| Page | |
|---|---|
| Key Personnel and Advisors | 1 |
| Trustees' Report | 2-5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9-15 |
CHARITY OF SARAH, DUCHESS OF MARLBOROUGH
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DUCHESS OF MARLBOROUGH CHARITY
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 7 to 15.
Responsibilities and basis of report
As the charity's trustees 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 the charity's accounts carried out under section 145 of the 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 the charity as required by section 130 of the Act; or 2. 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.
Steve Robinson FCA
Institute of Chartered Accountants in England and Wales
72 London Road
St Albans
AL 1 1 NS
Date 4 November 2021
6
| General | Endowment | Total | Total | ||
|---|---|---|---|---|---|
| Unrestricted | Fund | Year ended | Year ended | ||
| Funds | 31.3.21 | 31.3.20 | |||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS | |||||
| Charitable activities | |||||
| Contributions by Residents | 3 | 153,890 | 153,890 | 176,770 | |
| Investment income: - Interest | 144 | 144 | 752 | ||
| - Dividends | 30,744 | 30,744 | 34,931 | ||
| Other Income | 1,693 | 1,693 | 519 | ||
| Total Income | 186,471 | 186,471 | 212,972 | ||
| EXPENDITURE | |||||
| Charitable Activities: | |||||
| Operation of Alms-house | 4 | 91,982 | 91,982 | 128,142 | |
| Total Expenditure | 91,982 | 91,982 | 128,142 | ||
| Net lncome/(Expenditure) | |||||
| before other recognised | 94,489 | 94,489 | 84,830 | ||
| gains and losses carried | |||||
| forward | |||||
| Unrealised and realised | |||||
| gains/(losses) on investment | 7 | 198,525 | 11,001 | 209,526 | (33,309) |
| assets | |||||
| Net lncome/(Expenditure) | 293,014 | 11,001 | 304,015 | 51,521 | |
| Transfers between funds | |||||
| Net Movement in Funds | 293,014 | 11,001 | 304,015 | 51,521 | |
| Fund balances brought | |||||
| forward 1 April 2020 | 1,272,366 | 73,592 | 1,345,958 | 1,294,437 | |
| Fund balances carried | |||||
| forward 31 March 2021 | 12 1,565,380 | 84,593 | 1,649,973 | 1,345,958 |
| 31.3.21 | 31.3.20 | ||
|---|---|---|---|
| Notes | £ £ | £ £ | |
| FIXED ASSETS | |||
| Tangible assets | |||
| Investments | 6 | _1,288,113 | 1,018,587 |
| 1,288,113 | 1,018,587 | ||
| CURRENT ASSETS | |||
| Debtors | 7 | 3,823 | 39,634 |
| Cash at bank and in hand | 378,594 | 309,909 | |
| 382,417 | 349,543 | ||
| CREDITORS: Amounts falling due | 8 | 20,557 | 22,172 |
| within one year | |||
| NET CURRENT ASSETS | 361,860 | 327,371 | |
| NET ASSETS | 1,649,973 | 1,345,958 | |
| CHARITY FUNDS | |||
| General | 884,759 | 591,745 | |
| Designated Funds: | |||
| Major Repairs Fund (formerly | |||
| Emergency repair fund) | 680,621 | 680,621 | |
| Total Unrestricted Funds | 9 | 1,565,380 | 1,272,366 |
| ENDOWMENT | |||
| Capital Fund | 10 | 84,593 | 73,592 |
| TOTAL CHARITY FUNDS | 1,649,973 | 1,345,958 |
| Total | Total |
|---|---|
| 2021 | 2020 |
| Operating | Support | 31.3.21 | Operating | Support | 31.3.20 | |
|---|---|---|---|---|---|---|
| costs of | and | costs of | and | |||
| Almshouses | governance | Almshouses | governance | |||
| costs | costs | |||||
| £ | £ | £ | £ | £ | £ | |
| Property, | 25,261 | 25,261 | 63,974 | 63,974 | ||
| repairs, | ||||||
| refurbishment | ||||||
| and | ||||||
| maintenance | ||||||
| Light and heat | 21,601 | 21,601 | 17,911 | 17,911 | ||
| Insurance | 3,274 | 3,274 | 5,370 | 5,370 | ||
| Water charges | 3,113 | 3,113 | 3,385 | 3,385 | ||
| Garden and | 4,739 | 4,739 | 3,927 | 3,927 | ||
| tree | ||||||
| maintenance | ||||||
| General upkeep | 4,092 | 15,172 | 19,263 | 3,555 | 19,503 | 23,058 |
| Subscriptions | 580 | 580 | 851 | 851 | ||
| Council tax | 3,432 | 3,432 | 336 | 336 | ||
| Legal and | 3,432 | 3,432 | 4,100 | 4,100 | ||
| professional | ||||||
| WMC Collection | 4,936 | 4,936 | 5,024 | 5,024 | ||
| fees | ||||||
| Depreciation | ||||||
| Impairment of | ||||||
| equipment | ||||||
| Sundry | 1,838 | 206 | 206 | 206 | ||
| expenses | ||||||
| 76,810 | 15,172 | 91,982 | 108,639 | 19,503 | 128,142 |
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Clerk's fees and expenses | 15,172 | 19,503 |
| Independent examination fee | 3,942 | 4,100 |
| 19,114 | 23,603 |
| Designated | Endowment | Total | |
|---|---|---|---|
| Funds | Funds | ||
| £ | £ | £ | |
| Cost | |||
| At 1st April 2020 | 717,347 | 26,326 | 743,673 |
| Additions | 60,000 | 60,000 | |
| Disposals | |||
| At 31st March 2021 | 777,347 | 26,326 | 803,673 |
| Market Value | |||
| At 1st April 2020 | 964,738 | 53,849 | 1,018,587 |
| Additions | 60,000 | 60,000 | |
| Disposals | |||
| Gains on investments | 198,525 | 11,001 | 209,526 |
| At 31st March 2021 | 1,223,263 | 64,850 | 1,288,113 |
| % Value of | |
|---|---|
| Portfolio | |
| COIF Charity Funds | |
| Income units | 100% |
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Amounts due from Residents | 29,727 | |
| Prepayments and accrued income | 3,823 | 9,908 |
| 3,823 | 39,635 |
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 3,284 | 3,225 |
| Accruals and deferred income | 17,273 | 18,947 |
| 20,557 | 22,172 |
| Movement | in funds | |||
|---|---|---|---|---|
| Balance Incoming Expenditure, Balance at | ||||
| at 1 April | resources | Gains, 31 | March | |
| 2020 Losses & 2021 | ||||
| Transfers | ||||
| General Fund | 591,745 | 384,996 | (91,982) | 884,759 |
| Designated Funds: | ||||
| Major repairs fund | 680,621 | 680,621 | ||
| 1,272,366 | 384,996 | (91,982) | 1,565,380 |
| Unrestricted | Unrestricted | Endowment | Total | |
|---|---|---|---|---|
| General | Designated | Fund | Funds | |
| Fixed Asset Investments | 542,642 | 680,621 | 64,850 | 1,288,113 |
| Net current assets | 342,117 | 19,743 | 361,860 | |
| 884,759 | 680,621 | 84,593 | 1,649,973 | |
| 31.3.21 | 31.3.20 | |||
| £ | £ | |||
| Unrealised gains on investment assets included above: | ||||
| Unrealised gains as at 1st April 2020 | 676,878 | 710,187 | ||
| Net gains/(losses) on revaluations during the year | 209,526 | (33,309) | ||
| Unrealised gains as at 31st March 2021 | 886,404 | 676,878 |
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through profit or loss | 378,594 | 309,999 |
| Financial assets that are debt instruments measured at amortised | 29,727 | |
| cost | ||
| 378,594 | 339,726 | |
| Financial Liabilities | ||
| Financial liabilities measured at amortised cost | (20,557) | (22,172) |
| (20,557) | (22,172) |