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2021-03-31-accounts

Dulwich Almshouse Charity

A n n u a l R e p o r t a n d

F i n a n c i a l S t a t e m e n t s

for the year ended

31 March 2021

The Old Grammar School, Burbage Road, Dulwich London SE21 7AF Registered Charity No. 207167

Dulwich Almshouse Charity

Annual Report & Financial Statements

Year ended 31 March 2021

Contents

Page
Report of the Trustees 3 - 13
Trustees 3
History & Background 4 - 5
Statement of Responsibilities of the Board of Trustees 6
Chairman’s Highlights 7 - 8
Grant Funding 8 - 9
Independent Auditor’s Report 10 - 13
Statement of Financial Activities 14
Balance Sheet 15
Notes to the Financial Statements 16 - 23

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The Old Grammar School, Burbage Road, Dulwich London SE21 7AF Registered Charity No. 207167

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Dulwich Almshouse Charity

Report of the Trustees

Year ended 31 March 2021

Trustees

Members of the Board of Trustees who served during the year and up to the date of signing of the accounts were:

Name Appointing Body
Chairman: Catrin Waugh, BSc, RGN, RHV The Dulwich Estate
(to 31 July 2020)
Chairman: Martyn Craddock, MSc., BSc (Hons) St Luke's Parochial Trust
(from 1 August 2021)
Deputy Chair: Catherine Jeffrey, MA, MA The Dulwich Estate
Joy Camm, LVO Dulwich Almshouse Charity
Kieran Coonan, QC Bishopsgate Foundation
Vacant Camberwell Consolidated Charities
(from 25 January 2020)
Dhananjai (DJ) Dhananjai The Dulwich Estate
(from 1 August 2020)
Dolores Pickersgill London Borough of Southwark
(from 1 April 2020)
Dr Katherine Opie-Smith BDS Dulwich Almshouse Charity
Scheme Manager: Shelley A Miles
(to 31 December 2020)
Scheme Manager: Barbara Purkiss (Harrison Housing)
(from 11 January 2021)

Principal Professional Advisers

Independent Auditor: Moore Kingston Smith LLP, Devonshire House, 60 Goswell Road EC1M 7AD Bankers: Barclays Bank Plc, 1 Churchill Place, Canary Wharf, London E14 5HP Office Address: The Old Grammar School, Burbage Road, Dulwich, London SE21 7AF Tel: 020 8299 5590 Fax: 020 8693 2456 Website: www.dulwichalmshousecharity.org.uk Registered Charity No: 207167

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The Old Grammar School, Burbage Road, Dulwich London SE21 7AF Registered Charity No. 207167

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Dulwich Almshouse Charity

Report of the Trustees

Year ended 31 March 2021

History and Background

Alleyn's College of God's Gift

Edward Alleyn, a successful actor-manager and entrepreneur, purchased the Manor of Dulwich in 1605. Some years later, he decided to create a charitable foundation in Dulwich, endowing it with his estate and other property. Christ’s Chapel of God’s Gift was the first of the buildings to be completed, being consecrated on 1 September 1616. The first residents moved into the Almshouse in September 1616. Letters patent were granted by King James I, and on 21 June 1619 Alleyn’s College of God’s Gift was formally established.

The original beneficiaries were twelve poor scholars, six poor brothers and six poor sisters, all chosen from four parishes with which Alleyn was closely associated: St Botolph’s Bishopsgate (where he was born); St Saviour’s Southwark (where he had lived and been Churchwarden); St Giles Cripplegate (where his Fortune Theatre was situated); and the parish of Camberwell, in which his Manor lay. In 1773 the new parish of St Luke’s took the place of St Giles as a nominating body.

On 31 July 1995 the Charity Commission approved a new Scheme and the Dulwich Almshouse Charity came into existence on 1 August 1995.

Constitution

The Trustees of the Dulwich Almshouse Charity (DAC) administer the Charity. The 1995 Scheme defines the objects of the Charity , the area of benefit and beneficiaries as follows:

The “objects of the Charity” are to relieve beneficiaries in cases of need, hardship or distress by the provision and maintenance of the Almshouse and otherwise as the trustees think fit.

The “area of benefit” is the former parishes (as constituted on 1 May 1891) of St. Botolph, Bishopsgate, of St. Luke, Old Street, of St. Saviour, Southwark and of Camberwell. A further Scheme of 21 August 2000 extended the area of benefit, as regards financial assistance to beneficiaries, to include parishes within the area of benefit of the Bishopsgate Foundation.

“Beneficiaries” means inhabitants of the area of benefit who are not less than 60 years of age who are in conditions of need, hardship or distress.

Links are retained with the areas of the four parishes from which the original beneficiaries were chosen, through the current areas of benefit and the bodies making appointments to the Board of Trustees.

Objects

The trustees' object remains unchanged from that set down by Edward Alleyn - to relieve beneficiaries in case of need, hardship or distress by the provision and maintenance of the Almshouse and otherwise as they think fit.

4

Dulwich Almshouse Charity

Report of the Trustees

Year ended 31 March 2021

Public Benefit

The trustees have reviewed the Charity Commission’s guidance on the requirement to report on public benefit. The Board is satisfied that the work of the DAC, described below, accords with its stated objects and provides tangible public benefit to a wide section of those who reside within the DAC’s areas of benefit; the criteria used to assess those who may benefit are not unreasonably restrictive.

Governance and Management

Trustees are appointed by the bodies listed on page 3 and serve for an initial term of five years. Under the DAC’s Scheme, they may be re-appointed for a second, continuous term of five years. Where, exceptionally, at least two-thirds of the remainder of the trustees resolve that a particular trustee should be appointed for a third consecutive term. This year it was agreed this period shall not exceed three years. New trustees are introduced to the Almshouse residents and are made aware of the DAC’s objects and its operation, when COVID 19 legislation allows.

On 31 July 2020 Catrin Waugh, who was a trustee from 2005 and latterly our Chairman, retired and we thank her for the many years of hard work on our behalf. Martyn Craddock who has been a trustee since 2014 became Chairman. On 1 August 2020 Dhananjai Dhananjai (known as DJ) replaced Catrin Waugh as a trustee – his appointing body is The Dulwich Estate.

A Scheme Manager (formerly known as Warden) was the sole employee of the DAC but back-up and other assistance to residents is supplied by staff engaged via an agency. In December 2020, the Scheme Manager retired. From 1 January 2021 Harrison Housing, an organisation who provide similar services to the DAC for their own and other Almshouses, was appointed under a management contract, to employ someone to take over the role of Scheme Manager. Given this limited resource, the DAC pays The Dulwich Estate to undertake some of the day-to-day management and administration of the Almshouse and the DAC.

The Board meets formally four times a year and committees of trustees (including that for the Appointment of Residents) meet on an ad-hoc basis. Trustees visit residents and meet with the Scheme Manager throughout the year, again when COVID 19 legislation allows. Trustees are encouraged to avail themselves of seminars and training courses of relevance which are made available to the charity sector.

Operation

The DAC maintains an Almshouse with sixteen flats in Edward Alleyn House on College Road, Dulwich. There are two bedsit flats and fourteen one-bedroom flats. Unfortunately, for some years the bedsit flats proved too small to be attractive to would-be residents. The first-floor bedsit flat became vacant in late 2020 and hopefully will be let soon. The individual flats have been modernised over the years (as far as is possible in a listed building) whilst preserving, externally, the historic character of Edward Alleyn House. They benefit from secondary-glazing, central heating, modernised kitchens and either walk-in showers or walk-in baths. The flats, though small, continue in part, to meet the needs of the residents by providing a comfortable home and a sense of community and security. Each flat is self-contained, although a central launderette is provided for residents to share. The building is not wheelchair accessible but stairlifts, installed in three of the four staircases, assist both residents living on the first floor and their visitors, once they have negotiated the steps leading up to the building.

The Board has recognised that, due to its limitations, the current Almshouse is not ‘fit for purpose’ and it cannot easily provide ‘lifetime homes’. The trustees are actively working towards the building of a new ‘fit for purpose’ replacement Almshouse, as well as looking at the possibility to undertake alterations to the existing building in particular to increase the size of flats. Feasibility studies to this end have been undertaken and are being discussed with The Dulwich Esatate and the local Council.

The Scheme Manager is on hand daily to assist the residents and those who are in need also have access to external home help services at a cost subsidised by the DAC.

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Dulwich Almshouse Charity

Report of the Trustees

Year ended 31 March 2021

Operation – continued

The trustees have made available to residents the spare (ground floor) bedsit as a guest flat, providing accommodation for visiting family and friends of residents. Pre COVID 19 this facility was in demand and enables residents to keep contact with their families who may live some distance away, but little use was made in the year under review.

Prospective residents should be able to look after themselves but inevitably, with the passage of time and increasing frailty, some residents need the support of local authority care packages and the DAC continues to subsidise home helps.

Applications to fill vacant flats can be made direct to the DAC directly or by nomination via Bishopsgate Foundation, St Luke’s Parochial Trust, Camberwell Consolidated Charities, United St Saviour’s Charities, The Dulwich Estate, or the London Borough of Southwark. Further information for applying can be found at http://www.dulwichalmshousecharity.org.uk/the-almshouse/how-to-apply. Through the outreach scheme, the DAC provides assistance, through the Scheme Manager, to local residents in need, and one-off financial grants, where appropriate.

The DAC is pleased to support, through financial assistance, the work of Bishopsgate Foundation, St Luke’s Parochial Trust, Camberwell Consolidated Charities, and other charitable organisations which meet its criteria - further details of which are provided below, under ‘Review 2020/2021’.

In the Autumn of 2019, the DAC took over the space in the Old Grammar School on the corner of Burbage Road as office space for the Scheme Manager and surplus space for Activities for the residents and other bodies with similar objectives. This facility was used by the residents up until the Spring of 2020, but again COVID 19 has meant little additional use other than as an office has been used in the year under review.

Statement of Responsibilities of the Board of Trustees

The Board of Trustees is responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the DAC and of its income and expenditure for the year.

In preparing those financial statements the Board of Trustees is required to:

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Dulwich Almshouse Charity

Report of the Trustees

Year ended 31 March 2021

Statement of Responsibilities of the Board of Trustees – continued

The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the DAC’s transactions and disclose with reasonable accuracy at any time, the financial position of the DAC and enable it to ensure that the financial statements comply with the Charities’ Act 2011 and regulations made thereunder and the trust deed. They are also responsible for safeguarding the assets of the DAC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the DAC’s financial information included on its website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements and other information included in annual reports may differ from legislation in other jurisdictions.

The Board of Trustees confirms its acceptance of these responsibilities.

Review 2020/2021

The Board has achieved its objective in maintaining a good level of occupancy of the fourteen one-bedroom flats and one bedsit, with only one void in one bedsit for less than half a year.

The Almshouse residents currently range in age from 62 to 94, with an average age of 80 years.

Chairman’s Highlights

This time last year we were hoping that the cloud of restrictions on our movement and activity imposed by the Government to tackle the spread of coronavirus would have been over but we are only just about to see, hopefully, those restrictions begin to be lifted and we all look forward to life returning to something near normal for our residents, who have made significant sacrifices in order to comply with social distancing measures.

Consequently, in the year under review there is very little to report other than that social distancing measures have been adhered to and the Scheme Manager kept in touch with residents as much as possible without breaching social distancing rules.

Chi Kung Group

The one group that did continue was the Chi Kung Group which met not in person but by use of video calls.

The aim of Chi Kung, a health exercise, is to promote the movement of energy in the body; this is done by opening certain gates and stretching and twisting energy channels. The tutor, who previously gave the classes in the TOGS building connects via the residents computers or laptops.

This group meets once a week, exercising in their own flats. Those taking part can benefit from:

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Dulwich Almshouse Charity Report of the Trustees

Year ended 31 March 2021

Chairman’s Highlights – continued

The only two significant activities which did happen, were the Chapel Choir visiting Edward Alleyn House in midDecember 2020 and singing for the residents. The trustees present handed out to the residents a Christmas gift hamper each. Those present where mindful of social distancing. In addition, a major overhaul of the exterior of the building costing £41,724 was undertaken.

The one area that has not ceased is the giving of grants.

Grants

In accordance with its established Grants Policy, the Board continues to provide funding (as detailed in note 2 of the financial statements) as part of the DAC’s outreach programme to organisations which meet the DAC’s criteria:

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Dulwich Almshouse Charity

Report of the Trustees

Year ended 31 March 2021

Grants- continued

Staffing

The trustees take this opportunity to thank the Scheme Manager, Shelley Miles, for her service to the Almshouse residents and outreach beneficiaries up until her retirement in December 2020. Now that the role of Scheme Manager has been outsourced (see page 5- Governance and Management), the DAC has no direct employees.

We again acknowledge, with appreciation, the assistance of The Dulwich Estate staff for the work they undertake on behalf of the Dulwich Almshouse Charity.

Financial position

The DAC operated at a surplus for the year and the Board is satisfied that the DAC’s own resources, together with its ability to call for additional support from The Dulwich Estate, are sufficient to meet its future financial needs (including funding for the cost of a replacement Almshouse and/or alterations to the existing building).

The Board is appreciative of the continuing financial support of the trustees of The Dulwich Estate - the Estate provided just under 40% of the total income of the DAC.

Reserve’s policy

The trustees’ primary objective is to provide appropriate resources to enable the DAC’s beneficiaries to be well cared for and supported in the circumstances in which they find themselves. As explained elsewhere in this report, the DAC benefits from its relationship with The Dulwich Estate, on which it can depend for financial support in the event of unexpected expenditure or needs arising, in addition to the annual payment referred to below. Consequently, the trustees do not consider it necessary to maintain a specific level of free reserves to cover such eventualities. At the balance sheet date, the DAC had free reserves of £170,503 (2020 £185,089), being the unrestricted reserves less the Heritage Assets and the Intangible Assets.

The Board has established, by way of transfer from the Unrestricted Fund - £314,159 (2020 - £309,002), Designated Funds to provide for future regular repairs and maintenance of its property, and a Building Fund. The details and purpose of these funds: The Cyclical Maintenance - £2,356 (2020 – £26,447) and Building Funds - £77,456 (2020 - £73,260), are disclosed in the Accounting Policies in Note 1(k) and in note 11 of the financial statements. Total reserves also include the Permanent Endowment Fund - £250,518 (2020 - £195,162) is disclosed in note 9 of the financial statements and comprise the DAC’s endowment capital.

Investment policy

The Board continues to invest the DAC’s capital and designated funds in a balance of cash, equity and property funds. No changes were made in the investment holdings during the year and the capital value of the portfolio increased by 23.5% as at 31 March 2021 (2020 decreased by 23.3%). The decrease arose from the coronavirus issue and the stock market value drop in March 2020, but over the current year the position has recovered. This issue illustrates one of the principal risks to the Charity but it is not anticipated to have a material effect on the going concern position of the Charity. The income generated on the portfolio was in line with expectations.

Statutory Auditor

Moore Kingston Smith LLP has indicated its willingness to be re-appointed as Statutory Auditor for 2021/2022.

Approved by the Board of Trustees of the Dulwich Almshouse Charity on 11 June 2021 and signed on its behalf by:

Martyn Craddock - Chairman and Trustee

9

Independent Auditor’s Report to the Trustees of

Dulwich Almshouse Charity

Opinion

We have audited the financial statements of The Dulwich Almshouse Charity for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the report of the trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

10

Independent Auditor’s Report to the Trustees of

Dulwich Almshouse Charity

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

11

Independent Auditor’s Report to the Trustees of

Dulwich Almshouse Charity

Our approach was as follows:

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

12

Independent Auditor’s Report to the Trustees of

Dulwich Almshouse Charity

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

Date 21 June 2021

Moore Kingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies’ Act 2006.

13

The Dulwich Almshouse Charity Statement of Financial Activities Year ended 31 March 2021

Note
INCOME FROM
Charitable activities:
The Dulwich Estate: Annual Payment
13a
Contributions from residents
13b
Investment income:
TOTAL INCOME
EXPENDITURE ON
Charitable activities:
Provision of Almshouses & outreach activities
2
TOTAL EXPENDITURE
Net (loss)/gain on investment assets
6
Net income/(expenditure)
Transfers between funds
10,11
Net movement in funds
Fund balances brought forward at 1 April 2020
Fund balances carried forward at 31 March 2021		 Unrestricted
£
110,000
152,012
13,183		 Designated
£
-
-
-		 Permanent
Endowment
2021
Total
2020
Total
£
£
£
-
110,000
110,000
-
152,012
151,816
-
13,183
18,740
275,195 - -
275,195
280,556
240,039 61,517 -
301,556
258,331
240,039 61,517 -
301,556
258,331
- 11,622 55,355
66,977
(86,408)
35,156 (49,895) 55,355
40,616
(64,183)
(30,000) 30,000 -
-
-
5,156
309,003		 (19,895)
99,707		 55,355
40,616
(64,183)
195,162
603,872
668,055
314,159 79,812 250,517
644,488
603,872

The analysis of the Income and expenditure between Funds comparatives is shown in note 17.

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14

The Dulwich Almshouse Charity Balance Sheet

Year ended 31 March 2021

Note
£
£
FIXED ASSETS
Intangible Assets
3
-
Tangible Assets
4
5,107
Heritage asset
5
138,549
Investments
6
351,644
TOTAL FIXED ASSETS
495,300
CURRENT ASSETS
Stock
-
Debtors
7
74,446
Cash at bank on deposit
92,824
167,270
Less: CURRENT LIABILITIES
Creditors: amounts due in
less than one year
8
(18,082)
NET CURRENT ASSETS
149,188
NET ASSETS
644,488
FINANCED BY:
Permanent Endowment Fund:
9
250,517
Unrestricted Fund:
Accumulated Surplus
10
314,159
Designated Funds:
11
Cyclical Maintenance
2,356
Building Fund
77,456
79,812
644,488
Approved by the Trustees of the Dulwich Almshouse Charity on 11 June 2021
Signed:
Signed:
2021		 £
£
-
7,505
116,409
284,667
408,581
620
40,961
183,955
225,536
(30,245)
195,291
603,872
195,162
309,003
26,447
73,260
99,707
603,872
M Craddock
(Chairman)
C Jeffrey
Trustee
2020		 £
£
-
7,505
116,409
284,667
408,581
620
40,961
183,955
225,536
(30,245)
195,291
603,872
195,162
309,003
26,447
73,260
99,707
603,872
M Craddock
(Chairman)
C Jeffrey
Trustee
2020
408,581
195,291
603,872
195,162
309,003
99,707
603,872

15

Dulwich Almshouse Charity

Notes to the Financial Statements

Year ended 31 March 2021

1 Accounting policies

a) Basis of Accounting

These financial statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain fixed assets. The financial statements are prepared in Sterling which is the functional currency of the entity. Monetary amounts are rounded to the nearest pound.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) including Update Bulletin 2, (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities’ Act 2011 and UK Generally Accepted Accounting Practice.

The Dulwich Almshouse Charity meets the definition of a public benefit entity under FRS 102.

Going Concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions, including the impact of the coronavirus pandemic on the DAC’s Income & Expenditure, that might cast significant doubt on the ability of the DAC to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. After making enquiries the trustees have concluded that there is a reasonable expectation that the DAC has adequate resources to continue in operational existence for the foreseeable future. The DAC therefore continues to adopt the going concern basis in preparing its financial statements.

b) Intangible assets

Amortisation is recognised so as to write-off the cost less the reduced value over the useful life on the following basis:

Website Costs - 33.33% of original cost

Tangible fixed assets are measured at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write-off the cost over its expected useful life on a straight-line basis, as follows:

Equipment - 20% of original cost

Equipment assets are capitalised if their value is £100 or over.

d) Impairment of fixed assets

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Dulwich Almshouse Charity

Notes to the Financial Statements

Year ended 31 March 2021

e) Investments

Investments are a form of a basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closed quoted market price. The Statement of Financial Activities includes those unrealised gains and losses arising from the revaluation of the investment portfolio during the year and does not distinguish between the valuation adjustments relating to sales and those relating to continued holdings as they are together treated as changes in the value of the investment portfolio. Investment income is accounted for on a receivable basis.

f) Stocks

Stocks of 400th anniversary books are carried at the lower of cost and net realisable value.

Cash and Cash Equivalents

Cash and cash equivalents include cash at bank and in hand and short-term deposits with a maturity date of three months or less.

Debts and Creditors

Debtors and creditors receivable or payable within one year of the reopening date are carried at their transaction price.

Charitable activities comprise all costs directly related to maintaining the Almshouse, the provision of services to residents and other beneficiaries under the outreach programme.

Governance costs are associated with the governance arrangements of the DAC. These costs include staff recharges from The Dulwich Estate of £4,233 (2020: £4,233) in connection with preparing the accounts, board meeting agendas and budgets, together with the statutory audit fee (excluding VAT) of £3,517 (2020: £3,517).

j) Unrestricted Funds

k) Designated Funds

l) Permanent Endowment Funds

Permanent endowment funds comprise the DAC’s endowment capital. Permanent Endowment capital must be retained and only the income derived thereon may be expended, at the discretion of the trustees in furtherance of the objectives of the DAC. The Fund was established in 1962/63 following the sale of Government Stocks, with the addition of the proceeds from sales of land and buildings in 1995/96.

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The Dulwich Almshouse Charity Notes to the Financial Statements Year ended 31 March 2021

2. EXPENDITURE
Charitable activities
Provision of Almshouses & outreach activities
Repairs and maintenance
Cyclical
Rebuilding
General Repairs - Unrestricted
Staffing
Rents
Building running costs
Services to residents
Recharge from The Dulwich Estate
Grants and funding for pensions (see below)
Total charitable activities
Governance costs
Recharge from The Dulwich Estate
Audit fee (including VAT)
Total Expenditure
Grants and funding for pensions were awarded to:
Bishopsgate Foundation
Camberwell Consolidated Charities
Deafblind UK
Fred Francis Grant
Link Age Southwark
Lucy Brown Grant
Southwark Pensioner Centre
St Christopher's Hospice
St Luke's Parochial Trust
Hardship Fund
Map replacements and sundry		 2021
£
61,517
-
61,517
23,858
69,948
17,980
53,761
9,941
8,720
45,975
291,700
4,360
5,496
9,856
301,556
7,000
7,000
1,750
-
7,000
1,250
4,000
4,000
13,000
975
-
45,975		 2020
£
33,405
7,240
40,645
27,468
58,122
19,408
47,127
14,889
8,467
33,751
249,877
4,233
4,221
8,454
258,331
7,000
7,000
-
(4,200)
5,000
-
2,000
4,000
10,000
(9)
2,960
33,751

The auditor's remuneration for the year (excluding VAT) was £4,580 (2020 : £3,518).

18

18

3. INTANGIBLE ASSETS

£

Cost at 1 April 2020
Additions in year
Cost at 31 March 2021
Amortisation at 1 April 2020
Amortisation Charge for year
Amortisation at 31 March 2021
Net book value at 31 March 2021
Net book value at 31 March 2020		 3,652
-
3,652
3,652
-
3,652
-
-

4. TANGIBLE ASSETS - Equipment

4. TANGIBLE ASSETS - Equipment
Cost at 1 April 2020
Additions in year
Disposals in year
Cost at 31 March 2021
Depreciation at 1 April 2020
Charge for year
Disposals in year
Depreciation at 31 March 2021
Net Book Value at 31 March 2021
Net Book Value at 31 March 2020		 £
48,731
-
-
48,731
41,227
2,397
-
43,624
5,107
7,504

5. HERITAGE ASSET

The building known as Edward Alleyn House, College Road, Dulwich Village, can only be used as almshouses for the accommodation of residents in furtherance of the Charity's objects. This freehold property was constructed in 1739 and whilst it is currently being used as an almshouse, it is a grade II* listed building and therefore has heritage qualities. The trustees regard it as a heritage asset within the scope of paragraph 18.11 of the Charities SORP. The building, which has no historic cost, comprises 16 flats and during 1982 and 1983, the interior of the flats was improved at a cost of £116,409. In the year ended 31 March 2021 the trustees, following discussions with the management of The Dulwich Estate, agreed to spend a further £22,140 on a feasibilty study, appraisals and pre-application documents and advice on making improvements to Edward Alleyn House. As these improvements will add to the value of the heritage asset this cost has been added to the book value which is now £138,549. The asset is not depreciated under FRS102 as it is deemed to have an indefinite lifespan. The building was revalued in December 2017 for insurance purposes at a rebuilding cost of £2,228,000. The valuation was performed by Daniel Watney LLP, Chartered Surveyors and there were no significant limitations on the valuation. It is the Charity's practice to maintain this asset in a continual state of sound repair and to make improvements thereto from time to time and accordingly the Trustees consider that the value is not impaired by the passage of time.

19

19

The Dulwich Almshouse Charity Notes to the Financial Statements

Year ended 31 March 2021

6. INVESTMENTS
Summary of movements during the year:-
Investments at market value 1 April 2020
Purchases
Disposals
Net gain/(loss) on investments
Investments at market value 31 March 2021		 2021
£
284,667
-
-
66,977
351,644		 2020
£
371,075
-
-
(86,408)
284,667

The investments are all held in charity specific managed funds which are listed on the UK Stock Exchange.

7. DEBTORS
Prepayments
Due from The Dulwich Estate
Due from residents
8. CREDITORS
Grants payable
Accruals
Other creditors
9. PERMANENT ENDOWMENT FUND
At 1 April 2020
Gain/(loss) on investment assets
Transfer to Rebuilding Fund - see below
At 31 March 2021		 5,298
69,019
129
74,446
-
9,899
8,183
18,082
195,162
55,355
-
250,517		 1,579
37,932
1,450
40,961
13,750
13,139
3,356
30,245
268,379
(69,096)
(4,121)
195,162

Gains made by the Rebuilding Fund investments were attibuted to the Permanent Endowment Fund in the years 31 March 2017 to 31 March 2019 totalling £4,121. These were transferred to the Rebuilding Fund in the year ended 31 March 2020.

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20

The Dulwich Almshouse Charity Notes to the Financial Statements Year ended 31 March 2021

10. UNRESTRICTED FUND
Accumulated Surplus
At 1 April 2020
Net movement in fund before transfers
Transfer to Cyclical Maintenance Fund
Transfer to Rebuilding Fund
At 31 March 2021		 2021
£
309,003
35,156
(25,000)
(5,000)
314,159		 2020
£
276,133
62,870
(25,000)
(5,000)
309,003
11. DESIGNATED FUNDS
At 1 April 2020
Receipt
Expenditure in Year
Transfers from Unrestricted Fund
Net gain/(loss) on investment assets
Balance at 31 March 2021		 Cyclical
Maintenance
Fund
Rebuilding
Fund
Total
£
£
£
26,447
73,260
99,707
-
-
-
(61,517)
-
(61,517)
25,000
5,000
30,000
12,426
(804)
11,622		 Cyclical
Maintenance
Fund
Rebuilding
Fund
Total
£
£
£
26,447
73,260
99,707
-
-
-
(61,517)
-
(61,517)
25,000
5,000
30,000
12,426
(804)
11,622
2,356
77,456
79,812

The Cyclical Maintenance Fund is to enable the Charity to meet its duty to maintain and repair its property in accordance with a planned programme of works. The Building Fund was established in 2003/2004, for the cost of developing new almshouse accommodation. These funds are established in accordance with approval by the Charity Commission under clause 12 (1) (b), Scheme Number 5 of 5, dated 31 July 1995 and are maintained at levels anticipated to meet future expenditure during the next five years in respect of the Cyclical Maintenance Fund.

Heritage
Assets
£
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Permanent Endowment Fund
-
Designated Funds
Cyclical Maintenance Fund
-
Building Fund
-
-
Unrestricted Funds
138,549
Total
138,549		 Heritage
Assets
£
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Permanent Endowment Fund
-
Designated Funds
Cyclical Maintenance Fund
-
Building Fund
-
-
Unrestricted Funds
138,549
Total
138,549		 Heritage
Assets
£
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Permanent Endowment Fund
-
Designated Funds
Cyclical Maintenance Fund
-
Building Fund
-
-
Unrestricted Funds
138,549
Total
138,549		 Investments
£
252,292		 Intangible
Assets &
Equipment
£
-		 Net Current
Assets/
(Liabilities)
Total
£
£
(1,776)
250,516
-
-		 50,811
48,541		 -
-		 (48,455)
2,356
28,915
77,456
-
-
138,549		 99,352
-		 -
5,107		 (19,540)
79,812
170,503
314,159
138,549 351,644 5,107 149,187
644,487

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21

The Dulwich Almshouse Charity Notes to the Financial Statements Year ended 31 March 2021

13. INCOME

a) The Dulwich Estate Annual Payment

In accordance with the terms of the Charity Schemes of 31 July 1995, The Dulwich Estate makes an annual payment to The Dulwich Almshouse Charity. For 2020/2021 the total was £110,000 (2019/2020 - £110,000).

b) Each almshouse resident is required to pay a weekly maintenance contribution towards the costs of providing the accommodation and services. This contribution qualifies for Housing Benefit where the resident meets the local authority criteria.

14. TRUSTEES AND EMPLOYEES

No remuneration was paid or expenses reimbursed to Trustees, who are the Key Management Personnel, during the year. The number of employees who work in direct charitable activities during the year was 1 (2020-1).

The only employee of the Charity was the Almshouse Scheme Manager whose employee benefits were Salary £33,998, Employers' NIC costs £201 and Pension costs £2,287 - Totalling £36,586 (2020 - Salary £43,279, Employers' NIC costs £195 and Pension costs £3,090 - Totalling £46,565).

15. PENSION SCHEME

Group Personal Pension Scheme

The Charity operates a contributory, defined contribution, pension scheme. Pension contributions paid by The Dulwich Almshouse Charity, as employer, during the year were £3,090 (2020 - £3,090).

16. RELATED PARTY TRANSACTIONS

The Charity is a beneficiary of The Dulwich Estate from which it receives an annual payment, as described in 13 a), above. In addition, The Dulwich Estate's staff provided services to the Almshouse Charity for which it was reimbursed £22,410, including VAT (2020 - £22,410). The Almshouse Charity also rented accommodation for its employee from The Dulwich Estate at a net of £17,140 (2020 - £17,140) and paid rent under a Licence to The Dulwich Estate for it's office of £5,000 (2020 - £2,268). Rent of £500 (2020 - £500) p.a. is also paid to another connected charity, Christ's Chapel of God's Gift at Dulwich, for a room used by the Charity as a launderette.

Certain Trustees (shown on page 2) are appointed by other charities which receive grants from the Dulwich Almshouse Charity as listed on page 18 of the accounts.

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The Dulwich Almshouse Charity Notes to the Financial Statements Year ended 31 March 2021

17. ANALYSIS OF INCOME AND EXPENDITURE BY FUND FOR THE YEAR ENDED 31 MARCH 2020

Income:
The Dulwich Estate: Annual Payment
The Dulwich Estate: Special Distribution
Contribution from residents
Grant
Investment Income
Expenditure:
Provision of Almshouses & outreach activities
Net loss on investments		 Unrestricted
£
110,000
-
151,816
-
18,740
(217,686)
-		 Designated
£
-
-
-
-
-
(40,645)
(17,312)		 Permanent
Endowment
2020
Total
£
£
-
110,000
-
-
-
151,816
-
-
-
18,740
-
(258,331)
(69,096)
(86,408)
62,870 (57,957) (69,096)
(64,183)

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