THE CHARITY OF AMY TEMPLE Registered No. 208015
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 DECEMBER 2021
THE CHARITY OF AMY TEMPLE, registered charity No. 208015
Office:
Lloyds Bank House, High Street, St Margaret’s at Cliffe, CT15 6AU
Trustees:
W. Currie (Treasurer), J. Ford, S Ford, C. Hilton, R. Hall (Chairman), C. Milligan, J Redwood
Clerk:
Mrs J Redwood
Professional Advisors:
Independent Examiner:
Shelagh Vines, Lloyds Bank House, High Street, St Margaret’s at Cliffe, Kent, CT15 6AU
Legal Advisor:
Gullands, 16 Mill Street, Maidstone, Kent, ME15 6XT
Bankers:
CAF Bank Ltd. Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ
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Trustees’ Annual Report for the year ended 31[st] December 2021
History, objectives and activities of the Trust
Miss Amy Temple, who died in 1955, made provision of £10,000 in her will for the establishment of at least two independent dwellings for widows or spinsters of limited financial means who are not less than 60 years of age and have resided in the Parish of St Margaret’s for a period of at least ten years immediately preceding the time of appointment. Originally three detached dwellings were erected, a fourth being added in 1995. Three further detached dwellings were completed in 2015. The Trust manages the seven dwellings to provide suitable, up-to-date accommodation for older ladies of limited means, in accordance with the terms of Miss Temple’s will. The Trustees manage the activities of the Trust with regard to the Charity Commission’s guidance on public benefit.
Structure and governance
The ‘Scheme including appointment of Trustees’ was approved and established by the Board of the Charity Commissioners and sealed on 14[th] July 1959. The organisation and running of the Charity is the responsibility of seven Trustees, a new member being appointed by the Trustees on the resignation of any person. Within the limits prescribed by the Scheme, the Trustees shall have full power from time to time to make regulations for the management of the Charity and for the conduct of their business including the summoning of meetings, the deposit of money at a proper bank and the custody of documents. At least two ordinary meetings shall be held in each year. There is a quorum of three Trustees and determination of voting is by majority vote of those present, the Chairman having the casting vote. The income of the charity is invested in order to cover Extraordinary Repairs and for the long-term benefit of the alms people.
Achievement and performance
The Trustees continued to manage the Trust’s dwellings throughout 2021, including all necessary repairs and maintenance, in order to provide security and comfort for the Trust’s residents.
Financial review and Reserve Policy
Gross Income for the financial year was £40,499; including £8,250 donations. Operating Costs and Loan Interest amounted to £19,015 giving Net Income for the year of £21,484 Furthermore, provisions for future renovations and maintenance were made and these, together with a gain in value of investment, amounted to £19,940.
Maintenance contributions in respect of all seven new and renovated properties were set at £90 per week. The Balance Sheet at 31[st] December 2021 shows total assets of £1,074,286 comprising Land and Buildings at market values of £1,050,000, Investments of £11,927 and net Current Assets of £12,359. These assets are financed by a mortgage loan amounting to £160,633 and the Charity’s own Funds amounting to £913,653.
The Reserve Policy is referred to in Note 1c) of the Accounts.
No Trustee has received any remuneration, and only directly incurred expenses on matters such as small items of maintenance equipment were reimbursed.
Approval
This report was approved by the Trustees on …………………………………2022 and signed on their behalf by:
…………………………………….. (Chairman)
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Independent Examiner’s Report To the Trustees of the Charity of Amy Temple
I report to the trustees on my examination of the accounts of the Charity of Amy Temple for the year ended 31 December 2021, which are set out on pages 4 to 8 thereto.
Responsibilities and basis of report
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in Accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions. Given by the Charity Commission under section 145(5) (b) of the Act.
Independent examiner’s statement
I have completed my examination. I 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 Trust as required by section 130 of The Act; or
The accounts do not accord with those records.
I 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.
________ SHELAGH VINES FMAAT
Lloyds Bank House High Street St. Margaret’s-at-Cliffe Dover Kent CT15 6AU
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CHARITY OF AMY TEMPLE BALANCE SHEET AS AT 31ST DECEMBER 2021
| Notes FIXED ASSETS Freehold land and buildings at Market Value 2 INVESTMENTS 3 CURRENT ASSETS Debtors and Prepayments Cash at bank 4 CURRENT LIABILITIES Creditors falling due within one year NET CURRENT ASSETS NET ASSETS CAPITAL FUND Permanent Endowment INCOME FUNDS General Purposes Repair and Renovation Fund THIRD PARTY FUNDING Mortgage Loan 5 |
2021 2020 £ £ 1050000 1,050,000 11,927 10,539 787 625 17,185 14,222 17972 14847 5613 7,787 12359 7,060 1,074,286 1,067,599 659262 659262 155509 152925 98882 78942 913653 891129 160633 176470 1,074,286 1067599 |
|---|---|
Approved by the Board of Trustee on ………………………………… and signed on its behalf by:
….............................................................
Trustee
…............…............…............…............ Trustee
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CHARITY OF AMY TEMPLE FINANCIAL STATEMENT OF ACTIVITES FOR THE YEAR ENDED 31ST DECEMBER 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| INCOMING RESOURCES | |||||
| Weekly Maintenance Contributions | 31900 | 27,294 | |||
| Investment and Interest Income | 349 | 460 | |||
| Donations etc | 8250 | 38870 | |||
| 40499 | 66,624 | ||||
| RESOURCES EXPANDED | |||||
| Start up costs for renovated cottages | 0 | 2110 | |||
| Interest and finance charges on loan | 8491 | 9656 | |||
| Property Maintenance | 4107 | 1518 | |||
| Gardening and grounds renovation | 3991 | 6260 | |||
| Water Services | 316 | 37 | |||
| Insurance | 1214 | 1131 | |||
| Subscriptions and sundry | 896 | 749 | |||
| 19015 | 21461 | ||||
| Net Incoming Resources before Transfers | 21484 | 45,163 | |||
| PROVISIONS | |||||
| Repair and Renovation Fund | 18900 | 16500 | |||
| Unrealised change in value of investments | 1040 | -770 | |||
| 19940 | 15730 | ||||
| NET INCOMING/(OUTGOING) RESOURCES | |||||
| FOR THE YEAR | 1544 | 29,433 | |||
| MOVEMENT OF FUNDS FOR THE YEAR | ENDED | ||||
| 31ST DECEMBER 2021 | |||||
| EndowedGeneral | RRF | TOTAL | |||
| Fund Balance as at 1st January 2021 | 659262 | 152925 | 78942 | 891129 | |
| Net Incoming Resources before transfers | 0 | 21484 | 0 | 21484 | |
| Investment Unrealised Profit for Year | 0 | 0 | 1040 | 1040 | |
| Transfers to Special Reserves | 0 | -18900 | 18900 | 0 | |
| Fund Balances as at 31st December 2021 | 659262 | 155509 | 98882 | 913653 |
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CHARITY OF AMY TEMPLE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2021
| NET CASH INFLOW FROM OPERATING ACTIVITIES Weekly Maintenance Contributions received Less Operating Costs Add INVESTMENT AND OTHER INCOME Investment and Interest Income Donations etc Less LOAN REPAYMENTS AND INVESTMENT SALES Loan repayments Sales of Investments Deduct NEW INVESTMENTS DURING YEAR Reinvested in NAACIF Acc. Fund Expenditure on developments OTHER CHARGES IN CURRENT ASSETS Increase in debtors less increase in creditors INCREASE IN CASH POSITION DURING YEAR Cash at bank on 1st January 2021 CASH AT BANK ON 31ST DECEMBER 2021 |
2021 2020 £ £ 31900 27294 19015 21461 12885 5833 349 460 8250 38870 21484 45163 -15837 -5138 0 0 5647 40025 -348 -423 0 -83150 5299 -43548 -2336 4625 2963 -38923 14222 53145 17185 14222 |
|---|---|
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CHARITY OF AMY TEMPLE NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2021 (figures in £)
1. ACCOUNTING POLICIES
a) Basis of Accounting
The accounts are drawn up according to general accepted accounting standards. In particular they are drawn up on a ‘going concern’ basis using the ‘accruals’ concept. The Charity Commission SORP FRS 102, effective 1[st] January 2015, has been followed.
b) Land and Buildings Valuation
Both land and buildings are revalued as considered necessary. The last revaluation was carried out in 2019 and has now been reflected in the 2021 figures.
c) Funds
The Capital Endowment Fund represents the original charitable endowment and consists of the three remaining original cottages together with the land on which all the cottages sit, as well as any remaining original investment.
The General Purposes Fund consists of cottages 4 to 7 built out of surplus funds as well as several generous donations and the mortgage loan. Surplus funds are invested or kept in the bank until required.
The Repair and Renovation Fund will be used to continuously maintain our buildings in a state of sound repair and to make improvements from time to time. Sufficient cash and investments are maintained in order to cover estimated cyclical repairs for the next ten years and to have sufficient funds to carry out major repairs and renovations as necessary.
d) Property Classification
It should be noted that although properties 4 to 7 as well as the extension to cottage 4 are nonendowed, the fact that they are built on endowed land means that from a disposal point of view they are effectively governed by the same restrictions as the endowed property.
e) Investments
Investments are stated at market value based on closing prices on the last working day of the year. Unrealised gains and losses are dealt with through the Statement of Financial Activities.
f) Expenses of Trustees
The Trustees have not charged any significant amounts for expenses in respect of the year.
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CHARITY OF AMY TEMPLE NOTES FORMING PART OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 (figures IN £)
| 2. LAND AND BUILDINGS | TOTAL | |
|---|---|---|
| Endowed Land | 350000 | |
| Buildings: Endowed Cottages 1 to 3 | 300000 | |
| Unendowed Cottage 4 | 100000 | |
| Unendowed Cottages 5 to 7 | 300000 | |
| 700000 | ||
| Total Land and Buildings at 31st December 2020 and 2021 | 1050000 | |
| 3. INVESTMENTS | TOTAL | |
| Balance b/f at 1st January 2021 | 10,539 | |
| 2021 dividends reinvested in NAACIF Accumulation shares | 348 | |
| Increase in valuation at 31st December 2021 | 1040 | |
| Market value of Charity Multi Asset Acc. share at 31st December | 2021 | 11,927 |
| 2021 | 2020 | |
| 4. CASH AT BANK | ||
| Cafgold | 17070 | 12993 |
| Cafcash | 115 | 1229 |
| Total | 17185 | 14222 |
| 5. THIRD PARTY FUNDING | ||
| Mortgage Loan outstanding at 1st January 2021 | 176470 | 181608 |
| Amount repaid during the year | 15837 | 5138 |
| Mortgage Loan outstanding at 31st December 2021 | 160633 | 176470 |
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