THE SPALDING ALMSHOUSE CHARITY CHARrrY COMMISSION REGISTERED NO. 220077 STATEMEKf OF ACCOUNTS for the year ended 31 December 2022 Administered by THE SPALDING TOWN HUSBANDS
THE SPALDING ALMSHOUSE CHARrrY CHARrrY INFORMATK)N Registered Address 12 Broad Street, Spalding. Lincs., PE11 1TB. Td." 01775 768774 Clerk Mr P.W. Skells Deputy Clerk Mrs R. Englis Administrator Administrative aStsnt Mrs T. Griggs Miss J Mulraney Cwptative Trustees (appointed under the Scheme for five-year temis by the Trustees) Mr R. Hancox (Chairman) Mr D.A.J. Gratton (Wice£hairman) Mr G.C.M. Adams Rev. J. Bennett Mrs D. Clay Mrs P.G. Keeling M.B.E ,D.L. Mr R.A. Knipe MrJ.H.P. Ltster Mr C.R.M. Longstsff Mrs B.K. Ruysen Dr. A Stone Nominative Trustees (appointed uler the Scheme by the South Hdland District Council for four-year tem) Cllr. E Sneath Cllr. A.M. Newton (Deceased 30 August 2022) Bankers Lloyds Bank Plc. Hdl Place. Spalding, Lincs.. PE11 1SF. Independent Examlner K.J. Maggs B.A.. F.C.A. Chartered AccountanL 16 Hoekman Way Spalding. Lincs.. PE113HE Page 1
THE SPALDING ALMSHOUSE CHARrrY TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present trEir report and accounts for the year ended 31 D8rnber 2022. 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 Charty is administered by Trustees knovm as the Spalding Town Husbands. Particulars of the Trustees and their methoj of appointment are set out on page 1, together with the address of the Charity's registered offi. On appointrnen( Trustees are provided with a detailed infonnalion pack which covers all aspects of the Chanty, its constitutton, assets and day to day management. The TnJstees consider the infomiation is sufFictent for the appointee to be in a position to act in such capacty. The Trustees meet on a quarterly basis. and at other tirnes rf the need arises. The Charity is managed on a day to day basis by the Clerk. the Deputy Clerk and the Administrator in wnsultation, when neSsary, 1th the Chaimian. 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 2022, Mr. R HanX was re-appointed as Chairman of the Trustees and Mr D. A. J. Gratton was re-appointed as Vice-chainnan. Risk Management- The Trustees have assessed the major risks to which the CharEty is exposed, in particular those related to the management of its investments and finances, and are satisfied that the policies and systems in place sufficienty manage its exposure to those risks. Related Party- The Charity is connected wtth the Spalding Relief in Need Charity, which is also administered by the Spalding Town Husbands under the Scheme. Objecllves and Actlvities Objècts - The Trustees, objects are to provide almshouses for the benefft of alms people. Aims - The Trustees. aims are to maintain the Charivs almshouses lo a high standard and to increase the stock of almshouses when resourc£s permit. Alms people - To be selected as such, almshouse people are required under the terms of the Scheme io have been residing in the area of benefrt and to be pr persons or {in the oase of not less than eight almshouses) F)oor aged persons. Area of Benefrt- This is defined %Mthin the Scheme as the District of South Holland in the County of Lincolnshire, with a preference for the area comprising the Urt)an District Council of Spalding as onstitutod on 13 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 acbvwties of the Charity are in accordance wth the Charity Commission's general guidance on public benefft. A new policy for appointing Residents was dravm up and agreed Summary of Main Achievements and Events It is with regret that the trustees report that Councillor Angela Newton. an existiro Town Husband. and Miss Patricia Sykes. a former Town Husband. passed away during the year. During the year, seven almshouse varAncies ocojrred. and new beneficiaries were appointed to fill the vacancies. Page 2
THE SPALDING ALMSHOUSE CHARITY TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 Summary of Maln Achievements and Events {continued} During the year enquiries were made of various loc21 builders about the possibility of building new almshouses. No specific proposals Vre forthcoming and the Trustees decided to concentrate resources on refurbishing the existing almshouses where required, particularly at Bowditch Road. The Trustees agreed to instruct a surveyor. Chris Penney. to advise on building matt6rs and act as project manager on larger refurbishments. During the summer all almshouses were inspected by the Trustees and reFQrts prepared on outstanding issues. In June a tree planting ceremony was held at Rosemary Close to commemorate tho Queen's Platinum Jubilee and VRS attended by Sir John Hayes MP, Lord Porter of Spalding, Nick Phillips, Chief Executive of the Almshouse Association and Trustees and residents. The ceremony was followed by a tea paty for residents at St Nort)erfs Church Hall. On 23 June the Almhouse Association held a Conferen for representatives of Lincolnshire Almshouse Charities in Spalding. Other social events arranged for residents were a trip to the seaside and a visit to the pantomime in Detsmber followed by a Christsnas lunch at Waterside Garden Centre. A presentation was made to one resident upon reaching her 100 birthday. Financial Review The details of the financial transactions during the year are shown in the Ststement of Financial Activities, on page 6, vthilst the Financial Position is shown on the Balance Sheet on page 7, along th the nssary detsils in the notes on pages 8 to 18. General Fund and Reserve Funds- The weekly maintenance CLmtributions 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 fijnd. the main purposes of which are to defray routine MaintenaTr expenses and to meet other costs incurred in the management of the almshouses (note 31. In setting the weekly maintenance contributions, the Trustees budget for the cost of maintenance of the almshouses in accordan Vth recommendations made by the National Almshouses Association. The recommendations are for an amount to be induded 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 reserva accounts, namely, an Extraordinary Repair Fund and a Cydical maintenan Fund. The Extraordinary Repair Fund and the Cydical maintena Fund are also unrestricted funds the main purposes of which are explained in note 11. The full details of the three unrestricted funds are glven in such note. During the year, maintenance and repair costs amount to £105,447 {2021- £86,900). of which £56,893 was met from the General Fund. £48,554 was met from the Cyclical Maintenance Fund and £0 was met from the Extraordinary Repair Fund. Page 3
THE SPALDING ALMSHOUSE CHARITY TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 Flnanclal Revlew (continued) During the year. the Charity has received unrestricted funds of £245,290 (2021- £228,659). After expenditure, net incoming unrestricted funds amounted to £44,990 (2021- £71,658). The level of unrestricted ftjnds at the year end amounted to £511.602 (2021- £480,686). of which the General Fund represented £95.722 (2021- £113,824), the Extraordinary Repair Fund represented £288,345 {2021- £251,332) and the Cydical Maintenance Fund represented £127,535 {2021- £115,530). Restricted Fund - During the year. the Charity has receivgj restricted fvnds of £11 (2021- £0). 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 £683.808 (2021- £737.558}. 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 TrUSts. Common Investment Funds are ojrrently the Trustees, preferred investment vehicle for surplus cash in such funds as they are speafically designed for charities and therefore manage the risks inherent in the investment markets. BY ORDER OF THE TRUSTEES P.W. Skells Clerk. Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE THE SPALDING ALMSHOUSE CHARrrY I report to the trustees on my eXami*n of the accounts of the d)arity for the year ended 31 December 2022 which a set out on pages 6 to 18. Responslbilities 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 Charib'es Act 2011 ('the Acr). I report in respect of my examination of the charitls accounts carrigj out under section 145 of the Act and in carrwng out my examination I have followed all the appli(able Directions given by the Charity Commission under section 145(5)(b) of the ACL Indepondent examinevs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination grving me Cause to believe that in any material respect: 1. accounting records were not kept in respect of the drity as required by sectFon 130 of the Act. or 2. the accounts do rK)t accord with those recor(Is' or 3. the accounts do not ts)mply with the applicable requirements Conrning the fom and content of accounts set OLrt in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Yrue and fair view whid) is not a matter considered as part of 8n independent examination. I have no concems and have come across no other matters in connection wtlh the examination to which attention should be drawn in this report in order to anable a proper understanding of the accounts to be reached. Dated.. .(?.p2S.... .A., F.C.A. ¢J)untants Chartere Spalding Page 5
THE SPALDING ALMSHOUSE CHARfTY STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 DECEMBER 2022 unrestrict Restricted Endowment Funds Fund Fund 2022 Total 2021 Total Note INCOME Garage rent Income from investments 140 15,784 15.924 21,173 22,013 22.2 11 Charitable activttlos Almshouse management TOTAL INCOME 223,288 245,290 223,288 245,301 212,735 228.659 EXPENDITURE Charitable activities Almshouse management Direct almshouse costs Support costs Cyclical maintenance Extraordinary repairs Other expendituro TOTAL EXPENDITURE 94,946 46,090 48,554 68,986 42.927 51,252 1.260 46.090 48.554 11 2,650 192,240 2,650 192,240 3.228 167,653 Net surplus for the year Net (losses) I gains on investments 53.050 11 53,061 61,006 (8.060) {53.750> (61,810) 39.195 NET (DEFICIT) I SURPLUS Transfers between funds 44,990 11 (53,750) 18.749) 100,201 14.074 14,074 NET MOVEMENT IN FUNDS 30.916 14.085 (53.750) (8,749) 100,201 Fund balances as at: 31 December 2021 31 December 2022 480.686 3.111.857 511,602 3.125,942 Note11 737.558 4.330,101 4,229,900 683,808 4,321.352 4.330,101 Note 9 Note 10 The notes on pages 8 to 18 fomi a part of these accounts
THE SPALDING ALMSHOUSE CHARITY BALANCE SHEEr AT 31 DECEMBER 2022 2022 2021 FIXED ASSETS Almshouses Investrnents 3.395,339 505.311 3,395.339 562,341 3,957.680 CURRENT ASSErs Short-term dewJsits Debtors Spalding Relief In Need Chanty Prepayments Cash at bank 3,900,650 447.257 671 2,109 2.722 7,374 460,133 402,711 1.117 2.109 2,684 12,776 421,397 CURRENT LIABILITIES Amounts falling due wthin one year 7 5.744 5.744 13,914 13.914 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 454,389 407,483 4.355.039 4,365,163 CREDITORS Amounts falling due after one year TOTAL ASSETS 33.687 35,062 4.321,352 4,330,101 CAPITAL FUNDS Endowment Fund Restricted Fund 683.808 3.125,942 3.809,750 737,558 3,111,857 3,849,415 10 GENERAL AND RESERVE FUNDS Unrestricted funds 511.602 480,686 4.321.352 4,330,101 The fina teme ts on pages 6 to 18 were approved by the Trustees on ..2023 and signed on their behalf by. Mr R. Hancox Trustee . Gratton The notes pages 8 to 18 fom7 a part of these accounts
THE SPALDING ALMSHOUSE CHARrrY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 The abbreviations 'E.R.F." and "C.M.F." as used in these notes maan respectively the Extraordinary Repair Fund and the Cydr1 Maintenance Fund partrculars of which are given in note 11. 1. Accounting Policies The significant accounting polioes applied in the preparation of these financial statements are set out below. These polioes have been consistently applied to a51 years presented unless otheThvise stated. (a) Basis of preparatlon of financlal sLements. The charity constitutes a public benefrt 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 wlth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. the Financial Rewrting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), the Chartlies Act 2011 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going COnM basis under the historical cost convention. modified to indude rtain items at fair value. The financial statements are presented in sterling vthic is the fijndional currency of the Charity. (b}Funds Unrestricted funds are available for use at the discretion of the Trustees in furtheran 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 whic* must be held pemianently 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 arisiry on the investrnents or almshouses fall to be treated as part nf the fund of whith thoy form part. Endowmont Fund incomo can be u8ed in furtheran of the general objectives of the Charity and is induded as unrestricted income. (c) Income recognition All incoming reSourS are induded in the Statement of Financial Actiwb'es (SOFA) when the Charity is legally entitkd to the income after any perfomiance nditionS have been met, the amount can be measured reliably and it is probable that the income will be received. Investment income is rec¢>3nised in the accounts vthen 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 eadier of receipt or communication from the personal representatives of the estate adwsing that a payment of the legacy will be made, or that property bequeathed be transferred. Where a legacy has conditions associated the payment then the bequest is onty recognised vthen all conditions have been met.
THE SPALDING ALMSHOUSE CHARrrY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 1. Accounting Policies Iconllnued) (d)Weokly Maintsnance Contrlbutlons Weekly Maintenan contributions from almspeople include the cost of routine maintenan of the almshouses belonging to the Charity and the amounts transferred to the E.R.F. and the C.M.F.. all of lch a determined in accordance wtlh guidance and regulations issued by the National Amshouses 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 calegory. Charitable activities exp6nditure include all resources applied by the Charity in undertaking tts charitable objectives as opposed to support costs. (fj Almshouses The almshouses belonging to the Chaiity 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 wthin the E.R.F. and the C.M.F. to ènsure that the residual value is not materialty lower than the carrying value. (g) Debtors and credltors recelvablelpayable within one year Debtors and creditors wth no stated interest rate and receivable or payable within one year are recorded at transaction pri. Any losses arising from impairment are re(x)gnised 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 acttvith'es indude all resour applied by the Chaiity in undertaking its charitable objectFves as opposed to governan costs. They are the reSoUrS expended in managing the almshouses. (h)Going Concem The financial statements have been prepared on a going cOnM 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 suff1&nt wtlh the level of reserves of the Charity to be able to continue as a going o)ncem. Page 9
THE SPALDING ALMSHOUSE CHARrrY NOTES TO THE ACCOUNTS {continued} FOR THE YEAR ENDED 31 DECEMBER 2022 2. Income from investments Unrestricted Restricted Funds Funds 2022 Total 2021 Total Endowment Fund Black Rock Charities UK Bond Fund A- Inc M&G Charity Multi Asset Fund - Inc C.O.l.F. Charities Investment Fund - Inc l.F.S.L. C.A.F. Fixed Interest B- Inc C.O.l.F. Deposit Acrount 2,540 2,540 1.733 1,733 1,634 6.789 6.789 6,615 1.170 1,170 1,005 797 797 13.029 13,029 11,802 General Fund C.O.l.F. Deposit Account E.R.F. M&G Charity Multi Asset Fund - 913 913 1.207 1,207 1,027 Black Rock Charities UK Bond Fund A- Acc 1.543 1,322 M&G Charity Multi Asset Fund - 2.030 2,030 1.589 C.O.l.F. Deposit Account virgin charity de$It account 1.216 17 1,216 17 12 6.013 6.013 3,957 C.M.F. C.O.l.F. deposit account Restricted Fund C.O.l.F. Deposit Account 1.207 1,207 14 Total Investment Income 21,162 21,173 15,784 Page 10
THE SPALDING ALMSHOUSE CHARrrY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 3. Alm5houso Management Account 2022 2021 WEEKLY MAINTENANCE CO[BuT10Ns 223,288 212,735 EXPENDITURE Direct almshouse costs Routine rnaintenan Telephone and Lifeline service Water and sewerage tharges Empty propety costs 56.893 16.197 21,605 251 34.388 14,142 19,191 1,265 94.946 Support costs Clerks, remuneration Clerks, office expenses Professional fees National Almshouses Assoo'ation Comprehensive insuran Advertising and website Sundry expenses Social activits'es 68,988 34.013 1.635 1.056 461 5,853 430 144 2.498 31,200 1,500 960 6,923 566 97 817 Other expendtture Bad debts Accountarrts fees 42.927 2.6 3.228 2,650 3,228 143.686 Excess of income over expenditure before provision for cyclical maintenance and extraordinary repairs (see note 11) 115,141 79,602 97.594 During the year, remuneration was paid to any of Trustees. Travel expenses were re-imbursed to the fcAlowing Trustee and Clerk for their attendance at various National Almshouse Aswiation meetings and conferences: 2022 2021 P.W. Skells 109 67 Related party transaction The Spalding Rdief in Need Charty is under the control of a common Board of Trustees. Page11
THE SPALDING ALMSHOUSE CHARrrY NOTES TO THE ACCOUNTS (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2022 4. Flxed Assets - Almshouses 2022 Unlts 2021 Units 2022 2021 Restricted Fund Kingston Cottage Homes - 1907 7 South Parade, Spalding Masham Homes - 1961 2-8 Green Lane, Spalding Mary Gage Hon7es- 2010 2a & 2b Green Lane, Spalding Alice Wilson Homes 169 -179 Winsover Road. Spalding - 1980 181 & 183 Winsover Road, Spalding - 2011 Adrian Gall Homes - 1968 1 & 3 Clay Lake and 2248 Bowditth Road. Spalding Lucille Van Geest Homes - 1994 2 & 4 Hoekman Way. Spalding 2-24 Hoekman Drive, Spaldin9 8a Hoekman Drive- 2011 Gamlyn Almshouses - 2008 59-n Clover Way, Spalding John Van Geest Hom8s- 2015 Rosemary Close & Larkspur Way, Spalding 18 Brownlow CrenI, Pinthbeck- 2013 29.500 29,500 126,¢)00 126,000 192,891 192,891 258,409 156,225 258,409 156.225 17 16 550,937 550,937 69.000 408,000 83,026 69,000 408,000 83,026 12 12 10 10 623,475 623,475 10 10 678,579 78.297 678,579 78.297 67 3,254.339 3,254,339 Endowment Fund Edwin Dalton Homes - 1938 1 & 3 West Parade. Spalding TumerAlmshouses - 1962 37 & 39 Knight street. Pinchbeck 66.000 66.000 75.000 141,000 75,000 141,000 Total Book Value 72 71 3,395,339 3,395,339 A Properties are recorded at valuation as prepared by Messr5 Munton & Russell in January 1995 in accordance with guide lines issued by the Royal Institute of Chartered Surveyors. A The Bowditch Road properbes are induded at the valuation as above plus the cost of 32A Bowditch Road when 32 Bowdttch Road was converted during 2021. 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 Properbes 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 SueY0rS. Page 12
THE SPALDING ALMSHOUSE CHARrrY NOTES TO THE ACCOUNTS (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2022 4. Flxed Assets - Almshouses (continued) The Edwn Dalton Homes and Tumer Almshouses were fomierly part of the endowment capltal of charities that merged wilh the Spalding Almshouse Charity. Accordingty they are trealad as part of the Endowment Fund. The Trustees estimate that the approximate market value of the almshouse stock wouid 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 definilive valuations are difficult and often subjecttve. The Trustees consider that the cost of ObtnIng an up to date professional valuation would outweigh any benefrt. 5. Fixed Assets - Investments Unlts held Market value Acquisitionsl lknvement Market value at 3111W22 at 01101122 (Disposals) in value at 31112122 Endowment Fund Black Rock Charities UK Bond Fund A- Inc M&G Charity Multi Asset Fund - Inc C.O.l.F. Charities Investment Fund - Inc 42.326.437 77.923 (16,550) 61,373 49,511.000 45,129 {1,228) 43.901 12,510.260 257,291 {29,918) 227,373 l.F.S.L. C.A.F. Fixed Interest Fund B - Inc E.R.F. M&G Charity Murti Asset Fund - Acc 34.690.261 34.649 (6,054) 28,595 310.000 32.458 1,207 1951) 32,714 M&G Charity Multi Asset Fund - Acc Black Rock Charities Growth & Income Fund Class A- Acc 521.535 54,607 2,030 (1.599) 55.038 48.971.596 60,284 1,543 (5.510) 56,317 Balance at 31 December 2022 562,341 4,780 61,810) 39,195 505,311 BalanrE at 30 Deomber 2021 519,207 3.939 562,341 Page 13
THE SPALDING ALMSHOUSE CHARrrY NOTES TO THE ACCOUNTS (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2022 6. Short-Term Deposits 2022 2021 C.O.l.F. deslgnated deposits: Endowment Fund General Fund E.R.F. C.M.F. Restricted Fund 87.072 74.855 143,181 135.709 1,159 441,976 75,748 93,938 102,905 123,704 1,148 397,443 Vlrgin Charlty Deposit Account E.R.F. 5.281 447,257 5,268 402,711 7. Creditors Amounts falling due wlthin one year 2022 2021 Mortgage debt (see note 8) Activity creditors Accruals and deferred income 1.375 491 3,878 5,744 2,750 844 10,320 13,914 8. Creditors Amounts falling due after one year 2022 2021 Mortgage debt 33,687 35,062 The mortgage referred to in this note (and in notes 7 and 10) is in respect of consideration monies left outstsnding by South Holland DistrFCt Council for the site purchased from tho Council on which the Mary Gage Homes now stand. The mortgage is interest free. and is being repaid over 40 years by hair yearty instalments of £687.50. Page 14
ThE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022 9. Endowment Fund The endowment capital includes the Edryn Dalton Homes, Tumer Atmshouses 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 hdd as follows:_ Market value 31112121 Market value 31112122 Movement in funds Change in value Almshouses (see noto 4) Loan capltal 141,000 141,000 (1) (2) 14.780 91.038 105.818 414,992 (5.724) 5,600 (11,324) 9.056 85,438 94,494 361,242 Investments (see note 5) C.O.l.F. deposit account (see note 6) Balance at 31 December 2022 (53,750) 75.748 11.324 87,072 737,558 {53.750) 683,808 Balance at 30 December 2021 709,015 28.543 737,558 Loan capital represents capital monies transferred from the Endovmient Fund to the Restricted Fund (wth the consent of the CharFty Commissioners when required) and comprises the Loan capital (11 represents transferred (3pital monies used to assist with the cost of constructing tha Lucille van Geest Homes (part of the Restricted Fund) and is being repaid over 30 years at an annual rato of £5,724.37. Loan capital {2) represents transferrgj monies used to assist with the cost of constructing tho Gamlyn Amshou8e8 (part of the Re3triGted FuThJ). and is being repald over 30 years ai an annual rate of £5,600.00. Pagg 15
THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 10. Restrlcted Fund The Restricted Fund comprises donated monies held on trust to be applied for the provision of almshouses and further funds allocated for such purty)se by the Trustees from General and Reserve Funds. The Restricted Fund capital is held as foll¢JWS:_ Balan at 01101122 New monies received Payments Balance and transfers at 31112122 Almshous85 (seg note 4) Loans from endowment capltal (see note 9) Short term deposits {see note 6) Mary Gage Homès:. rtgage (see note 8) Balance at 31 December 2022 3,254.339 3,254.339 (105.818) 11,324 (94.494) 1.148 1,159 (37,812) 3,111.857 2,750 (35,062) 3,125,942 11 14.074 Balance at 30 December 2021 3.075.595 36.262 3,111,857 Page 16
THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS {continuedl FOR THE YEAR ENDED 31 DECEMBER 2022 11. General and Reserve Funds Unrestricted funds of the Charity include, in addrbon to the General Fund. the reserve funds which have been set aside by the Trust for spectfic 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 availatAe 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 inlervals, e.g. irrtemal and extemal redecoration and thè cost of professional fees in resFeCt of Quinquennial Inspections and such maintenance is managed in line with the reports generated by such inspections. 2022 Total 2021 Total E.R.F. C.M.F. General Balance at 1 January 2022 mshouse Management Actt)unt (see note 3) Income from investments (see note 251,332 115,530 113.824 480,686 445,290 39.060 {17.042) 79.602 97,594 6.013 1.207 13,942 21,162 2) 15,784 Other income Extraordinary and cyclical maintenar Change in value of investments (see note 140 (48,554) {48,554) 152,5121 (8,060) 5) (8.060) 10,652 Transfers Balance at 31 December 2022 1,768 (15.842) (14,074) (36,2621 288,345 127.535 95,722 511,602 480,686 Investments (see note 144,069 144,069 147,349 Short-Term Deposits (see note 6) Cash at bank Debtors Other debtors Prepayments Creditors Balances between funds Balance at 31 December 2022 148,462 135.709 74,855 359.026 325,815 7,374 671 2,109 2,722 (4.369) 7,374 671 2.109 2,722 (4,369) 12,776 1,117 2,109 2,684 (11,164) (4,186) (8.174) 12.360 288.345 127,535 95,722 511.602 480.686 Page 17
THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 12. Control The Charty is controlled by the Trustees as a body. No individual Trustee has any control over the Charity. 13. Legacles and Bequests The Trustees have been made aware that lrfe 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 la long serving Spalding Town Husband) who died in 2002, and that each of such trusts names the Charity as the benefioary of the trust fvnd on the death of the lrfe tenant. The capital of the Handley Tony Stephenson Will trust was originally £150,000. However, in the case of the Landale Astrong Scragg Will trust the relevant Trustees have power to advan the trust capital to the life tenant. Subject, therefore, to any exercise of such power of advan*ment. the trusl fund wll in each case vest in the Charity on the death of the life tenant. 14. Statsment of Financial Actjvttles - Comparatlves Unrestricted Restrict&J Endowment Fund Fund Fund 2021 Total INCOME Voluntary Income Garage rent Income from investments 140 15.784 15,924 140 15,784 15,924 Charitsble actlvltles Almshouse management TOTAL INCOME 212.735 228.659 212,735 228,659 EXPENDrruRE Charitable activllles Almshouse management Direct almshouse costs Support costs Cyclical maintenan Extraordinary repairs Other expendlture TOTAL EXPENDITURE 68,986 42,927 51.252 1,260 3.228 167,653 68,986 42,927 51,252 1.260 3,228 167,653 Net galns on investmonts 10.652 28,543 39,195 NET INCOME 71.658 28,543 100,201 Transfers between funds NET MOVEMENT IN FUNDS 36.262 36.262 100 201 Pag8 18