Charlty Rog15tratlon No. 205826 THE BEAUMONT CHARITY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2021
THE BEAUMONT CHARITY LEGAL AND ADMINISTRATIVE INFORMATION Trust¢e$ R J Kerr (Chairman) M J BrditlMait8 (VIGe Chaimian) EWHClark Mrs L Phillips Cllr Mrs Y Mobbs 8 R Ambrose G HMeS E Henshaw Charlty Dumber 205825 Indppgndent examlnfrr mOe (Souih) LLP 33 The ¢18T8n CPJ Sa118bJry Bu8lness Pwk Dairy Meadow Lan Sallsbury Wiltshira SP12TJ B8nk0rn HSBC Bank 81 Tumers Hlll Cheshunt EN8 9BA
THE BEAUMONT CHARITY CONTENTS Pagg Trustee8' repjrt Slalomenl of TNstoe8' respon8ltslltl88 Independent exomlnee8 rewt Slatsment of flnan¢lal aGtlvlb88 BalarTh shael Notes to the Ilnanck818tatemenls 10-23 Property Revenuo ft1 24 Income and Expendlture a(int 25
THE BEAUMONT CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED 25 MARCH 2021 The TnJsloo8 present their reFort and financid ststements for thè year ended 25 March 2021. The ffin8nclal Statements have been prepared in 8c¢(JrdanGe with the accountlng policies set out In note 1 to the nancial statement5 and comp4y with the ChariV5 Trust Deed, the Charitsè8 Act 2011 and Accounting and Reportlng by Charities.. Ststemenl of Recommendod Practice applicable lo chaneS preparing thelr accounts In 8ccordan¢e wffilh the Finandal RePClftg Standard appIAble In the UK and Reput41¢ ol Ire18nd (FRS 1021 leffectsve 1 January 20191.. The Trustees during the y88r and their appolnting *thore apFrydatg were.. Elected 05115 Elected 02198 Elected 06118 Elected 11190 Elted 05104 Borough of Bro>boumo 08118 Elected 09119 R J Kerr Ichalmianl M J Br?dthwaits (Vic• Chairman) B R Ambrose EWHClark Mr8 L Phllllp8 Cllr Mrs Y Mobb6 G Holmes Church VacanGy Rev Eugene Henshaw 11119 MISS L Ru3$011 (Clork & Recelverl nted ty the Twslees 1 Jung 2018 and r8talned M a monthty fee structure1 govern•nce and man•gem•nt The Charlty's day-lTrday busln8ss 1$ CrdInated by thg C16rk and Recelver and 88 approwlate, In consultation with the Chalrman. The Boar(1 of Tru8lee8 meet on a quarterty basls lor more frequently sf needed) lo dl8cu8S the Tru81'8 affairs. In sddllion, a Finance CMimitte8 ¢omprising of R K Korr, M J Brailhwaile, B R Ambro88, E W H C13rl( and the Clerk and Recelver meets quarterfy to review the Chadty's budget and financlal posllion. The appolntment of th6 Tru8tee$ Is govemed by the Scheme of the Charlty comm18s1 dated 19 Aprti 201)4 (the present sch6me). Thor8 should be two norninaled Tfusteeg and seven G¢xipted Tru8tee8. The nominated Trustees must be alacted by the cn¢11 of the Borough of BroxbcyJrne. ne8d not be a member of the Coul11 and ere appolnled primarily fw four years. The wwed Tnjstees ara elected at ordlnary me6Ongs of the Trust and once oppoinled shall be entitled to hd¢J office for lrfe. Tha Tru81908 aro given tralnlTrJ If reques arKI a ttend relevant courses and semlnars as appropriate to thglr rolo wlthln Ihe Ch•rfty. Ther0 18 currentty one Trustee vecancy. and a secrThJ Trustee wlll be retirfng thls year. The vacanGy 1$ belng advertised but $0 far thout su¢ce88. Tho provlslon of almshouses In Cheshunt dates back to 1624 when lang James I paid the sum of £500 88 cornpensation lo the parfshioners of Che$hunl for a larg& eCe of Cheshunt Common he wshed lo acquire to eXtd Theobalds Park. £320 of thi$ sum a9 used to purcha8e farmland in Nazeing. The r8maining £180 was used to tryjild ten almshouse5 at Turner's Hlll kn poor widow3. In 1797, it may be ol Interest to know that the rent from the lease of the farmland in Nazeing and income from other charrfes was able to provlde the 10 wldow8 Wth tho princ81y sum of 4 guineas every quartsr, hdf a cauldron of ¢oal a year and 6d a week each in breadl The Charity also owned almshouseg 8t Splttallyook in Waltham Cross lch were demolished when the M25 was builL The compèn8ation, together with a loan (now discharged) frcffi the Houslng Corporati, enabled the Charity to bulld 12 flats at Hom8l&gh Court in Cheshunt.
THE BEAUMONT CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 25 MARCH 2021 It 18 not known how the Beaumont Charity got its name. but the conlture16 th8t it aros8 from the princlpal parts of the lands lylng at a a¢0 Called Beaumont Gmn. and 'rt Is w8s1ble that th8 lords of the manor of Beaumont were benefactors lo and promotern of the ChwW. The Beaumont Charity Is regulated by a Stheme of Ihe Charlty Comm16sioners dated 18 Juty 1950 as affect by 8chemes of the Commis8ioner8 of 28 Apil 1959, 11 January 1968, 7 Mar¢h 1980 and 19 April 2004 Ilho present scheme). The regl8tered addres$ of thè B88umiJnt Cherity b 18 Landmaad Road Cha8hunt Herts EN8 9HP. The Charty reolstraJon number is 205825. Admlnl¥tratlon dots118 The CharlVs bankér Is the HSBC Bank at Tumars Hlll. Chgshunt The Ind6pend8nl ex8miner is Am Methias, Chartered Accountenl, Moore (South) LLP, 33 The Clarenrjon Cantr8, Sali8bury Buslness Park. Dairy Meath¥ Lane. Sa118bury Wltshire SP12TJ. Obl0Ctlvo8 and actlvltles The Charfty ¢onllnue8 to provisJo accommodatlon ts resklents of Parfsh of Cheshunl who are conslder8d lo be In need, either finan¢ially or socialty, and who are not bss than 60 years ol ago lexcepl In Special case8 to be appolnled by the Commisslonfrrs). Th8se provi80s wer8 8mended at a meetlng of the Trustees In May 2013 lo Include Cheshunt re8fjd6nls wkno had movod away and wanted to retum and also Choshunt resld¢nts who wanted lo mov8 tholr elderly parents into the area lo provide fomlty care. At prosenl, the Charty hag 38 ImshouSeaIS sltU8led al Tumers Hlll and Homelelgh C¢)urt In Chgshunt wlth a paid warden at each 19 In accommod8ts.on provlded by Ihe Charity, maklng a toial of 40 denCeS owned by the Chartty. EaGh rIdent pays a WOeY contrltArtlon towards tho malnlenm and es68n11 88rvl¢&s of the Proper8$ and a eontributlon tOW8rds the ¢ost of heallng 8nd lighllng. At U)&lr February meollrty, the TNslèes, follovlng an equitable faSr rent review, 8Jreed ¢onlribution8 were too low and relied loo mu¢h on inve81ment Income to malnlain the resldanc88 and grounds to the starKJards expecte(l. It was theralore agreed that there would be an Increase across the residences of £8 per week. Th18 would be rounded up lo remove cJrrenl pound8 and pence c¢nthbuliw8 caL189d by percentage-based incre8se8. The gas contn"butions at Homelelgh Court were kept the s¥m8. Tho electricty char9e at Turners Hill was Increased £18 to £20 per wegk for those in Sole o¢¢upation. Analysls of Indivldual prop¢ty consumptlcffl showed those Fryerbe8 oc¢upled by cr)uple8 Uged more eleclrlcity. The el&triclty payment for those prop&lles w85 Ihwefore ra18ed to per week. A¢hleYemonts and p¢rfornian¢e The latest quinquennial report was prepared on all properti88 in 2019r20. Thls report identified 88verdl minor maintenance Issues and recommended improvements which are boing Implemented as far as po&slble. Routine malnlenance and cycliGal work have made slower prcoress than ts)ped because of Covid restrictions and the limiled personnel re80urces the Chanty has Io carry OLbl maintenance work. The Trustees are in the process of r8cNIUng a maintenance worker to drive Ihis programme toard. A 81gniffl¢ant numbw of properfes h8ve become va¢anl durirvJ the last tbwj years. These havo been refurfoi8h8d, often induding a ww balhroom or kitchen or l)oth and redecoration including naw carpels. In addiuon substantial work ha8 takon place at l)olh sites to improve tho grounds, removing overgrown shrubbery. Installing moblllty buggy sheds. new fencing, and new paths. Part of the work lo create a new bin store at Homeleigh Court has been com01ed and fvrther vKJrf( V11 take place next year lo mak8 the front garden aGc8ssibl8, create more parking, a safer forecourt and improve li9hOng and $8curity.
THE BEAUMONT CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 25 MARCH 2021 Flnanclal r•vlew Th8 attached financial statementa show the wrrent stale of the financ88 which the TnJsle8s ¢on6ider to be sound. Revenues have decreased slightly beoause of the Tedudlon In dividends recelvwj from investsnent8 du8 to the affect of Covif&19 on financial markets. specif pdKie$ establlshed by Ihe TNstee$ are set out below. Investment Pollcy The Ch8rity8 investment pollcy18 generalty T1 to allow interest and dlvidénds from investments to accumulate twl to use them in Iblfilling the Charity's 0.eCtives. Income is credited 10 the appropriate fund. Th& TruBtee8 revlew the performance of the Charity's investments at each Flnance Commltteo meeting and, as explalngd above, ensure the portfolio18 managed luthdwsty. R¢sorvu Pollcy Reserves are spllt Into pemianent caplt811£378.890), rgV8nue re$Ve6 1£2,188.540) and re$tTlcted res•rve¥ {£291,421). The p$rmanent capltal represents fvnds that musl be held perman¢ntty by the Charity. It represonls proceed8 from the sale of endowed prortY and sharts. Tho peman6nt catal shown in the Finand st*emont8 88 Pemiangnt Endowmenl Funds, wa¥ usèd lo finance p8rt of Ihe freehold land and bulldlngs. Revenue Reserves Shown as Unrestricted Funds can be split as repr886nUng part of the freahold Ignd and bulldings and general reserv¢8. The genoral reseNe3 are used to fund the daY-l(daY operation of the Trust and malnlain re$oNes for unexpectedldlsasler reGovery event$. Thes¢ funds aro Invested In Bdfj8h Govemment Stc¢ks and offici•l chartty inveslmenl fvThJs thl¢h can be e88ily roallsed, Th8 designated r85erves shovm as Re$lrbcled Fund3. are tho ExtrInary Répwr Fund repre8entlng amount& / sèt a¥lde to Garry out major paIT8 and Improvements to the propertlas and a Cyclicol Maintenance Fund deslgnèd lo even out the cost of Intemal and exiefnol repalr8 and refvrLlshment of the propertl¢s. The amounts Set a8ide annually from Unre8triclod Fund8 fdlow, In the main, the recommendation8 of the Alrnshouse A8sociatl¢)n and are deemed to be adequat•. Bolh funds aro held In the Natlon81 Alm¥house Ass1&0 Common Investment Fund. Prfn¢lp41 Rlsks and Un¢ort•lntlos All ri8k8 lo the Charity were again revlewed in 2020r21 8r¥J r18k managèment continue8 to focu$ on every aspect of the day-to4ay $8fety, m8inlen8nce and runnlng of the properdes •nd their ground8 at thg 1 Ioc8Jon$. The ongolng attentlon of staff, involving one resklent W8rden and a scheme manager ov¢r8een by the Clerk to the Trustoes. i¥ a kgy Part of the Tru3lees' strategy to achieve ttSe 04'ectives. The fi inspection report Idenllfied several risks. Work 1$ Th belng undertaken lo address these issu. Malnl8lnlng inve81m8nt income al a Ime of unusually low interest rates 8nd volatsle invesknent markets 18 a major uncertainty that contlnues lo be r¢gul8rty reviewed by the Truste89. Increases In contribubons In 2020f2021 were In part to reduce the rall6nce on Invoslmenl irKomg. Publlc Bonglft The Trusl¢e8 acknowledge the duty to havè du8 Tegard to ts Charfty Commission's publl$hed ganeral and relevant 8utrsector guidanco on public benefrt. Al acuwueg undertaken by the Charfty are for the publlc benefiL Wth 8 f5 on provlding accommoda[> for those residènts who are considered to be in need, either ffinancialty or soclally. the Charity's operallon Is very mueh geared to providing benefit to the Ioc81 G(xnmunity as Is ghlighted by the a¢lNitie8 reported herein. Thi8 11 also Gontinue lo be central to its futurn plans.
THE BEAUMONT CHARITY STATEMENT OF TRUSTEES. RESPONSIBILITIES FQR THE YEAR ENDED 25 MARCH 2021 The Truste68 ar8 respon8ltA8 for preparlng Ihe Tntstees. R8FthI an¢Y the finandal Statements In ordanCe th applicabla law and United Kingdom A¢¢ounting Standards (United lQngdom General Accepted Accounting PraGtiGe). The law appli¢atAe to ¢harftle8 In England and Wglos requires th¢ Trustees to prepare finan¢lal stglements for each financial year whi¢h give a truo and faif view of the slaie of affars of th8 Charity and of the incoming resources and application of resources of the Ch8rity for that year. In preparfng these financlal stslemen18. thg Trustees are requlred to.. . 8819¢l suitable aGwunting pollths and then appty them rJJn8iStenUy,' - ob88Na the method8 and prtnclplès In tho Charitses SORP., . make ludgemerrts arKI esllmates that are 080n0e and pyudgnt . otste whether appllcable wxountlng 8tarKlard8 have folk>wed, subject to any materlal departure8 d18¢1os¢d and 8xalned in the financial Statem.. and . prepare th8 flnanclal 8tatem8nts on the OrwJ concem ba818 urA888 1118 In8ppropri*8 lo pr68ume that the Ch8rity VAII ¢onUnu& In op¢rnUon. Tho Trustees are r88wn8ibL9 keeping 8ufficienl aCcntirrfJ record6 that disclose reasonablg a¢cura¢y at any time the ffinanclal poslllon of the Cherity and ena? Ihgm to ensure that Ihg financial $181ement8 comply wlth the Chorllles Act 2011, the Charity (Accounts and Repts> Regulats'ons 200e and the provislong of the Trust Degd. They are al80 iesponsible for 6afeguardiro the assets of the Charity and hence for taking rea8onable 81ep8 for the prevenfjon and d81ocllon of fraud and other IegUlarities.
THE BEAUMONT CHARITY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 25 AIARCH 2021 Plans for Futur• Perfods The Trustees will continue to maintain the woperlie3 In good order and lo maintain full occupancy al an affordable contribuuon from tho residents and throL4h careful management of Investment8 lo en8ur8 the long term comfort of (¢pants. Koy Managomfrnt Romuneratlon Pollcy Tho Truste68 ar• mgarded a8 th¢ key management of fv Charity. Thèy did not receive r6mun8ratlon or benefits In klnd. Golng Concom The Trustees 88se$s whetsr the u8e of golng 18 8pprowi8te. 1.8. vth8th8r there 8re any materlal unc¢rt8lntigs related to evenl8 or tiOnS that may cast Signfficanl doubt on the aknllty of the Charity to continu8 a8 a going concern. The Truslae8 make t8 8s8e8smgnt in rasp8cI of the p8ri0d, one year from Ihe date of approval ol the fin8ndal staiernents. The Trustees cortlud8 that there ara no material uncertaintles aboth the Charity'8 abllity lo eonlnu8 and accordingty the financll 8talemtr)ts are wepared on a goiNd concem b¥818. heT 8, report was 8pproved ty tho Board ofTnAlee8. JKorr{ Irman almn} the Tru818es of Ihe Bogumonl Clwrfty
THE BEAUMONT CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BEAUMONT CHARITY Usè ofmy report This report 18 made soiety to the Charity's Trustees. 88 a ty. in xcordance wth Chapter 3 of Part 8 of th Charities Act 2011. My examination has been uThJertaken so Ihat I might state to the Charity'$ Tru$teg8 tho88 matters l am requlred to state lo them In an Independent 8xaminerfs ieport and for no other purpose. To the fullest extent M)Itted by law, I do not 8ccept or assume re5ponslblllty lo anyone other than thg Charfty and the Charity'$ Tru8teè8 a8 a Lty. for my examination, fof thls report, or for the oplnions I have ft>rmgd. Ann Malhla$ Chartered Accountant 33 The Clar8rKlon Centre Sali8bury Businèss Park Dairy Me8dow Lano Sallsbury Ilshlre SP12TJ
THE BEAUMONT CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BEAUMONT CHARITY I report lo the Trustees on my examination of the fin•Kial statements of The Beaumonl Charity (the Charity) for the yoar gnded 25 March 2021. Responslbllltles and basis of rgPOrt As the Tru51e8s of the Charfty you arn re$pcfflwble for tha weparatJon of the financial stslements in accord8n¢e vlth the requirwnents of the Charilies Act 2011 [ 2011 Art). I report In respect of my @Ination of tho Charlty's fftn8nc1 statements carried out under sedon 145 of Ihe 2011 Act. In ¢8rrylng cArt my ex8mlnaUon I have fc4lo*£d 1 al¢ab]e Dirxtlons glvan ty the Charfty Commi881on undw sècllon 14515}Ib) of the 2011 Act. Independent examlnovs ststement Your attontlon Is drawn lo the fsct that Ihe Charity h88 prepared )InancW 8tst8menl8 In o¢cdanc0 vrith Accounting and Reporting by Chariti88 preparing their Ke0)IS in accordance with the Financial RèpottThJ Standard appllcabla In the UK and Republlc of Ireland {FRS 1021 In preference to the Accounung and Reportlng ty Charftie8.' Statement of Recommended PrCe Issued 1 J8nuary 2019 whlch is referred lo In the exianl regulali¢XI8 but has now been wttKlravm. l understand that th18 has beèn done In order finarKial ststem8nts to provide 8 tru8 and falr vlew in accordance wllh Genw8lly Atteptsd k¢ountlNd Practke effective rewung pe09 beginnlng on or after 1 January 2019. I have completed my examinatIc. I confim) that no matters havé come to my attent1 In conn8ctlon wlth the examlnats'on gIng me cause to bdiove that in ary malen81 re8P8Ct'. accounlng re¢ord8 were not kapl In Tespact of the Charlty a8 required ty saclon 130 of the 2011 AGt,' or the flnandal statements do not a¢Mrd vlth those rwdi,. or th8 financial slalement8 do Tr)1 ¢omF4y with tho 8prAicabl8 requiremants ¢oncgming the lom and cont¢nt of aounts set out In the Charftses {Ac¢ounlS and Report81 Regulatlon$ 2008 other than 8ry requirement that the a¢¢ount8 gNe a Iwe arrfj fair view whlch Is not 8 mattar con8ider8d as part of an Indep6ndent examlnatlm. I have no ¢oncgm$ and hav$ como across Tr) other matters In connecllon vlth the 8xamlnaUon to whi¢h attention should b8 drawn in thls report In ordtrr to ena8 a proper undarstandlrvJ of th? financial statements lo be r¢ached.
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THE BEAUMONT CHARITY BALANCE SHEEr ASAT25 MARCH 2021 2021 2020 Notss Flxed assots Tangible assets Investment8 11 12 1,032.030 1,775,432 1,032,030 1.663,703 2.807,462 2,695,733 Current assots Debtors Cash at bank and In hand 13 2.078 61.875 2,135 63.039 63.953 65.174 Crodhorn: amounts falllng du6 wlthln ong yoar 14 (14,564) {8,9661 Not current a8Set8 49.389 56.208 Total as80ts current11gbllltlo8 2,856,851 2,751,941 Capltal fund8 Endowment fvnd¢- oenernl Incom8 fund$ R881rtcled funds Unregtrfcled fiJnd8 18 378,890 378,890 17 291.421 2,186,540 284,915 2.088,138 2,856.851 2,751,941 The ffnanclAI statements were approved ty the Trust88s on . RJKerr Trustso chaIan} M J 8raltfv (Vke Chalrmanl Trnstse
THE BEAUMONT CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 25 MARCH 2021 Accountlng pollGIos Charity Inforniatlon The Beaumont Chartty Is an unincorporated charity. reg15tered In Eryland 8nd Wales. The r8gistered offiGa address Ss 19 Landmead Road, Chestnut, Waltham Cross, EN8 9HP. 1.1 Ac¢ountlng Gonventlon The flnanclgl stst8ments have been preparad In Ko)rdancvJ wlth Ihg Charlty5 Tru81 D8gd, the Charft1&8 Act 2011 and "A¢¢ounlng ond Reportlng by Ch8frti88'. Statement of Rg¢ommended Pra¢tl¢e 8ppIIc8bl8 10 charities preparing their accounts in a¢coidance th the Fin1 RekKJrting Standard appliG8b10 in th8 UK and Republ1¢ of Ireland (FRS 1021 leffecllve 1 January 20191" The Charfty 18 a Publbc Benefll Entlty as deflned by FRS 102. The Charity ha8 taken advantage tsf the provi8ions In the SORP for charftie8 apptylng FRS 102 Update Bulleun 1 Th)t lo prepare a Ststemgnt of Cash FIry. The financi81 statements have departed from Ihe Chaftbes {Accounls and R8port81 Regulaliong 2008 only to the exient requirgd to provth a tNe ar falr Vbw. Th16 departure ha8 Involved followi the Statement of Re¢ommend8d Pra¢d¢e for ¢h8rflles 8pptying FRS 102 father than the vers1on of the Statement of Recommended Pra¢li¢e 1¢h 18 referred to In the Regulat)n$ but which ha& slnce b88n thdraWn. Tha flnanchg18tatem8nts arn In 8terllThJ, whlch 18 functlond ¢urrew of the chaty. Mon•tary amounts In these fflnartlfl statements ore rounded to r*are8t £, The flnanclal Ststemants have be yapad under the h18tc¥kal cost eonvenlon. modlfied lo in¢lude the revaluatson of treehold properties and lo indudè Investment propèrties and cartaln hnanclal In8trumen18 at lalT value. The prfndpal acGountlng polldas adopted are set out below. 1.2 Golng Concern The TTu$teg8' assess whether the use of gdng n¢effl 1$ appropflate. 1.8. whether tha are any m8lerl81 uncertainlie8 related to events or conditions that may east 81gnlficanl doubl on tre ability of the Charity lo continue a¥ a golng c¢ncem. The Truslee3' make tNs assessment In respect of pedod of one year from tha date of approval of tho financlal $tstsments. Thè Ttusleos, conclude that there are no material uncertalntses about th6 Charity's almlity lo continue and 8wdingly the finanaal 818temenls are prepared on 8 going concgm basls. They have ¢LYne lo this ttindusion ty 888esslng the culronl levgl of reserves; work1ng Gapltal requlremenis and anll¢ipaled ¢c4nmitments. 1.3 Charltabld funds The nature and puipose of each fvnd Is exp181ned in note 15. 1A Incom¢ Income Is recogni8ed vthen the Charity 1$ le9alty entiiled to il after any perforniar8 ccfidition8 have been mel, tha amounts can be measured rdlably. and It Is prObae that iome wlll be r8cefved. Cash don8tion8 are recogni3ed on receipt. other donationB are rocoynlsed once the Charity has been nolllled of the donation, unless perfom)ar)rR conditlons require delerr81 of the amount. Incom& tax recoverablo In r¢lallon to CallOnS re¢8fved under Grft or deeds of covenant is re¢ognised at the timo of th8 donation. 10-
THE BEAUMONT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 25 MARCH 2021 Accounting pollcles 1.6 Expendlturo LIalItIeS are rewgnls6d as expendllure as soon as there Is a legal or constnJG11v8 obllyalon commlttlng tr Charity to that expenditrjre, it Is prOba1e trhat 8ettlement wlll b8 requlred and the amount of the obllgation can be m8a8ured rnliaw. Al gxpendlturo Is Gharged to the Slatement of Finandal activiiles on an accruals bas]8. Incluslve of ary VAT, vthlth cannot bo recovered. Thè Charity has one tIVity. being the provision and running ol the AmlK)use8. Al éxpen888 {including govemance and support CDslsl are attrltrmthed lo Ihal charliaLla activity. All expenses are gllo¢ated dlrectly to the applicable expenditure headlngs based on actual Involces recetvable. Support costs have b¢en allocated between governan¢a costs and other cos18. Govemance costs compri8e all c08ts involving Ihe publlc acGounlablllty ot the Charty and its comrAiance th regulallon and good practlce. No expan8e8 rgqulre apportlonmenl bet¥en expense ldIng8. 1.6 Tanglble flX a88et• Tanglblg fixed 8$8els are Infttalty measured at ¢osl and subsequenty mea8ur¢d at CO81 or valu8tlon. net of dgprecialion and any Imw'manl kn88e8. Depreciauon 16 reccqni8ed 80 aB lo write off the cost or valualion of a88019 1888 their rosldu81 vdu88 ov•r Ihelr useful live8 Cfi the follovAng ba89S'. Freohold18nd and building8 FIre$ and ffitllng8 See below 10% Stralght line bas18 The g81n or 1088 adslng on the dlsposd of an a88et t8 determlnod 88 the dlff8rence betron th8 salg pro¢eed8 and the carrylng value of Iho asset, and Is rewwl8od In net Incomellexpgndllure} for the y88r. 11om$ c08tlng mLYe than £5rM) ar• CatrIL88d and carried In ts balance $hoet al hlslorfcal cosL A8 the propertles are m8lntsinèd In a Stats of fepalr such that ltsr estlmated r68kiual v8lue18 rt less than their improvement or development c081, Ihe annual charge for dapreatiOn would be nil. 1.7 Flxed asset Investments Flxod asset Investments are Inil'ally measured at transa prlce excludlng tran$8¢tlon costs, and 8re subsequenuy measured at fair value al each rewtsng date. Changes in fair value are recognised in nal Incomel{expenditure) for the yoor. Trans8cUon costs are expensed 8s incurred. All galn8 and 10586$ are taken to the Slalement ol FInl81 AcllvlUe5 as they ar188. Reall$8d galn8 and losses in investments are ¢alculaled as the ¢Jifference betsveen 8ale8 proceeds and their opening carrylng value or thelr purcha8e value If acqulred 5ub$aquent to the first day of the flnancial year. Unreallsed gains and1088e$ are calculated a$ th¢ dlffererKe beeen the fair vdue at the ye8r end and their C&Ing value. Re81ised arKI unr6all8ed Investment gains and108$ are Mbined in the Statern8nl of Financial Activiti6S. Tha Ch8rty doos not acqulre wrt opJon8, d8rfv8lfve8 cother c(nFA8x financlal InstNmgnls. The main I7 of finan¢tal dsk faced ty the Charity that of volatility in equlty markets and Investment markets due lo wider economic conditions, the attitude of investoryo to investment ri8k and changes in senllmant Gon¢emlng equitles and wtthln partiadar sectors or sutSectOrs. 11
THE BEAUMONT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 25 MARCH 2021 Accounung policlo8 1.8 Impalrnnt of flxed assets At each reporting end dale. the Charity reviaws th8 caryirrfJ amounts of Its langlble a869ts to det8mlne whether thern Is any Indl¢atlon that those assets have suffered an Impalm)ent $$. If any such Indicatlon exl8ts, the recoverable 8m¢)unt of the a888t is esllmated In (xder to d8t8mlne th8 Oxtent of the Impalrment 1058 Ilf any). 1.9 Cash and cash oqulval•nts Cash and cash equivalènts inclLKfe cash In harKI, deposi18 held at call vAlh bank8, OtW 8hort-temi liquid Inv8slmenls wlth ginal maturfll88 of three months or less. and bank overdrafts. Bank overdrafts 8r8 shown wllhln borrowing$ In ¢urranl Ilabilille$. 1.10 Flnanclal Instruments The Chadty has elected to opply the Fro810nS of SaCtI 11 'Bast Flnancial In8lrLment8' and S8¢don 12 'Other Flnan¢lal Instruments Issue8, 01 FRS 102 to all of Its finwKlal instruments. Flnan¢lal Instrumen18 are reccynlsod In the ChadtY8 b818n¢e 8h8et vknen the Chadty bècomes party to the ¢onlractual pro81¢)n5 of the Inslrument. Flnanclg14ssels and Ilablllues are offset. net amounts pr8senlod In the llnanclal 8latements, vthan there Is a le9ally enfor¢e8ble rfghl lo set off recognlsed omounts 8nd therè Is an Intention lo setue on a nel bas16 or to r88118e the a88et and 8ettle th8 liabilty 8imUltanUSty. Bas1¢ finanelal assets Basic finanGlo1 a6s8ts, whlch Include debt¢XS and c86h and bank balan¢e$. are Initl8lly mga$ured at tran$8Ctlon pri¢e Includlng tran8a¢tion costs aThJ are $ubs8quentty Caled at amortisad cosl uslng the effective inlerasl method unless the arrangement con91ilules a financino Iran8aetlon, where the Iransacllon 18 maasured at tha pres8nl value ol the future reGelpts dlscounled at a malket rato of intore8t. FInal81 asso1$ ¢las8lfied as recelv¢Ne withln on¢ ye8r a not amortis. Baslc financial118blllUes Ba$1¢ fin8nclal 118blliUes, Includlng credIt3 and bank loan$ are Inrtialty re¢csni8ed at Iran88Ct1c pri¢e unles8 th8 arrangement con$tilute8 a financing tranSaCtn, where the debt in8lrumenl is measured al the esenl value of thè future payments dlscounl&J at a market rate of Intorgst. FinarKial Ilabiliile9 classlflgd as payable wh1n one ye8r are not amorlised. Debt In8truments arts 8ubsequentty Caled at amorti80d c08t, using Ihe effective Interost rate method. Trade creditor8 are obligati8 to P8y for goods or services that have been acquired in the ordinary cour8e of operations from supplier8. Amounts payalAe are classiffwj as Gurranl Ilabille8 if p8yment Is dua wlhln ono year or less. If not, they are presented as rTre[reI IK8biliUes. Trade ¢reditors 8re r&¢ogni8ed iniU81ty at tr8nsaGllon price and subsequanty measured at amortised wst using the effectiv& Inler8St method. Derecognltlon of fln8nclal Ilablllties Flnanclal liablllles are derecogni8ed when the Charity'8 contractual oblig8Uons expire or are dlscharged or cancelled. 1.11 Employe¢ bfrnellts The ¢ost of any unused holiday entiuemenlls rec¢JJnised In the In the ¢mpl¢)yee's seNlce8 are received. TeinatIOn benefrt¥ are recognlsed immediatety as an expSe whers the Chartty 18 demonstrably committed to lern1e the employmont of an eMIoYee to provld8 termlnation benefits. 12-
THE BEAUMONT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 25 MARCH 2021 Crltlcal accountlng estlmats8 and Judgoments There are no signifjcanl areas of ju(SJèmenl or key assumpts'ons that aff8cI items in the financial slalem6nt8 vllh respecl lo the next repothng perkKI for the year ended 25 m?h 2022. The m051 slgnlficanl 8re8s of uncertslnty Ihat affect Ihe ¢arryiTrJ value of assets hèld by Charfty are the Ve1 of Investment retum 8nd th8 perfomance of the Inve81ment mark8ts and any outc(xne on the principal rlsks and uncertainlifjs that face the Ch81ity on a day to day basis, as eXained vAthln the Inveslm9nl poliw and rlsk managemant sectlons of the Ttee$. POrt. Charltable •¢tlvltle8 CharStsble Charitable rental rèntal In¢ome In¢om8 2024 2020 Contributions fr ocCu8r8 120,523 119.996 Inve8tm•nts Unre8trkted Re8trlctod nd8 fund8 T¢)tal UnTe$trlcled Restrfcled fund$ fund¥ Tot81 2021 2021 2021 2020 2020 2020 Unllsled 8e¢Lxllie8 Interest racelvablo 31,002 17,850 11.338 42.340 17.850 30,741 17,850 17,255 47.996 17,850 48,852 11,338 60.190 48,591 17,255 85,846 other Incom8 Totsl Unrestrtcled funds 2021 2020 Other Income 850 13-
THE BEAUMONT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 25 MARCH 2021 Charltablg activltios T¢)tal Unrnstrlctsd Ro8trlctsd 2021 nds fuDd$ 2020 2020 Total 2020 funds 2021 lunds 2021 staff costs Repair8 and Rates and watèr In8uran¢o 17,595 46,815 17,595 154,162 7.336 17,333 56,201 7.534 17,333 170,676 7,534 107,347 114,475 2,849 32.927 18.255 7,332 2.649 32,927 18.255 7,332 3,440 32,052 13,882 5,879 3,440 32,052 13.882 5,879 Ught and heat Office costs Carelln9 SUPP)rt ¢08ts 132,909 107.347 240,256 136,321 114,475 250,796 Share of 8UPPOrt costs ($&e note 71 ShArg of governance ¢0818 (see note 7) 1,183 1.183 1,182 1,182 3,774 3.774 5,109 5,109 137,846 107.347 245.193 142.812 114.475 257,087 Analys18 by fund Unrestrl¢ted fLmd8 Ra8ld¢ted fuNIs 137,848 137,848 107,347 142.612 142,612 114.475 107.347 114,475 137,848 107,347 245,193 142,612 114,475 257,087 Th18 repr88enls costs Incurr6d to mwntsln th8 wnnlrvj operthns of thg Ajmhouses. Such costs all part of unrestrlctsd fund8 wilh the exception of survey costs and cycll¢•l repalr8 whlch are charged as part of restrted funds. 14-
THE BEAUMONT CHARITY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 25 MARCH 2021 Support costs Support Govgrnance 2021 2020 statsonery,posla9e and Inddentals 1,163 1.163 1.182 A¢¢ountants fees Houslng Ombudm8an National As8oclatton ol Almhouses 3.716 4,760 GovgrnarKe Govomgnce 178 68 349 Govemance 1,163 3.TT4 4,937 6,291 Analysgd between Char5tsble 8¢tl¥ltlos 1,183 3.774 4,937 6,291 Both govemance and other 8UPPOrt C06ts relato to the one ac11ty run by th6 Charity, belng the Pfov181on and runnlng of the Alm8house8. Thg costs or• Idenllfled directly frcth the Invotces recelved for those 8grvlces. No expense8 requlre appcrfllmmenl. Trustse• The Trustees are regarded as key management. None of th9 Truste88 (or any p&rs¢)n8 connected th them) rg¢elved any remuneralion or benefits trom the Charty during the year. No Trustees received remuneration or re1mlrsemfjnt of exp8nse$. Employees The average monlhly numtér of employee6 dwng the year wa8: 2021 Number 2020 Numbgr Employmont costs 2021 2020 Wage8 and salarles 17,595 17,333 The clerk to the Trustees received a fee of £18,00012020- £12,528). 1¢h Is Induded In offic8 Costs. There are eMoyeeS emolumgnts a)ve £60.000. 15-
THE BEAUMONT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 25 MARCH 2021 10 Not galns1(los5I on Invastments Unrestrkted Restrkt¢d fvnd8 Totsl Unr88tricled lunds Ro8tri¢ted funds Totsl 2021 2021 2021 2020 2020 2020 Rovalualk ol inve¥tment8 G8lnll1058) on sale of Invaslments 106,222 61,728 1.950 (39,521) (88,8881 {106,409) 12.440 12.440 (7,810) 17.810) 105222 84,168 169,390 (39,521) (74,698) 1114.2191 11 Tanglbla flxod amots Frt•hoid FIX¢$ •nd land ttlngb T¢)tsl Cost Ai 28 March 2020 1,032,030 1,350 1,033,380 Al 25 March 2021 1,032.030 1,360 1,033,380 oopreclatlon and Imp•lm)ent At 28 March 2020 1.350 1,350 At 25 M8rch 2021 1,350 1,350 Carrylng amount At 25 March 2021 1.032,030 1,032,030 At 25 March 2020 1,032,030 1,032,030 16-
THE BEAUMONT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 25 MARGH 2021 11 Tanglble fixed assets {contlnugd) HousiryJ Land and Building8 The Charfty own# t folloYAng freehold kYop8rbes'.- The AncienVDewey Amshouse8 1- 6. 9-14 Tho AlmshouBe8. Tumers Hill, Chèshunl The War Memorial Home5 of Rest 15- 20 Th&AlMshSe8. Tum8rs Hlll, Cheshunt Norton Almshouses 21- 22 The Almshouses, Turners Hill, Choshunt Tha An81ee Alm8hou888 23- 26 The Alm8house8. Turners Hill, Cbeshunl ng George V Jubilee Almshouses 1- 2 Homelgh Court. Churchgale, Ch8shunt Thè War Memorial AlmshoLoes 3- 4 Homelol9h Court. Churchgale, Che$hunt Amsftats 5- 16 Homaielgh Court. Churchgale. Cheshunt The amount 8h¢)wn in the balanc8 8heet rdale8 to the cost of improvéments lo the Alm8hous88 and dev@lopm6nl of tha AJm8fl8ts al Homeldgh Cwrt. Churchgate, Cheshunt, the bulldlng of four new knsl8e mshou6e8 al Tumers Hlll. Che3hunt, Ihe UFrflating of numbers 1 . 6 and 9- 22 Tumers Hill, Chg$hunl. D818ils (rf the movements durirvj year are as follows:_ Hou8inq Corporatlon Grant Net 80¢)k Value Co81 Churchgats Development Al 25 March 2020 8nd 25 March 2021 557,618 1242,595} 1,033,380 Tumor8 Hlll Al 25 March 2020 and 25 March 2021 717.009 717,009 Totsl Al 25 March 2021 1,274,625 (242,5951 1.032.030 At 25 March 2020 1,274,625 1242,595} 1,032,030 17-
THE BEAUMONT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 25 MARCH 2021 12 Flxgd 888Ot Invèstments Llstad Investmgnts Cost or valuatlon At 28 March 2020 Valuation ¢hange8 Addition8 M&G Acc share8 D18P08818 M&G Acc shares 1.883,703 156,951 11,338 (56,560) At 25 March 2021 1,775,432 Carrylng amount At 25 Mar¢h 2021 1,77S,432 At 2S March 2020 1,883.703 2021 2020 Investments at f8lr value ¢(#ne. Flxed- Interest Inve8tm¢nts at V8luaJon COIF Charilles Fund- Investment In¢ome furKI COIF Charllie8 Fund- Fixfj(J interest Fund NAACIF - Accumulgtl¢)n share8 NMCIF- In¢ome 8ha 589,302 454,789 51,142 291,421 388,778 628,593 379,975 51,213 284,916 319,0Cfj 1,TT5.432 1,e63,703 The a¢cumulation 8h8re8 of £291.42112020- £284.9151 relate lo re$trfcted investments. All Investments are carrffjd at their falr value. Inv8slm8rrt in Ilxed interest secuiities are all traded In quolgd publlc marf(6ts, prfmarfly the Londm Stock Exchange. Hddlngs in common Investment funds, unll tru818 and opan-ended investrnent companies are at the bid pnL*. The basis of fair value foT quoled investments 18 equivalent lo the market value, usin9 the bid pwlce. A558t 8al8s and purchas88 are reGogn188d at thg dale of trade at CO8t (that is their Iransa¢tion value)- The significance of these financi81 in81Tumenls lo th6 ongoirrfJ financial sustainability of the Tru8t is ¢¢)n81dor8d in the finanGlal revlew arKI Investment polky sections of th8 Trus18es' Annual Report. 18-
THE BEAUMONT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 25 MARCH 2021 13 Debtors 2021 2020 Amounts falllng due ¥Athln one year. Other debtor8 Prepayments arKI a¢crd Irome 1,891 244 1.417 2,078 2,135 14 Crodltots: amounts falllng due wlthln one year 2021 2020 Other ¢rodltor8 Awuals and deferrod Income 11,024 5.426 3,540 14,564 8,968 All credllor8 In 2020 8rKI 2021 relalg to unres1rfad funds. 1ts Fund accountlng Funds held by the Charlty are". Unr88tr1cled fund8 - these are funds that ¢an be used In a¢(dance the charltable oble¢l8 al th dlscretlon of the TN8tees. Restrl¢tod fund8 - these ar• fund8 Ihat thfr Trustees mysl e8tabli8h and ntInue io malntaln. Thera ar& Such fund8.' an Extraordln8ry Repalr Fund and a Cycli¢al Malnlenance Fund. Thelr eslabllshment 58 rggulaled by th6 Scheme of Charity Commi88ioner¥ dated 19 Ayil 2004. The Extraorijinary Repair Fund 18 US8d for gXtr8ordinary repairs, improvem6nl or rebldIng of the home$ and other prop•ty of th8 Chanty. The Cycllcd Maintanance FdI8 used for cdlrory repalr and malntenan¢e of the homes and olher property of the Charity. Pem)anent ErKlowm•nt fund8 - th98e rewewt fund8 vthlch must be held pwmanently by the Charfty, prln¢ipally 8hare8 and propkn. In¢ome arfslng on the endowment fimd can be used In accordance wllh the cJjecl$ ol the Charity aThJ is included 88 unrestricted i¥Kcrfn8. Any capTtal gains or lo8$ arising from these form part of ihe fund. Investment man8gemenl charges ar Iggal advice relallng to the fijnd are charged against the fund.
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THE BEAUMONT CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 25 MARCH 2021 19 Related party trdnsactlons There were no dis¢l¢)sable related party Iran8actions duriThJ lh8 year (2020- nL8>. -23-
THE BEAUMONT CHARITY PROPERTY REVENUE ACCOUNT FOR THE YEAR ENDED 25 MARCH 2021 2021 2020 Incomo ConlrlbuUon8 from occupler¥ Norton Augmentation Charity 120,523 119,996 e8 120,589 120,062 Expgndlture Salary- Warden$ Car81ine Rste8 and water R&palr8 and maintenance Insurance Ught antj heat Telaphone 17,595 7.332 7.336 154.162 2,649 32.927 504 17,333 5,879 7,534 170.670 3.440 32,052 891 222,505 237.80S DelJ¢ (101.916) (117,7431 Deflclt lor th& year transfoffed lo Income and Expendilure account 101,918 117,743 -24-
THE BEAUMONT CHARITY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 25 MARCH 2021 2021 2020 Incomo Divldends and Interest Onclud05 Reslrlcted Fund8 of £11,33812020- £17.255)} TiMsc'S Gift Buchanon's Gift DonalionslRelundslSurKlries 60,1 65,762 15 15 850 60.124 66,63D Expendlturn Clerk and Receiverf8 fees and expen$ ststionery. postage and Incidentds Nallonal Association ofAlm8hou60$ Housing Ombudm8an AGcountsnts' Fees 18.255 6S9 13,502 871 349 176 3,540 4,760 22.888 19,282 Surplu8 on general Irwme ond experKllture aeeounl 37,436 47,348 Dellclt from property revenue account 1101,916) 1117,7431 Lo88e8 before 8urplu81(108888) on Inve8tmgnl8 {84,480) 170,396) Unre81i$ed galn81Uossesl on Investment 8SBet8 156,950 1106,4091 R88li8ed profiVlloBBe8) on sde of Inva8tsnenl a888t8 12,440 (7,8101 Gro$8 SU1#1(defficltI for the year 104,910 1184,614) -25-
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