REGISTERED CHARITY NUMBER: 210687 HARITY OF LIONEL ANNE LEY DORANT FOR ALM TR TEES. ALR IAL TATE R THE YEAR ENDED 5T ANDREW WIGGETT Accountants & Tax Advisers
ITY F LIONEL RANT F HARITY INFORMAT TRUSTEES Mrs E. Hayward (Chairman) Mr S Boffey Mrs B_ Brennan Cllr. G Clark Mrs S. O, Donnell (resigned 6th April 2021) Cllr. Roma Mills Mrs J. Singleton ADMINISTRATOR Mrs J. Hayward OFFICE ADDRESS 73, Pondfield Crescent. st. Albans. Hertfordshire. AL4 9PA ALMSHOUSE ADDRESS Dorant House, New Greens Avenue. St Albans, Herttordshire AL3 6HT REGISTERED CHARITY NUMBER 210687 INDEPENDENT ACCOUNTANTS Andrew Wiggett Accountants & Tax Advisers Gainsborough House 15. High Street, Harpenden. Hertfordshire. AL5 2RT PRINCIPAL BANKERS Barclays Bank PLC., 16-18 St Peters Street. st Albans, Hertfordshire. AL3 4DZ CONTENTS Pages Trustees. Annual Report Independent Examiner's Reporl Statement of Financial Activities Balance Sheet statement of Cash Flows 12 Notes to the Accounts
Page I HARITY OF LIONE ANNESLEY DO ALMSHOU TRU EE ALRE RTF HE YEAR ENDED 5TH APRIL 2021 The Trustees, present their annual report and financial statements for the year ended 5th April 2021. ORGANISATION AND MANAGEMENT The Charity operate5 under the name Dorant House and provides sheltered accommodation for the elderly from its property. of the same name, at New Greens Avenue, St AlbansAL3 6HT. The Charity is constituted under a Trust Deed dated 10th March 1976. It is a registered charity and a member ol The National Almshouse Association. The Trustees meet regularly to manage the Charitys affairs. There is a paid administrator who is responsible for day to day management and a resident warden who looks after the house and its residents. POLICIES AND PROCEDURES TO APPOINT NEYI TRUSTEES Trustees are appointed in accordance with the Charity Commission document dated 14th April 1982 and shall consist, when complete, of not less than seven and not more than nine competent persons being three Nominative Trustees (appointed by St Albans District Council) and not less than four and not more than six Co-optative Trustees recruited for their interest and expertise. REVIEW OF CHARITY PERFORMANCE AGAINST OBJECTIVES FOR THE PUBLIC BENEFIT The Charity has continued to provide nineteen units ol reasonable rate accommodation to its residents throughout the year, with an occupancy rate of 75%- The Trustees have complied with their duty in section 4 of the Charity Act 2006 to have regard to the public benefit guidaa¢e when reviewing the Trust's aims. objectives and future activities. REVIEW OF FINANCIAL INCLUDING INVESTMENT PERFORMANCE AGAINST OBJECTIVES The Charity's investment in the National Association of Almhouses Common Investment Fund increased by £85,670. 2020 had seen a decrease 01 £77.293 due to a slump in stock market prices after the initial Covid-19 impact, so much of this year's gain is a reversal of that negative reaction. During the year further shares were purchased to the value of £5,000 (2020 - £5,000) and Ihe fund received dividends of £16,576 (2020 - £17,291) which were reinvested. Valuation at the year end exceeds accumulated cost by £122.533 (2020 £36,863)- The house at 49 Partridge Road, St Albans. formerly the warden's house, continued to be let commercially under an assured shorthold tenancy. The net income from this letting contributed to the surplus an amount of £6,394 (2020- £12,414). The investment property has been valued by Leaders, Estate Agents, for the purpose ol inclusion in these accounts and subject to the tenancy, is valued at £475,000. The transfer to the Extraordinary Repair Reserve was £5,000 (2020 - £5,000). which is in excess of Ihe £900 minimum required by the Charity Commission. The balance sheet shows net current assets of £504,722 {2020 £459,079) including cash balances of £503.857 (2020 £448,914). The Charity's linancial position has continued to improve over the year 2021-22 and it has sufficient resources at the balance sheet date to maintain its activities lor the lorseeable future.
Page 2 HARITY FLI EL ANNESLEY RANT FOR ALMS TRUSTEES. NN AL REPORT F R THE YEAR END (continued) APRIL 202 REVIEYI OF MAJOR RISKS The Trustees have reviewed the major risks to the Charity and consider these to be potential damage to the building. To mitigate this risk to the Charity. the Extraordinary Repair Fund is being built up to lund any major work that may be required to the building. The Charity a150 ensures that there are contracts to maintain fire alarms and extinguishers. The coronavirus pandemic was with us through 2020 and continues to present health risks even at the end of 2021. We recognise that the spread of Covid-19 amongst residents is a significant risk. both to their welfare and Ihe charities income. however in terms of remaining a going concern we have the safety net of reserves that would Cover our costs for well over a year Irom the current date. RESERVES POLICY The Charity is required to maintain an Extraordinary Repair Fund by Supplemental Order of the Charity Commission, dated 19th November 1980. General reserves are kept at a suitable level to fund the day to day expenses of the Charity. FUTURE PLANS The future aims of the Charity are to continue lo offer a high quality sheltered environment for the alms people. TRUSTEES The Trustees who held office during the year were as follows - Mrs E. Hayward . Chairman Mr S Boffey Mrs B. Brennan Cllr. G. Clark Mrs S. O, Donnell (resigned 6th April 2021) Mrs J. Singleton Cllr. Roma Mills This report was approved by the Trustees on 1st December 2021 and signed on its behalf. E Hayward Chairman of Trustees
Page 3 DEPENDENT INERS. RE THE TR HARITY ANNESLEY D ANT FOR ALMSH ES I report to the trustees on my examination of the accounts of the Charity for the year ended 5th April 2021, which are set out on pages 4 - 12. RESPONSIBILITIES AND BASIS OF REPORT As trustees of the Charity you are responsible for the preparation of the accounts in accordance wilh the rèquirement5 of Charities Act 2011 ('the Act.). report in respect of my examination of the Trustee's accounts carried out under s.145 01 the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under s. 145(5Xb) of the 2011 act. INDEPENDENT EXAMINER'5 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 the Charity as required by s. 130 of the Acl., [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 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 but I would draw your attention to the disclosure in note l(g) Going Concern in relation to the emergence of the coronavirus pandemic in early 2020. ANDREW WIGGEfT Accountants & Tax Advisers Gainsborough House. 15, High Street. Harpenden, Hertfordshire, AL5 2RT I st December 202 L
Page 4 HARITY OF NEL AN DORA ALM HO TATE FFI AN IVITIE THE YEAR ENDED 5TH AP 21 tricted Fun Desi na Funds Gener Fund To 202 INCOME FROM Charitable Activity.. Contributions by Almspeople I nvestments 115,965 15.733 115,965 32.309 132.621 36,218 16.576 Total income 131.698 16.576 148.274 168,839 EXPENDITURE ON Raising funds- Investtment property expenses Charitable Activity.. Residenlial charges collection fees Property repairs and mainteTrtance Lift mainlenance Light and heat Insurance Water charges Garden maintenance Council Tax Warden's salary Warden Call Telephone Administrator's fee Governance costs Depreciation Sundry expenses 3.671 3,671 9.146 2.311 17.608 1,671 11.237 2,579 2.355 1.570 2,335 15,468 1.179 678 7.000 10,880 5.592 514 2.311 17,608 1.671 11.237 2.579 2.355 1.570 2,335 15,468 1,179 678 7.000 10,880 5,592 514 2,311 82,212 1.591 10,695 2.463 2,719 1,618 2,077 14.542 1,305 678 7,958 11,474 5,827 1,573 Total expenditure 86,648 86,648 158,189 Net income before gains/(105ses) on investment assets 45,050 16,576 61,626 10.650 Gain/(Loss) on investment assets: Unrealised - I nvestments Unrealised - Investment properties 12 85,759 85,759 (77,347) 85.759 85,759 (77,347) Net surplus/(deficit) lor year before transfers Transfers between fund5 45.050 (677) 102.335 677 147,385 (66,697) io Net movement in funds Fund balance brought forward at 6th April 2020 44.373 103,012 147,385 166,697) 467.539 1,301,671 1,769,210 1,835,907 Fund balance carried forward at 5th April 2021 £ 511,912 £ 1.404,683 £ 1.916,595 £ 1.769,210 The notes on pages 7 to 12 form part of these financial statements.
Page 5 HARITY OF LIONEL ANNESL RALM HOUS HE AS AT 5TH APRIL 202 20 FIXED ASSETS Tangible assets Investments li 12 474.879 936,995 480,471 829,660 1,411,874 1,310,131 CURRENT ASSErs Debtors Cash with deposit takers Cash at bank and in hand 13 14.114 426.465 77,392 19,637 425.181 23.733 517,971 468.551 CREDITORS: amounts falling due within one year 14 (13,250) (9,472) NET CURRENT ASSErs 504.721 459,079 NET ASSETS 15 £ 1,916,595 £ 1,769,210 UNRESTRICTED FUNDS Designated . Capital Designated - ERF 16 16 942.983 461,700 947,217 354,454 1,404,683 511.912 1,301,671 467,539 General TOTAL CHARITY FUNDS £1,916,595 £1,769,210 Approved by the Board of Tr¢Jstees on 1st December 2021 and signed on its behalf. E Hayward Chairman and Trustee S Boffey Trustee The notes on pages 7 to 12 form part of these financial statements.
Page 6 HA F LIONEL LEY DORA HOUSE FL THE YEAR ENDING 5TH APRIL 2021 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES Net income/(delicit) for the year (page 4) Adjustments lor: Net (gains)/Sosses on investments Depreciation charge Investment income (Increase)/Decrease in debtors Increase/(Decrease) in creditors 147,385 (66,697) (85.759} 5,592 (32,309) 5,523 3,778 77,347 5.827 (36,218) 12,946 6,049 Net cash generated/(absoTbed) by operations 44,210 (746) CASH FLOWS FROM INVESTING ACTIVITIES Investment income Purchases of investments 32.309 (21,576) 36,218 (22,291) Net cash generated from in¥esting activities 10,733 13,927 Change in cash and cash equivalents in the reporting period 54,943 13,181 Cash and cash equivalents at 5th April 2020 448.914 435,733 Cash and cash equivalents at 5th April 2021 Cash with deposit takers and at bank £ 503.857 £ 448,914 Comprising.. Cash with deposit takers (page 5) Cash at bank (page 5) 426.465 77.392 425,181 23,733 £ 503.857 £ 448.914
Page 7 HARITY OF NNESLEY RAL TO THE NT FOR THE Y ENDED 5TH AP [1] ACCOUNTING POLICIES (a) Basis of preparation of statements The accounts have been prepared under the historical c05t Convention with the exception that fixed asset investments and the Investment property are included at fair value. The accounts have been prepared in accordance with 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 (FRS 102) (effective 1st January 2015) (Charities SORP (FRS 102)). The charity is a public benefit entity under FRS 102. (b) Tangible fixed assets and depreciation Tangible fixed assets are included at cost, where that is greater than £1,000. Cost includes the original purchase price of the asset and cost attributable to bringing the asset to its working condition for its intended use. Depreciation is provided so as to write off the cost of fixed assets over their expected useful economic lives as follows.. Freehold land Freehold Building Subsequent Expenditure - Replacement windows Furniture, Fittings & Equipment Not depreciated 0.5% on reducing balance Over 20 years from 2013 15% on reducing balance (c) Fixed asset investments Investments, including the investment property, are included within the Balance Sheet at their market value at the balance sheet date. The Statement of Finarbcial Activities includes the net gains and losses arising oll revaluation and disposals during the year. (d) Income All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount Can be quantified with reasonable accuracy. The lollowing specified policies are applicable to particular categories of income-. [1] Investment income is included gross for amounts receivable at the Balance Sheet date. [11] Contributions from Almspeople are included in the period in which they are receivable. (e) Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes irrecoverable VAT and is reported as part of the expenditure to which it relates.. [1] Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature, fiecessary to support them. [11] Governance costs include those costs associated with meeting constitutional and statutory requirements of the charity and include independent examination fees and costs linked to the strategic management of the charity. [111] Costs that are directly attributable are allocated on a charitable activity basis and support costs are then added. Support costs are apportioned to the charitable activities on a reasonable and consistent basis such as on the basis of time spent. (f) Fund A¢counting [1] Unrestrlcted Funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objective as they see fit. [11] Designated Funds Designated funds are unrestricted funds earmarked by the Trustees for a particular purpose. [iii] Revaluation Reserves Revaluation reserves consist of Ihe part of the charity's designated funds which comprise the difference between the market value of the investments and investment property. respectively, at the balance Sheet date and the original cost ol the investment asset together with additions and reinvested dividends.
Page 8 HA ITY OF LIONE ANNESLEY DOR NT FOR AL TEST FINAN IA NT FOR T (continued) EAR ENDED 5 APRIL 202 [1] ACCOUNTING POLICIES (continued) (g) Going Concern The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist, except as disclosed below. The Trustees have considered the level of funds held and the expected level of income and expenditufe for the twelve months from authorising these financial statements. The budgeted income and expenditure is suflicient with the level of reserves for the charity to be able to continue as a going concern. In the early part of 2020. a coronavirus pandemic emerged which caused economic uncertainty and the United Kingdom government to implement significant restrictions on social and business activities. The Trustees have considered the potential impact of this on the financial position of the charity and have concluded that the charity is unlikely to be significantly be affected by this, given the level of reserves. in the period of twelve months from the date of authorising these aecounts. INVESTMENT INCOME nrestricted na Desi 2021 202 Rents receivable NAACIF Accumulation Uftits.. Distributions Invested Col F Income Units- Distributions received I nlerest Receivable 14,440 14,440 15,540 16.576 16.576 17,291 1.284 1.284 3,379 £ 15.733 £ 16,576 £ 32,309 £ 36,218 [3] INVESTMENT PROPERTY EXPENSES 202 Agents and professional fees Repairs and maintenance 3.089 582 2,950 6,196 3,671 9,146 [41 PROPERTY REPAIRS AND MAINTENANCE 2021 2020 Fire rated doors, supply & installation Repaint/refurbish front doors Flats internal redecoration Bathrooms refurbishment Kitchens refurbishment Flooring and fuf nishings Fencing Boiler service and repairs Laundry room - Equipment, repairs Fire equipment maintenance General repairs and maintenance 32,089 8,505 2,508 26,290 9,674 3,380 1,758 945 687 415 4,466 5,024 1,023 499 1,285 1,272 £ 17,608 £ 82.212
Page 9 ARITY OF LI EL ANNESL Y DORANT FO HOU NOTES E FINAN TATEMENT (continued) HE YEAR END TH APRIL 21 [5] STAFF COSTS 2021 Wages 15,468 £ 14,542 Average weekly number of persons employed during the year: House staff - Warden [6] SUPPORT COSTS ritable rn Administrator's fee 7.000 7,000 14,000 15,916 page 4 (note 7) [7] GOVERNANCE COSTS 202 2020 Annual Accounts and Examiner's Fee Other fees Accountancy Services Subscription - NAA Support Costs (note 6) 3,000 545 335 7,000 2,640 557 319 7.958 10,880 £ 11,474 [8] PAYMENTS TO TRUSTEES No trustee received any payment for remuneration or expenses for their work as trustees in either the current or preceding period_ [9] TAXATION AND CHARITABLE STATUS The charity is constituted under a Trust Deed dated 10th March 1976 and registered under the Charities Act 2011. charity number 210687 and as such is not liable to tax on its income and gains for charitable purposes. [10] TRANSFER BETWEEN FUNDS 2020 Fun Amount of transfer £ (4,323) £ 5,000 £ 677 £ 666 The transfer from general Fund to the Capital Fund Comprises the release ot resources required to fund the balance sheet carrying value of the lixed asset property investments. The transfer from General Fund to the Extraordinary Repair Fund of £5.000 is for the purpose of providing resources for major repairs to the charity's housing property- Under a supplemental order of the Charity Commission dated 19th November 1980 the minimum annual payment to be made into the Extraordinary Repair Fund is £900.
Page 10 RITY OF LIONEL NNE LEY DORA HOUS TEST HEF IAL STATEME (continued) HE YEAR ENDED H APRIL 2021 [11] TANGIBLE FIXED ASSErs Furniture Fr Cost At 6th April 2020 Additions 548,628 66.686 615,314 At 5th April 2021 548.628 66,686 615,314 Depreciation At 6th April 2020 Charge for year 76,617 4.323 58,226 1,269 134,842 5,592 At 5th April 2021 80,940 59,495 140,434 Net book value At 5th April 2021 £ 467.688 £ 7,191 £ 474,880 At 6th April 2020 £ 472,011 £ 8,460 £ 480,471 All tangible fixed assets were used for charitable purposes. The charity's freehold propety comprises the housing property known as Dorant House, New Greens Lane, St. Albans. Hertlordshire AL3 6HT. Cost includes the purchase cost of the site incurred in 1978 amounting to £30,000 and subsequent expenditure on building costs amounting to £518,628 and expenditure on replacement windows incurred in 2012-13 and 2014-15. The 51te acqtjisition cost is not depreciated. The vacant possession market value of the property is estimated by the Trustees to be of the order of £1.5m at 5th April 2021. [12] FIXED Ass INVESTMENTS Desi ated Funds Extr Ina Fund ment Inv COIFC Fund Inve At 6th April 2020 at valuation Additions at cost Distributions reinvested Unrealised gains/(losses) 475,000 206 354,454 5,000 16,576 85,670 829,660 5,000 16,576 85,759 89 AT 5th April 2021 at valuation £ 475.000 £ 295 £ 461.700 £ 936,995 All investment assets are held within the UK and in order to provide an investment return for the charity.
Pagell HARITY OF LIONEL NNESLEY DOR ALMSH TE TO THE IAL TATEME THE YEAR ENDING (continued) TH APRIL 2021 [12] FIXED ASSEf INVESTMENT (Continued) The charity's investment property held in the Capital Fund is the detached house at 49 Partridge Road, St. Albans AL3 6HT. formerly used to provide wardens accommodation, currently let on an assured shorthold tenancy. The original cost of the property was £49,403. The property has been valued lor the purposes of inclusion in these a¢¢ounts by Leaders, Estate Agents at £475,000. The charity's investment held in CCLA Investment Management Limited COIF Charities Investment Fund Income Units is stated at market value at 5th April 2021. Historical cost is not identified. The charitls investment held in the National Association of Almshouses Common Investment Fund Accumulation Shares are stated at market value at 5th April 2021 Historical cost, comprising the original investment. subsequent additions and accumulated dividends amounted to £339,166 at 5th April 2021 (2020- £317,590). [13] DEBTORS 2020 Due within one year Contributions receivable Prepayments 12,787 1,327 18,262 1,375 14.114 £ 19,637 [14] CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 Social Security and other taxes Resident payments in advance AccruaSs 425 2.249 10.576 309 114 9,049 13.250 £ 9,472 [15] ANALYSIS OF NET ASSETS BEfYiEEN FUNDS Extraordin Total Fun Tangible fixed a55ets Fixed asset investments Debtors Cash with deposit takers Cash at bank Creditors < l year 7.191 467,688 475.295 474,879 936,995 14,114 426,465 77,392 (13,250) 461,700 14,114 426.465 77,392 (13,250) £ 511,912 £ 942.983 £ 461,700 £ 1,916,595
Page 12 CHAR F LIONEL NE LEY ALM FINAN MENTS FOR (continued) E YEAR ENDING TH APRIL 2 [161 FUNDS - ALL UNRESTRICTED In Forw .04.20 Forward t 4.21 Ye Tr nsf Accumulated Surplus 467.539 131,698 (86,648) (677) 511.912 ital Fund Accumulated resources Investmenls: Revalution Reserve 521.415 (4,323) 517,092 425.802 89 425,891 947,217 89 (4,323) 942,983 in Re Accumulated resources Investments: Revaluation Reserve 317.592 16.576 5,000 339,168 36,862 85.670 122,532 354,454 102.246 5,000 461,700 Total Designated Funds 1.301.671 102.335 677 1,404,683 Total Funds £ 1.769,210 £ 234.033 £ (86.648) £ £ 1,916,595 General Fund The General Fund comprises the accumulated revenue surpluses available on the charity's general objectives as the Trustees see fit. Capital Fund The Capital Fund comprises the charit$ own aecumulated resources expended on the acquisition of the housing investment properties and in bringing those assets to their existing condition together with the associaled investment and investment property revaluation reserves. Extraordinary Repair Fund The Extraordinary Repair Fund comprises the accumulated resources designated by the Trustees to be set aside to meet major buildings repairs. together with accumulative investment distributions and unreali5ed investment gains.