Registered charity number 214397 ## **The Thomas Fryer Almshouses Charity (“the Charity”)** ## **Trustees Report for the year ended 31 March 2021** The trustees present their annual report and accounts and confirm that they comply with the requirements of The Charities (Accounts & Reports) Regulations 2008 and SORP (FRS 102). ## **Aims** The Charity operates in accordance with the 1980 Declaration of Trust, as amended by the Charities Commission in 1991, to provide housing for the poor and needy of Rutland. ## **Objectives** In setting objectives and planning activities for the year ahead the trustees give careful consideration to the following key aims: - appropriateness and circumstances of applicants residing in the Charities properties - rental income - costs of maintenance and improvement to retain the properties in good and saleable order - reserves and Almshouses Association borrowing facilities to facilitate purchase of additional properties. ## **Review of the year** It has been a satisfactory year although, following the sale of one of its’ properties, rental income decreased by £2,340 to £24,864. After several years of relatively high expenditure to modernise all properties, they are currently in good condition and no major repairs were required. All other expenditures remained broadly constant and as a result, the net surplus on ordinary activities increased to £19,086 (2020: £13,092) for the year ended 31 March 2021. The Charity currently owns five freehold properties and is in a sound financial position with total liquid assets amounting to £240,000 at the year end. The annual installment of £4,200 was paid to the Almshouse Association with £16,800 due to be paid over the next four years. The Trustees believe that the open market value of the five current properties is not less than £800,000 and are seeking to acquire additional properties in locations within Rutland, close to retail, leisure and medical facilities. ## **Governance and management** The Trustees give of their time freely and are responsible for the overall strategy and control of the Charity, meeting at least twice a year. The Clerk to the Trustees is paid a nominal salary of £2,500 per annum and is responsible for communications with the tenants and the day to day management of the properties. He also keeps the financial records from which the treasurer prepares the annual accounts. ## **Risk Management** The main risks identified by the Trustees and plans to mitigate these risks are: - ability to identify and attract suitable tenants meeting the criteria of the Charity. We have enlarged the geographical remit of the Charity - properties remain vacant for extended periods. The trustees are conservative in estimates of future rentals and incorporate a "voids provision" of 8% when preparing annual budgets. When seeking a new tenant they advertise widely in local media and use their extensive local network - condition of property for comfort and safety of tenants and to preserve market value. The Chairman and Clerk to the Trustees regularly inspect the properties and recommend to the Trustees a programme of future repairs or investments. Technical checks are carried out to ensure compliance with health and safety legislation - accidental damage and third-party risk. Full insurances are maintained. The Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that our review and procedures can only provide reasonable but not absolute assurance that major risks have been adequately managed. ## **Trustees** New trustees are appointed by existing trustees and are identified to ensure a broad and diverse range of skills and experience. Trustees are preferred to live and understand the Rutland area and we seek to ensure the following backgrounds are represented: - Legal - property management - finance/accounting - at least one female and one male trustee. The trustees that served during the year are as follows: Robin Riddington (Chairman) Ruth Blinch Barbara Camp (resigned December 2020) Geoffrey Graves John Reeve (appointed February 2021) Philip Robson Vyvian Wainwright Ian Blackburn (Treasurer). John Allman is the Clerk to the Trustees. The Trustees declare that they approved the Trustees Report and the Accounts for the year ended 31 March 2021 set out below on 19 October 2021. Signed on behalf of the Charity trustees: Robin Riddington Ian Blackburn Chairman Treasurer 19 October 2021 |**Income & Expenditure account**|**Income & Expenditure account**||||||| |---|---|---|---|---|---|---|---| |Years ended 31 March||2021|2021
|2020||2020|| ||Notes|£|£
||£||£| |Income:|||||||| |Rental
|2||24,864|27,204|||| |Interest & dividends|||917||||706| |Other income
|||50|||0|| |Total income||25,831||27,910|||| |Expenditures:|||||||| |Repairs & maintenance||4||2,721||10,495|| |Management fees||2,500|||2,500||| |Sundry expenses||345||312|||| |Insurance||971|||1,024||| |Professional fees
|5||208||487||| |Total expenditure||(6,745)||(14,818)|||| |Net surplus on ordinary activities||||19,086|||| |13,092|||||||| |Exceptional proft on sale of property|||||0
||| |136,945|||||||| |Total surplus for the year||||19,086
|||| |150,037|||||||| |**Balance Sheets**|||||||| |As at 31 March||2021|2021
|2020|||2020| |||£|£
||£||£| |Tangible fxed assets:|||||||| |Freehold properties
|2|||382,847|||| |382,847|||||||| |Current assets:|||||||| |Cash at bank
|3|235,357||219,964|||| |Premium bonds|||5,100||||5,050| |||240,457||225,014|||| |Current liabilities:|||||||| |Almshouse Assn loan||4,200|||4,200||| |Accruals||557||||0|| |||(4,757)|||(4,200)||| Current assets less current liabilities 235,700 220,814 Long term creditors: Almshouse Assn loan (12,600) (16,800) **Net assets 605,947 586.861** Permanent endowment Brought forward 1 April 586,861 586,861 Surplus for year 19,086 150,037 Carried forward 31 March **605,947 586,861 Statement of Cash Flows** Years ended 31 March 2021 2020 £ £ Net cash generated by normal operations 18,119 12,386 Change in working capital 577 (141) Total cash generated by normal operations 18,696 12,245 Income from financing activities 967 706 Proceeds from property sale 0 164,945 Repayment of borrowings (4,200) (4,200) Change in cash in reporting period 15,463 173,696 Cash at 1 April 219,964 46,268 **Cash at 31 March 235,427 219,964** ## **Notes to the Accounts** 1. The estate of Thomas Fryer established the Thomas Fryer Almshouses Charity in order to provide housing for the poor and needy of Manton and Hambleton. The Charity is governed by the Charities Commission who has since granted permission for the geographical area to be extended to the whole of Rutland. 2. Properties are disclosed at original cost less grants received. Residents are required to pay a market value rent but encouraged to seek Housing Benefit from Rutland County Council. In the event that residents suffer financial hardship the Trustees will use their discretion to reduce rent to below market rates. The current portfolio of freehold properties and rent received in the year comprise: |St John St., Oakham
18
20
26
28
Priory Rd., Manton
1
2

Total
|2021
£
4,411
5,072
5,241
4,940
0
5,200
24,864|2020
£
4,914
5,470
5,914
4,990
820

|(Sold 19 December 2020)
5,096
27,204| |---|---|---|---| The trustees are of the opinion that the current market value of the properties is not less than £800,000. 3. Cash at bank represents £10,111 at Lloyds Bank, £207,430 deposited with Shawbrook (The Charities Foundation Aid bank) and £17,749 and £76 in Charities Deposit Funds for the Cyclical Maintenance Fund and Emergency Repair Fund respectively. 4. Repairs and maintenance comprises all internal and external costs incurred to keep the properties in good and habitable condition. Capital improvements are written off to repairs and maintenance in the year in which they are incurred. 5. Professional fees include subscriptions and donations to Almshouse Association.