**THE SPALDING ALMSHOUSE CHARITY CHARITY COMMISSION REGISTERED NO. 220077**
## **STATEMENT OF ACCOUNTS**
**for the year ended 31 December 2023**
**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 Administrative assistant Miss J Mulraney 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 (deceased 4 September 2023) Rev. J. Bennett Mrs D. Clay Mrs P.G. Keeling M.B.E ,D.L. Mr R.A. Knipe (resigned 17 September 2023) Mr J.H.P. Lister Mr C.R.M. Longstaff Mrs B.K. Ruysen Dr. A. Stone Nominative Trustees (appointed under Cllr. E Sneath the Scheme by the South Holland Mrs J.B. Whitbourn (appointed 7 June 2023) 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. Chartered Accountant, 16 Hoekman Way Spalding, Lincs., PE11 3HE
Page 1
**THE SPALDING ALMSHOUSE CHARITY**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
## **TRUSTEES REPORT**
The Trustees present their report and accounts for the year ended 31 December 2023.
## **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 2023, 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 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 activities of the Charity are in accordance with the Charity Commission's general guidance on public benefit.
## **Summary of Main Achievements and Events**
It is with regret that the trustees report that Mark Adams, an existing Town Husband passed away during the year. Richard Knipe retired as a Trustee in September due to ill health. He had served the Charity firstly as the Clerk and then a Trustee for over thirty years.
During the year, four 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 2023**
## **Summary of Main Achievements and Events (continued)**
During the year, the Trustees proceeded with the refurbishment of the remaining kitchens and bathrooms at the Bowditch Road almshouses and the conversion of one almshouse into a disabled unit. The project was managed by Chris Penney, the Charity's building consultant, and was completed within budget and paid for out of the accumulated Cyclical Maintenance and Extraordinary Repairs reserves.
During the summer all almshouses were inspected by the Trustees and reports prepared on outstanding issues.
Social events arranged for residents were a trip to the seaside and a Christmas lunch at the Admiral Rodney Hotel in Horncastle.
## **Financial Review**
The details of the financial transactions during the year are shown in the Statement of Financial Activities, on page 6, whilst the Financial Position is shown on the Balance Sheet on page 7, along with the necessary details in the notes on pages 8 to 19.
Restricted Fund – During the year, the Charity has received restricted funds of £51 (2022 - £11). The full details of the Restricted Fund appear in note 10.
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 £363,790 (2022 - £105,447), of which £58,070 was met from the General Fund, £235,832 was met from the Cyclical Maintenance Fund and £69,888 was met from the Extraordinary Repair Fund.
During the year, the Trustees decision to upgrade nine of the properties in Bowditch Road and convert another to provide disabled access and facilities, has considerably improved some of the charity’s oldest properties. These works amounted to a total cost of £247,131 (2022 - £13,266).
Page 3
**THE SPALDING ALMSHOUSE CHARITY TRUSTEES REPORT (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Financial Review (continued)**
During the year, the Charity has received unrestricted funds of £269,307 (2022 - £245,290). After expenditure, net outgoing unrestricted funds amounted to £185,591 (2022 incoming – £44,990). The level of unrestricted funds at the year end amounted to £313,312 (2022 – £511,602), of which the General Fund represented £84,752 (2022 – £95,722), the Extraordinary Repair Fund represented £271,266 (2022 - £288,345) and the Cyclical Maintenance Fund represented deficit of £42,706 (2022 - £127,535).
Endowment Fund – The level of the Endowment Fund at the year end amounted to £707,028 (2022 - £683,808). 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: **20 March 2024**
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 2023 which are set out on pages 6 to 19.
## **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**
Since the charity’s gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of England and Wales.
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: **31 March 2024**
**K.J. Maggs** B.A., F.C.A. Chartered Accountant Spalding
Page 5
## **THE SPALDING ALMSHOUSE CHARITY**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
**----- Start of picture text -----**
Unrestricted Restricted Endowment 2023 2022
Note Funds Fund Fund Total Total
£ £ £ £ £
INCOME
Garage rent 840 - - 840 840
Income from investments 2 34,013 51 - 34,064 21,173
34,853 51 - 34,904 22,013
Charitable activities
Almshouse management 3 234,454 - - 234,454 223,288
TOTAL INCOME 269,307 51 - 269,358 245,301
EXPENDITURE
Charitable activities
Almshouse management
Direct almshouse costs 3 98,572 - - 98,572 94,946
Support costs 3 50,583 - - 50,583 46,090
Cyclical maintenance 235,832 - - 235,832 48,554
11
Extraordinary repairs 69,888 - - 69,888 -
Other expenditure 3 2,650 - - 2,650 2,650
TOTAL EXPENDITURE 457,525 - - 457,525 192,240
Net (deficit) / surplus for (188,218) 51 - (188,167) 53,061
Net gains / (losses) on
5 2,627 - 23,591 26,218 (61,810)
investments
NET (DEFICIT) / SURPLUS (185,591) 51 23,591 (161,949) (8,749)
Realised gains on investment
assets 5 - - (371) (371) -
Transfers between funds 11 (12,699) 12,699 - - -
NET MOVEMENT IN FUNDS (198,290) 12,750 23,220 (162,320) (8,749)
Fund balances as at:
31 December 2022 511,602 3,125,942 683,808 4,321,352 4,330,101
31 December 2023 313,312 3,138,692 707,028 4,159,032 4,321,352
Note 11 Note 10 Note 9
**----- End of picture text -----**
_The notes on pages 8 to 19 form a part of these accounts_
Page 6
## **THE SPALDING ALMSHOUSE CHARITY**
## **BALANCE SHEET**
## **AT 31 DECEMBER 2023**
**----- Start of picture text -----**
2023 2022
Note £ £ £ £
FIXED ASSETS
Almshouses 4 3,395,339 3,395,339
Investments 5 536,429 505,311
3,931,768 3,900,650
CURRENT ASSETS
Short-term deposits 6 250,622 447,257
Debtors 725 671
Spalding Relief In Need Charity - 2,109
Prepayments 3,567 2,722
Cash at bank 38,873 7,374
293,787 460,133
CURRENT LIABILITIES
Amounts falling due within one year 7 34,211 5,744
34,211 5,744
NET CURRENT ASSETS 259,576 454,389
TOTAL ASSETS LESS CURRENT
LIABILITIES 4,191,344 4,355,039
CREDITORS
Amounts falling due after one year 8 32,312 33,687
TOTAL ASSETS 4,159,032 4,321,352
CAPITAL FUNDS
Endowment Fund 9 707,028 683,808
Restricted Fund 10 3,138,692 3,125,942
3,845,720 3,809,750
GENERAL AND RESERVE FUNDS
Unrestricted funds 11 313,312 511,602
4,159,032 4,321,352
**----- End of picture text -----**
The financial statements on pages 6 to 18 were approved by the Trustees on **20 March 2024** and signed on their behalf by:
**Mr R. Hancox** Trustee
**Mr D.A.J. Gratton** Trustee
_The notes on pages 8 to 19 form a part of these accounts_
Page 7
**THE SPALDING ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS**
**FOR THE YEAR ENDED 31 DECEMBER 2023**
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 2023**
## **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 2023**
**----- Start of picture text -----**
2. Income from investments
Unrestricted Restricted 2023 2022
Funds Funds Total Total
£ £ £ £
Endowment Fund
Black Rock Charities UK Bond
2,540 - 2,540 2,540
Fund A - Inc
M&G Charity Multi Asset Fund -
2,594 - 2,594 1,733
Inc
C.O.I.F. Charities Investment
6,816 - 6,816 6,789
Fund - Inc
I.F.S.L. C.A.F. Fixed Interest B -
588 - 588 1,170
Inc
C.O.I.F. Deposit Account 797 - 797 797
13,335 - 13,335 13,029
General Fund
C.O.I.F. Deposit Account 12,977 - 12,977 913
E.R.F.
M&G Charity Multi Asset Fund -
1,527 - 1,527 1,207
Acc
Black Rock Charities UK Bond
1,714 - 1,714 1,543
Fund A - Acc
M&G Charity Multi Asset Fund -
2,030 - 2,030 2,030
Acc
C.O.I.F. Deposit Account 1,216 - 1,216 1,216
Virgin charity deposit account 7 - 7 17
6,494 - 6,494 6,013
C.M.F.
C.O.I.F. deposit account 1,207 - 1,207 1,207
Restricted Fund
C.O.I.F. Deposit Account - 51 51 11
- 51 51 11
Total Investment Income 34,013 51 34,064 21,173
**----- End of picture text -----**
Page 10
**THE SPALDING ALMSHOUSE CHARITY**
## **NOTES TO THE ACCOUNTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
|**3. Almshouse Management Account**
**£**
**£**
**WEEKLY MAINTENANCE CONTRIBUTIONS**
234,454
**EXPENDITURE**
**Direct almshouse costs**
Routine maintenance
58,070
Telephone and Lifeline service
16,018
Water and sewerage charges
22,945
Empty property costs
1,539
98,572
**Support costs**
Clerks' remuneration
36,393
Clerks' office expenses
1,750
Professional fees
683
National Almshouses Association
806
Comprehensive insurance
6,435
Advertising and website
515
Sundry expenses
433
Social activities
3,568
50,583
**Other expenditure**
Accountants fees
2,650
2,650
151,805
82,649
**Excess of income over expenditure before**
**provision for cyclical maintenance and**
**extraordinary repairs (see note 11)**
**2023**|£
£
223,288
56,893
16,197
21,605
251
94,946
34,013
1,635
1,056
461
5,853
430
144
2,498
46,090
2,650
2,650
143,686
79,602
2022|
|---|---|
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|**2023**
**£**
203
-
203|2022
£
-
109
109|
|---|---|---|
## **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 2023**
**----- Start of picture text -----**
4. Fixed Assets - Almshouses
2023 2022 2023 2022
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 17 550,937 550,937
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 68 3,254,339 3,254,339
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 72 3,395,339 3,395,339
**----- End of picture text -----**
- **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.
- **A** The Bowditch Road properties are included at the valuation as above plus the cost of 32A Bowditch Road when 32 Bowditch Road was converted during 2021.
- **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 2023**
## **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 31/12/23**
**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 2023**
Balance at 30 December 2022
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 01/01/23
£
61,373
43,901
227,373
28,595
32,714
55,038
56,317
505,311
562,341|Acquisitions/
(Disposals)
£
-
28,224
-
(28,224)
1,326
1,714
2,231
5,271
4,780|Movement
in value
£
1,270
1,428
20,893
(371)
706
1,703
218
25,847
(61,810)|**Market value**
**at 31/12/23**
**£**
62,643
73,553
248,266
-
34,746
58,455
58,766
536,429
505,311|
|---|---|---|---|---|
Page 13
**THE SPALDING ALMSHOUSE CHARITY**
## **NOTES TO THE ACCOUNTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
**----- Start of picture text -----**
6. Short-Term Deposits
2023 2022
£ £
C.O.I.F. designated deposits:
Endowment Fund 98,396 87,072
General Fund 32,209 74,855
E.R.F. 48,016 143,181
C.M.F. 70,791 135,709
Restricted Fund 1,210 1,159
250,622 441,976
Virgin Charity Deposit Account
E.R.F. - 5,281
250,622 447,257
7. Creditors Amounts falling due within one year
2023 2022
£ £
Mortgage debt (see note 8) 1,375 1,375
Activity creditors 28,718 491
Accruals and deferred income 4,118 3,878
34,211 5,744
8. Creditors Amounts falling due after one year
2023 2022
£ £
Mortgage debt 32,312 33,687
**----- 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 2023**
## **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)**
**Balance at 31 December 2023**
Balance at 30 December 2022
**C.O.I.F. deposit account (see**
**note 6)**|Market
value
31/12/22
£
141,000
9,056
85,438
94,494
361,242
87,072
683,808
737,558|Movement
in funds
£
-
(5,724)
(5,600)
(11,324)
-
11,324
-
-|Change
in value
£
-
-
-
-
23,220
-
23,220
(53,750)|**Market**
**value**
**31/12/23**
**£**
141,000
3,332
79,838
83,170
384,462
98,396
707,028
683,808|
|---|---|---|---|---|
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 2023**
## **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 2023**
Balance at 30 December 2022
**Loans from endowment capital**
**(see note 9)**|Balance
at 01/01/23
£
3,254,339
(94,494)
1,159
(35,062)
3,125,942
3,111,857|New monies
received
£
-
-
51
-
51
11|Payments
and transfers
£
-
11,324
-
1,375
12,699
14,074|**Balance**
**at 31/12/23**
**£**
3,254,339
(83,170)
1,210
(33,687)
3,138,692
3,125,942|
|---|---|---|---|---|
Page 16
**THE SPALDING ALMSHOUSE CHARITY**
**NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **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.
During the year, the Trustees decision to upgrade nine of the properties in Bowditch Road and convert another to provide disabled access and facilities, has considerably improved some of the charity’s oldest properties.
## **General and Reserve Funds movements**
|Balance at 31
December 2023
Transfers
Other income
Income from
investments (see note
2)
Almshouse
Management Account
(see note 3)
Refurbishment of
Bowditch Road
Extraordinary and
cyclical maintenance
Balance at 1 January
2023
Change in value of
investments (see note
5)|E.R.F.
£
288,345
43,688
6,494
-
(19,047)
(50,841)
2,627
-
271,266
|C.M.F.
£
127,535
64,384
1,207
-
(39,542)
(196,290)
-
-
(42,706)|General
£
95,722
(25,423)
26,312
840
-
-
-
(12,699)
84,752|**2023**
**Total**
**£**
511,602
82,649
34,013
840
(58,589)
(247,131)
2,627
(12,699)
313,312|2022
Total
£
480,686
79,602
21,162
840
(35,288)
(13,266)
(8,060)
(14,074)
511,602|
|---|---|---|---|---|---|
Page 17
**THE SPALDING ALMSHOUSE CHARITY**
## **NOTES TO THE ACCOUNTS (continued)**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **11. General and Reserve Funds**
**Made up as follows:**
|E.R.F.
£
151,967
48,016
Cash at bank
-
Debtors
-
(2,109)
Prepayments
-
Creditors
(1,271)
74,663
271,266
Balances between
funds
Other debtors
Short-Term Deposits
**Balance at 31**
**December 2023**
Investments (see note
5)|C.M.F.
£
-
70,791
-
-
-
-
(25,681)
(87,816)
(42,706)|General
£
-
32,209
38,873
725
2,109
3,567
(5,884)
13,153
84,752|**2023**
**Total**
**£**
151,967
151,016
38,873
725
-
3,567
(32,836)
-
313,312|2022
Total
£
144,069
359,026
7,374
671
2,109
2,722
(4,369)
-
511,602|
|---|---|---|---|---|
## **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 Trustees have been advised of the death of the life tenant of the Handley Tony Stephenson Will Trust on 2 January 2024.
Page 18
## **THE SPALDING ALMSHOUSE CHARITY**
## **NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023**
## **14. Statement of Financial Activities - Comparatives**
|**INCOME**
**Voluntary income**
Garage rent
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 / (EXPENDITURE)**
Transfers between funds
**NET MOVEMENT IN FUNDS**|Unrestricted
Fund
£
840
21,162
22,002
223,288
245,290
94,946
46,090
48,554
-
2,650
192,240
(8,060)
**44,990**
(14,074)
**30,916**|Restricted
Fund
£
-
11
11
-
11
-
-
-
-
-
-
-
**11**
14,074
**14,085**|Endowment
Fund
£
-
-
-
-
-
-
-
-
-
-
-
(53,750)
**(53,750)**
-
**(53,750)**|2022
Total
£
840
21,173
22,013
223,288
245,301
94,946
46,090
48,554
-
2,650
192,240
(61,810)
**(8,749)**
-
**(8,749)**|
|---|---|---|---|---|
Page 19