| Reference and Administrative details |
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|---|---|
| Trustees' Report | 2-3 |
| Independent Examinas' Report |
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| Statement ofFinancial Activities for the year ceded 31stOctober 2022 | |
| Balance Sheet as at 31stOctober 2022 | |
| Notes to the Accounts | 7-12 |
| STATEMENT | OF | FINANCI | AL A | CTI | VITIES FO | RTHE | YEAR ENDED | 31STOCTOB | ER 2022 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Uamslrided | Uunestrkred | admnacat | Total | Total | ||||||||
| None | Fluusl | Fuade | Foads | 31/IarstR2 | 31/Is)3021 | |||||||
| (Income) | Designated) | |||||||||||
| INCOME FROak | ||||||||||||
| Donatkas | 0 | 0 | ||||||||||
| 0 | 0 | |||||||||||
| Cbarimbk aedvmll | -Rental income | 120667 | 120667 | 114492 | ||||||||
| -Ginning Farm rmns -~Income: |
12741 53283 |
2081 | 12741 55365 |
19581 44921 |
||||||||
| 2081 | 68106 | 64502 | ||||||||||
| TOTAL INCOME | 185691 | Ilml | 188773 | 178994 | ||||||||
| KXFKNDffURK ON: | ||||||||||||
| Rabkg funds | ||||||||||||
| Repairs dl Maintenance | 0 | 0 | 0 | |||||||||
| Management | - Glatting farm share | 1373 | 1373 | 1370 | ||||||||
| Arbitrator - | Glatting | Sum | 2738 | 2738 | 0 | |||||||
| Investment | management | 9360 | 9360 | 9170 | ||||||||
| laurence - | Glatting | farm | stere | 1390 | 1390 | 1424 | ||||||
| 14861 | 0 | 14861 | 11964 | |||||||||
| Cbarnablc sclMlks | ||||||||||||
| Somerset dl Egremont | Almshouses | |||||||||||
| Repairs R Mainteamue Management R consultants * |
25139 7353 |
25139 7353 |
17465 4112 |
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| Wages Warden RCleaner |
18564 | 18564 | 18334 | |||||||||
| Water Rates R Council Tax | 3990 | 3990 | 4444 | |||||||||
| Elemricity (less reooveries) | 5442 | 5442 | 3683 | |||||||||
| Gas | 15037 | 15037 | 8749 | |||||||||
| Insumnce | 6450 | 6450 | 5858 | |||||||||
| Telephone (less recoveries) | 2799 | 2799 | 2866 | |||||||||
| Geden Maintenance | 2226 | 2226 | 1996 | |||||||||
| Sundry expenditure | 4901 | 4901 | 4994 | |||||||||
| Depreciation | 4304 | 4304 | 4229 | |||||||||
| Almshouses | Association | Subscription | 242 | 242 | 246 | |||||||
| Accountancy | Charges | 5150 | 5150 | 4800 | ||||||||
| Indepmuknt | Examiners' Fee | 1980 | 1980 | 2000 | ||||||||
| 2022 eonogemeei | rmfrsks ()uieqarrmrol | Srevcy f3,230 | 103577 | 0 | 0 | 103577 | 83776 | |||||
| TOTAL EXPENDITURE | 118438 | 0 | 0 | 118438 | 9574$ | |||||||
| NET INCOME | 2081 | 0 | 71635 | $3254 | ||||||||
| Net (losses)/gains | on investmenls | -8283 | -7845 | -197263 | -213391 | 312431 | ||||||
| Net loss on sale ofGinning Farmhoum |
0 | 0 | -800 | |||||||||
| Transfers between | fimds | 13 | -60000 | 0 | 0 | 0 | ||||||
| NET MOVEMENT | IN FUNDS | -143057 | 39ems | |||||||||
| RECONCILIATION | OF FUNDS | |||||||||||
| Fund balances bmught forward |
675527 | 175709 | 3224022 | 4075258 | 3680373 | |||||||
| FUND BALANCES | CARRIED FORWARD | 675497 | 229945 | 30M759 | 39322a1 | mr)5258 |
| BALANCE SHEE | T | ASAT31STOCTOBER 2 | 022 | ||||
|---|---|---|---|---|---|---|---|
| Nates | 2081 | ||||||
| 8 | |||||||
| HXED ASSETS | |||||||
| Tangible fixed assets | |||||||
| Freehold Pmperly | 934,450 | 934,450 | |||||
| Equipment | 12,912 | 17,216 | |||||
| 947362 | 951,666 | ||||||
| Illvestnlcllts | 1,918,461 | 2,084354 | |||||
| Investment properly |
893,000 | 893,000 | |||||
| 3,758,823 | 3,929,020 | ||||||
| CURRENT ASSETS | |||||||
| Cash atBank and Clurities Depcsit Fund | 158,407 | ||||||
| Debtors and Prepayments | 11,371 | ||||||
| 194,055 | 169,778 | ||||||
| CREDITORS Amouats |
falling due within one year | ||||||
| Creditors snd Accruals | 10 | 20,677 | 23,540 | ||||
| Net Cunent AssetslUabgtdes | 173,378 | 146238 | |||||
| Net Assets | 3,932201 | 4,075258 | |||||
| ENDOWMEFW FUNDS | 13 | 3,026,759 | 3~4,022 | ||||
| UNRESTRICTED FUNDS | |||||||
| Income Funds | 13 | 675,497 | 675,527 | ||||
| Designated Funds: |
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| Exnaordinary Repairs |
Fund | 13 | 150,799 | 156,633 | |||
| Cyclical Maintenance | Fund | 13 | 79,146 | 19,076 | |||
| 175,709 | |||||||
| 3,932301 | 4,075358 | ||||||
| The Financial Statements | were approved by the Tnntees and sigaed on their behalf by: | ||||||
| ko Egremont |
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| 1 m/a 4/ | R dsO'S |
| STATUTORY INFORMATION | |||
|---|---|---|---|
| Egremont and Somerset Almshouse Charity isacharity registered in England and Wales. The charity's |
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| registered number and registered oflice address can be found in fne Trustees' Report. |
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| ACCOUNTING POLICIES | |||
| Accouating conveatioa | |||
| Tbc financial ststemmus ofthe charity, which is apublic benefit entity, have been prepared in accordance | with the | ||
| Statement of Recommended Practice: Accounting and ReportbK 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)nnd the Charities and UK Generally Accepted Accounting Practice as it applies fiom 1"January 2015.The financial statements |
Act 2011 have |
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| been prepared under the historical cost convention, as modified by the revaluation ofinvestments. |
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| The financial statements have been prepmed to give a 'true and fair' view and have departed fiom the Charities |
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| (Accounts and Reports) Regulations 2008only to the extent required to provide a 'true and fair' view. This | aperture has | ||
| involved following Accounting and Reporting by Charities preparing their accourus in accordance with the |
Financial | ||
| Reporting Standard applicable in tbe UK and Republic ofIreland (FRS102)issued in October 2019rather than the Accounting and sporting by Charities: Statement ofRecommended practice effective &om 1"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 |
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| ooncern | |||
| b. | Income | ||
| All income is recognised once the charity has entitlement to the income, it is pmbabie that the income will |
be | ||
| received and can be reliably measured. | |||
| Donations are recogrused when receivable by the charity. |
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| Rental income is included in the period that itis 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 bas been received ofthe | |||
| amount due. | |||
| Expeaditure | |||
| All liabilities are recognised as soon as there isalegal orconstructive obligation comitting the charity to |
that | ||
| expenditure and itis pmbable 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 inncoverable VAT. |
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| Raising funds costs include rent collection charges, property repairs and maintenance charges fm Glrming Farm and are |
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| recognised in the period they relate to. |
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| Charitable expenses include the costs involved in tbe day to day running ofthe almshouses for the tenants. |
| ACCOUNTING POLICIES (CONTINUED) |
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|---|---|---|---|---|---|---|---|
| Tangible Fixed Assets | |||||||
| Fixed assets whose original cost wss more than 5350have been capitalised and depreciated | over the | following periods: | |||||
| Fixtures and equipment 25%on areducing balance basis |
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| Fixtures and Equipment depreciated to less thanf15have been written off |
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| Freehold property | |||||||
| The almshouses are historic buildings and as well asbeing the fuactional properties ofthe charity |
(being | used to provide | |||||
| reduced cost acconmuxMion with the charitable deed) are also classed as historical buildings |
and hence | heritage | assets. | ||||
| Due to the uniqueness ofthe buildings avaluation in respect ofthe original pmperties is very |
difficult to | auribute | and | as such | |||
| the original values ofthe assets have been excluded fium the balance sheet on the basis that | reliable | cost | information | isnot | |||
| available snd conventional valuation sppmaches lack sufficient reliability. |
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| The value ofthe buildings included in the accounts represents impmvements undertaken to |
the buildings | since 1983. | |||||
| Since these costs sre 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 st mid-market value at the balance sheet date. All realised and umealised |
gains and losses are | taken | |||||
| to the Statement ofFinancial Activities. | |||||||
| Inveshnent property |
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| Investment properties for which fair value can be measured reliably without undue costoreffort are |
measured at fair | ||||||
| value at each reporting date with changes in firir value recognised in net gains/losses on investments |
in the Statement | of | |||||
| Financial Activities. | |||||||
| Dcbtars | |||||||
| Trade debtors are recorded at their settlement amount. Prepaymeats are valued at the prepaid |
amount at | the Balance Sheet | |||||
| date. | |||||||
| Cash atBank and In Hand | |||||||
| Cash st bank and in hand includm cash snd short term highly liquid investments with short maturity |
ofthree months or less | ||||||
| fiom the date ofacquisition or opening ofthe deposit or similar account. |
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| Credltom | |||||||
| Trade creditors and other creditors are recognised when the chariiy has apresent obligation | resulting | fiom past events | and | ||||
| can be measured or estimated reliably. Creditors are recognised at their settlement amounts. |
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| Taxatlou | |||||||
| The charity is exempt fium tax on its charitable activities. |
| INVESTMENTS | 2022 | 2021 | ||||
|---|---|---|---|---|---|---|
| Market Value at 1stNovember | 2020 | 2,084,354 | 1,736,748 | |||
| Add: Additions to investments | atcost | 45,347 | 35,175 | |||
| Less: Disposals at canying value | 0 | 0 | ||||
| Net gain/()oss) on revaluation | (211,240) | 312,431 | ||||
| Market Value at 31stOctober | 2U21 | |||||
| Comprising | ||||||
| Charities Ofgcial investment | Fund | 19,793 | 21,503 | |||
| Cbarisbare accumulation shares |
401,174 | 422,367 | ||||
| MdtG Charity Multi Asset Fuad | 1,021 | 1,049 | ||||
| Aberdeen Standard portfolio |
1,496,473 | 1,639,435 | ||||
| INVESTMENT PROPERTY | 2022 | 2021 | ||||
| 8 | ||||||
| 893,UUU | ||||||
| Glatting Farm is included at valuation, | being estimated | market value for existing use. The Trustees have reviewed | the | |||
| value at 31stOctober 2022 and | consider that value is stig reaswuhte. | |||||
| DEBTORS | 2022 | 2021 | ||||
| Trade debtors | 0 | 37 | ||||
| Investment income receivable |
288 | 243 | ||||
| Rent receivable | 20,790 | 17,450 | ||||
| Rent billed in advance | (22,508) | (15,325) | ||||
| Prepayments | 8,974 | 8,966 orrl |
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| CREDITORS: Amounts falliag duc |
witbia onc year | 2021 | ||||
| Trade Creditors | 11,426 | 10,508 | ||||
| Rent received/billed in advance |
0 | 0 | ||||
| Other creditors and accruals | 9,251 ~f877 |
13,032 |
| ANALYSIS | OF NE | T ASSE | TSBETWEE | N FUNDS | |||
|---|---|---|---|---|---|---|---|
| Tangible | Invcstmcat | Investmcats | Net currcat | ||||
| fixed | Property | assets | Total | ||||
| assets | |||||||
| 8 | |||||||
| Restricted funds | |||||||
| Capital Endowment | Fund | 303,037 | 893,000 | 1,847,664 | (16,942) | 3,026,759 | |
| Uarestrictcd | fuads | ||||||
| Income Fund | 644,325 | 0 | 31,172 | 675,497 | |||
| Designated | Funds | ||||||
| Extraordinary | Repair Fund | 70,797 | 80,002 | 150,799 | |||
| Cyclical Maintenance | Fund | 79,146 | 79,146 | ||||
| Total funds |