Dowsett Almshouses Trust
Report and Accounts
Year Ended 31st March 2022
Dowsett Almshouses Trust Contents Year Ended 31st March 2022
| Page | |
|---|---|
| Information sheet | 3 |
| Trustees report | 4 - 6 |
| Independent examiner's report of the accounts | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the accounts | 10 - 14 |
Dowsett Almshouses Trust Information Sheet Year Ended 31st March 2022
Trustees
Cllr M Borton Mr P Andrews - Secretary/Treasurer Rev S Ejaz Rev D Gates
Accountants
Devonports Accountants Limited Cumberland House 24-28 Baxter Avenue Southend on Sea Essex SS2 6HZ
Principal Address
C/o 160 Tankerville Drive Leigh on Sea Essex SS9 3DD
Registered charity number
220610
Page 3
Dowsett Almshouses Trust Trustees report Charity Number: 220610 Year Ended 31st March 2022
Statutory Information
Registered Address
C/o 160 Tankerville Drive Leigh on Sea Essex SS9 3DD
Charity Registration Number
220610
Trustees
Cllr M Borton Mr P Andrews - Secretary/Treasurer Mr I S Taylor Rev S Ejaz Rev D Gates
Bankers
Barclays Bank 127 High Street Southend on Sea Essex SS1 1JS
Annual Report for year ended 31 March 2022
The Trustees present their Annual Report and Financial Statements for year ending 31 March 2021.
Charitable Object
The Charity is governed by an Approved Governing Document which states that the principal purpose of the charity is to provide affordable housing for the elderly and infirm in the Borough of Southend, and to apply the income of the charity for the benefit of the residents in the Almshouses of the charity or any of them in such manner as the Trustees think fit, from time to time.
The Trust owns 8 Almshouse properties, which it maintains, in Chelmsford Avenue, Southend on Sea, and 2 endowment property houses, the income from which support the work of the alms-houses.
Organisational Structure
The Trustees are appointed as ex-officio Trustees from the Free Church communities within the Borough, or seconded by the Trustees accordingly, together with the Mayor of Southend on Sea who serves as Chairman for his/her year of office.
Trustees meet several times a year, together with an annual AGM, at which officers are appointed, and they are responsible together for the day to day running of the charity, and the financial and legal aspects.
Page 4
Objectives and Activities
The Charity produces an Annual Report each year which details the activities undertaken in the current year to show the public benefit and the achievement of their aims and objectives.
In order to achieve the principal objective which is set out above, the Trust endeavours to maintain the properties in a fit state of repair, and make necessary improvements as and when they are required. It also provides appropriate insurance cover for Residents properties and contents, up to a measured amount, and water and sewerage connections.
A small maintenance charge is levied upon the Alms-house residents and reviewed annually.
Achievements and Performance
With the reduction in Covid restrictions this year, a return to more normal circumstances, the bungalows and large garden continued to be maintained in good order and were fully occupied for reporting period. One property was which had been left vacant in the previous reporting year following the death of a resident, was occupied fairly quickly in this reporting session. This property had required some redecoration, payment of outstanding bills and clearance costs, which were exceptional payments. Five of the eight residents are in now in receipt of Housing Benefit , all of which are now paid directly to the Trusts account.
Maintenance and Security - All of the bungalows were kept in a good state of repair, and the Borough Council continued to offer a call-out service for the residents, which was much appreciated. The annual fee for this service is £2100 (incl VAT) agreed by the Trustees and Council. In accordance with the work that was approved at the previous years AGM, there was the finishing of considerable redecoration to the exterior of the endowment properties, external repairs, damp and painting, which was included in budget for the year, drawing on reserves. There was also the completion of major refurbishment to the external porches for all the bungalows. This year there have also been substantial additional expense over and above normal maintenance, making good some of the jobs that had been put on hold during Covid and services costs including replacement of more fencing, paving, drain issues and internal damp. As per normal, costs for these works were passed on after the year end and shown on the accounts.
Endowment Properties - Rental income is regularly received from both properties without any problem and indeed, one tenant has made another sizeable repayment of outstanding arrears.
Trusteeship - The Trustees remain quorate according to the Constitution of the Trust. The Trust remains fortunate to have the continued Trusteeship of the Mayor of the City of Southend. The Trustees are still to review the Governing Documents in the light of congregational changes in Southend to bring the ex-officio positions up to date.
Secretary/Acting Treasurer - Trustees agreed to ask Mr Phil Andrews to act as Treasurer / Secretary for the year.
Page 5
Financial Review
The Trust continues to raise funds from the endowment property rental with further income from the Almshouses maintenance charges.
The most significant expenses related to on-going maintenance and repairs provided by Southend on Sea Borough Council, along with other property maintenance and repairs. Gardening has generally maintained its cost with the gardener providing some additional hours and other costs and services have mostly risen according to inflation. For the reporting year, despite the large maintenance projects undertaken, other expenses were generally in line with expectations, and the Trusts budget which was set at the previous AGM. At this time it was expected to reduce reserves by about £10k-15k, which proved to be reasonably accurate. The Trust continues to have sufficient funds to allow 12 months of continued expense in the event of no income and in view of the “catching up” of maintenance expects the next year to be an opportunity to build reserves again. Trustees are satisfied that sufficient reserves are still in hand. Whilst some major work is to be undertaken to boilers and central heating in the Endowment properties, reserves should continue to rise over the coming year.
It is proposed that once the outstanding maintenance bills are paid that an additional amount will be moved across to savings.
The financial results of the year are set out in the accompanying financial statements.
Covid – Financial Risk Assessment - Fortunately, the income of the Trust is not affected by the threats presented by the Covid-19 situation as it is not actively engaged in fund-raising activities. The Trustees are satisfied that they have sufficient reserves at the Balance Sheet date, together with anticipated income, to enable the Trust to function effectively in the coming year. The Trustees have made an assessment of the major risks facing the Trust, and are satisfied that policies are in place to minimise these risks. Health and safety assessments and property insurances are up to date. A valuation of the properties was last undertaken in 2022 and will next be reviewed in 2026.
The Trust is grateful to Devonports LAS Accountants for their help in examining this year’s financial statement.
P Andrews (on behalf of the board)
Secretary
Date: ….........……………..31/01/2023
Page 6
Dowsett Almshouses Trust Independent Examiner's Report to the trustees of Dowsett Almshouses Trust Charity Number: 220610 Year Ended 31st March 2022
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (The Charities Act) and that an independent examination is needed. It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
-
to follow the procedures laid down in the general directions given by the Charity Commission under section 145 (5) (b) of the Charities Act, and
-
to state whether particular matters have come to my attention
Basis of independent examiner's statement
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention 1.
which gives me reasonable cause to believe that in, any material respect, the
-
to keep accounting records in accordance with section 130 of the Charities Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounts requirements of the Charities Act have not been met; or
to which, in my opinion, attention should be drawn in order to enable 2. a proper understanding of the accounts to be reached.
Mr I Hornsey FAIA FFA Devonports LAS Accountants Limited Incorporated Financial Accountants Cumberland House, 24-28 Baxter Avenue …………………........................................... Southend-on-sea Essex SS2 6HZ
Date: 31/01/2023
Page 7
Dowsett Almshouses Trust Statement of Financial Activities Charity Number: 220610 Year Ended 31st March 2022
| Note Incoming resources (Note 3) Income and endowments from: Donations and legacies Charitable activities 3 Other trading activities Investments 3 Separate material item of income Other Resources expended (Note 6) Expenditure on: Raising funds Charitable activities 4 Separate material item of expense Other Net gains/(losses) on investments Extraordinary items Other gains/(losses) Reconciliation of funds: Gains and losses on revaluation of fixed assets for the charity’s own use Net movement in funds Total funds brought forward Total funds carried forward Total Total Net income/(expenditure) before investment gains/(losses) Net income/(expenditure) Transfers between funds Other recognised gains/(losses): |
Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ |
Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ |
Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ |
Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ |
Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ |
|---|---|---|---|---|---|
| - | - | - | - | - | |
| - | 20,245 | 17,400 | 37,645 | 40,567 | |
| - | - | - | - | - | |
| 1 | - | 1 | 77 | ||
| - | - | - | - | - | |
| - | - | - | - | - | |
| - | 20,246 | 17,400 | 37,646 | 40,644 | |
| - | - | - | - | - | |
| - | 48,485 | 10,252 | 58,737 | 46,513 | |
| - | - | - | - | - | |
| - | 48,485 | 10,252 | 58,737 | 46,513 | |
| - | 28,239 - |
7,148 | 21,091 - |
5,869 - |
|
| - | - | ||||
| - | 28,239 - |
7,148 | 21,091 - |
5,869 - |
|
| - | - | - | - | - | |
| - | 7,148 | 7,148 - |
- | - | |
| - | 320,000 | 90,000 | 410,000 | - | |
| - | - | - | - | - | |
| - | 298,909 | 90,000 | 388,909 | 5,869 - |
|
| - | 1,089,710 | 550,000 | 1,639,710 | 1,645,579 | |
| - | 1,388,619 | 640,000 | 2,028,619 | 1,639,710 |
Page 8
Dowsett Almshouses Trust Balance Sheet Charity Number: 220610 Year Ended 31st March 2022
| Note Fixed assets Intangible assets 5 Tangible assets Heritage assets Investments Total fixed assets Current assets Stocks Debtors 6 Investments Cash at bank and in hand Total current assets Creditors: amounts falling due within one year 7 Net current assets/(liabilities) Total assets less current liabilities Creditors: amounts falling due after one year 7 Provisions for liabilities Total net assets or liabilities Funds of the Charity Endowment funds Restricted income funds Unrestricted funds Revaluation reserve Total funds 8 Endowment funds 8 Total funds |
Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05 |
Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05 |
Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05 |
Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05 |
Unrestricted funds Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05 |
|---|---|---|---|---|---|
| - | - | - | - | - | |
| - | 1,360,000 | 640,000 | 2,000,000 | 1,590,000 | |
| - | - | - | - | - | |
| - | - | - | - | - | |
| - | 1,360,000 | 640,000 | 2,000,000 | 1,590,000 | |
| - | - | - | - | - | |
| - | 11,850 | - | 11,850 | 11,850 | |
| - | - | - | - | - | |
| - | 55,440 | - | 55,440 | 67,048 | |
| - | 67,290 | - | 67,290 | 78,898 | |
| - | 38,671 | - | 38,671 | 29,189 | |
| - | 28,619 | - | 28,619 | 49,710 | |
| - | 1,388,619 | 640,000 | 2,028,619 | 1,639,710 | |
| - | - | - | - | - | |
| - | - | - | - | - | |
| - | 1,388,619 | 640,000 | 2,028,619 | 1,639,710 | |
| - | - | - | |||
| 2,028,619 | 2,028,619 | 1,639,710 | |||
| - | - | - | |||
| ~~-~~ | - | - | |||
| 2,028,619 | - | 2,028,619 | 1,639,710 | ||
| - | - | ||||
| - | 2,028,619 |
Signed on behalf of the Trustees
31/01/2023 Date: …......................................
Page 9
Dowsett Almshouses Trust Notes to the accounts Charity Number: 220610 Year Ended 31st March 2022
Note 1
Basis of preparation
1.1 Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts. The accounts have been prepared in accordance with:
the Statement of recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financioal reporting Standard applicable in the Uk and Republic of Ireland (FRS 102) issued on 16 July 2014.
1.2 Change in basis of accounting
There has been no change to the accounting policies (valuation rules and methods of accounting) since last year (except for the following).
1.3 Changes to previous accounts
No changes have been made to accounts for previous years.
Note 2
Incoming Resources
| Recognition of incoming | These are included in the Statement of Financial Activities (SoFA) when: | |
|---|---|---|
| resources | ||
| ● | the charity becomes entitled to the resources; | |
| ● | the trustees are virtually certain they will receive the resources; and | |
| ● | the monetary value can be measured with sufficient reliability. | |
| Offsetting | There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP of FRS 102. |
|
| Grants and donations | Grants and donations are only included in the SoFA when the general | |
| income recognition criteria are met (5.10 to 5.12 FRS 102 SORP). | ||
| Volunteer help | The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report. |
|
| Investment income | This is included in the accounts when receivable. | |
| Investment gains and losses | This includes any gain or loss on the sale of investments and any gain or | |
| loss resulting from revaluing investments to market value at the end of the | ||
| year. | ||
| Expenditure and Liabilities | ||
| Liability recognition | Liabilities are recognised where it is more likley than not that there is a | |
| legal or constructive obligation committing the charity to pay out resources | ||
| and the amount of the obligation can be measured with reasonable | ||
| certainty. | ||
| Assets | ||
| Tangible fixed assets for use by | These are capitalised if they can be used for more than one year, and cost | |
| charity | at least £500. They are valued at cost or a reasonable value on receipt. |
Page 10
Note 3
Analysis of incoming resources
| Charitable activities Investments |
Unrestricte d funds Restricted income funds Endowment funds Total funds Prior year £ £ Rent receivable - 20,245 17,400 37,645 40,567 - - - - - - - - - - - - - - - Total - 20,245 17,400 37,645 40,567 Interest income - 1 - 1 77 Other - - - - - Total - 1 - 1 77 Analysis |
Unrestricte d funds Restricted income funds Endowment funds Total funds Prior year £ £ Rent receivable - 20,245 17,400 37,645 40,567 - - - - - - - - - - - - - - - Total - 20,245 17,400 37,645 40,567 Interest income - 1 - 1 77 Other - - - - - Total - 1 - 1 77 Analysis |
Unrestricte d funds Restricted income funds Endowment funds Total funds Prior year £ £ Rent receivable - 20,245 17,400 37,645 40,567 - - - - - - - - - - - - - - - Total - 20,245 17,400 37,645 40,567 Interest income - 1 - 1 77 Other - - - - - Total - 1 - 1 77 Analysis |
Unrestricte d funds Restricted income funds Endowment funds Total funds Prior year £ £ Rent receivable - 20,245 17,400 37,645 40,567 - - - - - - - - - - - - - - - Total - 20,245 17,400 37,645 40,567 Interest income - 1 - 1 77 Other - - - - - Total - 1 - 1 77 Analysis |
Unrestricte d funds Restricted income funds Endowment funds Total funds Prior year £ £ Rent receivable - 20,245 17,400 37,645 40,567 - - - - - - - - - - - - - - - Total - 20,245 17,400 37,645 40,567 Interest income - 1 - 1 77 Other - - - - - Total - 1 - 1 77 Analysis |
Unrestricte d funds Restricted income funds Endowment funds Total funds Prior year £ £ Rent receivable - 20,245 17,400 37,645 40,567 - - - - - - - - - - - - - - - Total - 20,245 17,400 37,645 40,567 Interest income - 1 - 1 77 Other - - - - - Total - 1 - 1 77 Analysis |
|---|---|---|---|---|---|---|
| Rent receivable |
- | 20,245 | 17,400 | 37,645 | 40,567 | |
| - | - | - | - | - | ||
| - | - | - | - | - | ||
| - | - | - | - | - | ||
| Total | - | 20,245 | 17,400 | 37,645 | 40,567 | |
| Interest income |
- | 1 | - | 1 | 77 | |
| Other | - | - | - | - | - | |
| Total | - | 1 | - | 1 | 77 |
Note4 Analysis of expenditure
| Expenditure charitable activities: |
Analysis | Unrestricted funds Restricted income funds Endowment funds Total funds Prior year £ £ |
Unrestricted funds Restricted income funds Endowment funds Total funds Prior year £ £ |
Unrestricted funds Restricted income funds Endowment funds Total funds Prior year £ £ |
Unrestricted funds Restricted income funds Endowment funds Total funds Prior year £ £ |
Unrestricted funds Restricted income funds Endowment funds Total funds Prior year £ £ |
|---|---|---|---|---|---|---|
| Water rates | 2,224 | - | 2,224 | 2,287 | ||
| Repairs | - | 43,847 | 9,908 | 53,755 | 41,994 | |
| Legal &professional | 720 | - | 720 | 138 | ||
| Audit & accountancy | 421 | 107 | 528 | 528 | ||
Insurance |
948 | 237 | 1,185 | 1,148 | ||
| Subscriptions | 187 | - | 187 | 188 | ||
| Other expenses | 138 | - | 138 | 230 | ||
| - | ||||||
| - | - | - | - | - | ||
| - | - | - | - | - | ||
| - | - | - | - | - | ||
| - | - | - | - | |||
| - | - | - | - | - | ||
| - | - | - | - | - | ||
| - | - | - | - | - | ||
| - | - | - | - | - | ||
| - | - | - | - | - | ||
| - | - | - | - | - | ||
| Total expenditure on | - | 48,485 | 10,252 | 58,737 | 46,513 |
Page 11
Note 5 Tangible fixed assets
5.1 Cost or valuation
| 5.1 Cost or valuation | |||||
|---|---|---|---|---|---|
| Freehold £ At the beginning of the year 1,590,000 Additions - Revaluations 410,000 Disposals - Transfers - At end of the year 2,000,000 At beginning of the year - Disposals - Depreciation - Impairment - Transfers - At end of the year - Net book value at the beginning of the year 1,590,000 Net book value at the end of the year 2,000,000 5.2 Depreciation and impairments 5.3 Net book value |
Freehold £ |
Other land £ |
Plant, £ |
Fixtures, £ |
Total £ |
| 1,590,000 | - | - | - | 1,590,000 | |
| - | - | - | - | - | |
| 410,000 | - | - | - | 410,000 | |
| - | - | - | - | - | |
| - | - | - | - | - | |
| 2,000,000 | - | - | - | 2,000,000 | |
| - | - | - | - | - | |
| - | - | - | - | - | |
| - | - | - | - | - | |
| - | - | - | - | - | |
| - | - | - | - | - | |
| - | - | - | - | - | |
| 1,590,000 | - | - | - | 1,590,000 | |
| 2,000,000 | - | - | - | 2,000,000 |
5.4 Revaluation
A valuation was carried out by Mr David Dedman FRICS in on 9th February 2022 of the ten properties owned by the Trust and the Trustees and the properties have been revalued accordinlgy.
Page 12
| Note 6 Debtors and prepayments Analysis of debtors Trade debtors Amounts due from subsidiary and associated undertakings Other debtors Prepayments and accrued income Total |
||||
|---|---|---|---|---|
| Amounts falling due within oneyear |
Amounts falling due after more than oneyear |
|||
| This year £ |
Last year £ |
This year £ |
Last year £ |
|
| - | - | - | - | |
| - | - | - | - | |
| 11,850 | 11,850 | - | - | |
| - | - | - | - | |
| 11850 | 11,850 | - | - | |
Note 7 Creditors and accruals
| Note 7 Creditors and accruals |
||||
|---|---|---|---|---|
| 7.1 Analysis of creditors Loans and overdrafts Trade creditors Amounts due to subsidiary and associated undertakings Other creditors Rents received in advance |
Amounts falling due withinone year |
Amounts falling due after more than one year |
||
| This year £ |
Last year £ |
This year £ |
Last year £ |
|
| - | - | - | - | |
| - | - | - | - | |
| - | - | - | - | |
| 37,871 | 28,389 | - | - | |
| 800 | 800 | - | - | |
| 38,671 | 29,189 | - | - |
Total
Page 13
Note 8 Endowment and restricted
8.1 Funds held
| 8.1 Funds held | ||||||
|---|---|---|---|---|---|---|
| Fund Name | Type PE, EE , R or other R PE Refer to Trsutees report Refer to Trsutees report Purpose and restrictions |
|||||
| Restricted income fund | R | Refer to Trsutees report | ||||
| Endowment fund | PE | Refer to Trsutees report | ||||
| 8.2 Movements of major funds Fund names |
||||||
| Fund balances brought forward £ |
Incoming resources £ |
Resources expended £ |
Transfers £ |
Gains and losses £ |
Fund balances carried forward £ |
|
| Restricted Income Fund | 49,710 | 20,246 | 48,485 | 7,148 | - | 28,619 |
| Restricted - Property Revaluation Fund |
1,040,000 | - | - | 320,000 | 1,360,000 | |
| Endowment Fund | - | 17,400 | 10,252 | - 7,148 | - | - 0 |
| Endowment - Property Revaluation Fund |
550,000 | - | 90,000 | 640,000 | ||
| - | - | - | - | - | - | |
| - | - | - | - | - | - | |
| 1,639,710 | 37,646 | 58,737 | - | 410,000 | 2,028,619 | |
Total Funds
8.3 Transfers between funds
| From Fund (Name) | To Fund (Name) | To Fund (Name) | Reason | Reason | Reason | Amount |
|---|---|---|---|---|---|---|
| Endowment fund | Restricted Income Fund | transfer for fund deficit | 7,148 | |||
| 8.4 Analysis of net assets between Fixed assets Investments Net current assets Creditors due in more than one year and provisions Total net assets |
Unrestricted Restricted Endowed Total £ £ £ £ - 1,360,000 640,000 2,000,000 - - - - - 28,619 - 28,619 - 1,388,619 640,000 2,028,619 |
|||||
| Unrestricted £ |
Restricted £ |
Endowed £ |
Total £ |
|||
| - | 1,360,000 | 640,000 | 2,000,000 | |||
| - | - | - | - | |||
| - | 28,619 | - | 28,619 | |||
| - | 1,388,619 | 640,000 | 2,028,619 |
Note 9
Transactions with related parties
There were no transactions with related parties during the period.
9.1 Remuneration and benefits
No remuneration or benefits were provided to the Trustees during the period
Page 14