SCOTT GOULD HOUSE & CHARITY FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
Brunel Chartered Certified Accountants
3 Marco Polo House | Cook Way | Taunton | Somerset | TA2 6BJ T. 01823 253778 E. info@brunel.ltd
SCOTT GOULD HOUSE & CHARITY FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
INDEX
| Page | |
|---|---|
| Legal and administrative details | 1 |
| Trustees’ report | 2-3 |
| Independent examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7-9 |
| For the members and trustees only: | |
| Detail of statement of financial activities | 10-11 |
| Management summary of receipts and payments | 12 |
| ADDRESS OF CHARITY: CHAIRMAN VICE CHAIRMAN CLERK TRUSTEES ACCOUNTANTS BANKERS |
SCOTT GOULD HOUSE & CHARITY LEGAL AND ADMINISTRATIVE DETAILS CHARITY NUMBER: 208887 SCOTT GOULD HOUSE NORTH STREET SOMERTON, SOMERTON TA11 7NX MR JOHN SANGWINE HILLHEAD COTTAGE, NEW STREET, SOMERTON, TA11 7NS MRS CLARA JADWIGA CARLYON HOGARTH COTTAGE, NORTH STREET, SOMERTON, TA11 7NY MRS VALERIE SANGWINE HILLHEAD COTTAGE, NEW STREET, SOMERTON, TA11 7NS DR ELAINE GRIFFITHS TOLPEDN HOUSE, NEW STREET, SOMERTON, TA11 7NT MRS MYRNA HAWKINS 4 THE THATCH, BEHIND BERRY, SOMERTON, TA11 6SS BRUNEL CHARTERED CERTIFIED ACCOUNTANTS 3 MARCO POLO HOUSE, COOK WAY, TAUNTON, SOMERSET TA2 6BJ TSB BANK PLC MARKET PLACE, SOMERTON, TA11 7NB |
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Page 1
SCOTT GOULD HOUSE & CHARITY TRUSTEES REPORT
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:-
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❖ select suitable accounting policies and then apply them consistently;
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❖ make judgements and estimates that are reasonable and prudent;
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❖ state whether applicable accounting standards and statements of recommended practice have been followed;
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❖ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RISK MANAGEMENT
The Trustees have a risk management strategy which comprises:-
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❖ an annual review of the risks the charity may face;
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❖ the establishment of systems and procedures to mitigate those risks identified;
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❖ the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
Particular attention has been focussed on non financial risks of fire, health and safety of tenants and public.
A key element is the management of financial risk in the reserves policy and it’s regular review by the Trustees.
OBJECTIVES OF THE CHARITY
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a) Defraying all proper costs, charges and expenses of the administration and management of the Charity in respect of the property of the Charity.
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b) Providing funds for the maintenance of the New Street Home.
TRUSTEES AND GOVERNANCE
The body of Trustees shall consist of seven competent persons.
Page 2
SCOTT GOULD HOUSE & CHARITY TRUSTEES REPORT
REVIEW OF ACTIVITIES AND ACHIEVEMENTS
We continue to be prudent with our spending whilst updating everything that is necessary.
It continues to be difficult to get work done by local tradesmen that we know and trust. This seems to be the case ever since Covid.
The chairman carried out an in-depth review of the gas expenditure as it seemed high. This ended in us receiving a large refund. The trustees decided to refund some of this to the ladies and they were very grateful. There is a complaint outstanding with our energy provider and hopefully we may receive a further payout.
In June we installed a new CCTV system. This was on the advice of the police because we had been having groups of teenagers in the courtyard and on the staircase. We met with the police and they suggested that we install the system hopefully this will stop any further problems.
Also in June, Pat Harvey fell ill and went into hospital for some weeks. Sadly she subsequently died. A flat will need considerable work before we can appoint another resident.
ON BEHALF OF THE TRUSTEES
Page 3
SCOTT GOULD HOUSE & CHARITY YEAR ENDED 31 DECEMBER 2023
Independent Examiner’s Report to the Trustees of Scott Gould House & Charity
I report on the accounts of the Trust for the year ended 31 December 2023, which are set out on pages 5 to 9.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 [the 1993 Act]) and that an independent examination is needed.
It is my responsibility to:
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❖ examine the accounts (under section 43(3)(a) of the 1993 Act);
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❖ to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 1993 Act); and
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❖ to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements
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❖ to keep accounting records in accordance with section 41 of the 1993 Act; and
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❖ to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Gavin Brown FCCA
Brunel Chartered Certified Accountants ; 3 Marco Polo House, Cook Way, Taunton, Somerset, TA2 6BJ
Page 4
SCOTT GOULD HOUSE & CHARITY STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023
| Note INCOMING RESOURCES Donations Sundry income Income from activities in furtherance of charitable objects Repaid deposit and overpaid rent Investment income TOTAL INCOMING RESOURCES RESOURCES EXPENDED Charitable expenditure 2 Grants payable in furtherance of the charitable objectives Cost of activities for charitable objectives Support costs Management and administration TOTAL RESOURCES EXPENDED NET INCOMING/(OUTGOING) RESOURCES Gains and losses on the revaluation and 8 disposal of investment assets Transfer to capital reserve NET MOVEMENT IN FUNDS TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2023 £ - - 32,910 - 20 –––––––– 32,930 –––––––– - 8,487 2,520 300 –––––––– 11,307 –––––––– 21,623 10,201 - –––––––– 31,824 254,358 –––––––– 286,182 |
2022 £ - - 36,304 - 4 –––––––– 36,308 –––––––– - 25,297 4,207 258 –––––––– 29,762 –––––––– 6,546 3,224 - –––––––– 9,770 244,588 –––––––– 254,358 |
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Page 5
SCOTT GOULD HOUSE & CHARITY
BALANCE SHEET AS AT 31 DECEMBER 2023
| Note FIXED ASSETS Tangible assets6 83,888 Investments 7 CURRENT ASSETS Debtors and prepayments Cash at bank - Lloyds TSB Bank Cash at bank - Lloyds TSB Bank – A/c No.2 TOTAL CURRENT ASSETS CREDITORS: amounts falling due within one year NET CURRENT ASSETS/(LIABILITIES) - NET ASSETS CAPITAL FUNDS Permanent endowment funds INCOME FUNDS Unrestricted funds 8 |
Endowment funds £ - - –––––––– 83,888 –––––––– - - - –––––––– - –––––––– - –––––––– 1,540 –––––––– 83,888 83,888 - –––––––– 83,888 |
Unrestricted funds £ 83,888 203,914 –––––––– 203,914 –––––––– 673 80,469 2,666 –––––––– 83,808 –––––––– 1,540 –––––––– 1,540 –––––––– 286,182 - 286,182 –––––––– 286,182 |
2023 Total the year £ 83,888 203,914 –––––––– 287,802 –––––––– 673 80,469 2,666 –––––––– 83,808 –––––––– 1,540 –––––––– 1,540 –––––––– 370,070 83,888 286,182 –––––––– 370,070 |
2022 Total last year £ 193,713 –––––––– 277,601 –––––––– 827 58,712 2,646 –––––––– 62,185 –––––––– 1,540 –––––––– –––––––– 338,246 83,888 254,358 –––––––– 338,246 |
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The financial statements were approved by the Committee of Management on
……………………… (insert date)
Page 6
SCOTT GOULD HOUSE & CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements were prepared on the historical cost basis, with the exception of investments which are included at market value.
These accounts have been prepared in accordance with accounting standards and Accounting and Reporting by Charities - Statement of Recommended Practice (SORP 2005) and Charities Act 1993.
Housing properties
Scott Gould House & Charity almshouses were constructed in the nineteenth century and there is no record of the original cost and no value is attributed thereto. The Housing Properties cost relate to improvements carried out since 1979 which were funded by a Housing Corporation grant and from Scott Gould House & Charity’s own resources. The properties are maintained in a state of repair such that their estimated residual value is not less than their improvement cost or carrying amount.
Extraordinary repairs
Costs of extraordinary repairs, unless representing improvements to the properties, are charged to the revenue account in the year in which they are incurred.
Cyclical repairs and maintenance reserve
Scott Gould House & Charity has established a regular programme of cyclical repairs and maintenance. Costs are charged to the revenue account in the year in which they are incurred.
This reserve represents amounts set aside for cyclical maintenance to meet costs in excess of budgeted expenditure for any year.
2023 2022 £ £ Fees for examining the accounts Fee for independent examiner’s report 300 258
2. EXPENDITURE
a) Fees for examining the accounts
Page 7
SCOTT GOULD HOUSE & CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
| 2. EXPENDITURE (Continued) b) Analysis of resources expended Costs of activities in furtherance of charity’s objectives House expenses Support costs National Association of Almshouses Ombudsman subscription Printing, stationery and sundries Clerk’s honorarium and expenses Management and administration costs Accountant Quinquennial Survey 3. GRANTS MADE Total grants to individuals 4. CLERK’S HONORARIUM Honorarium and expenses Average number of employees in the year |
2023 £ 8,487 - - - 2,520 ––––––– 2,520 300 - ––––––– 300 - 2023 £ 2,520 1 |
2022 £ 25,297 383 - - 3,064 ––––––– 3,447 258 - ––––––– 258 - 2022 £ 3,064 1 |
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Page 8
SCOTT GOULD HOUSE & CHARITY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
2023 2022 £ £
5. TRUSTEES AND OTHER RELATED PARTIES
There were no related party transactions or expenses paid.
6. TANGIBLE FIXED ASSETS
Freehold land and buildings at cost of improvement expenditure since 1979 83,888 83,888
7. INVESTMENT ASSETS
National Association of Almshouses Common Investment Fund Accumulation shares (managed by the M & G Group)
| No. £ Cyclical Maintenance Fund 1,604 General Fund 202 Scott Gould Charity 13 –––––––– 1,819 8,606 UNRESTRICTED FUNDS Balance at 01.01.2023 Surplus on revaluation of investments Net surplus/ (deficit) of resources Balance at 31.12.2023 |
1983 value Market value plus cost at 01.01.23 £ £ 6,963 170,817 1,542 21,512 101 1,384 –––––––– –––––––– 193,713 10,201 TOTAL Cyclical Maintenance & Extraordinary Repair Fund £ £ 254,358 166,282 10,201 8,994 21,623 - –––––––– –––––––– 286,182 175,276 |
Surplus on Market value revaluation end of year £ £ 8,994 179,811 1,133 22,645 74 1,458 –––––––– –––––––– 203,914 Charity General Fund Fund £ £ 1,384 86,692 1,133 74 - 21,623 –––––––– –––––––– 2,517 108,389 |
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8. UNRESTRICTED FUNDS
Page 9
For the Trustees only
SCOTT GOULD HOUSE & CHARITY DETAIL OF STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| INCOME FROM ACTIVITIES IN FURTHERANCE | ||||
| OF CHARITABLE OBJECTS | ||||
| INCOME FROM LETTINGS | ||||
| Rents | 32,910 | 36,004 | ||
| Refund deposit and overpaid rent | - | 300 | ||
| Service charges | - | - | ||
| –––––––– | –––––––– | |||
| 32,910 | 36,304 | |||
| INVESTMENT INCOME | ||||
| Interest received | ||||
| National Savings | - | - | ||
| National Westminster | 20 | 4 | ||
| –––––––– | –––––––– | |||
| 20 | 4 | |||
| –––––––– | –––––––– | |||
| TOTAL INCOMING RESOURCES | 32,930 | 36,308 | ||
| –––––––– | –––––––– | |||
| RESOURCES EXPENDED - CHARITABLE EXPENDITURE | ||||
| GRANTS PAYABLE - Gifts to residents | - | - | ||
| COST OF ACTIVITIES | ||||
| Heat and light | 1,354 | 13,282 | ||
| Insurance | 1,143 | 1,367 | ||
| Water & Rates | 2,591 | 1,219 | ||
| Routine maintenance | 3,399 | 9,429 | ||
| –––––––– | –––––––– | |||
| 8,487 | 25,297 | |||
| SUPPORT COSTS | ||||
| National Association of Almshouses | ||||
| - subscription | - | 383 | ||
| Printing, stationery and sundries | - | 760 | ||
| Ombudsman subscription | - | - | ||
| Clerk’s honorarium and expenses | 2,520 | 3,064 | ||
| –––––––– | –––––––– | |||
| 2,520 | 4,207 | |||
| –––––––– | –––––––– | |||
| Carried forward | 11,007 | 29,504 |
Page 10
For the Trustees only
SCOTT GOULD HOUSE & CHARITY DETAIL OF STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023
| Brought forward MANAGEMENT AND ADMINISTRATION Independent Examiner’s Report 300 Quinquennial Survey - –––––––– TOTAL RESOURCES EXPENDED NET DEFICIT OF RESOURCES |
2023 £ 11,007 258 - –––––––– 300 –––––––– 11,307 –––––––– 21,623 |
2022 £ 29,504 258 –––––––– 29,762 –––––––– 6,546 |
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Page 11
SCOTT GOULD HOUSE AND CHARITY MANAGEMENT SUMMARY OF RECEIPTS AND PAYMENTS YEAR ENDED 31 DECEMBER 2023
| RECEIPTS | £ | PAYMENTS | £ |
|---|---|---|---|
| Residents’ Maintenance:- | Gas | 5,305.56 | |
| Contributions | 33,599.98 | Electricity | 912.00 |
| Interest received | 20.78 | Water rates | 1,230.00 |
| SE Gas refund | 4,863.95 | Insurance | 1,142.85 |
| General maintenance | 677.05 | ||
| Fire alarm | 1,541.58 | ||
| Sundry expenses | 2,251.74 | ||
| Clerk’s honorarium and expenses | 2,520.00 | ||
| Cleaning | 289.10 | ||
| Independent examiner | 300.00 | ||
| Overpayment of rents (repaid) | 536.75 | ||
| –––––––– | –––––––– | ||
| 38,484.71 | 16,706.63 | ||
| Current account 31.12.22 | 58,711.67 | Current account 31.12.23 | 80,468.97 |
| No.2 Account 31.12.22 | 2,645.33 | No.2 Account 31.12.23 | 2,666.11 |
| –––––––– | –––––––– | ||
| 99,841.71 | 99,841.71 | ||
| ‗‗‗‗‗‗‗‗‗ | ‗‗‗‗‗‗‗‗‗‗ |
Page 12