FELSTED ALMSHOUSE CHARITY REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
UK Registered Charity number: 209111
FELSTED ALMSHOUSE CHARITY
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
| 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 2023
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 (Chair) CA Carrington J Crouch J H Davies OBE Dr J C Nicholson ALM Oxnam L Poston AH Sefton O H J Stocken CBE Rev N Stuchfield W Sunnucks (resigned as a director 30-Sept-23) JB StJ Tibbitts (resigned as a director 30-Sept-23) PE Wardell J Windsor (became a director 1-Oct-23) S Wolfe
| Clerk to the Trustees | Mr A G Clayton |
|---|---|
| Bankers | Barclays Bank Plc |
| 1 Bank Street | |
| Braintree | |
| Essex CM7 9UQ | |
| Solicitors | Stone King LLP |
| Upper Borough Court (UBC) | |
| Upper Borough Walls | |
| Bath | |
| BA1 2RG | |
| Independent examiner | Lisa Greenwood FCCA |
| Lambert Chapman LLP | |
| 3 Warners Mill | |
| Silks Way | |
| Braintree | |
| Essex | |
| CM7 3GB |
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FELSTED ALMSHOUSE CHARITY TRUSTEES’ ANNUAL REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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 2023. 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 £370,284 and the Trustees believe that this is sufficient for that purpose at the present time. Total reserves held at 31 March 2023 were £421,680 of which £9,494 is restricted and £32,614 is endowed and these are not available for general purposes.
Financial review
The net income for the year was £10,821 (2022: £3,625). 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 29 January 2024 and signed on its behalf
RIC Brown Chairman 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 2023, which are set out on pages 4 to 12.
This report is made solely to the charity’s trustee, 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 trustee 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 trustee 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
Date: 30 January 2024
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FELSTED ALMSHOUSE CHARITY
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2023
| Restricted | Endowment | General | Total | Total | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | 2023 | 2022 | |
| £ | £ | £ | £ | £ | |
| Income and endowments from: | |||||
| Donations | - | - | 50 | 50 | 50 |
| Charitable activities (note 4) | - | - | 28,440 | 28,440 | 25,778 |
| Investments | - | - | 2,885 | 2,885 | 855 |
| ----------------- | ----------------- | -------------- | ----------------- | ----------------- | |
| Total | - | - | 31,375 | 31,375 | 26,683 |
| ---------------- | ---------------- | ---------------- | ---------------- | ---------------- | |
| Expenditure on: | |||||
| Charitable activities (note 5) | - | (1,463) | (16,600) | (18,063) | (42,833) |
| ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | |
| Total | - | (1,463) | (16,600) | (18,063) | (42,833) |
| ---------------- | ---------------- | ---------------- | ---------------- | ---------------- | |
| Net gain (Loss) on investments | - | - | (2,491) | (2,491) | 19,775 |
| ---------------- | ---------------- | ---------------- | ---------------- | ---------------- | |
| Net (expenditure)/income | - | (1,463) | (19,091) | (20,554) | (23,058) |
| ---------------- | ---------------- | ---------------- | --------------- | --------------- | |
| Net movement in funds | - | (1,463) | 12,284 | 10,821 | 3,625 |
| Total funds brought forward | 9,494 | 34,077 | 367,288 | 410,859 | 407,234 |
| ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | |
| Total funds carried forward | 9,494 | 32,614 | 379,572 | 421,680 | 410,859 |
| ======== | ======== | ======== | ======== | ======== |
4
FELSTED ALMSHOUSE CHARITY
BALANCE SHEET
AS AT 31 MARCH 2023
| Restricted | Endowment | General | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2023 | 2022 | ||
| Note | £ | £ | £ | £ | £ | |
| Fixed assets | ||||||
| Tangible assets | 7 | - | 32,614 | 9,288 | 41,902 | 43,563 |
| Investments | 8 | - | - | 193,430 | 193,430 | 195,921 |
| ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | ||
| Total fixed assets | - | 32,614 | 202,718 | 235,332 | 239,484 | |
| ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | ||
| Current assets | ||||||
| Debtors | 9 | - | - | 329 | 329 | 698 |
| Cash at bank and in hand | 9,494 | - | 191,614 | 201,108 | 207,462 | |
| ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | ||
| Total current assets | 9,494 | - | 191,943 | 201,437 | 208,160 | |
| Creditors: amounts falling | ||||||
| due within one year | 10 | - | - | (15,089) | (15,089) | (36,785) |
| ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | ||
| Net current assets | 9,494 | - | 176,854 | 186,348 | 171,375 | |
| ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | ||
| Net assets | 9,494 | 32,614 | 379,572 | 421,680 | 410,859 | |
| ======== | ======== | ======== | ======== | ======== | ||
| Funds of the charity | 11 | |||||
| Restricted funds | 9,494 | - | - | 9,494 | 9,494 | |
| Endowment funds | - | 32,614 | - | 32,614 | 34,077 | |
| General funds | - | - | 379,572 | 379,572 | 367,288 | |
| ----------------- | ----------------- | ----------------- | ----------------- | ----------------- | ||
| Total funds | 9,494 | 32,614 | 379,572 | 421,680 | 410,859 | |
| ======== | ======== | ======== | ======== | ======== |
The accounts were approved by the Trustee on 29 January 2024 and signed on its behalf by:
RIC Brown
Chairman of Felsted School Trustee Limited
5
FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
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.
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FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
3. Accounting policies
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.
-
This is included in the accounts when receivable.
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
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 capitalised as they are incurred and 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.
GOING CONCERN The trustees consider there are no uncertainties about the charities ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value assets held by the charity.
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FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
4. Analysis of income from charitable activities
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Contributions from | ||||
| occupants of Almshouses | 28,440 | 25,778 | ||
| ======== | ======== | |||
| 5. | Analysis of expenditure | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Charitable | ||||
| activities | Insurance | 1,325 | 1,341 | |
| Rates | 322 | 827 | ||
| Repairs | 11,633 | 36,090 | ||
| Energy | 137 | 132 | ||
| Depreciation | 1,661 | 1,661 | ||
| Management fee | 1,500 | 1,500 | ||
| Subscriptions | 196 | 187 | ||
| Sundry | 117 | 0 | ||
| Governance costs (see below) | 1,172 | 1,095 | ||
| ---------------- | ---------------- | |||
| 18,063 | 42,833 | |||
| ======== | ======== | |||
| Governance costs | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Independent examiner fee | ||||
| Professional fees | 1,172 | 1,095 | ||
| ---------------- | ---------------- | |||
| 1,172 | 1,095 | |||
| ======== | ======== |
The charity had no employees during the year (2022: 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.
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FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| 7. | Tangible Fixed Assets | Property | Property | ||
|---|---|---|---|---|---|
| Improvements | |||||
| £ | |||||
| Cost brought forward at 1 April 2022 and carried | |||||
| forwardat 31 March 2023 | 83,046 | ||||
| ---------------- | |||||
| Depreciation brought forward 1 April 2022 | 39,483 | ||||
| Charge for the year | 1,661 | ||||
| ---------------- | |||||
| Depreciation as at 31 March 2023 | 41,144 | ||||
| ---------------- | |||||
| Net Book Value 31 March 2023 | 41,902 | ||||
| ======== | |||||
| Net Book Value 31 March 2022 | 43,563 | ||||
| ======== | |||||
| 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 | 92,652 | 75,003 | 28,266 |
195,921 |
|
| 1 April 2022 | |||||
| Gain/(Loss) on revaluation | (791) | (640) | (1,060) |
(2,491) |
|
| ---------------- | ---------------- | ---------------- |
--------------- |
||
| Carrying (market value) | 91,861 | 74,363 | 27,206 |
193,430 |
|
| at 31 March 2023 | ====== | ======== | ======== | ======= | |
| 9. | Debtors (all due within one year) | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Prepayments and accrued income | 329 | 698 | |||
| ======== |
======== | ||||
| 10. | Creditors (all due within one year) | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Management fee | 3,000 | 1,500 | |||
| Independent Examiner’s fee | 1,200 | 1,128 | |||
| Other creditors | 10,889 | 34,157 | |||
| ---------------- | ---------------- | ||||
| 15,089 | 36,785 | ||||
| ======== | ======== |
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FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
11. Analysis of Net Assets Between Funds
| Fund | ||||
|---|---|---|---|---|
| Balances at | ||||
| Restricted | Endowed | General | 31 March | |
| Funds | Funds | Funds | 2023 | |
| £ | £ | £ | £ | |
| Fixed Assets | - | 32,614 | 9,288 | 41,902 |
| Investments | - | - | 193,430 | 193,430 |
| Net Current Assets | 9,494 | - | 176,854 | 186,348 |
| ---------------- | ---------------- | ---------------- | ---------------- | |
| Total Funds | 9,494 | 32,614 | 379,572 | 421,680 |
| ======== | ======== | ======== | ======== | |
| Fund | ||||
| Balances at | ||||
| Restricted | Endowed | General | 31 March | |
| Funds | Funds | Funds | 2022 | |
| £ | £ | £ | £ | |
| Fixed Assets | - | 34,077 | 9,487 | 43,564 |
| Investments | - | - | 195,921 | 195,921 |
| Net Current Assets | 9,494 | - | 161,880 | 171,374 |
| ---------------- | ---------------- | ---------------- | ---------------- | |
| Total Funds | 9,494 | 34,077 | 367,288 | 410,859 |
| ======== | ======== | ======== | ======== |
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FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
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 2022 | Income | Expenditure | Gain | 31 March 2023 |
| £ | £ | £ | £ | £ | |
| Restricted | 9,494 | - | - | - | 9,494 |
| Endowed | 34,077 | - | (1,463) | - | 32,614 |
| General | 367,288 | 31,375 | (16,600) | (2,491) | 379,572 |
| ---------------- | ---------------- | ---------------- | ---------------- | ---------------- | |
| Total Funds | 410,859 | 31,375 | (18,063) | (2,491) | 421,680 |
| ======== | ======== | ======== | ======== | ======== | |
| Fund Balances | Fund Balances | ||||
| at | at | ||||
| Fund name | 1 April 2021 | Income | Expenditure | Gain | 31 March 2022 |
| £ | £ | £ | £ | £ | |
| Restricted | 9,494 | - | - | - | 9,494 |
| Endowed | 35,540 | - | (1,463) | - | 34,077 |
| General | 362,200 | 26,683 | (41,370) | 19,775 | 367,288 |
| ---------------- | ---------------- | ---------------- | ---------------- | ---------------- | |
| Total Funds | 407,234 | 26,683 | (42,833) | 19,775 | 410,859 |
| ======== | ======== | ======== | ======== | ======== |
13. Related party transactions
There were no related party transactions during the year (2022: nil) or amounts outstanding at the year end.
11
FELSTED ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
14. Statement of Financial Activities – Prior Year Comparative Figures By Fund Type
| Restricted | Endowment | General | Total | |
|---|---|---|---|---|
| Funds | Funds | Funds | 2022 | |
| £ | £ | £ | £ | |
| Income and endowments from: | ||||
| Donations | - | - | 50 | 50 |
| Charitable activities (note 4) | - | - | 25,778 | 25,778 |
| Investments | - | - | 855 | 855 |
| ----------------- | ----------------- | ---------------- | ---------------- | |
| Total | - | - | 26,683 | 26,683 |
| ---------------- | ---------------- | ---------------- | ---------------- | |
| Expenditure on: | ||||
| Charitable activities (note 5) | - | (1,463) | (41,370) | (42,833) |
| ----------------- | ----------------- | ---------------- | ----------------- | |
| Total | - | (1,463) | (41,370) | (42,833) |
| ---------------- | ---------------- | ---------------- | ---------------- | |
| Net gain on investments | - | - | 19,775 | 19,775 |
| ---------------- | ---------------- | ---------------- | ---------------- | |
| Net income/(expenditure) | - | (1,463) | (21,595) | 23,058 |
| ---------------- | ---------------- | ---------------- | --------------- | |
| Net movement in funds | - | (1,463) | 5,088 | 3,625 |
| Total funds brought forward | 9,494 | 35,540 | 362,200 | 407,234 |
| ----------------- | ----------------- | ----------------- | ----------------- | |
| Total funds carried forward | 9,494 | 34,077 | 367,288 | 410,859 |
| ======== | ======== | ======== | ======== |
12