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2022-03-31-accounts

Charity number: 214466

The Foord Almshouses

Trustees' Report and Financial Statements For the year ended 31 March 2022

The Foord Almshouses

Contents

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent auditor's report on the financial statements 6 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 26

The Foord Almshouses

Reference and Administrative Details of the Charity, its Trustees and Advisers For the year ended 31 March 2022

Trustees

Lynne Capeling Helen Colvin Michael Bailey Brian Byers Markham Chesterfield Julie Davis Albert Pilcher Vivienne Simmonds David Angier (appointed 25 April 2021) Alex Marlow (appointed 25 April 2021)

Charity registered number

214466

Principal office

The Foord Almshouses Priestfields Rochester Kent ME1 3AF

Independent auditor

Kreston Reeves LLP Chartered Accountants Statutory Auditor Montague Place Quayside Chatham Maritime, Chatham Kent ME4 4QU

Bankers

Lloyds Bank PLC 142 High Street Chatham Kent ME4 4DQ

Investment advisors

Cazenove Capital Management Ltd 12 Moorgate London EC2R 6DA

CCLA Senator House, 85 Queen Victoria Street London EC4V 4ET

Page 1

The Foord Almshouses

Trustees' Report For the year ended 31 March 2022

The Trustees present their annual report together with the audited financial statements of the Charity for the year ended 31 March 2022.

Objectives and activities

a. Policies and objectives

The Charity's principal objective is to promote the wellbeing of all older people and to make later life a fulfilling and enjoyable experience.

The Foord Almshouses provides 73 self contained flats within a ten-acre site at Priestfields, Rochester to enable independent living for elderly residents in need.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

a. Review of activities

The Coronavirus Pandemic continued its influence throughout much of this financial year and measures previously implemented were continued and modified as appropriate.

Income from Weekly Maintenance contributions fell for the first time in many years as void periods increased.

Applications for accommodation are lower than pre pandemic levels but we understand that this is common within the Almshouse community. The Clerk has developed a network of contacts including the Council, Age Concern and other Almshouses to generate interest.

Several the empty flats were those requiring more extensive renovations which has been costly and time consuming in the current environment.

After exploring various options, we also undertook a major reconfiguration of Flat 80 to make a more suitable double residence.

Significant repairs were carried on the York Stone pathways in the Main Square, and it is accepted that this will be an ongoing task due to the nature of the feature.

Day to day maintenance and repairs that had been kept to essential and emergency works only during the height of the pandemic were extended. The following works were completed during this period:-

To ensure that there are sufficient trained staff to manage The Foord Almshouses appraisals continued to be undertaken and staff training included Asbestos Awareness, First Aid Training, Fire Awareness and Staff Fire Drills.

In addition to Staff training the Clerk and/or various Trustees attended various seminars including:

Page 2

The Foord Almshouses

Trustees' Report (continued) For the year ended 31 March 2022

Achievements and performance (continued)

Two defibrillators were purchased and have been added to the national register.

In September we were able with safety measures in place to celebrate the 75[th] Anniversary of the Almshouse Association in the Main Square with afternoon tea. Councillor Kirstine Carr attended and a band entertained.

However as last year it was agreed not to proceed with the Annual Founder’s Day Dinner in October and once again all Residents and Staff received a voucher which Trustees suggested could be used to celebrate Sir Thomas Hellyar Foord’s Birthday in the comfort and safety of their own homes.

Towards the end of the financial year, it was agreed that Trustees would resume the annual one to one meetings with Residents commencing March to get direct feedback.

b. Investment policy and performance

The Trustees invest surplus funds in such a way that (i) investment risk is kept to a minimum but an acceptable annual return is secured and (ii) sufficient funds are held in the Extraordinary Repairs Fund and Cyclical Maintenance Fund.

Investment income was up by 7% on the previous year to £94,082 but remains considerably lower than pre pandemic and Trustees do not expect a return to previous levels in the near future.

The market value of investments had increased by £322,129 as at the year end but the markets did experience volatility during the year. Due to this volatility the Trustees are mindful of the timing of cashing investments however the majority of investments are held for the long term, and we hold sufficient cash to cover all projects currently approved.

Financial review

a. Financial Summary

The total deficit for the year before transfers and gains was £6,919.

Income decreased by £13,005 to £583,359 in the year with expenditure increasing by £113,863 to £590,278. Investment income was up by 7% on the previous year to £94,082

Reserves as at 31st March 2022: General – £140,026 Unrestricted (CMF/ERF)- £1,024,485 Restricted - £2,820,669 Total Reserves - £3,985,180

Page 3

The Foord Almshouses

Trustees' Report (continued) For the year ended 31 March 2022

b. Reserves policy

It is the Trustees’ view that a sum of between £80,000 and £130,000 should be held in general reserve at any one time. The Trustees will charge weekly contributions at a level that, after receiving investment and other income, and funding the general expenditure and making appropriate contributions to the ERF and CMF in any year, the reserves at the end of the financial year are within that range. As at 31 March 2022 the closing balance on general funds of £140,026 was slightly higher than the target range but the Trustees predict this will be rectified by 31 March 2023 due to inflationary pressure on costs.

The reserves policy for the CMF is to build up a sufficient balance to meet the five-yearly external repairs and redecorations expenditure and other qualifying expenditure.

The reserves policy for the ERF is to ensure that there is a sufficient balance to meet the planned extraordinary repairs in any year and to maintain a balance of at least £6,000 per flat.

The Trustees review the reserves policy annually.

Structure, governance and management

a. Constitution

The Charity, known as Foord Almshouses, was founded by the will of Thomas Hellyar Foord proved in the Principal Registry on 1 October 1917 and regulated by a Scheme of the Charity Commissioners dated 28 June 1927. A subsequent Scheme for the administration and management was approved in 5 August 1977 as amended by Schemes dated 15 March 2000 and 27 April 2004.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Charity Commission Scheme.

c. Organisational structure and decision-making policies

The Trustees hold at least six Ordinary meetings a year at which all strategic and significant tactical decisions are taken and ratified. In addition the Buildings Sub Committee and Financial & Personnel Sub-Committee each meet twice per year.

Currently all Trustees sit on both these Committees.

d. Risk management

The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

As per the rolling 10-year programme for both Cyclical and Extraordinary Maintenance works the Trustees intend to commence Phase 1 of the 5 yearly external refurbishments in Summer 2022.

Having obtained Listed Building consent, we will be commencing on a trial of the installation of secondary double glazing initially to remedy drafts caused by the easing of windows with paint build up and in the long term to reduce energy consumption.

The Trustees have no plans to extend activities by increasing the number of accommodation units.

Page 4

The Foord Almshouses

Trustees' Report (continued) For the year ended 31 March 2022

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its income and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 7 November 2022 and signed on their behalf by:

Brian Byers Trustee

Helen Colvin Trustee

Page 5

The Foord Almshouses

Independent Auditor's Report to the Trustees of The Foord Almshouses

Opinion

We have audited the financial statements of The Foord Almshouses (the 'Charity') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6

The Foord Almshouses

Independent Auditor's Report to the Trustees of The Foord Almshouses (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement set out on page 5, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

Page 7

The Foord Almshouses

Independent Auditor's Report to the Trustees of The Foord Almshouses (continued)

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the Charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to health and safety, safeguarding and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019) and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to: posting inappropriate journal entries to increase income or reduce expenditure; and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

Page 8

The Foord Almshouses

Independent Auditor's Report to the Trustees of The Foord Almshouses (continued)

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Chartered Accountants Statutory Auditor

Chatham Maritime

21 November 2022

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 9

The Foord Almshouses

Statement of financial activities For the year ended 31 March 2022

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
Total expenditure
Net (expenditure)/income before net
gains on investments
Net gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Restricted
funds
2022
£
-
-
-
-
-
-
-
-
222,389
222,389
2,598,280
222,389
2,820,669		 Unrestricted
funds
2022
£
-
489,277
94,082
583,359
11,498
578,780
590,278
(6,919)
101,010
94,091
1,070,420
94,091
1,164,511		 Total
funds
2022
£
-
489,277
94,082
583,359
11,498
578,780
590,278
(6,919)
323,399
316,480
3,668,700
316,480
3,985,180		 Total
funds
2021
£
35
508,543
87,786
596,364
10,298
466,117
476,415
119,949
556,515
676,464
2,992,236
676,464
3,668,700

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 13 to 26 form part of these financial statements.

Page 10

The Foord Almshouses

Balance Sheet As at 31 March 2022

Note
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total net assets
Charity funds
Restricted funds
13
Unrestricted funds
13
Total funds		 13,314
361,456
374,770
(109,099)		 2022
£
2
3,719,507
3,719,509
265,671
3,985,180
2,820,669
1,164,511
3,985,180		 13,481
299,458
312,939
(41,619)		 2021
£
2
3,397,378
3,397,380
271,320
3,668,700
2,598,280
1,070,420
3,668,700

The financial statements were approved and authorised for issue by the Trustees on 07 November 2022 and signed on their behalf by:

Brian Byers Trustee

Helen Colvin Trustee

The notes on pages 13 to 26 form part of these financial statements.

Page 11

The Foord Almshouses

Statement of Cash Flows For the year ended 31 March 2022

Cash flows from operating activities
Net cash used in operating activities (note 16)
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale of investments
Purchase of investments
Profit/Loss from sale of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2022
£
(33,354)
94,082
191,746
(193,925)
3,449
95,352
61,998
299,458
361,456		 2021
£
43,301
87,786
246,288
(238,735)
-
95,339
138,640
160,818
299,458

The notes on pages 13 to 26 form part of these financial statements

Page 12

The Foord Almshouses

Notes to the Financial Statements For the year ended 31 March 2022

1. General information

Foord Almshouses is a registered charity, number 214466, and is constituted under a Trust deed. The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity's operations and principal objective are set out on page 2 of these financial statements.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Foord Almshouses meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 13

The Foord Almshouses

Notes to the Financial Statements For the year ended 31 March 2022

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.

All expenditure is inclusive of irrecoverable VAT.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets comprise the freehold properties of the Almshouses and electrical installations, which are each included at a nominal value of £2. The actual cost of these assets is unknown.

The cost of furniture and equipment has been charged to the Statement of financial activities on acquisition.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of the fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Net gains on investments’ in the Statement of financial activities.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 14

The Foord Almshouses

Notes to the Financial Statements For the year ended 31 March 2022

2. Accounting policies (continued)

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.11 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.12 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 15

The Foord Almshouses

Notes to the Financial Statements For the year ended 31 March 2022

3. Income from donations and legacies

Donations
Total 2021
Income from charitable activities
Weekly charges
Visitors' flats
Lunches (net)
Total 2021
Investment income
Income from listed investments
Total 2021		 Unrestricted
funds
2022
£
-
35
Unrestricted
funds
2022
£
485,606
1,544
2,127
489,277
508,543
Unrestricted
funds
2022
£
94,082
87,786		 Total
funds
2022
£
-
35
Total
funds
2022
£
485,606
1,544
2,127
489,277
508,543
Total
funds
2022
£
94,082
87,786		 Total
funds
2021
£
35
Total
funds
2021
£
506,194
366
1,983
508,543
Total
funds
2021
£
87,786

4. Income from charitable activities

5. Investment income

Page 16

The Foord Almshouses

Notes to the Financial Statements For the year ended 31 March 2022

6. Investment management costs

Investment management fees
Total 2021		 Unrestricted
funds
2022
£
11,498
10,298		 Total
funds
2022
£
11,498
10,298		 Total
funds
2021
£
10,298

7. Analysis of expenditure by activities

Direct costs
Total 2021		 Activities
undertaken
directly
2022
£
574,622
462,057		 Support
costs
2022
£
4,158
4,060		 Total
funds
2022
£
578,780
466,117		 Total
funds
2021
£
466,117

Analysis of direct costs

Staff costs
Lifeline
Repairs and renewals
Gas
Electricity
Water rates
Insurance
Telephone
General expenses
Surveyors' fees
Founders day dinner
Garden contractors
Professional fees
Total 2021		 Activities
2022
£
145,478
27,727
228,148
54,409
20,105
15,462
15,290
2,464
13,133
15,955
3,170
31,913
1,368
574,622
462,057		 Total
funds
2022
£
145,478
27,727
228,148
54,409
20,105
15,462
15,290
2,464
13,133
15,955
3,170
31,913
1,368
574,622
462,057		 Total
funds
2021
£
147,747
22,108
135,971
54,006
16,939
15,421
15,141
3,619
8,601
11,809
2,035
27,292
1,368
462,057

Total 2021

Page 17

The Foord Almshouses

Notes to the Financial Statements For the year ended 31 March 2022

7. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Analysis of support costs

Auditors' remuneration
Total 2021		 Activities
2022
£
4,158
4,060		 Total
funds
2022
£
4,158
4,060		 Total
funds
2021
£
4,060

8. Staff costs

Wages and salaries
Social security costs
Pension costs		 2022
£
140,258
3,240
1,980
145,478		 2021
£
142,308
3,415
2,024
147,747

The average number of persons employed by the Charity during the year was as follows:

2022 2021
No. No.
11 12

The average headcount expressed as full-time equivalents was:

2022 2021
No. No.
7 7

No employee received remuneration amounting to more than £60,000 in either year.

Remuneration and benefits received by key management personnel during the year amounted to £69,273 (2021: £67,777).

During the year ended 31 March 2022, no Trustee expenses have been incurred (2021: £Nil).

Page 18

The Foord Almshouses

Notes to the Financial Statements
For the year ended 31 March 2022
9.
Tangible fixed assets
Cost or valuation
At 1 April 2021
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
10.
Fixed asset investments
Cost or valuation
At 1 April 2021
Additions
Disposals
Revaluations
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Freehold
property
£
2
2
2
2
Listed
investments
£
3,397,378
193,925
(191,746)
319,950
3,719,507
3,719,507
3,397,378

Investments at market value comprise listed investments of £3,719,507 (2021: £3,397,378), all held in the UK.

Page 19

The Foord Almshouses

Notes to the Financial Statements For the year ended 31 March 2022

11. Debtors

Due within one year
Other debtors
Prepayments and accrued income		 2022
£
247
13,067
13,314		 2021
£
1,091
12,390
13,481

12. Creditors: Amounts falling due within one year

Other taxation and social security
Accruals and deferred income		 2022
£
-
109,099
109,099		 2021
£
3,596
38,023
41,619

Page 20

The Foord Almshouses

Notes to the Financial Statements For the year ended 31 March 2022

13. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Cyclical
maintenance
funds
Extraordinary
repairs fund
General funds
Income and
expenditure
account
Total
Unrestricted
funds
Restricted
funds
Capital fund
Total of funds		 Balance at 1
April 2021
£
140,781
786,694
927,475
142,945
1,070,420
2,598,280
3,668,700		 Income
£
-
-
-
583,359
583,359
-
583,359		 Expenditure
£
(6,769)
(74,521)
(81,290)
(508,988)
(590,278)
-
(590,278)		 Transfers
in/out
£
67,769
9,521
77,290
(77,290)
-
-
-		 Gains/
(Losses)
£
9,522
91,488
101,010
-
101,010
222,389
323,399		 Balance at
31 March
2022
£
211,303
813,182
1,024,485
140,026
1,164,511
2,820,669
3,985,180

Designated funds

Both the cyclical maintenance fund and the extraordinary repairs fund comprise the market value of some of the investments held by the Charity, plus monies held within the Broker's accounts. These funds are designated for the purpose of ensuring that the Charity has funds available in order to conduct both cyclical and extraordinary repair works as and when the need for them arises.

Restricted funds

The restricted capital fund is comprised of the remainder of the investments held by the Charity that are not designated balances.

Page 21

The Foord Almshouses

Notes to the Financial Statements For the year ended 31 March 2022

13. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Cyclical
maintenance
funds
Extraordinary
repairs fund
General funds
Income and
expenditure
account
Total
Unrestricted
funds
Restricted
funds
Capital fund
Total of funds		 Balance at
1 April 2020
£
76,585
629,687
706,272
Balance at
1 April 2020
£
87,995
794,267
2,197,969
2,992,236		 Income
£
-
-
-
Income
£
596,364
596,364
-
596,364		 Expenditure
£
(2,650)
(39,250)
(41,900)
Expenditure
£
(434,515)
(476,415)
-
(476,415)		 Transfers
in/out
£
67,650
39,249
106,899
Transfers
in/out
£
(106,899)
-
-
-		 Gains/
(Losses)
£
(804)
157,008
156,204
Gains/
(Losses)
£
-
156,204
400,311
556,515		 Balance at
31 March
2021
£
140,781
786,694
927,475
Balance at
31 March
2021
£
142,945
1,070,420
2,598,280
3,668,700

Page 22

The Foord Almshouses

Notes to the Financial Statements For the year ended 31 March 2022

14. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Restricted funds		 Balance at 1
April 2021
£
927,475
142,945
2,598,280
3,668,700		 Income
£
-
583,359
-
583,359
Income
£
-
596,364
-
596,364		 Expenditure
£
(81,290)
(508,988)
-
(590,278)
Expenditure
£
(41,900)
(434,515)
-
(476,415)		 Transfers
in/out
£
77,290
(77,290)
-
-
Transfers
in/out
£
106,899
(106,899)
-
-		 Gains/
(Losses)
£
101,010
-
222,389
323,399
Gains/
(Losses)
£
156,204
-
400,311
556,515		 Balance at
31 March
2022
£
1,024,485
140,026
2,820,669
3,985,180
Balance at
31 March
2021
£
927,475
142,945
2,598,280
Summary of funds - prior year
Designated
funds
General funds
Restricted funds		 Balance at
1 April 2020
£
706,272
87,995
2,197,969
2,992,236
3,668,700

Page 23

The Foord Almshouses

Notes to the Financial Statements For the year ended 31 March 2022

15. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total
Analysis of net assets between funds - prior year
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Restricted
funds
2022
£
-
2,768,022
52,647
-
2,820,669
Restricted
funds
2021
£
-
2,546,903
51,377
-
2,598,280		 Unrestricted
funds
2022
£
2
951,485
322,123
(109,099)
1,164,511
Unrestricted
funds
2021
£
2
850,475
261,562
(41,619)
1,070,420		 Total
funds
2022
£
2
3,719,507
374,770
(109,099)
3,985,180
Total
funds
2021
£
2
3,397,378
312,939
(41,619)
3,668,700

Page 24

The Foord Almshouses

Notes to the Financial Statements For the year ended 31 March 2022

16. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Gains on investments
Dividends and interest from investments
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by/(used in) operating activities
17.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
18.
Analysis of changes in net debt
At 1 April
2021
£
Cash at bank and in hand
299,458
299,458		 2022
£
316,480
(323,399)
(94,082)
167
67,480
(33,354)
2022
£
361,456
361,456
Cash flows
£
61,998
61,998		 2021
£
676,464
(556,514)
(87,786)
(250)
11,387
43,301
2021
£
299,458
299,458
At 31 March
2022
£
361,456
361,456

Page 25

The Foord Almshouses

Notes to the Financial Statements For the year ended 31 March 2022

19. Pension commitments

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £1,980 (2021 - £2,024). As at 31 March 2022, contributions of £Nil were payable to the scheme (2021: £399).

20. Related party transactions

There have been no related party transactions during the financial year (2021: £Nil). As at 31 March 2022, there are no balances outstanding with any related parties (2021: £Nil).

21. Charity protection policy

The Trustees have purchased a charity protection policy.

Page 26