| CONTENTS | |
|---|---|
| PAGE | |
| Reference and Administrative details |
|
| Trustees' Report | 2-3 |
| Independent Examiners' Report |
|
| Statement ofFinancial Activities for the year ended 31stOctober 2021 | |
| Balance Sheet as at 31stOctober 2021 | |
| Notes to the Accounts | 7- 12 |
| EGREM | ONT | AND | SOME | RSET ALM | SHOUSE | CHARITY | Page 5 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| STATEMENT | Oh' | FINANCIAL ACTIVITIES FOR THK YEAR ENDED | 31STOCTOBER 2021 | |||||||||
| Unrestricted | Unrmtrictcd | Endowment | Total | Total | ||||||||
| Norm | Pultds | Puads | Funds | 31/109021 | 31/Ie/1020 | |||||||
| Uncoms) | (Desigaatsd) | |||||||||||
| INCOME FROM: | ||||||||||||
| Donations | 0 | D | ||||||||||
| 0 | 0 | |||||||||||
| Charitable | activities | -Rental income | 114492 | 114492 | 118088 | |||||||
| lllvmtllleau | -Glatting | Farm rents | 19,581 | 19,581 | 19,704 | |||||||
| -Investment Income |
43796 | I 625 | 44.921 | 16.462 | ||||||||
| 62,877 | 1,625 | 64,502 | 36,166 | |||||||||
| TOTALINCOMK | 177@69 | 1,615 | 17$,994 | 154254 | ||||||||
| EXPENDITURE ON: | ||||||||||||
| Raising funds | ||||||||||||
| RepMtrs k | Maintenance | 0 | 0 | 5,100 | ||||||||
| Management- Glatting farm share |
1,370 | 1,370 | 1,284 | |||||||||
| Investment | management | 0 | 9,170 | 9,170 | 3,285 | |||||||
| Insurance - Glatting farm share | 1,424 | 1,424 | 1,424 | |||||||||
| Cleaning | 0 | 0 | 156 | |||||||||
| 2,794 | 0 | 9,170 | 11,964 | 11,249 | ||||||||
| Charitable | ac/ivitics | |||||||||||
| Somerset | k Egremont | Almshouses | ||||||||||
| Repairs k | Mamtenance | 17,465 | 17,465 | 15,452 | ||||||||
| Management k consultants | 4,112 | 4,112 | 3,854 | |||||||||
| Wages Warden k Cleaner |
18,334 | 18,334 | 18,483 | |||||||||
| Water Rates k Council Tax | 4,444 | 4,444 | 7,835 | |||||||||
| Electricity | (less recoveries) | 3,683 | 3,683 | 3,689 | ||||||||
| Gas | 8,749 | 8,749 | 9,176 | |||||||||
| Insurance | 5,858 | 5,858 | 6,760 | |||||||||
| Telephone | (less recoveries) | 2,866 | 2,866 | 2,982 | ||||||||
| Garden Maintenance | 1,996 | 1,996 | 1,985 | |||||||||
| Alarm k cleaning | 1,855 | 1,855 | 1,721 | |||||||||
| Sundry expenditure | 3,139 | 3,139 | 3,556 | |||||||||
| Depreciation | 4,229 | 4,229 | 8,675 | |||||||||
| Almshouses | Assoctahon | Subscription | 246 | 246 | 240 | |||||||
| AccountancyChsrges | 4,800 | 4,80D | 4,750 | |||||||||
| Independent | Examiners'Fee | 2,000 | 2,000 | 1,980 | ||||||||
| 83,776 | 0 | 0 | 83,776 | 91,138 | ||||||||
| TOTAL EXPENDITURE | 86,57$ | 0 | 9,170 | 95,740 | 102387 | |||||||
| 90,799 | 1,615 | -9,170 | $3,154 | 51,867 | ||||||||
| Net (losses)/gains | on investments | 5,821 | 11,436 | 295,173 | 312,431 | (63,936) | ||||||
| Net loss on sale of | Glatting Farmhouse | (800) | (800) | (114,576) | ||||||||
| Transfers between | funds | 13 | (198,000) | SD,ODD | 118,000 | 0 | 0 | |||||
| NET MOVEMENT | IN FUNDS | (101,3$0) | e3,062 | 403,2$3 | 394,885 | (I26,645) | ||||||
| RECONCILIATION OF FUNDS | ||||||||||||
| Fund balances brought forward | 776,907 | 82,647 | 2,820,819 | 3,680,373 | 3,807,018 | |||||||
| FUND RALANCKS | CARRIED PORWARD | 675,527 | 175,709 | 3,124,012 | 4,075,15S | 3,680473 |
| Notes | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|
| f | ||||||
| FIXED ASSEI'S | ||||||
| Tangible fixed assets | ||||||
| Freehold Property | 934,450 | 934,450 | ||||
| Equipment | 17,216 | 21,445 | ||||
| 951,666 | 955,895 | |||||
| Investments | 2,084,354 | 1,736,748 | ||||
| Investment propeny |
893,000 | 893,000 | ||||
| 3,929,020 | 3,585,643 | |||||
| CURRENf ASSETS | ||||||
| Cash atBank and Charities Deposit Fund | 158,407 | 119,051 | ||||
| Debtors and Prepayments | 9 | 11,371 | 5,868 | |||
| 169,778 | 124,919 | |||||
| CREDITORS: Amounts | falling due within one year | |||||
| Creditors and Aecruals | 10 | 23,540 | 30,189 | |||
| Net Cunent Assets/liabilities | 146,238 | 94,730 | ||||
| Net Assets | 4,1175 58 | |||||
| ENDOWMENT FUNDS | 13 | 3,224,022 | 2,820,819 | |||
| UNRESTRICTED FUNDS | ||||||
| Income Funds | 13 | 675,527 | 776,907 | |||
| Designated Funds: |
||||||
| Extraordinary Repairs |
Pund | 13 | 156,633 | 63,573 | ||
| Cyclical Maintenance | Fund | 13 | 19,076 | 19,074 | ||
| 175,709 | 82,647 | |||||
| 4 75358 | 3,680,373 |
| THE FINANCIAL STATEMENTS FORTHE YEAR ENDED 31STOCTOBER 2021 | ||||
|---|---|---|---|---|
| STATUTORY INFORMATION | ||||
| Egremont and Somerset Almshouse Charity is a charity registered in England and Wales. The charity's |
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| registered number and registered office address can be found in the Trustees' Report. |
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| ACCOUNTING POLICIKS |
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| Accounting convention |
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| The financial statements ofthe charity, which is apublic benefit entity, have been prepared in accordance |
with the | |||
| Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance |
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| with the Financial Reporting Standard applicable in the UK and Republic ofIreland (FRS102)issued in October 2019 |
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| and the Financial Reporting Standard applicable in the UK and Republic ofIreland (FRS102)and |
the Charities | Act 2011 | ||
| and UK Generally Accepted Accounting practice as it applies from la January 2015.The financial |
statements | have | ||
| been prepared under the historical cost convention, as modified by the revaluation ofinvestments. |
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| The financial statements have been prepared to give a 'true and fair' view and have departed &om |
the Charities | |||
| (Accounts and Reports) Regulations 2008only to the extent required to provide a 'true and fair' view. This departure |
has | |||
| involved following Accounting and Reporting by Charities preparing their accounts in accordance |
with the Financial | |||
| Reporting Standard applicable in the UK and Republic ofIreland (FRS102)issued in October 2019rather than |
the | |||
| Accounting and Reporting by Charities: Statement ofRecommended practice effective &om la April 2005 which has |
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| since been withdrawn. | ||||
| The trustees consider that there are no material uncertainties about the Charity's ability to continue |
as a going | |||
| concern. | ||||
| Income | ||||
| All income is recognised once the charity has entitlement to the income, it is probable that the income will |
be | |||
| received and can be reliably measured. | ||||
| Donations sie recognised when receivable by the charity. | ||||
| Rental income is included in the period that it is due, net ofany irrecoverable amounts. Any rents |
charged | in | ||
| advance are deferred. | ||||
| Bank interest is included when receivable. |
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| Dividends are recognised when the dividend has been declared and notification has been received |
ofthe | |||
| amount due. |
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| Expenditure | ||||
| All liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to |
that | |||
| expenditure and it is probable that the payment will be required and can be reliably measured. |
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| All expenditure is accounted for on an accruals basis and includes irrecoverable VAT. |
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| Raising funds costs include rent collection charges, property repairs and maintenance charges for Glatting Fmm and are |
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| recognised in the period they relate to. |
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| Charitable expenses include the costs involved in the day to day running ofthe almshouses for the |
tenants. |
| ACCOUNTING POLICIKS (CONTINUED) |
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|---|---|---|---|---|---|---|---|
| Tangible Fixed Assets Fixed assets whose original cost was more than f350have been capitalised |
and depreciated | over the | following periods: | ||||
| Fixtures and equipment | 25%on a reducing balance basis | ||||||
| Fixtures and Equipment depreciated to less than f.l5 have been written off. |
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| b'reehold property |
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| The almshouses are historic buildings and as well |
as being the functional properties ofthe charity (being |
used to provide | |||||
| reduced cost accommodation with the charitable |
deed) are also classed as historical buildings | and hence | heritage assets, | ||||
| Due to the uniqueness ofthe buildmgs avaluation |
in respect ofthe original | properties is very |
difficult to | attribute and |
as such | ||
| the original values ofthe assets have been excluded from the balance sheet |
on the basis that | reliable cost | information | is not | |||
| available and conventional valuation approaches |
lack sufficient reliability. | ||||||
| The value ofthe buildings included in the accounts represents improvements |
undertaken to |
the buildings | since 1983. | ||||
| Since these costs are significantly lower than the |
buildings' likely value, and as the buildings |
are kept in | good repair, | the | |||
| Trustees believe that it is not appropriate to depreciate the properties. |
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| Fixed Asset Investments | |||||||
| Investments are valued at mid-market value at the balance sheet date. All realised and unrealised gains and losses are |
taken | ||||||
| to the Statement ofFinancial Activities. | |||||||
| Investment property |
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| Investment properties for which fair value can be |
measured reliably without |
undue cost or effort are measured at fair |
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| value at each reporting date with changes in fair |
value recognised in net gains/losses on investments |
in the Statement | of | ||||
| Financial Activities. | |||||||
| Debtors | |||||||
| Trade debtors are recorded at their settlement amount. Prepayments are valued at the prepaid |
amount | at | the Balance Sheet | ||||
| date. | |||||||
| Cash at Bank and In Hand | |||||||
| Cash at bank and in hand includes cash and short | term highly liquid investments with short maturity ofthree months or less |
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| from the date ofacquisition or opening ofthe deposit or similar account. |
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| Creditors | |||||||
| Trade creditors and other creditors are recognised | when the charity has a present obligation | resulting | fiom past events | and | |||
| can be measured or estimated reliably. Creditors |
are recognised at their settlement amounts. |
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| Taxation | |||||||
| The charity is exempt from tax on its charitable activities. |
| INVESTMENT | INCOME | ||||||
|---|---|---|---|---|---|---|---|
| Iinrestricted | Unrestricted | Endowment | Total | Total | |||
| Funds | Funds | Funds | 2021 | 2020 | |||
| (Income) | (Designated) | f | |||||
| Dividends | 43,291 | 1628 | 44,919 | 16,396 | |||
| Interest | 0 | 2 | 2 | 66 | |||
| Other | 0 | 0 | |||||
| TRUSTEES REMUNERATION | dr EXPENSES | ||||||
| No emoluments | or expenses were | paid to the | trustees during |
the year | |||
| EMPLOYEES | |||||||
| Unrestricted | Unrestricted | Endowment | Total | Total | |||
| Funds | Funds | Funds | 2021 | 2020 | |||
| (Income)f | (Designated)f | ||||||
| Wages and Salaries | 16,244 | 0 | 16,244 | 16,381 | |||
| National Insurance |
1,305 | 0 | 1,305 | 1,345 | |||
| Pension costs | 785 | 0 | 785 | 690 | |||
| Holiday cover | 0 | 0 | 0 | ||||
| Average number | ofemployees | I (2020 —1). | |||||
| FIXEDASSETS | |||||||
| Egremont | Somerset | Equipment | Total | Total | |||
| Hospitalf | Hospitalf | 2021f | 2020f | ||||
| Cost as at I/11/2020 | 236,538 | 697,912 | 72,370 | 1,006,820 | 1,006,820 | ||
| Additions during year. |
0 | 0 | 0 | 0 | |||
| Disposals during |
year | 0 | 0 | 0 | 0 | ||
| Cost as at 31/10/2021 | |||||||
| Depreciation as |
at I/1 1/2020 | 0 | 50,925 | 50,925 | 42,250 | ||
| Depreciation Charge in Year |
0 | 4,229 | 4,229 | 8,675 | |||
| Depreciation on |
disposals | 0 | 0 | 0 | 0 | ||
| Net book value at 31/10/2021 | 236,538 | 697,912 | 17,216 | 951,666 | 9SS,89S | ||
| Net book value at 31/10/2020 | 236,538 | 697,912 | 21,445 | 955,895 | 964,570 |
| INVKSTMKNTS | 2021 | 2020 | |||||
|---|---|---|---|---|---|---|---|
| 8 | |||||||
| Market Value at 1stNovember | 2020 | 1,736,748 | 388,117 | ||||
| Add. Additions to investments | at cost | 35,175 | 1,412,568 | ||||
| Less: Disposals at canying value |
0 | 0 | |||||
| Net gain/(loss) on revaluation |
312,431 | (63,937) | |||||
| Market Value at 31stOctober | 2021 | ||||||
| Comprising | |||||||
| Charities Official Investment | Fund | 21,503 | 18,136 | ||||
| Charishare accumulation shares |
422,367 | 319,724 | |||||
| MdtG Charity Multi Asset Fund | 1,049 | 825 | |||||
| Aberdeen Standard portfolio |
1,639,435 | 1,398,063 | |||||
| 67gll | |||||||
| 8 | INVESTMKNT PROPERTY | 2021 | 2020 | ||||
| Glatting Farm | 893,000 | 893,000 | |||||
| Glatting Farm is included at valuation, | being | estimated | market value for existing use. The Trustees have reviewed the | ||||
| value at 31stOctober 2021 and | consider that | value is still reasonable. | |||||
| DEBTORS | 2021 | 2020 | |||||
| Trade debtors | 37 | 96 | |||||
| Investment income receivable |
243 | 234 | |||||
| Rent receivable | 17,450 | 20,561 | |||||
| Rent billed in advance | (15,325) | (23,820) | |||||
| Prepayments | 8,966 | 8,797 | |||||
| 10 | CREDITORS: Amounts falling due |
within | one year | 2021f | 2020 8 |
||
| Trade Creditors | 10,508 | 18,171 | |||||
| Rent received/billed in advance Other creditors and accmals |
0 13,032 ~3' |
0 12,018 |
| MOVKMKNT IN | FUN | DS | ||||
|---|---|---|---|---|---|---|
| At 1.11.20 | Net | Transfers | At31.10.21 | |||
| movement f |
f | |||||
| Restricted funds | ||||||
| Capital Endowment | fund | 2,758,819 | 285,203 | 3,044,022 | ||
| Capital recoupment | fund | 62,000 | 0 | 118,000 | 180,000 | |
| Unrestricted funds |
||||||
| Income fund | 776,907 | 96,620 | (198,000) | 675,527 | ||
| ~Dsi ggtfiLfggdg | ||||||
| -Extraordinary repair fund |
63,573 | 13,060 | 80,000 | 156,633 | ||
| -Cyclical maintenance | fund | 19,074 | 2 | 0 | 19,076 | |
| Totalfunds | 3,680,373 | 394,885 | 0 | 4,075,258 | ||
| Incoming | Resources | Movement | ||||
| resources | expended | in funds f |
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| Restricted funds | ||||||
| Capital Endowment | fund | 285,203 | 0 | 285,203 | ||
| Capital recoupment | fund | 0 | 0 | 0 | ||
| Unrestricted funds |
||||||
| Income fund | 183,190 | 86,570 | 96,620 | |||
| Des(gnatad ~fnd |
||||||
| -Extraordinary repair fund |
13,060 | 0 | 13,060 | |||
| - Cyclical maintenance | fund | 2 | 2 | |||
| Total funds | 481,455 | 86,570 | 394,885 |