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|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|
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|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|
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|||Notes||2021||2020|
|---|---|---|---|---|---|---|
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|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|
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|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|||||
|registered number
and registered office address can be found in the Trustees' Report.|||||
|ACCOUNTING
POLICIKS|||||
|Accounting
convention|||||
|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|||||
|with the Financial Reporting
Standard applicable
in the UK and Republic ofIreland (FRS102)issued in October 2019|||||
|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.|||||
|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|||||
|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.|||||
|Dividends
are recognised when the dividend
has been declared and notification
has been received|ofthe||||
|amount
due.|||||
|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.|||||
|All expenditure
is accounted for on an accruals basis and includes irrecoverable
VAT.|||||
|Raising funds costs include rent collection charges, property
repairs and maintenance
charges for Glatting Fmm and are|||||
|recognised
in the period they relate to.|||||
|Charitable
expenses include the costs involved
in the day to day running ofthe almshouses
for the|tenants.||||
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|ACCOUNTING
POLICIKS (CONTINUED)||||||||
|---|---|---|---|---|---|---|---|
|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.||||||||
|b'reehold
property||||||||
|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.||||||||
|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||||||||
|Investment
properties
for which fair value can be|measured
reliably without|undue cost or effort are measured
at fair||||||
|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|||||||
|from the date ofacquisition
or opening ofthe deposit or similar account.||||||||
|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.|||||||
|Taxation||||||||
|The charity is exempt from tax on its charitable
activities.||||||||
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|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|
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||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|
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|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|
|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|
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