| Contents | ||||
|---|---|---|---|---|
| Foreword by the Visitor |
||||
| Who's Who | ||||
| Members ofthe College |
Council | |||
| Chairman's Preface |
||||
| A new Vision | ||||
| Fundraising and Support |
10 | |||
| A Review ofthe Year | ||||
| ~ Residents |
12 | |||
| ~ Staff, management |
and operations | 12 | ||
| The Care Wing | 12 | |||
| The College Chaplaincy | ||||
| Structure, Governance |
and Management | 14 | ||
| Statement ofTrustees' |
Responsibilities | |||
| Treasurer's Financial |
Review | |||
| Report ofthe Independent | Auditors | 21 | ||
| Financial Statements | for the Year ended 31 Aug 2022 | 25 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||||
| funds | funds | funds | funds | ||||
| Notes | P'000 | P'000 | P'000 | L'000 | |||
| INCOME AND ENDOWMENTS | FROM | ||||||
| Donations and legacies |
263 | 11 | 274 | 393 | |||
| Charitable activities |
|||||||
| Contributions by Residents |
towards | ||||||
| accommodation and residential |
care | 1580 | 1580 | 1725 | |||
| Other trading activities |
19 | 19 | 10 | ||||
| Investment income |
14 | 14 | 29 | ||||
| Total | 1876 | 11 | 1887 | 2157 | |||
| EXPENDITURE ON | |||||||
| Raising funds | 179 | 6 | 185 | 108 | |||
| Charitable activities |
|||||||
| Care costs | 940 | 940 | 970 | ||||
| Collegiate costs | 1211 | 1211 | 1129 | ||||
| Total | 2330 | 6 | 2336 | 2207 | |||
| Net gains/(losses) on investments |
87 | 87 | 71 | ||||
| NET INCOME/(EXPENDITURE) | (541) | 5 | (536) | 21 | |||
| Transfers between funds |
21 | 203 | 203 | 1 | |||
| Net movement in funds |
(338) | (198) | (536) | 22 | |||
| RECONCILIATION OF FUNDS |
|||||||
| Total funds brought forward |
2692 | 456 | 3148 | 3126 | |||
| TOTAL FUNDS CARRIED | FORWARD | 2354 | 258 | 2612 | 3148 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restdicted | Total | Total | ||||
| funds | funds | funds | funds | ||||
| Notes | F.'000 | F'000 | F'000 | F'000 | |||
| FIXEDASSETS | |||||||
| Tangible Assets | 13 | 2335 | 2335 | 2390 | |||
| Investments | 14 | 151 | 197 | 348 | 709 | ||
| 2486 | 197 | 2683 | 3099 | ||||
| CURRENT ASSETS | |||||||
| Stocks | 15 | 14 | 14 | 16 | |||
| Debtors | 16 | 17 | 17 | 130 | |||
| Cash at bank and | in hand | 5 | 61 | 66 | 104 | ||
| 36 | 61 | 97 | 250 | ||||
| CREDITORS | |||||||
| Amounts falling due within one year |
17 | (137) | (137) | (158) | |||
| NET CURRENT ASSETS | 101 | 61 | 40 | 92 | |||
| TOTAL ASSETS | LESSCURRENT | ||||||
| LIABILITIES | 2385 | 258 | 2643 | 3191 | |||
| CREDITORS | |||||||
| Amounts falling due after more than |
1 year | 18 | (32) | (32) | (43) | ||
| NET ASSETS | 2353 | 258 | 2611 | 3148 | |||
| FUNDS | 21 | ||||||
| Unrestricted funds |
2353 | 2692 | |||||
| Restricted funds |
258 | 456 | |||||
| TOTAL FUNDS | 2611 | 3148 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Notes | F'000 | E'000 | ||||
| Cash flows from operating | activities | |||||
| Cash generated from operations |
(228) | (16) | ||||
| Interest paid |
(4) | |||||
| Dividends received |
14 | 28 | ||||
| Net cash (used in)/provided | by operating | activities | 218 | 12 | ||
| Cash flows from investing | activities | |||||
| Purchase oftangible fixed assets |
(83) | (74) | ||||
| Purchase of fixed asset investments |
(76) | 2 | ||||
| Sale offixed asset investments | 351 | 10 | ||||
| Interest received | 1 | |||||
| Net cash provided by/(used |
in) investing | actiwties | 192 | 61 | ||
| Cash flows from financing | activities | |||||
| Loan repayments in year |
11 | 25 | ||||
| Net cash used in financing |
activities | 11 | 25 | |||
| Change in cash and cash |
equivalents | in the reporting | period | (37) | (74) | |
| Cash and cash equivalents | at the start | ofthe reporting | period | 104 | 178 | |
| Cash and cash equivalents | at the end | ofthe reporting | period | 66 | 104 |
| ACTIVITIES | |||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| F'000 | 8'000 | ||||||
| Net (expenditure) | / | income for the reporting | period (as per the Statement of | ||||
| Financial Activities) | (537) | 21 | |||||
| Adjustments for: |
|||||||
| Depreciation charges |
139 | 131 | |||||
| Losses/(gain) on investments |
87 | (71) | |||||
| Interest received | (1) | ||||||
| Interest paid | 4 | ||||||
| Dividends received |
(14) | (28) | |||||
| Decrease/(increase) | in | stocks | 2 | (5) | |||
| Decrease/(increase) | in | debtors | 112 | (7) | |||
| Decrease in creditors |
21 | 56 | |||||
| Net cash used in |
operations | 228 | 16 | ||||
| 2.ANALYSIS OF | CHANGES | IN NET FUNDS | |||||
| At1.9.21 | Cash flow | At 31.8.22 | |||||
| F'000 | F.'000 | F'000 | |||||
| Net cash | |||||||
| Cash at bank and | in | hand | 104 | 38 | 66 | ||
| 104 | 38 | 66 | |||||
| Debt | |||||||
| Debts falling due within | 1 year | (11) | (11) | ||||
| Debts falling due after 1 year | 43 | 11 | 32 | ||||
| 54 | 11 | 43 | |||||
| Total | 50 | 27 | 23 |
| 2. DONATIONS | 2. DONATIONS | 2. DONATIONS | AND LEGACIES | AND LEGACIES | AND LEGACIES | |||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||
| F'000 | F'000 | |||||||
| 274 | 393 | |||||||
| 3.OTHER TRADING | ACTIVITIES | |||||||
| 2022 | 2021 | |||||||
| E'000 | F'000 | |||||||
| Staff rental | income | 3 | ||||||
| Telephone | mast rental income | 8 | 10 | |||||
| Event income | 8 | |||||||
| 19 | 10 | |||||||
| 4. INVESTMENT INCOME | ||||||||
| 2022 | 2021 | |||||||
| F'000 | F'000 | |||||||
| UK listed investments | 14 | 28 | ||||||
| Deposit account interest | 1 | |||||||
| 14 | 29 | |||||||
| 5 INCOME | FROM CHARITABLE ACTIVITIES | |||||||
| 2022 | 2021 | |||||||
| F'000 | F'000 | |||||||
| Contributions | by residents | for accommodation | and care | 1,580 | 1,725 | |||
| 6. RAISING | FUNDS | |||||||
| Raising donations | and legacies | |||||||
| 2022 | 2021 | |||||||
| F.'000 | F'000 | |||||||
| Staff costs | 69 | 73 | ||||||
| Other costs | 28 | 25 | ||||||
| 97 | 98 | |||||||
| Other trading | activities | |||||||
| 2022 | 2021 | |||||||
| L"000 | F'000 | |||||||
| Bad debts | 79 | |||||||
| Investment | management | costs | ||||||
| 2022 | 2021 | |||||||
| F'000 | F.'000 | |||||||
| Portfolio management | 9 | 10 | ||||||
| Aggregate | amounts | 185 | 108 |
| 7.CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|
| Direct Costs | Support costs | Totals | |
| F'000 | (see note 8) f.'000 |
6'000 | |
| Care costs | 737 | 203 | 940 |
| Collegiate | 1008 | 203 | 1211 |
| 1745 | 406 | 2151 | |
| 8.SUPPORT COSTS | |||
| Management | Governance | Totals | |
| Totals | costs | ||
| L'000 | L'000 | F'000 | |
| Care costs | 199 | 4 | 203 |
| Collegiate | 200 | 3 | 203 |
| 399 | 7 | 406 |
| 9.NET INCOME/(EXPE | 9.NET INCOME/(EXPE | NDITURE) | |||
|---|---|---|---|---|---|
| Net income/(expenditure) | is stated | after charging/(crediting) | |||
| 2022 | 2021 | ||||
| F'000 | E'000 | ||||
| Auditor's | remuneration | 4 | 4 | ||
| Auditor's | remuneration | for non-audit | work | 3 | 3 |
| Depreciation —owned assets | 138 | 131 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| F'000 | 2'000 | |||||
| Wages and salaries | 1,271 | 1,322 | ||||
| Social security costs | 107 | 92 | ||||
| Other pension | costs | 63 | 48 | |||
| 1,441 | 1,462 | |||||
| The average | monthly | number | of employees | during the year was as follows: | ||
| 2022 | 2021 | |||||
| Staff directly | involved | in delivering | 114 | 105 | ||
| Fundraising | 2 | 2 | ||||
| CEO (Warden | up to | 2021) | 1 | 1 | ||
| Administration | 6 | 4 | ||||
| 123 | 112 |
| 2022 | 2021 |
|---|---|
| 1 | 1 |
| Unrestricted | Restricted | Tota I |
||||
|---|---|---|---|---|---|---|
| funds | funds | funds | ||||
| f.'000 | 6'000 | 6'000 | ||||
| INCOME AND ENDOWMENTS | FROM | |||||
| Donations and legacies |
223 | 170 | 393 | |||
| Charitable activities, |
||||||
| Contributions by residents |
for accommodation | and care | 1725 | 1725 | ||
| Other trading activities |
10 | 10 | ||||
| Investment income |
29 | 29 | ||||
| Total | 1987 | 170 | 2157 | |||
| EXPENDITURE ON | ||||||
| Raising funds | 108 | 108 | ||||
| Charitable activities |
||||||
| Care costs | 971 | 971 | ||||
| Collegiate | 1,121 | 8 | 1,129 | |||
| Other | ||||||
| Total | 2,199 | 8 | 2,207 | |||
| Net gains on investments | 71 | 71 | ||||
| NET INCOME/(EXPENDITURE) | (141) | 162 | 21 | |||
| Transfers between funds |
130 | 129 | 1 | |||
| Net movement in funds |
33 | 22 | ||||
| RECONCILIATION OF FUNDS |
||||||
| Total funds brought forward |
2,703 | 423 | 3,126 | |||
| TOTAL FUNDS CARRIED | FORWARD | 2,692 | 456 | 3,148 |
| 13.TANGIBLE FIXEDASSETS | 13.TANGIBLE FIXEDASSETS | |||||
|---|---|---|---|---|---|---|
| Freehold | Refurbishing | Equipment | Totals | |||
| property F. '000 |
L"000 | E'000 | f'000 | |||
| COST | ||||||
| At 1 September 2021 |
1,835 | 1,210 | 742 | 3,787 | ||
| Additions | 74 | 9 | 83 | |||
| At 31 August 2022 | 1,835 | 1,284 | 751 | 3,870 | ||
| DEPRECIATION | ||||||
| At 1 September 2021 | 483 | 258 | 656 | 1,397 | ||
| Charge for year | 18 | 66 | 54 | 138 | ||
| At 31 August 2022 | 501 | 324 | 710 | 1,535 | ||
| NET BOOK VALUE | ||||||
| At 31 August 2022 | 1,334 | 960 | 41 | 2,335 | ||
| At 31 August 2021 | 1,352 | 952 | 86 | 2,390 | ||
| 14.FIXEDASSET INVESTMENTS | ||||||
| Listed | Cash and | Totals | ||||
| Investments | Settlements | |||||
| pending | ||||||
| L"000 | P'000 | F'000 | ||||
| MARKET VALUE | ||||||
| At 1 September 2021 | 704 | 6 | 710 | |||
| Additions | 77 | 367 | 444 | |||
| Disposals | (368) | (350) | (718) | |||
| Revaluations | (88) | (88) | ||||
| At 31 August 2022 | 325 | 23 | 348 | |||
| NET BOOK VALUE | ||||||
| At 31 August 2022 | 325 | 23 | 348 | |||
| At 31 August 2021 | 704 | 6 | 710 | |||
| There are no investment | assets outside the UK |
| The following investments |
The following investments |
were held at 31 August 2022 | were held at 31 August 2022 | were held at 31 August 2022 | ||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| E'000 | E'000 | |||||
| Johnson Controls International PLC Com |
USD1.00 | 33 | ||||
| Tesco Ord GBP0.05 | 18 | 18 | ||||
| Prudential Ord 60.05 |
26 | |||||
| Sergo PLC Ord GBP0.10 | 12 | 34 | ||||
| Toyota Motor Corp NPV | 22 | 21 | ||||
| Wellington Mgmt Funds (Ireland) Global |
High Yield | BDSGBP Dis | 16 | 19 | ||
| Hedged | ||||||
| Bellway GBP0.125 | 22 | |||||
| Rentokil Inital Odg GBP0.01 |
21 | 24 | ||||
| Siemens AG Npv(Regd) | 19 | 26 | ||||
| Tencent Holding Ltd HKD0.00002 |
18 | |||||
| Liontrust Investments Ltd Monthly |
Income bond | 19 | 24 | |||
| Texas Instruments Inc Com USD1.00 |
12 | 27 | ||||
| Kion Group AG NPV | 24 | |||||
| Smith(DS) Ord GBP0.10 | 14 | 23 | ||||
| 31 Infrastructure Ord NPV |
31 | |||||
| Roche Holdings AG Genusscheine |
NPV | 17 | 35 | |||
| BAE Systems Ord GBP0.025 |
24 | |||||
| The Renewables Infrastructure GRP Ord |
NPV | 26 | 23 | |||
| Royal London Asset Management | Ethical | Bond Z GBP DIS | 23 | |||
| Lyxor International Asset Mgmt Lyxor Core FTSEActuaries |
UK Gilts | 22 | ||||
| First State Investments Global Listed Infrastructure |
BGBP | Inc | 21 | |||
| Microsoft Corp Com USD0.00000625 | 19 | 43 | ||||
| Pennon Group Ord GBP0.407 |
14 | 18 | ||||
| Aviva Investors UK Svcs Ltd Higher Income Plus 2 |
inc | 17 | 21 | |||
| Encl Spa EUR1 | 22 | |||||
| Takeda Pharmaceutical Co Ltd NPV |
18 | |||||
| Compass Group PLC Ord GBP0.1105 |
26 | |||||
| Amazon Com inc Com USD0.001 |
15 | |||||
| Greencoat UK Wind PLC ORD GBP0.01 |
12 | |||||
| Invesco Global Investment Series |
Invesco Monthly |
Income | Plus UK | 12 | ||
| Astrazeneca Ord USD0.25 |
27 | 22 | ||||
| Unilever Pl C Ord GBP0.031111 |
19 |
| 15.STOCKS | |||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| L'000 | F'000 | ||||
| Stocks | 14 | 16 | |||
| 16.DEBTORS:AMOUNTS | FALLING DUE WITHIN ONE YEAR | ||||
| 2022 | 2021 | ||||
| f.'000 | F'000 | ||||
| Trade debtors | 7 | 107 | |||
| Other debtors | 2 | 3 | |||
| Pre payments | 8 | 20 | |||
| 17 | 130 | ||||
| 17.CREDITORS: AMOUNTS | FALLING DUE WITHIN ONE YEAR | ||||
| 2022 | 2021 | ||||
| 8'000 | F'000 | ||||
| Other loans (see note | 19) | 11 | 11 | ||
| Trade creditors | 45 | 52 | |||
| Social security and other taxes | 23 | 23 | |||
| Other creditors | 15 | 13 | |||
| Accruals and deferred |
income | 43 | 59 | ||
| 137 | 158 | ||||
| 18.CREDITORS: AMOUNTS | FALLING DUE AFTER MORE THAN ONE YEAR | ||||
| 2022 | 2021 | ||||
| F'000 | F'000 | ||||
| Other loans (see note | 19) | 32 | 43 |
| The loan relates to a loan taken | out in the year ended 31st August | 2017 for a term of 10 years | from the |
|---|---|---|---|
| National Almshouse Association |
which is secured on the Freehold premises. The loan attracts an equivalent | ||
| interest rate of 1'Ig p.a | |||
| 19.LOANS | |||
| 2022 | 2021 | ||
| f.'000 | L'000 | ||
| Amounts falling due within one year on demand: |
|||
| Other loans | 11 | 11 |
| Minimum lease payments under non-cancellable operating |
leases fall due as follows | |
|---|---|---|
| 2022 | 2021 | |
| F'000 | L"000 | |
| Within one year | 4 | 5 |
| Between one and five years | 5 | 9 |
| 9 | 14 |
| Net | Transfers | ||||||
|---|---|---|---|---|---|---|---|
| Movement | between | At | |||||
| At 1.9.21 | in funds | funds | 31.8.22 | ||||
| F'000 | E.'000 | F'000 | 6'000 | ||||
| Unrestricted | funds | ||||||
| General funds | 29 | (403) | 435 | 61 | |||
| Tangible fixed | assets | 2,338 | (139) | 93 | 2,292 | ||
| Legacy fund | 180 | (180) | |||||
| Underfunded | contributions | (Designated | fund) | 145 | (145) | ||
| 2,692 | (542) | 203 | 2,353 | ||||
| Restricted funds | |||||||
| Walsingham Pilgrimage |
3 | 3 | |||||
| Nursing wing |
laundry | 3 | 3 | ||||
| Underfunded | contributions | 365 | (122) | 244 | |||
| Chapel lighting |
fund | 2 | 2 | ||||
| Re-wiring project |
81 | (81) | |||||
| Future boiler replacement | 2 | ||||||
| Green Agenda | |||||||
| Prayer Pavillion | |||||||
| 456 | 5 | (203) | 258 | ||||
| TOTAL FUNDS | 3,148 | (537) | 2,611 |
| Incoming | Resources | Gains and | Movement | ||||
|---|---|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||||
| F.'000 | F'000 | F'000 | F'000 | ||||
| Unrestricted | funds | ||||||
| General fund | 1,876 | (2,192) | (87) | (403) | |||
| Tangible Fixed Assets |
(139) | (139) | |||||
| 1,876 | (2,331) | (87) | (542) | ||||
| Restricted funds | |||||||
| Underfunded | contributions | ||||||
| Green Agenda | |||||||
| Prayer Pavillion | |||||||
| Opera | (6) | ||||||
| (6) | |||||||
| TOTAL FUNDS | 1,887 | (2,337) | (87) | (537) | |||
| Comparatives | for movement | in funds | |||||
| Net | Transfers | ||||||
| movement | between | ||||||
| At 1.9.20 | in funds | funds | At 31.8.21 | ||||
| F'000 | F'000 | F'000 | F'000 | ||||
| Unrestricted | funds | ||||||
| General funds |
65 | (66) | 30 | 29 | |||
| Tangible fixed assets | 2,369 | (131) | 100 | 2,338 | |||
| Legacy fund | 124 | 56 | 180 | ||||
| Underfunded | contributions | (Designated | fund) | 145 | 145 | ||
| 2,703 | (141) | 130 | 2,692 | ||||
| Restricted funds | |||||||
| Walsingham | Pilgrimage | 3 | 3 | ||||
| Nursing wing |
laundry | 5 | (2) | 3 | |||
| Underfunded | contributions | 331 | 163 | (129) | 365 | ||
| Chapel lighting fund |
2 | 2 | |||||
| Re-wiring project |
81 | 81 | |||||
| Future boiler |
replacement | 1 | 2 | ||||
| 423 | 162 | (129) | 456 | ||||
| TOTAL FUNDS | 3,126 | 21 | 1 | 3,148 |
| Incoming | Resources | Gains and | Movement | |||
|---|---|---|---|---|---|---|
| resources | expended | losses | in funds | |||
| E000 | E000 | E000 | 6'000 | |||
| Unrestricted | funds | |||||
| General | fund | 1,931 | (2,068) | 71 | (66) | |
| Tangible Fixed Assets | (131) | (131) | ||||
| Legacy | fund | 56 | 56 | |||
| 1,987 | (2,199) | 71 | (141) | |||
| Restricted funds | ||||||
| Nursing | wing | laundry | 8 | (8) | (2) | |
| Underfunded | contributions | 163 | 163 | |||
| Future boiler | replacement | 1 | 1 | |||
| 170 | (6) | 162 | ||||
| TOTAL | FUNDS | 2,157 | (2,207) | 21 |