HEDGER’S ALMSHOUSES MERROW, GUILDFORD
Registered Charity No 207728
,
FINANCIAL STATEMENTS & TRUSTEES’ REPORT
31 DECEMBER 2020
HEDGER'S ALMSHOUSES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
Hedger's Almshouses was endowed as a Charity by an Indenture of 24 October 1805 between James Hedger and his sons. He appointed them as Trustees of cottages he had built at Hedger Court, Webber Row in Southwark. Income from other property provided an income to maintain the cottages for the ‘support and comfort’ of eight poor women aged at least 50 years. The Indenture commemorates 19 August 1797 as the Foundation date. The current Scheme was sealed in 1968 when eight bungalows were built on a new site at Merrow.
The main objects of the Charity are to provide and maintain a group of dwelling houses for the use of elderly women of limited means. Subject to this, the income may be applied for the benefit of all or any of the residents from time to time in such manner as the Trustees think fit.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Trust. For this purpose, we are pleased to announce the engagement of MS Books Ltd as Bookkeepers. A full risk assessment has been made and a reserves policy implemented as recommended by the Charity Commission. Risks are being managed in accordance with this assessment and no risk is regarded as high. The Trustees ensure that free reserves of £5,000 or the equivalent of six months WMC from two bungalows are kept available to allow the charity to operate for at least six months during two vacancies. The Trustees are also responsible for safeguarding the assets of the Trust. Insurance cover for the buildings is now secured with the Royal & & Sun Alliance pic. for £1,077,557. Maintenance and repair funds are in place to enable the charity to maintain a constant constant programme of refurbishment. 2020 was a strange year for everyone as the Covid 19 pandemic took a grip and confined us to our homes. We especially congratulate our Warden, Sally Chapman, for keeping our residents calm throughout, checking their arrangements for shopping and medical supplies, ensuring contact with their families, and generally keeping morale high. So although there no social events and no Trustee visits, everyone kept safe and well.
The Trustees are also responsible for safeguarding the assets of the Trust. Insurance cover for the buildings is now secured with the Royal & & Sun Alliance pic. for £1,077,557. Maintenance and repair funds are in place to enable the charity to maintain a constant constant programme of refurbishment.
For the same reason, indoor refurbishment work was curtailed. Outside, TRL Services came to install barriers under our boundary wall to prevent another badger invasion and later returned to restore the lawn. Essential work on the roof was also completed by Apark and Hobbs.
Sadly, David Cade has retired as Trustee. His knowledge and experience as an Accountant has been invaluable for many years. Many thanks to him for all his advice and guidance. Our thanks must also go to Ncheta DaSilva CPA ACA ACCA, who acted pro bono as our Independent Examiner for three years.
Trustees at 31.12.2020 EC A Martineau Manor Lodge, The Street, Walberton, Arundel BN18 OPJ A V Sharpe 25 Merrow Croft, Merrow, Guildford GU1 2XH N Smyth Flat 3, 58 Clapham Rd, Oval London SW9 0JQ This H Henderson-Cleland 91 Carlton Avenue, Dulwich, London SE21 7DF N C Rayner 111 Rodmell Avenue, Saltdean BN2 8PH M J Perry Haytor, 7 Park Chase, Guildford GU1 1ES L Nagle 2, Holly Acre, Prey Heath Road, Worplesdon, Surrey GU22 OSL Clerk Mrs S A Martineau Manor Lodge, The Street, Walberton, Arunde! BN18 OPJ ~ SignedKohwand Narhucarcr Edward Martineau, Managing Trustee , Date 19h Ocho bi~ 19h Ocho bi~ Ocho bi~ bi~
Date 19h Ocho bi~ 19h Ocho bi~ Ocho bi~ bi~ 2021
Page 1
HEDGERS ALMSHOUSES
STATEMENT OF FINANCIAL ACTIVITES FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted | ||||||
|---|---|---|---|---|---|---|
| Funds | Restricted Funds | Total | Funds | |||
| Permanent | Extraordinary | |||||
| x | Endowment | __Repair | Fund | 2020 | 2019 | |
| (Note 3) | ||||||
| Incoming Resources | £ | £ | £ | £ | £ | |
| Contributions | 37,188 | 37,188 | 36,130 | |||
| Investment income | 788 | 2,435 | 1,883 | 5,105 | 5,556 | |
| Bank Interest | 1 | 1 | 171 | |||
| Donations | 250 | 250 | fa) | |||
| 38,227 | 2,435 | 1,883 | 42,544 | 41,857 | ||
| Resources Expended | £ | £ | £ | |||
| Alarm system | 234 | 234 | 234 | |||
| Clerical &Admin expenses |
449 | 449 | 394 | |||
| Electricity (Communal) | 224 | 224 | 168 | |||
| Vacancy costs | 0 | 0 | ||||
| Independent Examiner | 50 | 50 | 50 | |||
| NAA | 259 | 259 | 325 | |||
| Insurance | 907 | 907 | 872 | |||
| TV licence | 158 | 158 | 155 | |||
| Water charges | 640 | 640 | 350 | |||
| Warden's Gratuity | 600 | 600 | 600 | |||
| Council Tax | 1,735 | 1,735 | 1,669 | |||
| Warden's Telephone | 778 | 778 | 771 | |||
| Garden | 2,906 | 2,906 | 2,596 | |||
| Archives | 60 | 60 | 0 | |||
| Gifts& excursions | 358 | 358 | 391 | |||
| General Maintenance | 5,830 | 5,830 | 7,587 | |||
| Cyclical Maintenance | 19,524 | 19,524 | 55,300 | |||
| Newnameboard | 834 | 834 | 0 | |||
| Total | 35,545 | 0 | 0 | 35,545 | 71,461 | |
| Net incoming resources | 2,681 | 2,435 | 1,883 | 6,999 | -29,604 | |
| Gain on disposal of fixed | ||||||
| asset investments | 1,048 | |||||
| Transfers between funds | -5,600 | 5,600 | 0 | 0 | ||
| Change in value of investments | -3,388 | -12,214 | 20,410 | 4,809 | 52,996 | |
| Changes in Funds during year | -6,306 | -9,779 | 27,893 | 11,807 | 24,441 | |
| Fundsbroughtforward | 24,664 | 118,379 | 215,918 | 358,962 | 334,521 | |
| Fundscarriedforward | 18,358 | 108,600 | 243,811 | 370,769 | 358,962 |
Page 2
HEDGER'S ALMSHOUSES
2019
BALANCE SHEET
as at 31 December 2020
|
2020
FIXED ASSETS
| Freehold property at cost | note2 | £ | 14,215 | £ | 14,215 |
|---|---|---|---|---|---|
| Endowment Investments | note 4 | £ | 100,485 | £ | 108,382 |
| £ | 114,700 | £ | 122,597 | ||
| CURRENTASSETS | |||||
| Bank accounts and cash | £ | 8,351 | £ | 13,677 | |
| COIF Charities Deposit | £ | 5,022 | £ | 21 | |
| Free Investments | note 4 | £ | 245,715 | £ | 225,692 |
| Receipts due | - | : | |||
| £ | 259,088 | £ | 239,390 | ||
| CURRENT LIABILITIES | |||||
| Creditors | £ | 3,019 | £ | 3,025 | |
| Net Current Assets | £ | 256,068 | £ | 236,365 | |
| Total Assets | £__ | 370,769 | £_358,962 | ||
| Financed by | |||||
| Endowment Fund | £ | 108,600 | £ | 118,379 | |
| Extraordinary Repair Fund | £ | 243,811 | £ | 215,918 | |
| Accumulated Surplus | £ | 18,358 | £ | 24,664 | |
| £__ | 370,769 | £ | 358,962 |
Page 3
HEDGER’S ALMSHOUSES
NOTES TO THE ACCOUNTS FOR YEAR ENDED 31 DECEMBER 2020
1. Accounting Policies
- a) The financial statements have been prepared on a Receipts and Payments basis in accordance with the Charities (Accounts and Reports) Regulations 1995.
b) Tangible fixed assets and depreciation
The Freehold property is included at cost in the balance sheet. Depreciation has not been provided as the residual value of the land is greater than original cost.
Fixtures and fittings, furniture and equipment provided for the warden or residents are treated as routine or cyclical maintenance expenses and are therefore written down to nil value in the year of purchase or subsequent replacement.
2. Freehold Property
The present site of 0.76 acre was purchased for £1,715 in 1960. Eight dwellings were completed in 1965 at the cost of £12,500. Insurance cover for the buildings and the Charity’s contents was in place for £1,023,625 from July 2019 and for £1,046,172 from July 2020.
3. Restricted Funds
The Trust maintains a Permanent Endowment Fund comprising assets listed as belonging to the Charity in the Schedule to the current governing instrument, the Scheme of 17 June 1968. Since then these assets have been treated by the Trustees as capital which is not expendable but is to be invested to provide income.
In addition, in accordance with the provisions of the same instrument and supplemental orders and in accordance with current recommendations of the Almshouse Association, the Trust maintains an Extraordinary Repair Fund for major renovation of the dwellings.
- Schedule of investments at 31 December2020
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Market|Value|at|31|December|
|2019|2020|
|PERMANENT|ENDOWMENT|
|655 M&G|Charity|Multi|Asset|Accumulation|Shares|£62,590|£|60,598|
|163.721|M&G|Charifund|Accumulation|Shares|£45,792|£39,887|
|Value|of|Permanent|Endowment|Portfolio|at end|of|year|£108,382|£100,485|
|FREE|PORTFOLIO|
|1176|M&G|Charifund|Income|Shares|£19,526|£|16,139|
|1098.03|COIF|Accumulation|shares|£206,166|£229,576|
|Value|of|Free|Portfolio|at end|of|year|£225,692|£245,715|
----- End of picture text -----
The land at Merrow and the buildings also form part of the Permanent Endowment Fund.
Page 4
Independent examiner’s report to the Trustees of Hedgers Almshouses
| report to the Trustees on my examination of the accounts of Hedgers Almshouses for the year ended 31 December 2020.
Responsibilities and basis of report
As the Charity’s Trustees, you are responsible for the preparation of the accounts
in accordance with the requirements of the Charities Act 2011 (‘the Act’).
| report in respect of my examination of the accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of
the Act.
Independent examiner’s statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe
that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
-
the accounts do not accord with those records.
| have no concerns and have come across no other matters in connection with
the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Wh Co Name: Rob Sewell
Relevant professional qualification or membership of professional bodies (if any):
Institute of Chartered Accountants England & Wales (FCA)
Address: 17 St Omer Road, Guildford, GU1 2DA