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|Reference and Administrative
details||
|---|---|
|Trustees' Report|2-3|
|Independent
Examinas'
Report||
|Statement ofFinancial Activities for the year ceded 31stOctober 2022||
|Balance Sheet as at 31stOctober 2022||
|Notes to the Accounts|7-12|
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|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|
||||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|
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|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:||||||||
|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||||||||
|1 m/a 4/||R dsO'S||||||
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||STATUTORY INFORMATION|||
|---|---|---|---|
||Egremont and Somerset Almshouse
Charity isacharity registered in England
and Wales. The charity's|||
||registered number
and registered oflice address can be found in fne Trustees' Report.|||
||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|||
||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)nnd the Charities
and UK Generally Accepted Accounting
Practice as it applies fiom 1"January 2015.The financial statements||Act 2011
have|
||been prepared under the historical cost convention,
as modified by the revaluation ofinvestments.|||
||The financial
statements
have been prepmed to give a 'true and fair' view and have departed fiom the Charities|||
||(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|||
||since been withdrawn.|||
||The trustees consider that there are no material
uncertainties
about the Charity's
ability to continue as a going|||
||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.|||
||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.|||
||All expenditure
is accounted for on an accruals basis and includes inncoverable
VAT.|||
||Raising funds costs include rent collection charges, property repairs and maintenance
charges fm Glrming Farm and are|||
||recognised
in the period they relate to.|||
||Charitable expenses include the costs involved
in tbe day to day running ofthe almshouses
for the tenants.|||
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|ACCOUNTING
POLICIES (CONTINUED)||||||||
|---|---|---|---|---|---|---|---|
|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||||||||
|Fixtures and Equipment
depreciated to less thanf15have been written off||||||||
|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.||||||||
|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.||||||||
|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||||||||
|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.||||||||
|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.||||||||
|Taxatlou||||||||
|The charity is exempt fium tax on its charitable activities.||||||||
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|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||
|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||
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|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||||||||
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