## 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**
1
## **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
2
## **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:
1. accounting records were not kept in respect of Felsted Almshouse Charity as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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**
|**Income and endowments from:**
Donations
Charitableactivities(note4)
Investments
**Total**
**Expenditureon:**
Charitable activities (note5)
**Total**
Net gain on investments
**Net (expenditure)/income**
**Net movement in funds**
Total funds brought forward
**Total funds carried forward**|**Restricted**
**Funds**
£
9,494
9,494|**Endowment**
**Funds**
£
(1,463)
(1,463)
(1,463)
(1,463)
35,540
34,077
|**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|
4
## **FELSTED ALMSHOUSE CHARITY**
## **BALANCE SHEET**
## **AS AT 31 MARCH 2022**
|**Note**
**Fixed assets**
Tangible assets
7
Investments
8
Total fixed assets
**Current assets**
Debtors
9
Cashat bank and in hand
Totalcurrent assets
**Creditors: amounts falling**
**due withinoneyear**
10
**Net current assets**
**Netassets**
**Funds of the charity**
11
Restricted funds
Endowmentfunds
General funds
**Totalfunds**||**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
5
## **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.
6
**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.
7
**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.
8
## **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||
|forward**at 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**
|**401.33**
**COIFInv**
**Fund**
**Ace**
**units**
£
Carrying (market value) at
82,970
1 April 2021
Gain on revaluation
9,682
**Carrying (market value)**
**92,652**
**at 31 March 2022**
`9.`
**Debtors (all due within one year)**
Prepayments and accrued income
**10. **
**Creditors (all due within one year)**
Management fee
IndependentExaminer'sfee
Other creditors||**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**|**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|
|||||||
9
**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**|
10
## **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.
ll
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|
l2