CHARITY OF SARAH. DUCHESS OF MARLBOROUGH ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Registered Charity Numb8r: 209390 CHARtrY OF SARAH. DUCHESS OF MARLBOROUGH FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 fvIARCH 2022 Page Key Personnel and Advi501$ Trustees, Report Independent Examiftèrfs Report Slalement of Financial Aetlvities Balance Sheet Notes lo the Finan¢i81 Statèments 9-15 CHARITY OF SARAH. DUCHESS OF MARLBOROUGH KEY PERSONNEL AND ADVISORS FOR THE YEAR ENDED 31 MARCH 2022 TRUSTEES Mrs J Chamock Mrs C Fletcher Ms U Dunleavy Mrs E R Harris Mr D Goodridge Mr B Gibbard Cllr J Taylor Mrs H Pakenham Mr Dale Sellers CLERK Mfs C Abrahams OFFICE ADDRESS 48 Marlborough Buildings Halfield Rrjad Sl Albans Herts AL13RW ALMSHOUSE ADDRESS 18-88 Marlborough Buildings Hatfield Road St. AlbanB Herts. ALA 3RW ACCOUNTANTS Mercgr & Hole 72 London Road Sl Albans AL1 1NS BANKERS Barclays Bank PIC 22-24 Uppef Marfborough Road Sl. Albans Hèrts. AL1 3AL SOLICITORS Debenhams Ottaway Ivy House 107 St. Peter's Street St. Albans Herts. AL1 3EW CHARITY OF SARAH, DUCHESS OF MARLBOROUGH TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Tiuslee$ have pleasure in presenting their Annual Report and Fin8n¢ial Slalements of the charity for the year ended 31 March 2022. The financial stslements have been prepared in accordance wth the accounting policies set out on pages 9 to 11 and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Stslement of Recommended Pracli¢e applicable to charities preparing their accounts in accordance wlh the Financial Reporting Stsndard applicable the UK and Republlc of Ireland IFRS 1021 (effective January 20191. OBJECTS OF THE CHARITY The objects are as set out in the scheme of the High Court of Chancery of the 3 June 1867 and in the matter of the Charitable Trust Acts 1853 Its 1939 and the Scheme approved for the regulation of the above- mentioned Charty sealed by Older of the Board on 2nd day of September 1955. They are the provision and continuing maintenance of the almshouse in Haffield Road, St Alban$ for the benefit DI poor persons ol good character and over 60 years of age. PUBLIC BENEFIT When planning the chartty's activitses, the trustee5 have considered the Charfty Commission's guidance on public benefit, and the trustees believe that the activity of the ¢harity and the services that il provide5 do constitute public benefit. TRUSTEES The trustee5 who have served during Ihe year and since the end of the year are as follows- Mrs J Charnock Mr5 C Fletcher Ms U Dunleavy Mrs E R Harris Mr D Goodridge Mr B Gibbard Cllr J Taylor Mrs H Pakenham Mr Dale Sellers {appointed 22 October 20211 STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity of Sarah, Duches5 of Marfborough is a registered ¢harity number 209340. 11 is governed by Board of Trustees, which is responsible lor the strategic direction of the Charity and for establishing policy. Appointment of Trustees The scheme allows for nine trustees. One ex-officio who is the Vicar for the time being of the Ecclesia$lical Parish of St. Leonards, Sandridge. Two Represenlalive Tmslees appointed by St. Albans and District Council for a term of four years and six Co-oplative Trustees for a term of five years by the Resolution of the Tiuslees. The Co-oplative Trustees shall be persons residing or carrying on business in or near the City of St. Albans. CHARITY OF SARAH, DUCHESS OF MARLBOROUGH TRUSTEES. REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2022 When consi¢Jering new trLFslees, the Board has regard to the requ1￿ment for any specialist skills needed. New Trustees undergo an induction process lo brief them on their legal obligations under charity law, the Charity Commission guidance on Public Benefit, and infom tt)em of the content of the Scheme, the deci5ion- making prtscess and the fecenl financial perfomiance the charity. Oryanlsation The Board meets up to 5 limes a year and there are sub-committees covering residents. finance and eslales. The Trustees have appointed a Clerk to carry out the day to day management. OUR ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE The charity operates in a Grade 2 listed building. providing accommodation within 35 selfdconlained units. maintaining the property and grounds and providing communal facilities for the benefrt of residents. The activities undertaken to support these aims remain broadly Slmilar from year to year. These include carrying out planned maintenance and upgrade projects in order that the alms-hoLtse accommodation meets the needs of ￿sIdentS. The Iruslees are aware of the need lo balance the preseNation of the building wilh the provision of accommodation that meets current standards. Accordingly, the Trustees have adopted a policy of retaining funds lo ensure that the fabric of the building and accommodation is propedy maintained. Quinquennial surveys are carried out every 5 years to detemiine the requirements and focus of major repair w0￿S of the Charity. The next quinquennial survey is scheduled for 2022123. A long-temi ffinancial plan is maintained to ensure that funds are being managed in a way lo allow for long temi maintenance works to be carried out. FINANCIAL REVIEW The most recent accounts Cover the year ended 31 March 2022 - comparative accoun15 cover the 12 months period from 1 April 2020 to 31 March 2021. Total income for the period wa5 £234.78012021.. £186,471). Total expenditure on the Charity's activities in the yearwas £148.425 compared wth £91.982 in the previous period. In the general unrestricted fund, there was a surplus for the year of £86.35512021'. £94,489) with the increase due to less fijnds being utilised in Ihe year on the ￿urb1$hMent and maintenance wort on the propety. Over811, there was a surplus (general, and endowment) forthe year of £198.02012021'. surplus £304,015) aftertsling acwunl of the movement in investment values afising duiing the period. CHARITY OF SARAH. DUCHESS OF MARLBOROUGH TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2022 The market value of the Charity's COIF Fund investments increased in the year by £111.665 12021.. £209,526 increase) bringing the total market value of the porttolio in the peiiod lo £1.399,778 as al 31 March 2022131 March 2021.. £1,288.1131. The trustees are pleased wth the financial perfomiance for the year. which indicates that the underlying financial position of the Charity is salisfactc*ry. The age of the Charity's Property asset is such that details of the original cost are unavailable. The Iru51ees see no useful purpose in estimating current usage values forpropety ofthis type and. therefore. the value offreehold property is nol reflected in the financial statements. The sum insured for the buildings al 18-88 Haffield Road. is currendy £6,531,139. At the renewat dale, which is the 30th June, this ￿rill be index linked. Investment Pollcy and Performance There a￿ no restrictsons on the Charity's power to invest. The investrnenl objective of the trustees is to combine incorne and Capital growth in a conservats've manner. The finance committee regularfy seeks professional advice on the allo¢ation of inveslmenls. The assets of the Charity have been divided into the following funds: C?pltsl- Endowmènt Fund This is the Chariws permanent 12pital base and only Ihe income 8ri8ing from this fvnd may be expended on th8 Charitys objeds. Major Repairs Designated Fund This fund ran be utilised lo finance non-recurrirvJ repaiTr. Recent surveys irhYic8te that this fvnd ¥MII be cr￿￿umedW11hin the mediurn tenv. General Fund This ￿preSentS thè dayloday oflh8 Charity and can b¢ ulls¢d by Ihe Trustees as they see fft. This is ￿Jrrent￿ invested in the COIF Charities Investmentfund. the Barcw Bank Current account and the Baidays Bank 8usiness Savèr account. The trust*s continueto bdieve it is prudent to mantain resetves at this level. Thiswill continue to revM¥ed amUal￿ as part ofthe I￿tem7 plan. Reserves The free reserves oflhe charity after anwng forffxed assets and the perna￿nI endowment furKI were £358,(X)1 P021.' £277.26713t 31 March 2022. The trustees seek to maintsin unreslricted ￿serveS al a level that wll albwlhe day to day Operat￿ of the almshouse to continue forlhe foreseeable future and the ¢urrent levèl of reseNes is consistentwilh this. The Iruslees are aware that larger on￿ff projects will require some investments to L realised. CHARITY OF SARAH, DUCHESS OF MARLBOROUGH TRUSTEES, REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2022 RISK MANAGEMENT Th¥ Trustees continue lo consKler the major risks to which thè Charity is exposed and are satisfied that system are in place to mitigate those rnalerial risks. PLANS FOR FUTURE PERIODS A plan is being implemented lo enhance the fire resistsn¢e of the Charity's premises. There are no other major projects planned for the immediale ftrture. TRUSTEES RESPONSBILITIES IN RELATION TO THE FINANCIAL STATEMENTS Tha char¢ty trustees are responsible for prep8ring a Trustees. Annual Report and the financial $lalements in accordance wrth applicable law and United Kingdom A¢xounting Standards IUnf¢ed Kingdom Generally Accepted Aceount*ng Practicel. The law applicable to charities in England & Wales iequiie5 the trustees to prepare finanrial 51alemènts for eath financial year whith give a true and fair v¢ew of the of the charity and ol the incoming resources and application of resouTces of the charity for that period. In preparing these financial statements, the trustees are requirèd to.. a) select suitable accounting policies 8nd then appty them consistentty.. b) obselve the methods and principles in the Charities SORP.. cl make judgments and estimates that are reasonable and prudent., d) state whether applicable acLounting standards have been follijwed, subject to any material e) departures disclosed and explained in the financial statements. fj prepare the finanrial Statements on the going con¢em basis unless it is inappropriat8 tts ptssume that the charily will continue in operation The Iruslees are responsible for keeping proper accounting records that ¢Jlsclose with reasonable accura at any time the financial position of the charity and to enable them to ensure that the financial stalemonts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2CM)8 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonab steps forthè prevention and detecbon of fraud and other irregu18ritl8S. SIGNED ON BEHALF OF THE TRUSTEES David Goodiidge Date CHARITY OF SARAH, DUCHESS OF MARLBOROUGH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DUCHESS OF MARL80ROUGH CHARITY I report lo the charity Ituslees on ffly ¢xaminati¢>n of the accounts of the charity for the year ended 31 March 2022 which ale set out on pages 7 to 15. Responsibilities and basis of report As the charity's Irvslees you are responslbJ¢ for the preparation of the accounts in accordance with (he requirements ol the Charities Act 2011 I'the Act'l. I report in respect of my trxamination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the appli¢able Directhons given by the Charity Commission under section 14515llbl of the Aet. Independent examine￿5 statement I h8ve completed my examination. I c4Jnffirm that no material matters have cotne to my attention in connectloft Mlh the examination giving me cause to believe that in any material respect.. aoxunting records were not kept tn ie5pect gfthe charity as required by section 130 of the Act., or the accounts do not accord with thtsse records., or the accounts do not Comply with the applicable requirements concerning the fomi and content of attounl8 sel out in the Charrties (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give a'lrue and fail view. whiGh is not a matter considered as part of an independent exaTllinalion. I have no con￿M$ and have come 8cross no olh8r mattèrs in eonnection wsth the examination to which attention should bè drawn in this report in orderto enable a proper understanding of the account3 lo be rgached. steve Robinson FCA Institute of Chartered Accountants in England an¢J Wale$ 72 London Road Sl Aban$ AL1 INS Date 6 O¢tober 2022 CHARITY OF SARAH, DUCHESS OF MARLBOROUGH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 Genèral Unrestricted Funds Endowm•nt Fund Total Year ended 31.3.22 Total Year ended 31.3.21 INCOME AND ENDOWMENTS Charitable activiti Conlr¢bulions by Residents 194.403 194,403 153.890 Investrnent income.. - Interest Dividends 27 38.572 27 38,572 30.744 Other Incorne 1.778 1,778 1.693 Totsl Ineomè 234.78Q 234 780 186471 EXPENDITURE Charitable Activities: Operation of Alrns-house 148.425 148.425 91.982 Total Expenditure 148.425 148.425 91.982 N•t IncomellExpenditurel bèfore other recognlsed gains and losses carrled forward 88.355 86.355 94,489 Unreallsed and reallsed gainslllossesl on investment assets 1(￿.044 5.621 111,665 209.526 Net IncomellExpenditurel 192.399 5.621 198,020 304.015 Transfers between fvnds Net Mov•m•nt In Funds 192.399 5,621 198,020 304.015 Fund balances brought forward q Aprll 2021 1,585 380 1649 973 1,345.958 Fund balances carried forward 31 March 2022 12 1,757.779 90,214 1.847,993 1,649.973 The Slatèm8nt of Financi81 Activitles includes all Gains and Losses recLJgnised in the year. All thè above results are derived from continuing activities. The notes on pages 9 to 15 fomi part of these financial statements. CHARITY OF SARAH. DUCHESS OF MARLBOROUGH {Regi$tered Charity Number 2093401 BALANCE SHEET AS AT 31 MARCH 2022 31.3.22 31.3.21 Notes FIXED ASSETS T8ngible assets Investments 1399 778 1,288,113 1,399.778 1,288.113 CURRENT ASSETS Debtors Cash at bank and in hand 10.082 456,192 3,823 378,594 466,274 382,417 CREDITORS.. Arnounls falling due within one year 18,059 20,557 NET CURRENT ASSETS 448,215 361,860 NET ASSETS 1,847,993 1.649.973 CHARITY FUNDS General 1.077,158 884,759 Designated Funds: Major RepaiTS Fund (formerly Emergency repair fund) Utility Fund 680.621 680.621 Total Unrgstri¢ted Funds 1,757,779 1,565,360 ENDOWMENT Capital Fund 10 84.593 TOTAL CHARITY FUNDS 1847,993 1,649.973 Approved on behalf of the Trustees Mr D Goodiidge Date The notes on pages 9 to 15 form part oflhese ffinanryal stalèm8nts. CHARITY OF SARAH, DUCHESS OF MARLBOROUGH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES Basis of Accoun￿ng The Financial Statements have been prepared in accordanc6 wtth the Statèment of Recommended PraCt￿e.. Accounting and Reporting by Charrties preparing their accounts in accordan￿ with Finanaal Rèporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 1 October2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic ol Ireland IFRS1021 ,the Chaiities Act 2011 and UK Generally Attepted Practice as it applies from 1 January 2018. The Chanty ¢onslitules 3 public entity as defined by FRS102. The Trustee5 consider Ihal lhe￿ are Th) material uncertainties about Ihe ability to continue as a going concem. Judgernents and key sources ofestimation uncertainty The preparation of the finanri81 statements requites management to makejudgements. eslim*es and assumptions that affect the amounts reported for assets and liabilthes as at the balance sheet date and the amounts reported for revenues and expenses during Ihe year. The nature of eslimalion rreans that actuaj oulcornescould differfrom those estimales. The followingjudgements have had a signthcant effecion amounts recognised in the finanaal statements.. Freehold Property The age olthe Charitls propety assets is such that details of the original cost are unavailable. The trustees see useful purpose in estimating current usage values for property ol Ihis type and. therefo￿, the valu6 of freehokl property is not reflected in the financial statements. Tanglble fixed assets and depreCIa￿On l assets apart frotn fveehold property Ix)stirvJ mofe than £1,000 are