2020-12-31-accounts - The Spalding Almshouse Charity

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THE SPALDING ALMSHOUSE CHARITY CHARITY COMMISSION REGISTERED NO. 220077

STATEMENT OF ACCOUNTS

for the year ended 31 December 2020

Administered by

THE SPALDING TOWN HUSBANDS

THE SPALDING ALMSHOUSE CHARITY

CHARITY INFORMATION

Registered Address 12 Broad Street, Spalding, Lincs., PE11 1TB. Tel: 01775 768774 Clerk Mr P.W. Skells Deputy Clerk Mrs R. Inglis Administrator Mrs T. Griggs Co-optative Trustees (appointed under Mr R. Hancox (Chairman) the Scheme for five-year terms by the Mr D.A.J. Gratton (Vice-Chairman since 1 April 2020) Trustees) Mr G.C.M. Adams Rev. J. Bennett Mrs D. Clay Mrs P.G. Keeling M.B.E ,D.L. Mr J.H.P. Lister Mr C.R.M. Longstaff Mr R.A. Knipe Mrs B.K. Ruysen Dr. A. Stone (Appointed 2 September 2020)

Nominative Trustees (appointed under the Scheme by the South Holland District Council for four-year terms)

Bankers

Cllr. A.M. Newton Cllr. E Sneath Lloyds Bank Plc, Hall Place, Spalding, Lincs., PE11 1SF.

Independent Examiner K.J. Maggs B.A., F.C.A. Moore Thompson, Chartered Accountants, Bank House, Broad Street, Spalding, Lincs., PE11 1TB.

Page 1

THE SPALDING ALMSHOUSE CHARITY

TRUSTEES REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their report and accounts for the year ended 31 December 2020.

Governance and Management

The Scheme - The Spalding Almshouse Charity is regulated by a scheme of the Charity Commissioners of 13 August 1971 as varied from time to time; registered number 220077.

Trustees – The Charity is administered by Trustees known as the Spalding Town Husbands. Particulars of the Trustees and their method of appointment are set out on page 1, together with the address of the Charity’s registered office. On appointment, Trustees are provided with a detailed information pack which covers all aspects of the Charity, its constitution, assets and day to day management. The Trustees consider the information is sufficient for the appointee to be in a position to act in such capacity. The Trustees meet on a quarterly basis, and at other times if the need arises. The Charity is managed on a day to day basis by the Clerk, the Deputy Clerk and the Administrator in consultation, when necessary, with the Chairman. Alms people have ready access to the Clerk, the Deputy Clerk and the Administrator should the need arise.

At the Annual General Meeting in March 2020, Mr. R. Hancox was re-appointed as Chairman of the Trustees and Mr. D.A.J. Gratton was appointed as Vice-Chairman in place of Mr J. H. P. Lister who had indicated that he did not wish to continue in the role. Dr. A. Stone was appointed as a CoOptative Trustee in place of Dr. S. Corlett who resigned in the previous year.

Risk Management - The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the management of its investments and finances, and are satisfied that the policies and systems in place sufficiently manage its exposure to those risks.

Related Party - The Charity is connected with the Spalding Relief in Need Charity, which is also administered by the Spalding Town Husbands under the Scheme.

Objectives and Activities

Objects - The Trustees' objects are to provide almshouses for the benefit of alms people.

Aims - The Trustees' aims are to maintain the Charity's almshouses to a high standard and to increase the stock of almshouses when resources permit.

Alms people - To be selected as such, almshouse people are required under the terms of the Scheme to have been residing in the area of benefit and to be poor persons or (in the case of not less than eight almshouses) poor aged persons.

Area of Benefit - This is defined within the Scheme as the District of South Holland in the County of Lincolnshire, with a preference for the area comprising the Urban District Council of Spalding as constituted on 13th August 1971 and the Parishes of Cowbit, Deeping St. Nicholas, Pinchbeck and Weston, in the County of Lincolnshire.

The Trustees consider that the objectives and activities of the Charity are in accordance with the Charity Commission's general guidance on public benefit.

Page 2

THE SPALDING ALMSHOUSE CHARITY

TRUSTEES REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

Summary of Main Achievements and Events

The main factor affecting the Charity during the year was the COVID 19 pandemic. The office staff have continued to run the Charity, although for parts of the year they have worked from home. Almshouse residents have been encouraged not to personally visit the office, but have been given advice by letter and telephone. All essential repairs and maintenance have been carried out within the Covid restrictions, but some non-urgent works have been deferred.

It was not possible to arrange any social events this year. The funds thereby saved were used to make an additional Christmas grant of £30 to each resident on top of the £30 grant made by the Spalding Relief in Need Charity.

The trustees meetings in June, September and December were held on Zoom.

During the year, three almshouse vacancies occurred and new beneficiaries were appointed to fill the vacancies.

The Quinquennial inspection of all almshouses was carried out in the summer by Mr. David Evans FRICS. No serious problems were revealed, but a number of minor repairs and maintenance issues are being dealt with. Minor subsidence cracking was identifies at two of the Winsover Road almshouses and a structural engineer has been instructed to investigate further.

During the summer the former wardens' almshouse at Bowditch Road became vacant after the death of Mr. Trevor Evans. It was decided to divide the main bungalow and the guest annexe into two separate units and an application for planning permission was made and granted in December.

At their December meeting the Trustees decided to investigate the possibility of increasing the portfolio of almshouses either by building new ones or buying existing properties. Enquiries are to be made of local property developers.

Financial Review

General Fund and Reserve Funds – The weekly maintenance contributions from alms people and the income from investments forming part of the Endowment Fund are credited to a General Fund.

The General Fund is an unrestricted fund, the main purposes of which are to defray routine maintenance expenses and to meet other costs incurred in the management of the almshouses (note 3).

In setting the weekly maintenance contributions, the Trustees budget for the cost of maintenance of the almshouses in accordance with recommendations made by the National Almshouses Association. The recommendations are for an amount to be included for the cost of routine maintenance and this is credited to the General Fund, and for further amounts to be included for the costs of extraordinary repairs and cyclical maintenance and these are transferred to two reserve accounts, namely, an Extraordinary Repair Fund and a Cyclical Maintenance Fund. The Extraordinary Repair Fund and the Cyclical Maintenance Fund are also unrestricted funds the main purposes of which are explained in note 11. The full details of the three unrestricted funds are given in such note.

Page 3

THE SPALDING ALMSHOUSE CHARITY

TRUSTEES REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

Financial Review (continued)

During the year, maintenance and repair costs amounted to £73,066 (2019 - £101,677), of which £42,430 was met from the General Fund, £28,367 was met from the Cyclical Maintenance Fund and £2,269 was met from the Extraordinary Repair Fund.

The Trustees decided that various increases in the weekly maintenance contributions should be implemented in the year 2021 in accordance with the existing schedule of planned increases. The Trustees formed a Committee to conduct a review of the relationship of the WMC to Local Housing Allowance and to consider whether the WMC should be increased in line with the LHA. The Committee reported back to the December Trustees' meeting when, after some lengthy discussion it was decided to defer any decision on this point until the possibility of acquiring additional almshouses has been investigated.

During the year, the Charity has received unrestricted funds of £218,991 (2019 - £219,554). After expenditure, net incoming unrestricted funds amounted to £64,378 (2019 - £42,737). The level of unrestricted funds at the year end amounted to £445,290 (2019 – £393,611), of which the General Fund represented £106,168 (2019 - £115,538), the Extraordinary Repair Fund represented £226,280 (2019 - £189,600) and the Cyclical Maintenance Fund represented £112,842 (2019 - £88,473).

Restricted Fund – During the year, the Charity has received restricted funds of £3 (2019 - £7). The full details of the Restricted Fund appear in note 10.

Endowment Fund – The level of the Endowment Fund at the year end amounted to £709,015 (2019 - £694,912). The full details of the Endowment Fund appear in note 9.

Investments – Investment of the Endowment Fund and the Extraordinary Repair Fund is under the direct control of the Trustees. Common Investment Funds are currently the Trustees’ preferred investment vehicle for surplus cash in such funds as they are specifically designed for charities and therefore manage the risks inherent in the investment markets.

The value of the Charity's investments fell significantly in the first quarter of the year in line with the market fall caused by the COVID 19 pandemic. The Trustees reviewed the situation and decided to retain the investments in the hope that this would be a temporary reduction and on the basis that there was no need to realise any investments in the immediate future. By the end of the year the investments had almost recovered to pre COVID levels.

BY ORDER OF THE TRUSTEES

P.W. Skells Clerk.

Dated: 22 March 2021

Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE

THE SPALDING ALMSHOUSE CHARITY

I report to the trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 6 to 18.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Dated: 22 March 2021.

K.J. Maggs B.A., F.C.A. MOORE THOMPSON Chartered Accountants Spalding

Page 5

THE SPALDING ALMSHOUSE CHARITY

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

Note	Unrestricted Funds £ 72 15,730	Restricted Fund £ - 3	Restricted Fund £ - 3	Endowment Fund £ - -	Endowment Fund £ - -
2 3 3 3 3 5 11 11
	15,802 203,189		3 -		- -	15,805 203,189	15,410 204,151
	218,991		3		-	218,994	219,561
	79,440 40,788 28,367 2,269 4,038		- - - - -		- - - - -	79,440 40,788 28,367 2,269 4,038	75,986 39,657 58,195 3,250 3,180
	154,902		-		-	154,902	180,268
	289 64,378 (12,699)		- 3 12,699		14,103 14,103 -	14,392 78,484 -	44,611 83,904 -
	51,679 393,611	12,702 3,062,893			14,103 694,912	78,484 4,151,416	83,904 4,067,512
	445,290	3,075,595			709,015	4,229,900	4,151,416
	Note 11	Note 10		Note 9

The notes on pages 8 to 18 form a part of these accounts

Page 6

THE SPALDING ALMSHOUSE CHARITY

BALANCE SHEET

AT 31 DECEMBER 2020

Note	£ £ 3,370,402 519,207 3,889,609 373,937 3,698 - 13,114 390,749 14,021 14,021 376,728 4,266,337 36,437 4,229,900 709,015 3,075,595 3,784,610 445,290 4,229,900 2020	£ £ 3,370,402 519,207 3,889,609 373,937 3,698 - 13,114 390,749 14,021 14,021 376,728 4,266,337 36,437 4,229,900 709,015 3,075,595 3,784,610 445,290 4,229,900 2020	£ £ 3,370,402 401,969 3,772,371 315,608 3,636 849 109,057 429,150 12,293 12,293 416,857 4,189,228 37,812 4,151,416 694,912 3,062,893 3,757,805 393,611 4,151,416 2019	£ £ 3,370,402 401,969 3,772,371 315,608 3,636 849 109,057 429,150 12,293 12,293 416,857 4,189,228 37,812 4,151,416 694,912 3,062,893 3,757,805 393,611 4,151,416 2019
4 5 6 7 8 9 10 11
		3,889,609 376,728		3,772,371 416,857
	390,749 14,021		429,150 12,293
	14,021 709,015 3,075,595		12,293 694,912 3,062,893
		4,266,337 36,437		4,189,228 37,812
		4,229,900		4,151,416
		4,229,900		4,151,416
	3,784,610 445,290		3,757,805 393,611

The financial statements on pages 6 to 17 were approved by the Trustees on 22 March 2021 and signed on their behalf by:

Mr R. Hancox Trustee

Mr D.A.J. Gratton Trustee

The notes on pages 8 to 18 form a part of these accounts

Page 7

THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

The abbreviations ''E.R.F.'' and ''C.M.F.'' as used in these notes mean respectively the Extraordinary Repair Fund and the Cyclical Maintenance Fund particulars of which are given in note 11.

1. Accounting Policies

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(a) Basis of preparation of financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity.

(b) Funds

Unrestricted funds 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.

The Restricted Fund represents those assets which have been designated for a specific purpose (see note 10).

The Endowment Fund represents those assets which must be held permanently by the Charity (see note 9).

The Endowment Fund and the Restricted Fund are represented principally by investments and almshouses. Any capital gains or losses arising on the investments or almshouses fall to be treated as part of the fund of which they form part. Endowment Fund income can be used in furtherance of the general objectives of the Charity and is included as unrestricted income.

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Investment income is recognised in the accounts when the amount can be measured reliably and the Charity's right to receive payment is established.

Legacies are recognised in the financial statements at the earlier of receipt or communication from the personal representatives of the estate advising that a payment of the legacy will be made, or that property bequeathed will be transferred. Where a legacy has conditions associated with the payment then the bequest is only recognised when all conditions have been met.

Page 8

THE SPALDING ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

1. Accounting Policies (continued)

(d) Weekly Maintenance Contributions

Weekly maintenance contributions from almspeople include the cost of routine maintenance of the almshouses belonging to the Charity and the amounts transferred to the E.R.F. and the C.M.F., all of which are determined in accordance with guidance and regulations issued by the National Almshouses Association.

(e) Expenditure recognition

Expenditure is accounted for gross on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Charitable activities expenditure include all resources applied by the Charity in undertaking its charitable objectives as opposed to support costs.

(f) Almshouses

The almshouses belonging to the Charity have been included at the valuations detailed in note 4.

The almshouses are functional assets of the Charity in the furtherance of its objects, but are not depreciated on the grounds provision is made within the E.R.F. and the C.M.F. to ensure that the residual value is not materially lower than the carrying value.

(g) Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h) Investments

Quoted investments are shown at their fair value at the balance sheet date (see note 5). Any movement in their fair value is recognised in the SoFA.

(i) Resources expended

Charitable activities include all resources applied by the Charity in undertaking its charitable objectives as opposed to governance costs. They are the resources expended in managing the almshouses.

(h) Going Concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, which is sufficient with the level of reserves of the Charity to be able to continue as a going concern.

Page 9

THE SPALDING ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

Unrestricted Funds £ 2,681 1,733 6,487 1,153 135	Restricted Funds £ - - - - -	2020 Total £ 2,681 1,733 6,487 1,153 135	2019 Total £ 3,386 1,733 6,358 963 296
12,189	-	12,189	12,736
-	3	3	7
246	-	246	530
794 1,157 895 162 - 26	- - - - - -	794 1,157 895 162 - 26	1,119 - - 193 259 39
3,034	-	3,034	1,610
261	-	261	527
15,730	3	15,733	15,410

Page 10

THE SPALDING ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

3. Almshouse Management Account

£ £ WEEKLY MAINTENANCE CONTRIBUTIONS 203,189 EXPENDITURE Direct almshouse costs Routine maintenance 42,430 Telephone and Lifeline service 15,206 Water and sewerage charges 21,804 79,440 Support costs Clerks' remuneration 30,810 Clerks' office expenses 1,500 National Almshouses Association 418 Comprehensive insurance 5,241 Advertising 383 Sundry expenses 477 1,959 40,788 Other expenditure Bad debts 810 Accountants fees 3,228 4,038 124,266 78,923 Excess of income over expenditure before provision for cyclical maintenance and extraordinary repairs (see note 11) 2020 Donation - Spalding Relief in Need Charity	£ £ 204,151 40,232 14,750 21,004 75,986 30,150 1,500 40 5,113 161 2,693 - 39,657 - 3,180 3,180 118,823 85,328 2019	£ £ 204,151 40,232 14,750 21,004 75,986 30,150 1,500 40 5,113 161 2,693 - 39,657 - 3,180 3,180 118,823 85,328 2019
42,430 15,206 21,804		40,232 14,750 21,004
79,440 40,788 4,038		75,986 39,657 3,180
	- 3,180

124,266		118,823
78,923		85,328

During the year, no remuneration was paid to any of the Trustees.

Travel expenses were re-imbursed to the following Trustee and Clerk for their attendance at various National Almshouse Association meetings and conferences:

R.A. Knipe P.W. Skells		2020 £ 166 -		2,019 £ 267 112
		166		379

Related party transaction

The Spalding Relief in Need Charity is under the control of a common Board of Trustees.

Page 11

THE SPALDING ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

2020 Units 1 4 2 6 2 16 2 12 1 10 10 1	2019 Units 1 4 2 6 2 16 2 12 1 10 10 1
67 2 2	67 2 2	3,229,402 66,000 75,000	3,229,402 66,000 75,000
4	4	141,000	141,000
71	71	3,370,402	3,370,402

A Properties are recorded at valuation as prepared by Messrs Munton & Russell in January 1995 in accordance with guide lines issued by the Royal Institute of Chartered Surveyors.
B Properties are valued at cost.
C Properties were valued, as above in A , in January 1995 at a value of £201,000. The value was increased by the cost of refurbishment during 2011 to two of the original units.
D Properties are recorded at valuation as prepared by Messrs Munton & Russell in May 1998 in accordance with guide lines issued by the Royal Institute of Chartered Surveyors.

Page 12

THE SPALDING ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

4. Fixed Assets - Almshouses (continued)

The Edwin Dalton Homes and Turner Almshouses were formerly part of the endowment capital of charities that merged with the Spalding Almshouse Charity. Accordingly they are treated as part of the Endowment Fund.

The Trustees estimate that the approximate market value of the almshouse stock would be in the region of £6.75 million. These types of property are unusual in nature and do not often come onto the open market and as a result definitive valuations are difficult and often subjective. The Trustees consider that the cost of obtaining an up to date professional valuation would outweigh any benefit.

5. Fixed Assets - Investments

Units held at 31/12/20 Endowment Fund 42,326.437 49,511.000 12,510.260 34,690.261 E.R.F. 310.000 521.535 48,971.596 Balance at 31 December 2020 Balance at 31 December 2019 M&G Charity Multi Asset Fund - Inc C.O.I.F. Charities Investment Fund - Inc I.F.S.L. C.A.F. Fixed Interest Fund B - Inc M&G Charity Multi Asset Fund - Acc Black Rock Charities UK Bond Fund A - Inc Black Rock Charities Growth & Income Fund Class A - Acc M&G Charity Multi Asset Fund - Acc	Market value at 01/01/20 £ 80,844 44,743 211,306 35,453 29,623 - - 401,969 356,239	Acquisitions/ (Disposals) £ - - - - 794 50,895 51,157	Movement in value £ 2,539 (3,342) 14,021 885 (1,737) (2,645) 4,671	Movement in value £ 2,539 (3,342) 14,021 885 (1,737) (2,645) 4,671	Market value at 31/12/20 £ 83,383 41,401 225,327 36,338 28,680 48,250 55,828	Market value at 31/12/20 £ 83,383 41,401 225,327 36,338 28,680 48,250 55,828
		102,846		14,392		519,207
		1,119		44,611		401,969

The Black Rock Charities UK Bond Fund A - Income investment units were formerly known as Merrill Lynch Charinco Income shares.

M&G Charity Multi Asset Fund - Income investment units were formerly known as National Almshouses Association C.I.F. Income Shares.

M&G Charity Multi Asset Fund - Accumulation investment units were formerly known as National Almshouses Association C.I.F. Accumulation Shares.

The Black Rock Charities Growth & Income Fund Class A - Accumulation investment units were formerly known as Merrill Lynch Charinco Accumulation shares.

Page 13

THE SPALDING ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

6. 7. 8.	Short-Term Deposits C.O.I.F. designated deposits: Endowment Fund General Fund E.R.F. C.M.F. Restricted Fund Virgin Charity Deposit Account E.R.F. Creditors: Amounts falling due within one year Mortgage debt (see note 8) Activity creditors Accruals and deferred income Creditors: Amounts falling due after one year Mortgage debt		2020 £ 61,592 93,927 90,994 121,015 1,148 368,676 5,261 373,937 2020 £ 1,375 684 11,962 14,021 2020 £ 36,437		2019 £ 53,099 93,681 65,802 96,646 1,145
					310,373 5,235
					315,608
					2019 £ 1,375 520 10,398
					12,293
					2019 £ 37,812

The mortgage referred to in this note (and in notes 7 and 10) is in respect of consideration monies left outstanding by South Holland District Council for the site purchased from the Council on which the Mary Gage Homes now stand. The mortgage is interest free, and is being repaid over 40 years by half yearly instalments of £687.50.

Page 14

THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

9. Endowment Fund

The endowment capital includes the Edwin Dalton Homes, Turner Almshouses and investments together with the loan capital described below.

The fund represents donated monies and assets which are held on trust to provide expendable income for the general purposes of the Charity, this income is credited to the General Fund. The endowment capital is held as follows:-

Market value 01/01/20 £ 141,000 26,229 102,238	Movement in funds £ - (5,724) (5,600)	Change in value £ - - -	Market value 31/12/20 £ 141,000 20,505 96,638
128,467 372,346 53,099 -	(11,324) - 8,493 2,831	- 14,103 - -	117,143 386,449 61,592 2,831
694,912	-	14,103	709,015
653,752	-	41,160	694,912

Loan capital represents capital monies transferred from the Endowment Fund to the Restricted Fund (with the consent of the Charity Commissioners when required) and comprises the

Loan capital (1) represents transferred capital monies used to assist with the cost of constructing the Lucille van Geest Homes (part of the Restricted Fund) and is being repaid over 30 years at an annual rate of £5,724.37.

Loan capital (2) represents transferred capital monies used to assist with the cost of constructing the Gamlyn Almshouses (part of the Restricted Fund), and is being repaid over 30 years at an annual rate of £5,600.00.

Page 15

THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

10. Restricted Fund

The Restricted Fund comprises donated monies held on trust to be applied for the provision of almshouses and further funds allocated for such purpose by the Trustees from General and Reserve Funds.

The Restricted Fund capital is held as follows:-

Almshouses (see note 4) Short term deposits (see note 6) Mary Gage Homes:- Mortgage (see note 8) Balance at 31 December 2020 Balance at 31 December 2019 Loans from endowment capital (see note 9)	Balance at 01/01/20 £ 3,229,402 (128,467) 1,145 (39,187)	Balance at 01/01/20 £ 3,229,402 (128,467) 1,145 (39,187)	New monies received £ - - 3 - 3 7	Payments and transfers £ - 11,324 - 1,375	Balance at 31/12/20 £ 3,229,402 (117,143) 1,148 (37,812)	Balance at 31/12/20 £ 3,229,402 (117,143) 1,148 (37,812)
		3,062,893		12,699		3,075,595
		3,050,187		12,699		3,062,893

Page 16

THE SPALDING ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

11. General and Reserve Funds

Unrestricted funds of the Charity include, in addition to the General Fund, the two reserve funds which have been set aside by the Trustees for specific purposes, namely the E.R.F. and the C.M.F. Amounts credited to the E.R.F. and the C.M.F. from the Almshouse Management Account are in accordance with the recommendations made by the National Almshouses Association. The purpose of the E.R.F. is to have monies available for the extraordinary repair, improvement or rebuilding of almshouses. The purpose of the C.M.F. is to have monies available to meet maintenance costs occurring at regular intervals, e.g. internal and external redecoration and the cost of professional fees in respect of Quinquennial Inspections and such maintenance is managed in line with the reports generated by such inspections.

C.M.F. £ 88,473 52,475 261 - (28,367) - -	General £ 115,538 (9,178) 12,435 72 - - (12,699)	2020 Total £ 393,611 78,923 15,730 72 (30,636) 289 (12,699)	2019 Total £ 363,573 85,328 15,403 - (61,445) 3,451 (12,699)
112,842	106,168	445,290	393,611
- 121,015 - - - - - (8,173)	- 93,927 13,114 - 3,698 (12,646) (2,831) 10,906	132,758 311,197 13,114 - 3,698 (12,646) (2,831) -	29,623 261,364 109,057 849 3,636 (10,918) - -
112,842	106,168	445,290	393,611

Page 17

THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2020

12. Control

The Charity is controlled by the Trustees as a body. No individual Trustee has any control over the Charity.

13. Legacies and Bequests

The Trustees have been made aware that life interest trusts have been established by the Will of the late Handley Tony Stephenson who died in 2004 and the Will of the late Landale Armstrong Scragg (a long serving Spalding Town Husband) who died in 2002, and that each of such trusts names the Charity as the beneficiary of the trust fund on the death of the life tenant. The capital of the Handley Tony Stephenson Will trust was originally £150,000. However, in the case of the Landale Armstrong Scragg Will trust the relevant Trustees have power to advance the trust capital to the life tenant. Subject, therefore, to any exercise of such power of advancement, the trust fund will in each case vest in the Charity on the death of the life tenant.

14. Statement of Financial Activities - Comparatives

Unrestricted Fund £ 15,403	Restricted Fund £ 7	Endowment Fund £ -	2019 Total £ 15,410

15,403 204,151	7 -	- -	15,410 204,151
219,554	7	-	219,561
75,986 39,657 53,635 7,810 3,180	- - - - -	- - - - -	75,986 39,657 53,635 7,810 3,180
180,268	-	-	180,268
3,451 42,737 (12,699)	- 7 12,699	41,160 41,160 -	44,611 83,904 -
30,038	12,706	41,160	83,904

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