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2021-12-31-accounts

THE SPALDING ALMSHOUSE CHARITY CHARITY COMMISSION REGISTERED NO. 220077

STATEMENT OF ACCOUNTS

for the year ended 31 December 2021

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)
Trustees) Mr G.C.M. Adams
Rev. J. Bennett
Mrs D. Clay
Mrs P.G. Keeling M.B.E ,D.L.
Mr R.A. Knipe
Mr J.H.P. Lister
Mr C.R.M. Longstaff
Mrs B.K. Ruysen
Dr. A. Stone
Nominative Trustees (appointed under Cllr. A.M. Newton
the Scheme by the South Holland Cllr. E Sneath
District Council for four-year terms)
Bankers 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

FOR THE YEAR ENDED 31 DECEMBER 2021

TRUSTEES REPORT

The Trustees present their report and accounts for the year ended 31 December 2021.

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 2021, Mr. R. Hancox was re-appointed as Chairman of the Trustees and Mr. D.A.J. Gratton was re-appointed as Vice-Chairman.

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.

Summary of Main Achievements and Events

The COVID 19 pandemic continued to be the main factor affecting the Charity in the first six months of the year. The March and June Trustees meetings were held on Zoom. The September and December meetings were held in person as normal.

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

Page 2

THE SPALDING ALMSHOUSE CHARITY

TRUSTEES REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

Summary of Main Achievements and Events (continued)

The Quinquennial inspection work identified in the previous year has been allocated and mostly completed during the year.

The work to divide 32 Bowditch Road into two almshouses was completed in the Summer and residents appointed to both properties in September.

Social events resumed after the COVID interruption with a Christmas lunch at Waterside Garden Centre, Baston in December which was well attended.

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.

During the year, maintenance and repair costs amounted to £86,900 (2020 - £73,066), of which £34,388 was met from the General Fund, £51,252 was met from the Cyclical Maintenance Fund and £1,260 was met from the Extraordinary Repair Fund.

During the year, the Charity has received unrestricted funds of £228,659 (2020 - £218,991). After expenditure, net incoming unrestricted funds amounted to £71,658 (2020 - £64,378). The level of unrestricted funds at the year end amounted to £480,686 (2020 – £445,290), of which the General Fund represented £113,824 (2020 - £106,168), the Extraordinary Repair Fund represented £251,332 (2020 - £226,280) and the Cyclical Maintenance Fund represented £115,530 (2020 - £112,842).

Restricted Fund – During the year, the Charity has received no restricted funds (2020 - £3). The full details of the Restricted Fund appear in note 10.

Page 3

THE SPALDING ALMSHOUSE CHARITY

TRUSTEES REPORT (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

Financial Review (continued)

Endowment Fund – The level of the Endowment Fund at the year end amounted to £737,558 (2020 - £709,015). 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.

BY ORDER OF THE TRUSTEES

P.W. Skells

Clerk.

Dated: 16 March 2022.

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 2021 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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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: 21 March 2022.

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 2021

----- Start of picture text -----
Unrestricted Restricted Endowment 2021 2020
Note Funds Fund Fund Total Total
£ £ £ £ £
INCOME
Donations - - - - 72
Income from investments 2 15,784 - - 15,784 15,733
15,784 - - 15,784 15,805
Charitable activities
Almshouse management 3 212,875 - - 212,875 203,189
TOTAL INCOME 228,659 - - 228,659 218,994
EXPENDITURE
Charitable activities
Almshouse management
Direct almshouse costs 3 68,986 - - 68,986 79,496
Support costs 3 42,927 - - 42,927 40,732
Cyclical maintenance 51,252 - - 51,252 22,826
11
Extraordinary repairs 1,260 - - 1,260 7,810
Other expenditure 3 3,228 - - 3,228 4,038
TOTAL EXPENDITURE 167,653 - - 167,653 154,902
Net surplus for the year 61,006 - - 61,006 64,092
Net gains on investments 5 10,652 - 28,543 39,195 14,392
NET INCOME 71,658 - 28,543 100,201 78,484
Transfers between funds 11 (36,262) 36,262 - - -
NET MOVEMENT IN FUNDS 35,396 36,262 28,543 100,201 78,484
Fund balances as at:
31 December 2020 445,290 3,075,595 709,015 4,229,900 4,151,416
31 December 2021 480,686 3,111,857 737,558 4,330,101 4,229,900
Note 11 Note 10 Note 9
----- End of picture text -----

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

Page 6

THE SPALDING ALMSHOUSE CHARITY

BALANCE SHEET

AT 31 DECEMBER 2021

----- Start of picture text -----
2021 2020
Note £ £ £ £
FIXED ASSETS
Almshouses 4 3,395,339 3,370,402
Investments 5 562,341 519,207
3,957,680 3,889,609
CURRENT ASSETS
Short-term deposits 6 402,711 373,937
Debtors 1,117 -
Spalding Relief In Need Charity 2,109 -
Prepayments 2,684 3,698
Cash at bank 12,776 13,114
421,397 390,749
CURRENT LIABILITIES
Amounts falling due within one year 7 13,914 14,021
13,914 14,021
NET CURRENT ASSETS 407,483 376,728
TOTAL ASSETS LESS CURRENT
LIABILITIES 4,365,163 4,266,337
CREDITORS
Amounts falling due after one year 8 35,062 36,437
TOTAL ASSETS 4,330,101 4,229,900
CAPITAL FUNDS
Endowment Fund 9 737,558 709,015
Restricted Fund 10 3,111,857 3,075,595
3,849,415 3,784,610
GENERAL AND RESERVE FUNDS
Unrestricted funds 11 480,686 445,290
4,330,101 4,229,900
----- End of picture text -----

The financial statements on pages 6 to 18 were approved by the Trustees on 16 March 2022 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 2021

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 2021

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 2021

2. Income from investments

Endowment Fund
C.O.I.F. Deposit Account
Restricted Fund
C.O.I.F. Deposit Account
General Fund
C.O.I.F. Deposit Account
E.R.F.
C.O.I.F. Deposit Account
Virgin charity deposit account
C.M.F.
C.O.I.F. deposit account
Total Investment Income
Black Rock Charities UK Bond
Fund A - Inc
Black Rock Charities UK Bond
Fund A - Acc
M&G Charity Multi Asset Fund -
Acc
M&G Charity Multi Asset Fund -
Inc
C.O.I.F. Charities Investment
Fund - Inc
I.F.S.L. C.A.F. Fixed Interest B -
Inc
M&G Charity Multi Asset Fund -
Acc		 Unrestricted
Funds
£
2,540
1,634
6,615
1,005
8
11,802
-
11
1,027
1,322
1,589
12
7
3,957
14
15,784		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2021
Total
£
2,540
1,634
6,615
1,005
8
11,802
-
11
1,027
1,322
1,589
12
7
3,957
14
15,784		 2020
Total
£
2,681
1,733
6,487
1,153
135
12,189
3
246
794
1,157
895
162
26
3,034
261
15,733

Page 10

THE SPALDING ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

3. Almshouse Management Account
£
£
WEEKLY MAINTENANCE CONTRIBUTIONS
212,875
EXPENDITURE
Direct almshouse costs
Routine maintenance
34,388
Telephone and Lifeline service
14,142
Water and sewerage charges
19,191
Empty property costs
1,265
68,986
Support costs
Clerks' remuneration
31,200
Clerks' office expenses
1,500
Professional fees
960
National Almshouses Association
864
Comprehensive insurance
6,923
Advertising and website
566
Sundry expenses
914
-
42,927
Other expenditure
Bad debts
-
Accountants fees
3,228
3,228
115,141
97,734
Excess of income over expenditure before
provision for cyclical maintenance and
extraordinary repairs (see note 11)
2021
Donation - Spalding Relief in Need
Charity		 £
£
203,189
42,430
15,206
21,804
56
79,496
30,810
1,500
-
418
5,241
383
421
1,959
40,732
810
3,228
4,038
124,266
78,923
2020

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		 2021
£
-
67
67		 2020
£
166
-
166

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 2021

----- Start of picture text -----
4. Fixed Assets - Almshouses
2021 2020 2021 2020
Restricted Fund Units Units £ £
Kingston Cottage Homes - 1907
7 South Parade, Spalding A 1 1 29,500 29,500
Masham Homes - 1961
2-8 Green Lane, Spalding A 4 4 126,000 126,000
Mary Gage Homes - 2010
2a & 2b Green Lane, Spalding B 2 2 192,891 192,891
Alice Wilson Homes
169 -179 Winsover Road, Spalding - 1980 C 6 6 258,409 258,409
181 & 183 Winsover Road, Spalding - 2011 B 2 2 156,225 156,225
Adrian Gall Homes - 1968
1 & 3 Clay Lake and 22-48 Bowditch Road,
A 17 16 550,937 526,000
Spalding
Lucille Van Geest Homes - 1994
2 & 4 Hoekman Way, Spalding A 2 2 69,000 69,000
2-24 Hoekman Drive, Spalding A 12 12 408,000 408,000
8a Hoekman Drive - 2011 B 1 1 83,026 83,026
Gamlyn Almshouses - 2008
59-77 Clover Way, Spalding B 10 10 623,475 623,475
John Van Geest Homes - 2015
Rosemary Close & Larkspur Way, Spalding B 10 10 678,579 678,579
18 Brownlow Crescent, Pinchbeck - 2013 B 1 1 78,297 78,297
68 67 3,254,339 3,229,402
Endowment Fund
Edwin Dalton Homes - 1938
1 & 3 West Parade, Spalding A 2 2 66,000 66,000
Turner Almshouses - 1962
37 & 39 Knight Street, Pinchbeck D 2 2 75,000 75,000
4 4 141,000 141,000
Total Book Value 72 71 3,395,339 3,370,402
----- End of picture text -----

Page 12

THE SPALDING ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2021

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 31/12/21
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 2021
Balance at 30 December 2020
Black Rock Charities
UK Bond Fund A - Inc
Black Rock Charities
Growth & Income
Fund Class A - Acc
M&G Charity Multi
Asset Fund - Acc
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		 Market value
at 01/01/21
£
83,383
41,401
225,327
36,338
28,680
48,250
55,828
519,207
401,969		 Acquisitions/
(Disposals)
£
-
-
-
-
1,028
1,589
1,322
3,939
102,846		 Movement
in value
£
(5,460)
3,728
31,964
(1,689)
2,750
4,768
3,134
39,195
14,392		 Market value
at 31/12/21
£
77,923
45,129
257,291
34,649
32,458
54,607
60,284
562,341
519,207

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 2021

----- Start of picture text -----
6. Short-Term Deposits
2021 2020
£ £
C.O.I.F. designated deposits:
Endowment Fund 75,748 61,592
General Fund 93,938 93,927
E.R.F. 102,905 90,994
C.M.F. 123,704 121,015
Restricted Fund 1,148 1,148
397,443 368,676
Virgin Charity Deposit Account
E.R.F. 5,268 5,261
402,711 373,937
7. Creditors Amounts falling due within one year
2021 2020
£ £
Mortgage debt (see note 8) 2,750 1,375
Activity creditors 844 684
Accruals and deferred income 10,320 11,962
13,914 14,021
8. Creditors Amounts falling due after one year
2021 2020
£ £
Mortgage debt 35,062 36,437
----- End of picture text -----

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 2021

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:-

Almshouses (see note 4)
Loan capital
- (1)
- (2)
Investments (see note 5)
Inter fund balances
Due From Unrestricted Fund
Balance at 31 December 2021
Balance at 30 December 2020
C.O.I.F. deposit account (see note
6)		 Market
value
31/12/20
£
141,000
20,505
96,638
117,143
386,449
61,592
2,831
709,015
694,912		 Movement
in funds
£
-
(5,725)
(5,600)
(11,325)
-
14,156
(2,831)
-
-		 Change
in value
£
-
-
-
-
28,543
-
-
28,543
14,103		 Market
value
31/12/21
£
141,000
14,780
91,038
105,818
414,992
75,748
-
737,558
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 2021

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 2021
Balance at 30 December 2020
Loans from endowment capital
(see note 9)		 Balance
at 01/01/21
£
3,229,402
(117,143)
1,148
(37,812)
3,075,595
3,062,893		 New monies
received
£
-
-
-
-
-
3		 Payments
and transfers
£
24,937
11,325
-
-
11,325
12,699		 Balance
at 31/12/21
£
3,254,339
(105,818)
1,148
(37,812)
3,111,857
3,075,595

Page 16

THE SPALDING ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

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.

Cash at bank
Debtors
Prepayments
Creditors
Extraordinary and
cyclical maintenance
Balance at 1 January
2021
Change in value of
investments (see note
5)
Balance at 31
December 2021
Almshouse
Management Account
(see note 3)
Short-Term Deposits
(see note 6)
Income from
investments (see note
2)
Investments (see note
5)
Balance at 31
December 2021
Transfers
Donations
Balances between
funds
Other debtors		 E.R.F.
£
226,280
36,640
3,957
-
(1,260)
10,652
(24,937)
251,332
147,349
108,173
-
-
-
-
-
(4,190)
251,332



 C.M.F.
£
112,842
53,926
14
-
(51,252)
-
-
115,530
-
123,704
-
-
-
-
-
(8,174)
115,530		 General
£
106,168
7,168
11,813
-
-
-
(11,325)
113,824
-
93,938
12,776
1,117
2,109
2,684
(11,164)
12,364
113,824		 2021
Total
£
445,290
97,734
15,784
-
(52,512)
10,652
(36,262)
480,686
147,349
325,815
12,776
1,117
2,109
2,684
(11,164)
-
480,686		 2020
Total
£
393,611
78,923
15,730
72
(30,636)
289
(12,699)
445,290
132,758
311,197
13,114
-
-
3,698
(12,646)
(2,831)
445,290

Page 17

THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2021

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

INCOME
Voluntary income
Donations
Income from investments
Charitable activities
Almshouse management
TOTAL INCOME
EXPENDITURE
Charitable activities
Almshouse management
Direct almshouse costs
Support costs
Cyclical maintenance
Extraordinary repairs
Other expenditure
TOTAL EXPENDITURE
Net gains on investments
NET INCOME
Transfers between funds
NET MOVEMENT IN FUNDS		 Unrestricted
Fund
£
72
15,730
15,802
203,189
218,991
79,496
40,732
22,826
7,810
4,038
154,902
289
64,378
(12,699)
51,679		 Restricted
Fund
£
-
3
3
-
3
-
-
-
-
-
-
-
3
12,699
12,702		 Endowment
Fund
£
-
-
-
-
-
-
-
-
-
-
-
14,103
14,103
-
14,103		 2020
Total
£
72
15,733
15,805
203,189
218,994
79,496
40,732
22,826
7,810
4,038
154,902
14,392
78,484
-
78,484

Page 18