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Charity number: 222522
ST ALBANS OLD PEOPLE'S TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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ST ALBANS OLD PEOPLE'S TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 7 |
| Independent Examiner's Report | 8 - 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Notes to the Financial Statements | 12 - 20 |
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ST ALBANS OLD PEOPLE'S TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
Trustees
Robert P. Hill John W. Gladwin Arianrhod Pazzi-Axworthy Sudabe Gray Caroline Rolfe (appointed May 2021) Shona Hyde (appointed June 2022) Ian Johnson (appointed October 2022)
Charity registered number
222522
Principal office
6 Sandringham Road, Flitwick, Bedfordshire, MK45 1RW
Trust Website
www.staopt.org
Secretary
W. Fardell
Accountants
Mercer & Hole LLP, 72 London Road, St Albans, Hertfordshire, AL1 1NS
Bankers
CCLA Investment Management, 80 Cheapside, London, EC2V 6DZ
CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ
Investment Holdings
CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET
M & G Investments, PO Box 9039, Chelmsford, CM99 2XF
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ST ALBANS OLD PEOPLE'S TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their report and financial statements for the year ended 31 March 2022.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed. They have also 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 (FRS 102) (Second Edition)’, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
Structure, governance and management
The Trust is a registered charity no. 222522 established by the Trust Deed on 24 July 1947. The charitable object is set out in a scheme confirmed by the Charity Commission on 30 May 2000. The Trust does not actively fundraise and has resolved to carry out and continue the objects set out in the Trust Deed through careful stewardship of its investments.
Prospective new Trustees, who should be resident in the City and District of St Albans, may apply to the Secretary or make their interest known to any Trustee. The maximum number of co-opted Trustees is seven and the minimum term of office is two - four years (although the normal term is four years)
During the year the following changes occurred: the retirement of Rodney C Moss as Trustee and Chairman and Susan Keeling as Trustee.
After the year end but before the date of approval of these accounts the following changes occurred: the appointment of Sudabe Gray as Chairperson and the appointment of co-opted Trustees: Shona Hyde and Ian Johnson.
Trustees who served during the year:
Sudabe Gray – (Chairperson – May 2022) Rodney C Moss – retired May 2022 Robert P. Hill Susan Keeling – retired June 2022 John W. Gladwin Arianrhod Pazzi-Axworthy Caroline Rolfe Shona Hyde – appointed June 2022 Ian Johnson – appointed Oct 2022
The Trustees monitor all risks to which the Trust may be exposed and are satisfied that systems are in place to mitigate all material risks.
The Secretary, Mr. William Fardell, is appointed to carry out the day-to-day administration.
Objectives and activities
Objectives
The objective of the Charity is the relief of persons over the age of 60, resident within the City and District of St. Albans, who are in need, hardship or distress.
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ST ALBANS OLD PEOPLE'S TRUST
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022
Activities
Continuing the Trust’s work during the second year of the Covid pandemic.
The Trust continued the work of the charity throughout the restrictions imposed during the second year of the Covid pandemic, i.e., during 2021 and into Spring 2022.
Many of the Trust’s clients had yet to resume their normal lives ~~,~~ by the end of March 2022. As a result, the staff had to continue to work around our clients’ ‘new normal’. This meant posting more application forms, rather than taking information in person at events or via referral partners.
As many of the information services had moved primarily online, the Trust continued to respond to telephone requests for information from older people and their families e.g., which services had re-opened, new operating times, where to access help.
Most of the Trust’s suppliers re-commenced deliveries and services during this period including the cleaning service, a lifeline for many older people, and the boiler servicing and repairs service.
Many older people continued to shield, because they were classed as clinically vulnerable, whilst others had clearly suffered a deterioration in their mental and/or physical health during the lockdowns, which meant that they were even more house-bound than before.
Despite this the Trust managed to expand its client base by 142 clients. Staff continued to promote wherever possible, including Zoom presentations to teams of referral partners, run outdoor market stalls, putting up posters on community noticeboards etc.
The Trust permanently changed the process for grant consideration to an online process. Historically grants over £600 were reviewed at bi-monthly meetings, but the Trustees successfully transitioned this to an online process, with a resultant quicker turnaround of the larger grants.
Pension Credit Initiative
The Trust entered its 2[nd] year of a partnership project with Citizens Advice St Albans (CASTAD) to encourage older people to apply for Pension Credit. Approximately 1550 people of pensionable age in the district are missing out on significant amounts of benefits. The project was expanded to become District-wide. Building on the 58 people helped successfully to apply for Pension Credit, Attendance Allowance, and other benefits in year one, a further 104 pensioners were encouraged to apply in the second year. In total 162 clients are now better off each year by £296,000 a year.
The Trustees would like to formally acknowledge the invaluable support that CASTAD’s staff and volunteer advisors provide to the Trust’s clients. Their holistic approach, providing advice not only with benefits, but also budgeting, reducing energy bills, and solving housing issues, is of tremendous financial and emotional value to our clients.
Community Hub Partnership
The Trust commenced a weekly presence at the St Albans Council’s Community Hub in September 2021. The Trust joined with many other local charity partners including CASTAD, Credit Union and Computer Friendly, in offering face-to-face services, to very vulnerable people. Most older people are digitally excluded, many have a hearing impairment so struggle with telephone conversations, therefore providing an opportunity to meet face-to-face with the Trust and support services was a lifeline for many. The co-location within the Council’s offices and adjacent to CASTAD, enables both these key referral agencies to signpost clients to the Trust for an in-person meeting without delay.
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ST ALBANS OLD PEOPLE'S TRUST
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022
Grants to Individuals
Grant – giving has increased in number and in value. The Trust awarded 266 grants in 2021/2 an increase of 10% vs 2020/1.
Number of grants
----- Start of picture text -----
242
182
168
136
88
2016/7 2017/8 2018/9 2019/20 2020/21
----- End of picture text -----
The value of grants increased from £194,000 to £234,000, an increase of 20%.
----- Start of picture text -----
Value of Grants £'000
250
200
150
100
50
0
2019/20 2020/21 2021/22
----- End of picture text -----
Grants vary from £100 for a walker or microwave up to £2,500 for three kitchen appliances, flooring, a bed, and second-hand furniture for an ex-homeless older person moving into an unfurnished flat. The Trust continues to review each application on its own merit and make decisions accordingly.
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ST ALBANS OLD PEOPLE'S TRUST
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022
Grants to Groups
The Trust made fewer grants to charities supporting older people as many had yet to resume their normal services and others had successfully applied for grants from the many national and local Covid support funds which were available at the time.
vailable at the time. |
||
|---|---|---|
| ommunity Group | Item | £ |
| Hightown Housing | ||
| Association | TV License | 159 |
| Friday Drop In Club | Rent for 1st year of operation | 3,350 |
| London Colney Parish | ||
| Council | Exercise and yoga classes | 4,830 |
| Trinity Community | ||
| Project | Christmas meal and Valentines Party | 390 |
| 8,729 |
Community Group
Future Initiatives
The Trust plans to relaunch its website in 2022, with more information about the grant giving process and links to other local charities.
The Trust already works in partnership with many other charities but plans to formalise this in 2022 by holding a partnership meeting of the key 25-30 charities and statutory agencies which support older people in the District.
Public benefit
The charity has complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.
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ST ALBANS OLD PEOPLE'S TRUST
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022
Financial Review
The Trust's investment assets generated income of £151,373 (2021 - £181,689) during the year. Against this cost of generating these funds totalled £9,747 (2021 - £7,732) in respect of property costs. Other expenditure was £325,632 (2021 - £247,627), resulting in a net decrease in resources of £184,006 (2021 - £73,670) before changes in investment values.
The Trust's investments, that are linked with the performance of the stock market, increased by £465,511 (2021 £918,251).
The values of the two properties owned by the trust were professionally determined in 2016 (20 Dalton Street) and 2004 (22 Albert Street). Since that date, non-professional analysis of the market values of similar locations shows the value of the property at 20 Dalton Street to have increased by £70,000 to £520,000. The property at Albert Street was professionally assessed for its rental valuation in 2014 but cannot be so easily assessed for market value as there are no similar properties in the area so this is assumed materially unchanged for the moment and will be reassessed professionally at a future date.
The above has resulted in a net increase in funds of £281,508 (2021 £844,581). The respective investments are being held on a long-term basis and their performance is considered satisfactory on that basis.
It is the policy of the Trust that the capital value of the Endowment fund is maintained (subject to unrealised fluctuations in the market value of the underlying assets) and that adequate unrestricted reserves are held equivalent to a minimum of twelve months running costs. The trustees have reviewed the level of reserves during the period, in particular, in relation to the effects of inflation on the value of the Endowment fund. In 2011 it was decided to establish a Capital Depreciation Account to inflation-proof the balance in the Endowment fund. The Trustees have agreed that the value of the designated funds will be assessed annually by Trustees and an addition made if it felt to be necessary. The current free reserves are £3,578,304 (2021 - £3,485,824).
Asset cover for funds
Note 12 sets out an analysis of the assets attributable to the various funds and a description of the trusts. On the information available it would appear that the Trust can continue to support at least at the same level its existing activities during the coming financial year using anticipated income without the need to draw upon present assets. The Trustees will continue to monitor the situation to ensure the assets are sufficient to meet the charity's obligations on a fund by fund basis.
......................................
S Gray Trustee 9/1/2023 Date:
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ST ALBANS OLD PEOPLE'S TRUST
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022
Trustees' responsibilities statement
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales/Northern Ireland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP 2019 (FRS 102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed.
They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
......................................
S Gray Trustee Date: 9/1/2023
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ST ALBANS OLD PEOPLE'S TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
Independent Examiner’s Report to the Trustees of St. Albans Old People’s Trust for the year ended 31 March 2022
I report to the Trustees on my examination of the financial statements of St. Albans Old People’s Trust (‘the charity’) for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.
This report is made solely to the charity’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s financial statements 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.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair’ view, and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements 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.
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ST ALBANS OLD PEOPLE'S TRUST
INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2022
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 financial statements to be reached.
J Upshall FCA
Mercer & Hole LLP – Chartered Accountants
72 London Road St. Albans Hertfordshire AL1 1NS
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ST ALBANS OLD PEOPLE'S TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| INCOME AND ENDOWMENTS FROM: Investments 2 TOTAL EXPENDITURE ON: Raising funds Charitable activities TOTAL Net gains/ (losses) on investments NET INCOME / (EXPENDITURE) 4 8 Transfers between funds 11 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds at 1 April 2021 TOTAL FUNDS AT 31 MARCH 2022 Note |
Unrestricted Endowment Total funds 2022 £ Total funds 2021 £ 85,858 65,515 151,373 181,689 funds 2022 £ funds 2022 £ |
|---|---|
| 85,858 65,515 151,373 181,689 |
|
| 9,747 - 9,747 7,732 325,632 - 325,632 247,627 335,379 276,486 26,965 - 189,028 254,543 335,379 465,514 281,508 255,359 918,251 844,581 65,515 (65,515) - - 92,480 189,028 281,508 844,581 3,485,824 2,278,055 5,763,879 4,919,298 3,578,304 2,467,083 6,045,387 5,763,879 |
The notes on pages 12 to 20 form part of these financial statements.
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ST ALBANS OLD PEOPLE'S TRUST
BALANCE SHEET AS AT 31 MARCH 2022
9/1/2023
……………………………. S Gray
The notes on pages 12 to 20 form part of these financial statements.
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ST ALBANS OLD PEOPLE'S TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
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 (FRS 102) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from January 2015.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following ‘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 (FRS 102) (Second Edition)' rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The trust meets the definition of a public benefit entity under FRS 102.
1.2 Fund accounting
General funds are unrestricted funds which 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.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Endowment funds are to be used in accordance with specific restrictions imposed by the donor.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Investment income is recognised when receivable based on notification from the investment managers.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity.
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ST ALBANS OLD PEOPLE'S TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES (continued)
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.
1.5 Going concern
The Trustees are not aware of any material uncertainties regarding going concern.
1.6 Fixed Asset Investments
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Investment properties are initially recognised at their transaction value. The residential investment property is professionally valued periodically and this revaluation is reflected in the accounts. The non-residential property is held at a valuation from 2004.
The Statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year, allocated to the appropriate fund.
1.7 Debtors
Short term debtors are measured at transaction price, less any impairment losses.
1.8 Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.9 Creditors and provisions
Short term creditors are measured at the transaction price.
1.10 Financial instruments
The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as debtors and creditors.
Financial instruments are initially measured at transaction value. They are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.
1.11 Judgements in applying accounting policies
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. The key source of estimation uncertainty that could have an impact on the financial statements relates to the values of investments held.
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ST ALBANS OLD PEOPLE'S TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. INVESTMENT INCOME
| Rental income Income from listed investments Variable interest securities and bonds * Interest receivable Donations received Sundry Total 2021 |
Unrestricted funds 2022 £ Endowment funds 2022 £ Total funds 2022 £ Total funds 2021 £ 24,386 - 24,386 30,122 13,452 - 13,452 12,095 47,428 65,495 112,923 137,740 3 20 23 966 - - - 244 589 - 589 522 |
|---|---|
| 85,858 65,515 151,373 181,689 |
|
| 101,056 80,633 181,689 |
* In 2020/ 2021 5 quarters of income from variable interest securities and bonds was recognised to account for accrued income.
3. ANALYSIS OF GRANTS
| ANALYSIS OF GRANTS | |
|---|---|
| Grants payable Total 2021 |
Grants to Institutions 2022 £ Grants to Individuals 2022 £ Total 2022 £ Total 2021 £ 8,729 232,544 241,273 187,036 |
| 14,569 172,467 187,036 |
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ST ALBANS OLD PEOPLE'S TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Included within grants are amounts payable to 4 institutions (2021 – 9) as follows:
| Age UK Herts Batford Community Group Counselling Foundation Citizens Advice St Albans Hertfordshire Independent Living Service Hightown Housing Association Trinity Community Project Redbourn Village Hall London Colney Parish Council The Friday Drop In Club Total |
Total Total 2022 £ 2021 £ - 560 - 855 - 2,500 - 3,500 - 2,570 159 158 390 426 - 2,000 4,830 2,000 3,350 - |
|---|---|
| 8,729 14,569 |
4. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE
| Maintenance and letting costs of investment properties Costs of raising funds Grants paid and committed (note 3) Management of beneficiary process Governance Support costs Charitable activities Total |
Other costs Total 2022 £ 2021 £ 9,747 7,732 |
|---|---|
| 9,747 7,732 |
|
| 241,273 187,036 70,115 47,547 5,335 7,256 8,909 5,788 |
|
| 325,632 247,627 |
|
| 335,379 255,359 |
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ST ALBANS OLD PEOPLE'S TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Management of beneficiary process includes the cost on individuals contracted by Hertfordshire Independent Living Service (HILS) to service the charity.
Support costs totaling £9,249 (2021: £9,646) related to administrative services provided by W Fardell in his capacity as Secretary to the Trustees. These have been allocated between investment property costs, charitable activities and governance costs in the following proportion 20%:60%:20% (2021: 20%:60%:20%). This allocation is based on time spent in administering the relevant areas of the charity.
Accountancy costs include £1,800 (2021: £1,200) in relation to the Independent Examination.
All costs in 2022 and 2021 relate to unrestricted funds.
5. TRUSTEE COSTS
During the year, no Trustees received any remuneration, benefits in kind or expenses (2021 - £NIL).
6. INDEPENDENT EXAMINERS' REMUNERATION
The Independent Examiner's remuneration amounts to an Independent Examination fee of £900 (2021 - £3,900).
7. STAFF COSTS
The charity has no employees.
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ST ALBANS OLD PEOPLE'S TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
8. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | ||||
|---|---|---|---|---|
| Common | ||||
| Investment | Variable | |||
| funds and | interest | |||
| managed | securities | Freehold | ||
| funds | and bonds | properties | Total | |
| £ | £ | £ | £ | |
| Market value | ||||
| At 1 April 2021 | 5,001,847 | 100,000 | 600,000 | 5,701,847 |
| Disposals | (75,000) | (100,000) | - | (175,000) |
| Revaluations | 465,514 | - | - | 465,514 |
| At 31 March 2022 | 5,392,361 | - | 600,000 | 5,992,361 |
| Historical cost | 2,822,352 | 100,000 | 175,000 | 3,097,352 |
| Material investments | ||||
| 31 March | 31 March | |||
| 2022 | 2021 | |||
| £ | £ | |||
| COIF Charities Investment Fund | 4,085,428 | 3,759,519 | ||
| Freehold property at 20 Dalton Street, St Albans | 520,000 | 520,000 | ||
| M&G Charifund | 1,306,933 | 1,242,329 | ||
| 5,912,361 | 5,521,848 |
Freehold properties are stated at market value.
20 Dalton Street was revalued in the year to 31 March 2016 by Rumball Sedgewick and this open market valuation was incorporated into the accounts. Since that date, non-professional analysis of the market values of similar locations shows the value of the property at 20 Dalton Street to have increased to £520,000. The second property at Albert Street, St. Albans was last revalued as at 31 March 2004. This valuation was undertaken by M. A. Cross, chartered surveyor and at the time secretary to the Trustees. This property was professionally assessed for its rental valuation in 2014 and the Trustees are satisfied that the value of the property is materially unchanged for the moment, and will be reassessed professionally at a future date.
9. DEBTORS
| Rental deposit Prepayments and accrued income |
2022 2021 £ £ 1,546 1,546 31,355 30,531 |
|---|---|
| 32,901 32,077 |
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ST ALBANS OLD PEOPLE'S TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
10. CREDITORS: Amounts falling due within one year
| CREDITORS: Amounts falling due within one year |
|
|---|---|
| Rental deposit Accruals and deferred income |
2022 2021 £ £ 1,546 1,546 27,843 26,812 |
| 29,389 28,358 |
Income of £3,891 (2021: £nil) has been deferred, representing the receipt of rental income relating to a future period.
11. SUMMARY OF FUNDS
| Designated funds - Capital Depreciation General funds Endowment funds Designated funds - Capital Depreciation General funds Endowment funds |
Brought Forward 1.4.21 Incoming resources Resources Expended Transfers in/out Gains/ (Losses) Carried Forward 31.3.22 £ £ £ £ £ £ 226,907 - - - - 226,907 3,258,917 85,858 (335,379) 65,515 276,485 3,351,397 |
|---|---|
| 3,485,824 85,858 (335,379) 65,515 276,485 3,578,304 2,278,055 65,515 - (65,515) 189,028 2,467,083 |
|
| 5,763,879 151,373 (335,379) - 465,514 6,045,387 |
|
| Brought Forward 1.4.20 Incoming resources Resources Expended Transfers in/out Gains/ (Losses) Carried Forward 31.3.21 £ £ £ £ £ £ 226,907 - - - - 226,907 2,787,886 101,056 (255,359) 80,633 544,701 3,258,917 |
|
| 3,014,793 101,056 (255,359) 80,633 544,701 3,485,824 1,904,505 80,633 - (80,633) 373,550 2,278,055 |
|
| 4,919,298 181,689 (255,359) - 918,251 5,763,879 |
A designated fund, a Capital Depreciation Account, was set up in 2010 by transferring unrestricted funds to designated funds (see note 12).
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Fixed asset investments Current assets Creditors due within one year Fixed asset investments Current assets Creditors due within one year |
funds 2022 £ funds 2022 £ Total funds 2022 £ 3,525,278 2,467,083 5,992,361 82,415 -82,415 (29,389) - (29,389) Unrestricted Endowment |
|---|---|
| 3,578,304 2,467,083 6,045,387 |
|
| Unrestricted Endowment Total funds 2021 £ funds 2021 £ funds 2021 £ 3,423,792 2,278,055 5,701,847 90,390 - 90,390 (28,258) - (28,358) |
|
| 3,485,824 2,278,055 5,763,879 |
The Endowment Fund was set up from the proceeds of the sale of land and it is the Trustees' policy to mai ntain its capital value. The Endowment Fund balance is reviewed annually by the Trustees and an amount is transferred to the Capital Depreciation Account from the General Fund to protect the value of the Endowment Fund if the Trustees deem it necessary.
13. RELATED PARTY TRANSACTIONS
The Trustees did not receive any remuneration or expenses in the year (2021 - £NIL) .
There were no related party transactions during the year (2021 – None).
Donations were received from Trustees during the year amounting to £nil (2021 – £244).
14. CONTROLLING PARTY
The charity is controlled by its Trustees in this and the prior year.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
15. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 (see Page 10)
| Note INCOME AND ENDOWMENTS FROM: Investments 2 TOTAL EXPENDITURE ON: Raising funds Charitable activities TOTAL 4 Net losses on investments NET INCOME/(EXPENDITURE) Transfer between funds 11 NET MOVEMENT IN FUNDS Total funds at 1 April 2020 TOTAL FUNDS AT 31 MARCH 2021 |
Unrestricted Endowment Total funds 2021 £ funds 2021 £ funds 2021 £ 101,056 80,633 181,689 |
|---|---|
| 101,056 80,633 181,689 |
|
| 7,732 - 7,732 247,627 - 247,627 |
|
| 255,359 - 255,359 |
|
| 544,701 373,550 918,251 |
|
| 390,398 454,183 844,581 80,633 (80,633) - |
|
| 471,031 373,550 844,581 3,014,793 1,904,505 4,919,298 |
|
| 3,485,824 2,278,055 5,763,879 |
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