2022-03-31-accounts - Felsted Almshouse Charity

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FELSTED ALMSHOUSE CHARITY

REPORT AND ACCOUNTS FOR THE

YEAR ENDED 31 MARCH 2022

UK Registered Charity number: 209111

FELSTED ALMSHOUSE CHARITY

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

CONTENTS	Page
Trustees'Annual Report	1 - 2
Independent Examiner's report	3
Statementoffinancialactivities	4
Balancesheet
	5
Notes to the accounts	6-12

FELSTED ALMSHOUSE CHARITY

TRUSTEES'ANNUALREPORT

FOR THE YEAR ENDED 31 MARCH 2022

Reference and Administration details Registered charity numberred charity numbered charity number Charity's principal address

Registered charity numberred charity numbered 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 Soult RIC Brown (Chair) CA Carrington J Crouch J H Davies OBE B Grindlay (resigned 2 July 2021) Dr J C Nicholson ALM Oxnam L Poston (appointed 1 September 2021) AH Sefton (appointed 1 September 2021) 0 HJ Stacken Rev N Stuchfield W Sunnucks JB StJ Tibbitts PE Wardell S Wolfe Clerk to the Trustees Mr A G Clayton Bankers Barclays Bank Pie 1 Bank Street Braintree Essex CM7 9UQ Solicitors Stone King LLP Upper Borough Court (UBC) Upper Borough Walls Bath BA12RG Independent examiner r Lisa Greenwood FCCA Lambert Chapman LLP 3 Warners Mill Silks Way Braintree Essex CM73GB

Independent examiner r

FELSTED ALMSHOUSE CHARITY TRUSTEES' ANNUAL REPORT(CONTINUED)

FOR THE YEAR ENDED 31 IVIARCH 2022

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 andis 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 2022. 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 £357,801 and the Trustees believe that this is sufficient for that purpose at the present time. Total reserves held at 31 March 2022 were £410,859 of which £9,494 is restricted and £34,077 is endowed and these are not available for general purposes.

Financial review

The net income for the year was £3,625 (2021: £56,440). 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 on 23 January 2023 and signed on its behalf

RIC Brown

Chair 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 2022, 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 consideredas 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.

[Signature removed for filing]

Lisa Greenwood FCCA Lambert Chapman LLP 3 Warners Mill Silks Way Braintree Essex CM73GB

Date

"' .)

FELSTED ALMSHOUSE CHARITY

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2022

General Funds £ 50 25,778 855	Total 2022 £ 50 25,778 855 26,683 (42,833)	Total 2021 £ 50 29,880 880
26,683 (41,370) (41,370) 19,775 (21,595) 5,088 362,200 367,288		30,810 (8,239)
	(42,833) 19,775	(8,239) 33,869
	(23,058) 3,625 407,234	25,630 56,440 350,794
	410,859	407,234

FELSTED ALMSHOUSE CHARITY

BALANCE SHEET

AS AT 31 MARCH 2022

Restricted Funds £ 9,494 9,494 9,494 9,494	Endowment Funds £ 34,077	General Funds £ 9,486 195,921	Total 2022 £ 43,563 195,921	Total 2021 £ 45,224 176,146
	34,077	205,407	239,484	221,370
	34,077 34,077 34,077	698 197,968 198,666 (36,785) 161,881 367,288 367,288 367,288	698 207,462	328 193,241
			208,160 (36,785) 171,375 410,859 9,494 34,077 367,288 410,859	193,569 (7,705)
				185,864
				407,234
9,494 9,494				9,494 35,540 362,200
				407,234

The accounts were approved by the Trustee on 23 January 2023 and signed on its behalf by:

[Signature removed for filing]

RIC Brown

Chair of Felsted School Trustee Limited

FELSTED ALIVISHOUSE CHARITY

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 IVIARCH 2022

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 2022

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:

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

e the monetary value can be measured with sufficient reliability.

Investment income Investment gains and losses

This is included in the accounts when receivable. This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

EXPENDITURE AND LIABILITIES

Charitable activities

Governance costs

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.

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 capitalisedas 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 ALIVISHOUSE CHARITY NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 IVIARCH 2022

4. Analysis of income from charitable activities

Contributionsfrom occupantsofAlmshouses `5.` Analysis of expenditure Charitable activities Repairs Depreciation Managementfee Subscriptions Governance costs Independentexaminerfee Professional fees Sundry Governance costs(seebelow) Insurance Rates		2022 £ 25,778 36,090 1,661 1,500 187 132 1,095 42,833 2022 £ 1,341 827 2022 £ 1,095 1,095	2021 £ 29,880 2,481 1,661 1,500 190 1,106 8,239 2021 £ 1,301 2021 £ 1,106 1,106

The charity had no employees during the year (2021: 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 2022

`7.` Tangible Fixed Assets	Property
	Improvements
	£
Cost brought forward at 1 April2021 and carried
forwardat 31 March 2022	83,046
Depreciation brought forward 1 April 2021	37,822
Charge for the year	1,661
Depreciation as at 31 March 2022	39,483
NetBook Value 31 March 2022	43,563
Net Book Value 31 March 2021	45,224

8. Investment assets

324.88 1453.83 COIF COIF Inv Inv Fund Fund Ace Ace units units £ £ 67,165 26,011 7,838 2,255 75,003 28,266	324.88 1453.83 COIF COIF Inv Inv Fund Fund Ace Ace units units £ £ 67,165 26,011 7,838 2,255 75,003 28,266	Total £ 176,146 19,775 195,921
75,003
	2022 £ 698 2022 £ 1,500 1,128 34,157 36,785	2021 £ 328 2021 £ 4,500 1,106 2,099 7,705

FELSTED ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

11. Analysis of Net Assets Between Funds

				Fund
				Balances at
	Restricted	Endowed	General	31 March
	Funds	Funds	Funds	2022
	£	£	£	£
Fixed Assets Investments Net CurrentAssets	9,494	34,077	9,487 195,921 161,880	43,564 195,921 171,374
TotalFunds	9,494	34,077	367,288	410,859
				Fund
				Balances at
	Restricted	Endowed	General	31 March
	Funds	Funds	Funds	2021
	£	£	£	£
FixedAssets Investments Net Current Assets	9,494	35,540	9,684 176,146 176,370	45,224 176,146 185,864
Total Funds	9,494	35,540	362,200	407,234

FELSTED ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

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 name
Fund Balances
at
1 April 2021
Income
Expenditure
£
£
£
Restricted
9,494
Endowed
35,540
(1,463)
General
362,200
26,683
(41,370)
TotalFunds
407,234
26,683
(42,833)
Fund Balances
Fund name
at
1April 2020
Income
Expenditure
£
£
£
Restricted
9,494
Endowed
37,003
(1,463)
General
304,297
30,810
(6,776)
TotalFunds
350,794
30,810
(8,239)

Gain
Fund Balances
at
31 March 2022
£
£
9,494
34,077
19,775
367,288
19,775
410,859
Fund Balances
Gain
at
31 March 2021
£
£
9,494
35,540
33,869
362,200
33,869
407,234

13. Related party transactions

There were no related party transactions during the year (2021: nil) or amounts outstanding at the year end.

FELSTED ALIVISHOUSE CHARITY

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 IVIARCH 2022

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

Income and endowments from: Donations Charitableactivities(note4) Investments Total Expenditul'eon: Cl1aritable activities (note 5) Total Net gainoninvestments Net income/(expenditure) Net movement in funds Total funds brought forward Total funds carried forward	9,494 9,494 Restricted Funds £	(1,463) (1,463) (1,463) (1,463) 37,003 35,540 Endowment Funds £		50 29,880 880 General Funds £	50 29,880 880 Total 2021 £

				30,810 (6,776) (6,776)	30,810 (8,239)
					(8,239)
				33,869 27,093	33,869
					25,630
				57,903 304,297 362,200	56,440 350,794
					407,234