2021-03-31-accounts - Felsted Almshouse Charity

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FELSTED ALMSHOUSE CHARITY REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

UK Registered Charity number: 209111

FELSTED ALMSHOUSE CHARITY

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

CONTENTS Trustees’ Annual Report Independent Examiner’s report Statement of financial activities Balance sheet Notes to the accounts	Page

	1 - 2 3 - 4 5 6 7 – 11 1 - 2 3 4 5 6 – 12

FELSTED ALMSHOUSE CHARITY

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2021

Reference and Administration details
Registered charity number	209111
Charity’s principal address	Felsted School
	Felsted
	Essex CM6 3LL
Trustee	Felsted School Trustee Limited
	The Directors of the Trustee Company who served
	during the year are listed below:
	J Abel Smith
	M Beale
	GP Boult
	RIC Brown Chairman
	CA Carrington
	J Crouch
	J H Davies OBE
	B Grindlay (resigned 2 July 2021)
	Dr J C Nicholson
	ALM Oxnam
	AH Sefton (appointed 1 September 2021)
	O H J Stocken
	Rev N Stuchfield
	W Sunnucks
	JB StTibbitts
	PE Wardell (appointed 28 August 2020)
	S Wolfe
	Mr A G Clayton
Clerk to the Trustees
	Barclays Bank Plc
Bankers	1 Bank Street
	Braintree
	Essex CM7 9UQ
	Stone King LLP
Solicitors	13 Queen Square
	Bath BA1 2HJ
Independent examiner	Lisa Greenwood FCCA
	Lambert Chapman LLP
	3 Warners Mill
	Silks Way
	Braintree
	CM7 3GB

FELSTED ALMSHOUSE CHARITY

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published on 16 July 2014.

Structure, governance and management

Description of the charity’s trusts

The charity was constituted on 23 October 1876 and is governed by a definitive Trust Deed and Rules dated 23 August 1961 as varied by a further scheme of 18 August 1965 and by Charity Commission Order of 15 April 2013 and Trustee resolution of 15 June 2013. A resolution was passed on 1 December 2012 to approve the appointment of Felsted School Trustee Limited as sole trustee of the charity. Appointment as a director of the Trustee Company is by invitation as and when a vacancy arises.

Objectives and activities

The purpose of the charity is the operation of Almshouses. The Almshouse caters for 7 people and during the year was fully occupied except for periods of changeover of tenants and refurbishment of properties.

Achievements and performance

The trustees have actively sought to continue to maintain the properties at a high standard of decorative repair.

Public benefit

The Trustees have given due consideration to The Charity Commission published guidance on the operation of Public Benefit requirement when considering the charity’s objectives and activities.

Reserves

The Trustees have considered the reserves held by the Charity as of 31 March 2021. It is the Trustees’ policy to hold unrestricted reserves to provide for continual improvement to the Almshouses, including making prudent provision of up to ten times annual expenditure to allow for major capital improvements to the properties as required for the safety, health and enjoyment of the occupants. At the balance sheet date free reserves stood at £352,516 and the Trustees believe that this is sufficient for that purpose at the present time. Total reserves held at 31 March 2021 were £407,234 of which £9,494 is restricted and £35,540 is endowed and these are not available for general purposes.

Financial review

The net income for the year was £56,440 (2020: £21,213). During the year general repairs were carried out to the properties.

Declaration

The Trustees declare that they have approved the Trustee’s Report above.

Approved by the Trustee on13 November 2021 and signed on its behalf

RIC Brown Chairman of Felsted School Trustee Limited

Independent examiner's report to the trustees of Felsted Almshouse Charity

I report to the trustees on my examination of the accounts of the Felsted Almshouse Charity for the year ended 31 March 2021, which are set out on pages 4 to 12.

This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of the Felsted Almshouse Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of Felsted Almshouse Charity’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 Felsted Almshouse Charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.

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.

Lisa Greenwood FCCA Lambert Chapman LLP 3 Warners Mill Silks Way Braintree Essex CM7 3GB

24 November 2021

FELSTED ALMSHOUSE CHARITY

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2021

	Restricted	Endowment	General	Total	Total
	Funds	Funds	Funds	2021	2020
	£	£	£	£	£
Income and endowments from:
Donations	-	-	50	50	50
Charitable activities (note 4)	-	-	29,880	29,880	30,146
Investments	-	-	880	880	1,093
	-----------------	-----------------	--------------	-----------------	-----------------
Total	-	-	30,810	30,810	31,289
	----------------	----------------	----------------	----------------	----------------
Expenditure on:
Charitable activities (note 5)	-	(1,463)	(6,776)	(8,239)	(8,994)
	-----------------	-----------------	-----------------	-----------------	-----------------
Total	-	(1,463)	(6,776)	(8,239)	(8,994)
	----------------	----------------	----------------	----------------	----------------
Net gain/(loss) on investments	-	-	33,869	33,869	(1,082)
	----------------	----------------	----------------	----------------	----------------
Net income/(expenditure)	-	(1,463)	27,093	25,630	(10,076)
	----------------	----------------	----------------	---------------	----------------
Net movement in funds	-	(1,463)	57,903	56,440	21,213
Total funds brought forward	9,494	37,003	304,297	350,794	329,581
	-----------------	-----------------	-----------------	-----------------	-----------------
Total funds carried forward	9,494	35,540	362,200	407,234	350,794
	========	========	========	========	========

FELSTED ALMSHOUSE CHARITY

BALANCE SHEET

AS AT 31 MARCH 2021

		Restricted	Endowment	General	Total	Total
		Funds	Funds	Funds	2021	2020
	Note	£	£	£	£	£
Fixed assets
Tangible assets	7	-	35,540	9,684	45,224	46,885
Investments	8	-	-	176,146	176,146	142,277
		-----------------	-----------------	-----------------	-----------------	-----------------
Total fixed assets		-	35,540	185,830	221,370	189,162
		-----------------	-----------------	-----------------	-----------------	-----------------
Current assets
Debtors	9	-	-	328	328	317
Cash at bank and in hand		9,494	-	183,747	193,241	165,846
		-----------------	-----------------	-----------------	-----------------	-----------------
Total current assets		9,494	-	184,075	193,569	166,163
Creditors: amounts falling			-
due within one year	10	-	-	(7,705)	(7,705)	(4,531)
		-----------------	-----------------	-----------------	-----------------	-----------------
Net current assets		9,494	-	176,370	185,864	161,632
		-----------------	-----------------	-----------------	-----------------	-----------------
Net assets		9,494	35,540	362,200	407,234	350,794
		========	========	========	========	========
Funds of the charity	11
Restricted funds		9,494	-	-	9,494	9,494
Endowment funds		-	35,540	-	35,540	37,003
General funds		-	-	362,200	362,200	304,297
		-----------------	-----------------	-----------------	-----------------	-----------------
Total funds		9,494	35,540	362,200	407,234	350,794
		========	========	========	========	========

The accounts were approved by the Trustee on 13 November 2021 and signed on its behalf by:

RIC Brown

Chairman of Felsted School Trustee Limited

FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2021

1. Charity information

The charity is unincorporated and registered with the Charity Commission in England and Wales (registered number 209111), and domiciled in the UK and is a public benefit entity. The address of the registered office is Felsted School, Felsted, Essex CM6 3LL.

2. Basis of preparation (policy)

The principal accounting policies adopted and critical areas of judgment are as follows:

The accounts (financial statements) have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with FRS102 the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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) issued on 16 July 2014 rather than the previous Statement of Recommended Practice: Accounting and Reporting by Charities which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

After making enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future.

FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

3. Accounting policies

This standard list of accounting policies has been applied by the charity.

INCOME

Recognition of income Contributions are included in the Statement of Financial Activities (SoFA) when:

the charity becomes entitled to the resources;
the receipt is probable and

• the monetary value can be measured with sufficient reliability. Investment income This is included in the accounts when receivable. Investment gains and This includes any gain or loss on the sale of investments and losses any gain or loss resulting from revaluing investments to market value at the end of the year.

EXPENDITURE AND LIABILITIES

Charitable activities Charitable activities comprise all costs which are directly attributable to the objects of the charity. Expenses are recognised when a constructive or legal obligation to the recipient has been created by the charity.

Governance costs

Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.

ASSETS

Tangible fixed assets The endowment property of the Charity comprising land at for use by charity Felsted, Essex with seven almshouses thereon is not valued. Improvement and renovation costs are capitalised as they are incurred.

Depreciation is charged on the cost of improvements at a rate of 2% per annum. Investments Investments quoted on a recognised stock exchange are valued at market value at the year end.

JUDGEMENTS Apart from those judgements involving estimations, the management team have not made any judgements in the process of applying the entity’s accounting policies that have a significant effect on the amounts recognised in the accounts.

KEY ASSUMPTIONS There are no key assumptions concerning the future or other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

FELSTED ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

4. Analysis of income from charitable activities

			2021	2020
			£	£
	Contributions from
	occupants of Almshouses		29,880	30,146
			========	========
5.	Analysis of expenditure
			2021	2020
			£	£
	Charitable
	activities	Insurance	1,301	1,258
		Rates	-	(290)
		Repairs	2,481	3,079
		Depreciation	1,661	1,661
		Management fee	1,500	1,500
		Subscriptions	190	349
		Sundry	-	368
		Governance costs (see below)	1,106	1,069
			----------------	----------------
			8,239	8,994
			========	========
	Governance costs
			2021	2020
			£	£
		Independent examiner fee
		Professional fees	1,106	1,069
			----------------	----------------
			1,106	1,069
			========	========

The charity had no employees during the year (2020: nil)

6. Trustee expenses and remuneration

There are no trustee expenses and no remuneration was paid to the Trustees in the current or preceding year.

FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

7.	Tangible Fixed Assets			Property	Property
				Improvements
					£
	Cost brought forward at 1 April 2020 and carried
	forwardat 31 March 2021				83,046
				----------------
	Depreciation brought forward 1 April 2020				36,161
	Charge for the year				1,661
				----------------
	Depreciation as at 31 March 2021				37,822
				----------------
	Net Book Value 31 March 2021				45,224
				========
	Net Book Value 31 March 2020				46,885
				========
8.	Investment assets
		401.33	324.88	1453.83
		COIF Inv	COIF	COIF Inv
		Fund	Inv	Fund	Total
		Acc	Fund	Acc
		units	Acc	units
			units
		£	£	£	£
	Carrying (market value) at	66,718	54,009	21,550	142,277
	1 April 2020
	Gain on revaluation	16,252	13,156	4,461	33,869
		----------------	----------------	----------------	---------------
	Carrying (market value)	82,970	67,165	26,011	176,146
	at 31 March 2021	======	========	========	=======
9.	Debtors (all due within one year)
				2021	2020
				£	£
	Insurance prepayment			328	317
			========		========
10.	Creditors (all due within one year)
				2021	2020
				£	£
	Management fee			4,500	3,000
	Independent Examiner’s fee			1,106	1,074
	Other creditors			2,099	457
			----------------		----------------
				7,705	4,531
			========		========

FELSTED ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

11. Analysis of Net Assets Between Funds

				Fund
				Balances at
	Restricted	Endowed	General	31 March
	Funds	Funds	Funds	2021
	£	£	£	£
Fixed Assets	-	35,540	9,684	45,224
Investments	-	-	176,146	176,146
Net Current Assets	9,494	-	176,370	185,864
	----------------	----------------	----------------	----------------
Total Funds	9,494	35,540	362,200	407,234
	========	========	========	========
				Fund
				Balances at
	Restricted	Endowed	General	31 March
	Funds	Funds	Funds	2020
	£	£	£	£
Fixed Assets	-	37,003	9,882	46,885
Investments	-	-	142,277	142,277
Net Current Assets	9,494	-	152,138	161,632
	----------------	----------------	----------------	----------------
Total Funds	9,494	37,003	304,297	350,794
	========	========	========	========

FELSTED ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

12. Endowed and restricted income funds

The endowed fund represents the endowed property at Felsted, and the charge for the year is the depreciation thereon.

The restricted capital fund represents historical funds set aside for a limited number of uses.

	Fund Balances				Fund Balances
	at				at
Fund name	1 April 2020	Income	Expenditure	Gain	31 March 2021
	£	£	£	£	£
Restricted	9,494	-	-	-	9,494
Endowed	37,003	-	(1,463)	-	33,540
General	304,297	30,810	(6,776)	33,869	362,200
	----------------	----------------	----------------	----------------	----------------
Total Funds	350,794	30,810	(8,239)	33,869	407,234
	========	========	========	========	========
	Fund Balances				Fund Balances
	at				at
Fund name	1 April 2019	Income	Expenditure	Loss	31 March 2020
	£	£	£	£	£
Restricted	9,494	-	-	-	9,494
Endowed	38,664	-	(1,661)	-	37,003
General	281,423	31,289	(7,333)	(1,082)	304,297
	----------------	----------------	----------------	----------------	----------------
Total Funds	329,581	31,289	(8,994)	(1,082)	350,794
	========	========	========	========	========

13. Related party transactions

There were no related party transactions during the year (2020: nil) or amounts outstanding at the year end.

FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

14. Statement of Financial Activities – Comparative Figures By Fund Type

	Restricted	Endowment	General	Total
	Funds	Funds	Funds	2020
	£	£	£	£
Income and endowments from:
Donations	-	-	50	50
Charitable activities (note 4)	-	-	30,146	30,146
Investments	-	-	1,093	1,093
	-----------------	-----------------	--------------	-----------------
Total	-	-	31,289	31,289
	----------------	----------------	----------------	----------------
Expenditure on:
Charitable activities (note 5)	-	(1,661)	(7,333)	(8,994)
	-----------------	-----------------	-----------------	-----------------
Total	-	(1,661)	(7,333)	(8,994)
	----------------	----------------	----------------	----------------
Net (loss)/gain on investments	-	-	(1,082)	(1,082)
	----------------	----------------	----------------	----------------
Net income	-	(1,661)	(8,415)	(10,076)
	----------------	----------------	----------------	----------------
Net movement in funds	-	(1,661)	22,874	21,213
Total funds brought forward	9,494	38,664	281,423	329,581
	-----------------	-----------------	-----------------	-----------------
Total funds carried forward	9,494	37,003	304,297	350,794
	========	========	========	========