELL ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policios Icontlnued) (fj Government grdnts Swal Housing Grant is recognised at the fair vahje of the asset reiVed or re¢eNable. As housing pn)perttes are accounted for using the valualv)n mcdel then the government grant is aUted for using the performan model so that Inrra is fecconised once the perfomiance conditions have been met. For Social Housing Grant, this means that the grant is recCniSed as revenue on COMption of the improvements to the propety. (g) Invpslments Fixed asset investrnenls are $tate(l at marketvakje atthe balance sheet date. Upward revaluations a rewrted in the statement of total recognised surpluses and defictts and crediie(I to the Tevalualion reserve. Oiminutions in vale are recognised in the statement of totsl reo)gnlsed yjrpluses and deficits until the revaluation reseNe In respect of that a55et no longer exists. Further dimlnuticS in value or imp8irments are recognised in the income and expenditure accounL (h) Deslgnated reserves In accordance vmlh the Chaiity Commisslon Scheme document, the drIty maintains designated reserves to provide for maintenance and. repairs. These are expendab16 at the dis¢Jetion of the trustees. See note 11. ril Judgement8 and key courses of estimatlon uncertainty The trustees do not consider there lo be ary Judgements {apart from those involwng eBtimates} which have been made In the process of applwng the above accounting policies thal have had a significant effect on amounts recognised in the financial statements. The key assumptions c4Jnceming the fuiure and other key styJrces of estFrnation uncertainty at the reporbng date that have a Sign[fint risk of causing a material adjustment to Ihe ryIng am¢yJnts of assets liabilt¢es within the next fanCial year indude". Depreciation - this requires an estimalion of Ihe useful econofnic Irves and ldal value of the housing propertTres. The tNstees do not consider the depreciation to be material. - Fair va8 of housing Krywties - this requtres an estimation of the existing use vakje wthich could thange due to a number of extemal faLlors.
TREGONWELL ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Houslng operatlonal costs Water rates 874 Almshouse insurance 1,170 1,071 Reading r£ insurance Cycfical maintenance Routine maintenance 25 25 754 1,257 812 892 Extraordinary repal 8,192 1,641 11,827 5,754 Managornont costs Subscription to National Assouatic4) of Aknshouses HCA Admin Fee 182 180 31)0 300 Administration costs 1,057 959 Reshdents. Christma5 and other grfls Ombudsman fees 121 132 17 Quinquennial Survey 1.423 1,677 2,994 Internst rec•lvabl8 and olher Income Dividends 2,088 Interest payable and slmilar ¢haryes Loan interest and charges TNstees and employees Trustees have recerved no temuneration or re1mrsed expenses in either year. There were no emFdoyees ofthe charity in either year. -1
TREGONWELL ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Houslng propertles Freehold Housing Properties Cost orvaluaoon At 1 January 2021 Revaluation 1,000.0 At 31 December 2021 1,CKJO.000 Depreciatlon At 1 January 2021 and 31 December 2021 Net book valu• At 310ec8mber 2021 1.000,000 At 31 December 2020 1,000.CKJO The freehold propertywds acquire(l al no cost. In Dmber 2020 it was professionalty valued by M8SSfS Viwan Horder at an open mathet vae for the existing use by a registered hwsing asswation of £1,000,000. The Almshouses comprise fwr ngle llocf unts of accommc(lation and 3 central Iwo lloor Reading Rooms cornplex. The hithc cost equivalent of land and lyJikllngs Indud&J at valuatlon are as fdlows: 2021 2020 Historfc cost Ilndudlng F>rolt 2(Ki7) 310.125 310,125 Social housing grant amounting to £222,32612019- £222.326) has been received and could b8 rwable in the event of the Almshoe$ b&ng sold.
TREGONWELL ALMSHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Instments Valuation At 1 January 2021 Addthons al cost 89.521 84,513 12.000 10,000 Movement In fair value 9,882 (4,9921 At 31 D8rnber 2021 111,403 89,521 Investments comprise sOty 59,650 income arKI 355 actsjmulation M&G Charity mu Asset Fund shares. The cost of these shares cannot be idenlified. All investrnents are list on a reoJgni8ed stock exchange. Crndltors Sundry c¥editors 10. Cash at bank and In hand Current account 6,6 6,598 COIF charity funds 89 89 6,689 6,687 11. Reserves The Inrne and ExperKlilure reserv8 repsents ujmulative surpluses and defit>ts net of other adjustmenls. The revaluatlon reselve represents the (#Jmulative effect of wakjations of tangible fixed assets and Investments. The cyclical Maintenan reserve is maintained forthe purpose of Fyoviding for lInary malnlenance and repalr of the housing properties. Transfers are made fn)m the Income and Expenditure reserve to mainlain the cyclical maintenance reserve at three years, budgeted cyclical repair costs. The extraordlnary repairs reseThe Ss maintsined for the puwe of [0vidIng for the extraordlnary repalr. improvement or Tgbuildlng of the housing properties. Translers 8re made from th& Income and Expendfture resefve lo maintain the extraordinary repairs reserve at three yeaTS' *(Jg8t8d extraordinary repairs costs. -12-