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2021-03-31-accounts

THE ST OSYTH ALMSHOUSE CHARITY

CHARITY REGISTRATION NUMBER: 210468

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

THE ST OSYTH ALMSHOUSE CHARITY

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

CONTENTS

1

THE ST OSYTH ALMSHOUSE CHARITY

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts on pages 6, 7 and 8 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 in October 2019.

OBJECTIVES AND ACTIVITIES

Objects

The aim of the Charity is the provision of almshouses for the beneficial class of the Charity – “poor persons who (except in special cases to be approved by the (Charity) Commissioners) shall be resident in the Parish of St Osyth at the time of their appointment. The residents of at least two of the almshouses shall be married couples, widows or spinsters qualified as aforesaid”.

These activities are considered to be for the public benefit and in running the Charity the Trustees have regard for the Charity Commission guidance on public benefit.

Application of Income

The net income shall be applied first to repair, insure and meet all other outgoings in respect of the Charity’s properties and all proper costs of the Charity’s administration and management. Thereafter net income shall be applied for the benefit of the almspeople of the Charity.

ACHIEVEMENTS AND PERFORMANCE

The Charity maintained its policy of looking after the fabric of the Almshouses and continued their support to the residents at this time of the Covid pandemic.

FINANCIAL REVIEW

Financial Position

The Charity’s financial position is as set out in the Balance Sheet on page 5 and is considered satisfactory.

Reserves Policy

The Charity’s policy on reserves is to maintain sufficient reserves to enable the Charity to continue to achieve its principal objectives.

PLANS FOR FUTURE PERIODS

The Almshouses at 21 to 27 Clacton Road are a terrace of cottages in a conservation area. A vacancy has occurred at 27 Clacton Road and has produced major repair and renovation implications which are being dealt with by the Trustees in the course of this 2021-2022 year at considerable expense.

The Charity is aware of its nomination rights to the East Light development at Clinton Close, St Osyth and is establishing a special register of interest for applicants.

STRUCTURE GOVERNANCE AND MANAGEMENT

Governing Document

The St Osyth Almshouse Charity is a registered Charity governed in accordance with a Scheme which was sealed by the Charity Commissioners on 5 July 1979 as amended on 17 July 2018 and a Scheme sealed by the Charity Commissioners on 3 March 1997 which provided for the amalgamation with the John Gilders Charity. Copies of the Schemes are available from the Clerk upon request.

Methods adopted for recruitment and appointment of Trustees

As vacancies for Trustees arise applications are sought from potential candidates known to the Trustees and other suitable local people. Applicants are then considered by the Trustees and appointments made by resolution of the Trustees.

Policies and Procedures adopted for the induction and training of Trustees

New Trustees are briefed by the Clerk and the existing Trustees on the history and activities of the Charity. They are provided with a copy of the Charity Commission publication “The Essential Trustee” detailing their responsibilities and providing guidance on being a Trustee. New Trustees are provided with a copy of the Charity Scheme and the latest accounts.

Organisational Structure of the Charity

Day to day administration of the Charity is carried out by the Clerk who reports to the Trustees.

Related Parties

There are no other charities related to The St Osyth Almshouse Charity. The Clerk to the Charity is also Clerk to other almshouse charities.

2

THE ST OSYTH ALMSHOUSE CHARITY

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

STRUCTURE GOVERNANCE AND MANAGEMENT (CONTINUED)

Statement of Major Risks

As an integral part of their management policy the Trustees maintain regular checks on risk factors which may adversely affect the Charity.

Through the employment of professional advisers the Trustees seek to ensure that all of the Charity’s management and decision making processes take full account of, and comply with, relevant legislation and regulatory controls. Insurance including property ownership and public liability is reassessed annually.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Name: The St Osyth Almshouse Charity Charity Registered Number: 210468 Almshouse Association Membership Number: 453 Address of Principal Office: PO Box 993, Colchester, Essex CO3 3TQ

Trustees:

The Trustees who served during the year and to the date of this report were:

Mr John White Co-optive Trustee
Appointed to serve until 1 June 2023
Chair – resigned 1 December 2020
Mrs Joy Clinton Nominative Trustee, Trinity Methodist Church at Clacton-on-Sea
Appointed to serve until 16 March 2025
Rev. Sharon Miles Ex-officio Trustee, Vicar of the Parish of St Osyth
Appointed to serve from 28 June 2011
Mr David Cooper Nominative Trustee, St Osyth Parish Council
Appointed to serve until 4 April 2025
Miss Karen Sinclair Nominative Trustee, St Osyth Parish Council
Appointed to serve until 23 July 2023
Chair – appointed 1 December 2020
Mrs Catherine Venables Co-optive Trustee
Appointed to serve until 29 October 2023
There are no vacancies on the Trustee body.
Clerk to the Charity: Mr M G Siggs, MA, PO Box 993, Colchester, CO3 3TQ
Telephone: 01206 765138
Bankers: Barclays Bank PLC, 9 High Street, Colchester, Essex CO1 1DD
Independent Examiner: Melinda Simpson,Chartered Accountant
Haines Watts, Town Wall House, Balkerne Hill, Colchester, Essex CO3 3AD.
Telephone: 01206 549303
Solicitors: John Fowlers, St Runwalds Street, Colchester, Essex CO1 1DS.
Consultants Architects Daniel Connal Partnership, 780 The Crescent, Colchester Business Park,
Colchester, Essex CO4 9YQ.
14 March 2022
Approved by the Trustees on:…………………………………………..

Miss K Sinclair, Chair

and signed on their behalf by: ……………………………………………

3

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE ST OSYTH ALMSHOUSE CHARITY FOR THE YEAR ENDED 31 MARCH 2021

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 4 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 Trustee’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 which gives me cause to believe that in, any material respect:

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.

MELINDA SIMPSON CHARTERED ACCOUNTANT HAINES WATTS

Town Wall House Balkerne Hill Colchester Essex CO3 4AD

16 March 2022

4

THE ST OSYTH ALMSHOUSE CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted
Funds
(See Note 3)
Notes
2021
2020
£
£
INCOME AND ENDOWMENTS
FROM:
Charitable Activities:
Almshouse Income
5
34,156
33,286
Ground Rent receivable
100
100
Investment Income
6
2,919
3,369
TOTAL
37,175
36,755
EXPENDITURE ON:
Charitable Activities:
Almshouse Costs
7
41,687
48,161
TOTAL
41,687
48,161
(4,512)
(11,406)
GAINS/(LOSSES) ON
INVESTMENT ASSETS
Realised Gains
10
-
1,372
Unrealised Gains/(Losses)
10
13,522
(13,144)
NET INCOME/(EXPENDITURE)
9,010
(23,178)
TRANSFERS BETWEEN FUNDS
(6,300)
10,895
OTHER RECOGNISED GAINS/(LOSSES)
Gain on Revaluation of Fixed
Assets
9
-
-
NET MOVEMENT IN FUNDS
2,710
(12,283)
RECONCILIATION OF FUNDS:
Total Funds Brought Forward
94,939
107,222
Total Funds Carried Forward
97,649
94,939		 Permanent
Endowment
Funds
(See Note 4)
2021
2020
£
£
-
-
-
-
1,302
1,377
1,302
1,377
-
-
-
-
1,302
1,377
-
-
8,007
(7,350)
9,309
(5,973)
6,300
(10,895)
40,150
68,722
55,759
51,854
1,004,471
952,617
1,060,230
1,004,471		 Total
2021
2020
£
£
34,156
33,286
100
100
4,221
4,746
38,477
38,132
41,687
48,161
41,687
48,161
(3,210)
(10,029)
-
1,372
21,529
(20,494)
18,319
(29,151)
-
-
40,150
68,722
58,469
39,571
1,099,410
1,059,839
1,157,879
1,099,410		 Total
2021
2020
£
£
34,156
33,286
100
100
4,221
4,746
38,477
38,132
41,687
48,161
41,687
48,161
(3,210)
(10,029)
-
1,372
21,529
(20,494)
18,319
(29,151)
-
-
40,150
68,722
58,469
39,571
1,099,410
1,059,839
1,157,879
1,099,410
38,132
48,161
48,161
(10,029)
1,372
(20,494)
(29,151)
-
68,722
39,571
1,059,839
1,099,410

All incoming resources and resources expended derive from continuing activities.

5

THE ST OSYTH ALMSHOUSE CHARITY

BALANCE SHEET AS AT 31 MARCH 2021

FIXED ASSETS
Tangible Assets
Freehold Property
Fixtures and Fittings
Investments
CURRENT ASSETS
Debtors and Prepayments
Cash at Bank
CREDITORS:Amounts falling due
within one year
NET CURRENT ASSETS
CREDITORS:Amounts falling due
in more than one year
NET ASSETS
FINANCED BY:
Endowment Funds
Unrestricted Funds		 Notes
9
9
10
11
12
13
14
16
3
4		 2021
£
£
1,027,823
99
1,027,922
115,850
1,143,772
2,065
28,271
30,336
9,929
20,407
1,164,179
6,300
1,157,879
1,060,230
97,649
1,157,879		 2020
£
£
987,673
116
987,789
90,619
1,078,408
2,571
40,188
42,759
9,157
33,602
1,112,010
12,600
1,099,410
1,004,471
94,939
1,099,410		 2020
£
£
987,673
116
987,789
90,619
1,078,408
2,571
40,188
42,759
9,157
33,602
1,112,010
12,600
1,099,410
1,004,471
94,939
1,099,410
987,789
90,619
1,078,408
33,602
1,112,010
12,600
1,099,410
1,004,471
94,939
1,099,410

) ) K Sinclair ) ………………………………………………. ) ) TRUSTEES ) ) J Clinton ) ………………………………………………. )

These Accounts were approved by the Trustees on 14 March 2022

6

THE ST OSYTH ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. LEGISLATIVE PROVISIONS

The Charity is unincorporated but is registered with the Charity Commission as a Registered Charity and with the National Association of Almshouses as a Registered Almshouse Charity.

2. ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Charity’s accounts.

a) Basis of Accounting

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

The accounts are prepared using the historical cost accounting rules except that that freehold properties are included at valuation, as shown in note 9, and investments are included on the Balance Sheet at their market value.

Component Accounting is not applied since the replacement of those components of the property which have a shorter useful life than the main structure is not capitalised but written off as incurred to the General Fund or the Extraordinary Repair Fund.

b) Fund Accounting

Unrestricted funds are available to spend on activities that further any of the purposes of Charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are funds which the donor has specified are to be solely used for a particular purpose.

c) Going Concern

The Trustees have considered the potential impact of COVID-19 on the Charity’s financial position and whether the Charity’s ability to continue as a going concern was likely to be affected. The Trustees consider that the income to the Charity would not be affected in any material way as the majority of their beneficiaries were of retirement age with fixed incomes related to statutory pensions, private pensions, universal credit and housing benefit. Nevertheless, the impact of COVID-19 might result in voids being of longer duration during pandemic restrictions. The Trustees had therefore increased the voids in their annual budgets from 5% to 10%. Based on these assessments, cash and the current funds available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual reports and accounts.

d) Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the Charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Charity that a distribution will be made, or when a distribution is received from the estate.

Donations and other voluntary income are reflected in the accounts for the period in which they are received. Donations in kind are recognised by the Charity when received except in the case of services provided free or undervalue by voluntary staff or others which are not reflected in the accounts.

7

THE ST OSYTH ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. ACCOUNTING POLICIES (CONTINUED)

e) Interest Received

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.

f) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

g) Repairs and Maintenance of Properties

The charges in the Statement of Financial Activities in respect of Cyclical Maintenance and Extraordinary Repairs reflect the Trustees’ constant concern to keep the properties in good condition, and are in accordance with the Almshouse Associations’ recommendation that Almshouse Charities should set aside each year specific sums in this respect. Transfers are made from the Accumulated Fund each year to the Extraordinary Repair Fund to cover extraordinary repairs as they arise and to the Cyclical Maintenance Fund to cover repairs which arise on a cyclical basis.

h) Support Costs

The Charity’s governance costs are allocated entirely to the Almshouse Costs since support costs relating to other activities are considered immaterial.

i) Tangible Fixed Assets

Housing Properties

The housing properties are included in the accounts at their insurance reinstatement value. Additions after each revaluation are included at cost until a further revaluation.

Revaluations are performed with sufficient regularity to ensure that the carrying amounts are not materially misstated.

The cost of refurbishment and improvements to the existing property are written off to General Fund as incurred. Any major improvements or extensions to the property are capitalised.

j) Investments

Investments are shown on the Balance Sheet at their market value. Changes in market values during an accounting period are reflected in the accounts as unrealised gains or losses. Upon disposal of an investment the difference between original cost and disposal proceeds is reflected in the accounts as a realised gain or loss and an adjustment is made to unrealised gains or losses to reverse unrealised movements in value in earlier years.

k) Debtors

Contributions and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.

l) Cash at Bank

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

m) Creditors and Provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

8

THE ST OSYTH ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2. ACCOUNTING POLICIES (CONTINUED)

n) Reserves

Permanent Endowment Fund

The Permanent Endowment represents the net book value of the housing properties funded from the Charity’s own resources, less the outstanding balance of the National Association of Almshouses loan, and the Permanent Endowment investments.

Housing Properties Revaluation Reserve

The Housing Property Revaluation Reserve is permanent endowment of the Charity and is represented by the value of housing properties revaluation gains.

Capital Recoupment Fund

The Capital Recoupment Fund is permanent endowment of the Charity. The fund was established to recoup the assets of the Charity of Mary Pigott for Almshouses which were used to improve the Charity’s housing properties in 1979. The amount to be recouped is £7,739 at the rate of £70 per annum.

During the year ended 31 March 2013 the Charity Commission permitted the Charity to use £37,000 of permanent endowment investments to fund improvements to the Charity’s housing properties. This amount is to be recouped over twenty years at the rate of £1,850 per annum.

The Charity Commission ceased the recoupment orders with effect from the year ended 31 March 2021.

.

Cyclical Maintenance Fund

The Cyclical Maintenance Fund is unrestricted but designated by the Trustees to cover the cost of cyclical maintenance as it arises. A transfer to the Fund is made each year from the Accumulated Fund of a specific amount agreed by the Trustees.

Extraordinary Repair Fund

The Extraordinary Repair Fund is unrestricted but designated by the Trustees to cover the cost of extraordinary repairs as they arise. A transfer to the Fund is made each year from the Accumulated Fund of a specific amount agreed by the Trustees. The Fund is specifically invested and income from the investments is added to the Fund.

Accumulated Fund

The Accumulated Fund represents part of the accumulated surpluses of the Charity and is available for the general purposes of the Charity.

o) Cash Flow Statement

The Charity has taken advantage of the exemption provided for charities with income under £500,000 and has not prepared a Cash Flow Statement for the year.

9

2020 £ 1,377 1,377 (7,350) (5,973) (19,115) 6,300 1,920 (10,895) 68,722 51,854 952,617 1,004,471
Total 2021 £ 1,302 1,302 8,007 9,309 - 6,300 - 6,300 40,150 55,759 1,004,471 1,060,230
Capital Recoupment Fund 2021
2020		 £
£		 1,173
1,240		 1,173
1,240		 7,338
(6,740)		 8,511
(5,500)		 -
-		 -
-		 -
1,920		 -
1,920		 -
-		 8,511
(3,580)		 32,899
36,479		 41,410
32,899
THE ST OSYTH ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Permanent Endowment
Housing Properties		 Fund
Revaluation Reserve		 2021
2020
2021
2020		 £
£
£
£		 129
137
-
-		 129
137
-
-		 669
(610)
-
-		 798
(473)
-
-		 -
(6,608)
-
(12,507)		 6,300
6,300
-
-		 -
-
-
-		 6,300
(308)
-
(12,507)		 6,608
-
33,542
68,722		 13,706
(781)
33,542
56,215		 359,072
359,853
612,500
556,285		 372,778
359,072
646,042
612,500
. ENDOWMENT FUNDS Notes INCOME AND ENDOWMENTS FROM:
Investment Income
6		 TOTAL NET GAINS/ (LOSSES) ON INVESTMENTS Unrealised
10		 NET INCOME/(EXPENDITURE) TRANSFERS BETWEEN FUNDS Transfer from Unrestricted Funds being n respect of: Housing properties depreciation charge Housing Loan repayments Capital Recoupment OTHER RECOGNISED GAINS/(LOSSES) Gain on Revaluation of Housing Properties
9		 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Fund Balances Brought Forward Fund Balances Carried Forward

10

2020 33,286 100 3,369 36,755 48,161 48,161 (11,406) 1,372 (13,144) (23,178) - - 12,815 (1,920) 10,895 (12,283) 107,222 94,939
Total 2021 34,156 100 2,919 37,175 41,687 41,687 (4,512) - 13,522 9,010 - - (6,300) - (6,300) 2,710 94,939 97,649
Accumulated Fund 2021
2020		 34,156
33,286		 100
100		 585
609		 34,841
33,995		 41,687
48,161		 41,867
48,161		 (6,846)
(14,166)		 - 1,436
(1,317)		 (5,410)
(15,483)		 (8,586)
(8,412)		 14,980
3,600		 (6,300)
12,815		 -
(1,920)		 94
6,083		 (5,316)
(9,400)		 19,023
28,423		 13,707
19,023
THE ST OSYTH ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Extraordinary Repair
Cyclical Maintenance		 Fund
Fund		 2021
2020
2021
2020		 -
-
-
-		 -
-
-
-		 892
1,236
1,442
1,524		 892
1,236
1,442
1,524		 -
-
-
-		 -
-
-
-		 892
1,236
1,442
1,524		 -
1,372
-
-		 4,619
(5,021)
7,467
(6,806)		 5,511
(2,413)
8,909
(5,282)		 3,600
3,600
4,986
4,812		 (14,980)
(3,600)
-
-		 -
-
-
-		 -
-
-
-		 (11,380)
-
4,986
4,812		 (5,869)
(2,413)
13,895
(470)		 30,711
33,124
45,205
45,675		 24,842
30,711
59,100
45,205
Notes 5 6 7 10 10
UNRESTRICTED FUNDS INCOME AND ENDOWMENTS FROM: Charitable Activities: Almshouse Income Ground Rent receivable Investment Income TOTAL EXPENDITURE ON: Charitable Activities: Almshouse Costs TOTAL GAINS/(LOSSES) ON INVESTMENT ASSETS Realised Gains Unrealised Gains/(Losses) NET INCOME/(EXPENDITURE) TRANSFERS BETWEEN FUNDS Provision for the year Contribution towards extraordinary repairs Permanent Endowment Capital Recoupment NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total Funds Brought Forward Total Funds Carried Forward

11

THE ST OSYTH ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. ALMSHOUSES INCOME

ALMSHOUSES INCOME
Contributions Receivable
Weekly Maintenance Contributions Due
Less: Losses from Voids		 2021
£
34,156
-
34,156		 2020
£
33,286
-
33,286

6. INVESTMENT INCOME

Dividends receivable from listed investments:
M&G Charity Multi Asset Accumulation Shares
M&G Charity Multi Asset Income Shares
CCLA COIF Income Shares
COIF Deposit Interest
ALMSHOUSES COSTS
General Fund
Expenditure on Letting Housing Accommodation
Water Charges
Insurance
Repairs and Renewals
Extraordinary Repairs
Gardening
Careline
Sundry Expenses
Depreciation of Housing Properties
Depreciation of Fixtures and Fittings
Support Costs – Governance
Administration Costs
Independent Examination Fees
Accountancy Fees
Subscriptions		 2021
£
£
3,702
509
8
4,219
3
4,222
2021
£
£
779
1,141
1,665
32,849
-
256
40
-
17
36,747
3,480
126
1,152
182
4,940
41,687		 2020
£
£
4,206
509
8
4,723
23
4,746
2020
£
£
1,661
1,099
1,177
19,690
285
256
40
19,115
21
43,344
3,420
120
1,098
179
4,817
48,161		 2020
£
£
4,206
509
8
4,723
23
4,746
2020
£
£
1,661
1,099
1,177
19,690
285
256
40
19,115
21
43,344
3,420
120
1,098
179
4,817
48,161
48,161

7. ALMSHOUSES COSTS

8. RELATED PARTY TRANSACTIONS AND TRUSTEES REMUNERATION

The trustees were not remunerated or reimbursed expenses during the year ended 31 March 2021 or the year ended 31 March 2020.

There were no related party transactions during the year ended 31 March 2021 or the year ended 31 March 2020.

12

THE ST OSYTH ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

9. TANGIBLE FIXED ASSETS

Housing Properties

Housing properties represents four freehold almshouses at Clacton Road, St Osyth, two freehold almshouses at St Clairs Road, St Osyth and land at Priory Meadows, Rochford Road, St Osyth.

The Trustees agreed that the almshouse properties should be revalued to their insurance reinstatement value at 30 June 2020 of £977,177.

The Priory Meadows land is stated at the cost of acquisition being legal and professional fees together with the site clearance costs and architects and surveyors fees. This land is leased to Colne Housing Society under a 125 year lease agreement dated 19 March 2007 at an initial rent of £100 per annum.

10. Cost or Valuation
At beginning and end of the year
Revaluation gain
At end of the year
Depreciation
At beginning of the year
Charge for the year
Adjustment on revaluation
At end of the year
Net Book Value
At beginning of the year
At end of the year
Fixtures and Fittings
Net book value at the beginning of the year
Depreciation for the year
Net book value at the end of the year
INVESTMENTS
Listed Investments
Market value at beginning and end of the year
Accumulated Income Reinvested
Disposal proceeds
Realised gains/(losses) during the year
Unrealised gains/(losses) during the year
Market value at end of the year
Cost at end of the year
Market value at end of the year comprises:
14.810 CCLA COIF Income Shares
1,074.436 M & G Charity Multi Asset Fund Accumulation Shares
14,537.479 M & G Charity Multi Asset Fund Income Shares		 Almshouse
Properties
£
956,142
21,035
977,177
19,115
-
(19,115)
937,027
977,177		 Priory
Meadows
Land
£
50,646
-
50,646
-
-
-
-
50,646
50,646
2021
£
116
17
99
2021
£
90,619
3,702
-
-
21,529
115,850
99,562
265
103,097
12,488
115,850		 Total
2021
£
1,006,788
21,035
1,027,823
19,115
-
(19,115)
-
987,673
1,027,823		 Total
2020
£
938,066
68,722
1,006,788
-
19,115
-
19,115
938,066
987,673
2020
£
137
21
116
2020
£
115,535
4,206
(10,000)
1,372
(20,494)
90,619
95,860
219
80,225
10,175
90,619

13

THE ST OSYTH ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

11. DEBTORS

12. Contributions in Arrears
Other Debtors
Prepayments and Accrued Income
CASH AT BANK
Bank Current Account
COIF Deposit Account		 2021
£
1,585
200
280
2,065
2021
£
24,627
3,644
28,271		 2020
£
2,097
200
274
2,571
2020
£
36,548
3,640
40,188
13.
14.		 CREDITORS: Amounts falling due within one year
National Association of Almshouses Housing Loan (see note 15)
Contributions in Advance
Other Creditors
Accruals and Deferred Income
CREDITORS: Amounts falling due in more than one year
National Association of Almshouses Housing Loan (see note 15)		 2021
£
6,300
1,475
821
1,333
9,929
2021
£
6,300		 2020
£
6,300
1,335
64
1,458
9,157
2020
£
12,600

15. NATIONAL ASSOCIATION OF ALMSHOUSES LOAN

During the year ended 31 March 2013 The National Association of Almshouses advanced the Charity an interest free loan of £60,000. The loan is interest free but subject to an arrangement fee of £3,000. The loan is repayable over 10 years in half yearly instalments of £3,150 which commenced in April 2013. The loan is repayable as follows:

Due within one year
Due between one and two years
Due between two and five years		 2021
£
6,300
6,300
-
12,600		 2020
£
6,300
6,300
6,300
18,900

14

THE ST OSYTH ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Endowment Funds:
Permanent Endowment Fund
Housing Properties Revaluation Reserve
Capital Recoupment Fund
Unrestricted Funds:
Designated Reserves
Cyclical Maintenance Fund
Extraordinary Repair Fund
General Fund		 Tangible
Fixed
Assets
£
381,781
646,042
-
-
-
99
1,027,922		 Investments
£
3,597
-
39,490
40,158
24,842
7,763
115,850		 Net
Current
Assets Less
Long Term
Loan
£
(12,600)
-
1,920
18,942
-
5,845
14,107		 Total
£
372,778
646,042
41,410
59,100
24,842
13,707
1,157,879

15

THE ST OSYTH ALMSHOUSE CHARITY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

INCOME AND ENDOWMENTS
CHARITABLE ACTIVITIES
Weekly Maintenance Contributions Receivable
Ground Rent
INVESTMENT INCOME
M&G Charity Multi Asset Accumulation Shares
M&G Charity Multi Asset Income Shares
CCLA COIF Income Shares
COIF Deposit Account Interest Receivable
TOTAL INCOME
EXPENDITURE
CHARITABLE ACTIVITIES
Almshouse Costs
Water Charges
Insurance
Repairs and Renewals
Extraordinary Repairs
Gardening
Careline
Sundry Expenses
Depreciation of Housing Properties
Depreciation of Fixtures and Fittings
Support Costs – Governance
Administration Costs
Independent Examination Fees
Accountancy Fees
Subscriptions
TOTAL EXPENDITURE
NET EXPENDITURE BEFORE GAINS AND LOSSES
NET INVESTMENT GAINS/(LOSSES)
NET INCOME/(EXPENDITURE)		 2021
£
£
34,156
100
3,702
508
8
2
4,221
38,477
779
1,141
1,665
32,849
-
256
40
-
17
36,747
3,480
126
1,152
182
4,940
41,687
(3,210)
21,529
18,319		 2020
£
£
33,286
100
4,206
509
8
23
4,746
38,132
1,661
1,099
1,177
19,690
285
256
40
19,115
21
43,344
3,420
120
1,098
179
4,817
48,161
(10,029)
(19,122)
(29,151)		 2020
£
£
33,286
100
4,206
509
8
23
4,746
38,132
1,661
1,099
1,177
19,690
285
256
40
19,115
21
43,344
3,420
120
1,098
179
4,817
48,161
(10,029)
(19,122)
(29,151)
38,132
43,344
4,817
48,161
(10,029)
(19,122)
(29,151)

This page does not form part of the statutory financial statements