**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:-
- Replacement of thirteen Emergency Exit blades with Bulkheads
- Replacement of thirteen Emergency Thorn Fittings
- Asbestos annual re-inspection and recommended remedial work
- Annual boiler and cooker inspections
- Re-wiring of vacated flats
- Additional Fire Detection to the lobby & loft of Flat 47B
- Replacement & fitting of x73 Heat Sensors in Residents' flats
- Replacement of the Sub Mains relating to DB2
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)**
- CCLA Investment Seminar
- Essential Trustee Training – Stone King
- Falls Training – Medway Council
- • Anti-Social Behaviour – Almshouse Association
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
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:
- give a true and fair view of the state of the Charity's affairs as at 31 March 2022 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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:
- Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud;
- Assessment of identified fraud risk factors;
- Review of cash expenditure to confirm no evidence of personal benefit;
- Challenging assumptions and judgements made by management in its significant accounting estimates;
- Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud;
- Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business;
- Reading minutes of meetings of those charged with governance;
- Physical inspection of tangible assets;
- Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
- Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
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:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
- Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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