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2022-02-28-accounts

UNITED CHARITIES OF NATHANIEL WATERHOUSE

TRUSTEES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

28 FEBRUARY 2022

CHARITY REGISTRATION NUMBER: 223894

UNITED CHARITIES OF NATHANIEL WATERHOUSE

FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2022

PAGE
Trustees' annual report 1
Independent examiner's report to the trustees 9
Statement of financial activities 10
Statement of financial position 11
Notes to the financial statements 12

UNITED CHARITIES OF NATHANIEL WATERHOUSE

TRUSTEES' ANNUAL REPORT

YEAR ENDED 28 FEBRUARY 2022

The trustees present their report and the unaudited financial statements of the charity for the year ended 28 February 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

REGISTERED CHARITY NAME United Charities of Nathaniel Waterhouse
CHARITY REGISTRATION NUMBER 223894
PRINCIPAL OFFICE The Warden's House
Waterhouse Homes
Harrison Road
Halifax
West Yorkshire
HX1 2AZ
THE TRUSTEES Dr Roger W Pool - Chair
Christopher A Reynolds
John W Asquith
Roger M Verity
Wendy Astin
Rev Canon Hilary Barber
Michael A Steele (Resigned 29 September 2021)
Lucy Hodgson
Helen Rhodes
Frank M Berry (Appointed 7 July 2021)
Rob Rosborough (Appointed 11 January 2022)
COMPANY SECRETARY George R Pickles RIBA
BANKERS CAF Bank Ltd
25 Kings Hill Avenue
Kings Hull
West Malling
Kent
ME19 4JQ
INDEPENDENT EXAMINER Andrea Kennedy BFP FCA FCCA ATT(Fellow)
Equitable House
55 Pellon Lane
Halifax
West Yorkshire
HX1 5SP

- 1 -

UNITED CHARITIES OF NATHANIEL WATERHOUSE

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 28 FEBRUARY 2022

INTRODUCTION BY THE CHAIRMAN OF TRUSTEES, Dr ROGER W POOL

This report, covering the period March 21 to February 22, represents a period of transition from severe, society-wide, restrictions to a more normal life.

The adverse effects of this period of relative isolation on our Residents is noted in the Residents and Personnel report which also records the excellent work being done by the Wardens to facilitate the move back to normal.

During this period we were sorry to lose the wise counsel of Michael Steele who had to resign from the Trustee Board due to ill health. He left with the good wishes and thanks of all the Trustees for his long period of service both as a member and previous Chair of the Trustee Board.

We have been delighted to welcome onto the Trustee Board both Mike Berry and Rob Rosborough who bring with them a wide range of skills that will be very valuable to the Charity in the years to come.

The Trustee Board now consists of 10 members. Thanks must go to all the Trustees for their time and expertise given over this period.

Appointments during this period are detailed in the Residents and Personnel report which also gives details of how we have worked to improve the appointment process. We remain aware that the aim of the Charity is to provide accommodation for elderly people in ‘need’ and we must continue to improve our methods of connecting with those who will benefit most.

The financial stability of the Charity has been maintained and the detail is provided in the finance sub-committee report. We were able to make donations during the year totalling approx. £3.4K including those to St Augustine’s, The Meeting Place and the Church of the Holy Nativity, Mixenden.

Our Wardens, John and Cath Giddings, are pivotal to the running of the Charity and have done an excellent job. Their workload has been significantly increased by the direct and indirect effects of the pandemic and higher levels of both physical and mental ill health amongst residents. Much hard work has brought about a transformation of the gardens. The Wardens remain much appreciated both by Trustees and Residents.

What of the future?

The work to update the scheme has been slowed due to the pandemic restrictions and the retirement of Michael Steele. This is now a priority and work is, once again, underway.

As noted above, increased levels of frailty and ill health amongst the Residents has significantly affected the Warden’s workload. The concept of the Wardens being available seven days per week and 24 hours per day is not sustainable. We need to square this circle without losing the tradition of care and support that is so much valued by our Residents.

I would like to thank George Pickles, Clerk, Ursula Blagg, Assistant Clerk and Wardens John and Cath Giddings with whom it has been a pleasure to work during this year.

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UNITED CHARITIES OF NATHANIEL WATERHOUSE

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 28 FEBRUARY 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is organised so that the Trustees meet quarterly to manage its affairs. Recruitment is by word of mouth, advertising and networking at community events. New Trustees are given a programme of induction by the Clerk and additional training events are available to all Trustees. The Charity is organised so that the Trustees meet quarterly to manage its affairs. Recruitment is by word of mouth, advertising and networking at community events. New Trustees are given a programme of induction by the Clerk and additional training events are available to all Trustees.

All members of the Board of Trustees give their time voluntarily and receive no benefits from the Charity.

The Trustees follow the requirements of the 1960 scheme - a Private Act of Parliament Act and also refer to the guidance contained in the Almshouse Association 'Standards of Almshouse Management 2019' and on the Charity Commission website. It has been recommended to the Board that they formally adopt the Charity Governance Code for Small Charities.

The Board currently consists of ten Trustees, is responsible for making all decisions. The Board has sub-committees to oversee finance, premises, governance and compliance, data protection, health and safety, residents, personnel and the review of the Charity Scheme. The sub committees meet at least quarterly with the Chairs reporting back to the main Board; all meetings being well attended.

Related parties - in the furtherance of its objects, the Charity conforms to the standards and methods of practice of the Almshouse Association. (Membership no. 121).

AIM AND PURPOSE OF THE CHARITY

Nathaniel Waterhouse was an early and very successful Halifax entrepreneur supplying the textile trade. He was married but had no children and left his considerable estate to charity for the relief of poverty and the advancement of religion and education in the Parish of Halifax.

The Trustees of the Charity are responsible for carrying out the wishes of Nathaniel Waterhouse as described in his Will of 1st July 1642 and subsequently varied by Acts of Parliament dated 1738, 1848 and 1960. The Trustees are investigating ways in which the Charity may be updated to meet the wishes of Nathaniel Waterhouse in the 21st century.

OBJECTIVES AND ACTIVITIES

The Act of Parliament 1960 shows that the Charity includes The United Charities of Nathaniel Waterhouse, the Afternoon Lecturer's Charity and the Waterhouse Educational Fund.

The 1960 Act defines the Trustees' obligations, which include the requirement to apply the income of the Charity to the following objectives and activities: -

The maintenance, upkeep and insurance of all properties including the almshouses.

The establishment of an extraordinary repair fund for the rebuilding of the almshouses.

The proper management of the Charity.

The provision of annual payments to nominated vicars in the parish and to the Corporation.

- 3 -

UNITED CHARITIES OF NATHANIEL WATERHOUSE

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 28 FEBRUARY 2022

OBJECTIVES AND ACTIVITIES (continued)

The payment of the Afternoon Lecturer appointed by the Halifax minster.

Payments for the benefit of the poor of the parish, including for education and for the care of the old, sick or infirm.

The investment of the endowed funds to produce an income.

Since the rebuilding of the Almshouses in 1960, the main activity of the Trustees has become the management of the 24 dwellings and the provision of support to the residents. The accommodation is provided at an affordable level and financial assistance is available where it can be justified.

The Trustees recognise the Christian intent, of their benefactor Nathaniel Waterhouse, and seek to reflect that in a 21st century context. The needs of society have changed; the role of this Charity has responded to that change and, to remain effective, is working proactively to continue doing so.

The trustees have taken advice from a leading practice of lawyers specialising in charity governance as to how to modernise the Charity Scheme which is a Private Act of Parliament. The advice is being considered but decisions have been delayed due to Covid and the resignation for health reasons of the Trustee who was leading the task. It is however noted that the one recommendation requires the reconstitution of the endowed funds which appear to have migrated into general funds.

ACHIEVEMENTS AND PERFORMANCE

The achievements and performance are described in reviews shown below.

Essentially the charity homes remain in demand, and residents express satisfaction.

Income from weekly maintenance contributions supports a budget which is in line with the Almshouse Association model.

Reserves are reasonable but not at a level which would enable rebuilding.

Investment income is satisfactory and has supported the payment of donations to organisations which support those in need.

FINANCIAL REVIEW

Despite the continuing disruption caused by covid, weekly maintenance contributions from residents were close to last year's level and with a 4.6% rise in investment income total income finished at £134,528, very similar to last year.

A higher level of expenditure was incurred in the year, up £16,584 (15.3%). The main causes were utility costs and long term estate improvements were £13,786 against a low spend last year of only £782 and additional investment into gardening and cleaning. Other costs overall were closely managed with help from the new Wardens who have settled in very quickly.

The overall trading result finished with a positive net income of £9,973, despite the higher costs.

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UNITED CHARITIES OF NATHANIEL WATERHOUSE

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 28 FEBRUARY 2022

FINANCIAL REVIEW (continued)

In investment markets regular periods of turmoil and uncertainty made decision taking challenging. However, markets managed to move positively and by the February year end net investment gains of £51,028 were achieved, equal to a commendable 7.1%. All the Charity's major investments performed well against peer comparable funds. A full strategic review of investment policy was undertaken in early 2022 and it was agreed to retain the Charity's existing investment managers and continue the policy of investing in charity specific pooled mixed funds as the main investment vehicle.

The sizeable investment gains coupled with the modest net income surplus have enabled increases to be made to both restricted and unrestricted reserves. This has improved financial resilience in advance of a period of anticipated higher spending requirements to improve and maintain the key income generating premises in good condition and so attract new residents when needed and retain existing ones in a comfortable living environment.

The Trustees are able to plan ahead from a strong cash flow position with a positive balance of net current assets amounting to £51,801 at the year end and invested funds of £823,622.

RESERVES POLICY

The financial accounts have been drawn up in line with the recently updated Reserves policy document referred to in last year’s annual report

Further work will be undertaken as part of the current project to consider the modernisation of the Charity scheme objectives.

RESIDENTS AND PERSONNEL

This report covers a period during which we moved from severe Covid restrictions back to ‘normal’ life

- 5 -

UNITED CHARITIES OF NATHANIEL WATERHOUSE

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 28 FEBRUARY 2022

RESIDENTS AND PERSONNEL (continued)

I would like to bring to all readers and Trustees notice the high standard of care and support being provided by our Wardens. Thanks must go to The Clerk and members of the Residents and Personnel Committee for all their hard work during this period.

PREMISES

The subcommittee met on 5 occasions during the year which included site visits.

The following work was carried out in addition to the usual routine and cyclical maintenance including gas and electricity tests:

  1. Refresh 4 flats as they became vacant

  2. Installation of CCTV

  3. Improvement of the gardens

  4. Improving car parking

  5. Disposing of garden waste for recycling and not landfill

  6. Consideration was given to

  7. a. Re roofing and fire separation in roof voids. Tenders were sought

  8. b. Further lifts in 3 staircases

  9. c. Improvements to the warden’s house

  10. d. Upgrades to electrical systems to reduce consumption

  11. Bankhouse Woods

  12. a. The railway operator will deal with the problem trees at high level above the line

  13. b. Work continues via Finn Gledhill to satisfy the Charity Commission regarding the potential sale of the woods by auction

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UNITED CHARITIES OF NATHANIEL WATERHOUSE

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 28 FEBRUARY 2022

PUBLIC BENEFIT

The very widely drawn activities of the original Waterhouse Charity have tended to narrow over the years. The power to award financial assistance to residents of the Parish of Halifax remains, and was last used in the award of assistance to residents of Mackintosh Homes, a Charity linked to the United Charities of Nathaniel Waterhouse by common management.

Residents at the almshouses are subsidised according to their circumstances and the charity pays for communal lighting, water and sewage.

Other donations to relevant organisations are listed in the accounts.

VOLUNTEERS

All the members of the Board of Trustees give their time voluntarily and receive no benefits from the Charity. The Charities would also like to thank Richard Barrow and his wife for running the bi-weekly Card Club. The Charities has also benefitted from, and is grateful for, the assistance of volunteer work in the garden.

PRINCIPAL FUNDING SOURCES

The principal funding sources for the charity are from maintenance contributions received from the almshouses residents and income from the original endowments.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees of the Charity submit their report and independently examined financial statements for the year ending 28th February 2021 and confirm they comply with current statutory requirements. These financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102: effective 1 Jan 2019) as detailed in the accounting policies.

The law applicable to charities in England and Wales requires the Charity Trustees to prepare financial statements for each 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:

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UNITED CHARITIES OF NATHANIEL WATERHOUSE

TRUSTEES' ANNUAL REPORT (continued)

YEAR ENDED 28 FEBRUARY 2022

STATEMENT OF TRUSTEES’ RESPONSIBILITIES (continued)

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charities’ transactions and 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 applicable Charities (Accounts and Reports) Regulations, 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.

The trustees' annual report was approved on 14 December 2022 and signed on behalf of the board of trustees by:

Dr Roger W Pool

Chair of the Board of Trustees

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UNITED CHARITIES OF NATHANIEL WATERHOUSE

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF UNITED CHARITIES OF NATHANIEL WATERHOUSE

YEAR ENDED 28 FEBRUARY 2022

I report to the trustees on my examination of the financial statements of United Charities of Nathaniel Waterhouse ('the charity') for the year ended 28 February 2022.

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 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

INDEPENDENT EXAMINER'S STATEMENT

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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

  2. the financial statements do not accord with those records; or

  3. 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.

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.

Andrea Kennedy BFP FCA FCCA ATT(Fellow)

Independent Examiner

Equitable House 55 Pellon Lane Halifax West Yorkshire HX1 5SP

16 December 2022

- 9 -

UNITED CHARITIES OF NATHANIEL WATERHOUSE

STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 28 FEBRUARY 2022

2022 2022 2021
Unrestricted Restricted Endowment
funds funds funds Total funds Total funds
Note
£		 £ £ £ £
Income and endowments
Donations and legacies 4 – – – – 200
Charitable activities 5 111,636 – – 111,636 112,583
Investment income 6 18,422 4,470 – 22,892 21,875
------------------------------------- -------------------------- ---------------- ------------------------------------- -------------------------------------
Total income 130,058 4,470 – 134,528 134,658
===================================== ========================== ================ ===================================== =====================================
Expenditure
Expenditure on raising funds:
Investment
management costs 7 1,864 – – 1,864 68
Expenditure on
charitable activities 8,9 122,060 630 – 122,691 107,903
------------------------------------- -------------------------- ---------------- ------------------------------------- -------------------------------------
Total expenditure 123,924 630 – 124,555 107,971
===================================== ========================== ================ ===================================== =====================================
------------------------------------- -------------------------- ---------------- ------------------------------------- -------------------------------------
Net income 6,134 3,840 – 9,973 26,687
===================================== ========================== ================ ===================================== =====================================
Other recognised gains and losses
Net unrealised gains on
investment assets 39,070 11,958 – 51,028 42,160
------------------------------------- ------------------------------- ---------------- ------------------------------------- -------------------------------------
Net movement in funds 45,204 15,798 – 61,001 68,847
Reconciliation of funds
Total funds brought forward 645,415 169,007 292,668 1,107,090 1,038,243
------------------------------------- ------------------------------------- ------------------------------------- ----------------------------------------------- -----------------------------------------------
Total funds carried forward
690,619		 184,805 292,668 1,168,092 1,107,090
===================================== ===================================== ===================================== =============================================== ===============================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 12 to 22 form part of these financial statements.

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UNITED CHARITIES OF NATHANIEL WATERHOUSE

STATEMENT OF FINANCIAL POSITION

28 FEBRUARY 2022

2022 2021
Note £ £ £
£
FIXED ASSETS
Tangible fixed assets 16 292,668 292,668
Investments 17 823,622 772,594
----------------------------------------------- -----------------------------------------------
1,116,290 1,065,262
CURRENT ASSETS
Debtors 18 7,709 10,513
Cash at bank and in hand 87,991 68,037
------------------------------- -------------------------------
95,700 78,550
------------------------------- -------------------------------
CREDITORS: amounts falling due
within one year
Trade creditors 3,827 5,788
Other creditors including taxation and
social security 19 1,742 76
Accruals and deferred income 38,330 30,858
------------------------------- -------------------------------
43,899 36,722
------------------------------- -------------------------------
NET CURRENT ASSETS 51,801 41,828
----------------------------------------------- -----------------------------------------------
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,168,091 1,107,090
----------------------------------------------- -----------------------------------------------
NET ASSETS 1,168,091 1,107,090
=============================================== ===============================================
FUNDS OF THE CHARITY
Endowment funds 292,668 292,668
Restricted funds 184,805 169,007
Unrestricted funds 690,619 645,415
----------------------------------------------- -----------------------------------------------
Total charity funds 21 1,168,092 1,107,090
=============================================== ===============================================

These financial statements were approved by the board of trustees and authorised for issue on 14 December 2022, and are signed on behalf of the board by:

Mr Roger M Verity Trustee

Dr Roger W Pool

Chair of the Board of Trustees

The notes on pages 12 to 22 form part of these financial statements.

- 11 -

UNITED CHARITIES OF NATHANIEL WATERHOUSE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2022

1. GENERAL INFORMATION

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is The Warden's House, Waterhouse Homes, Harrison Road, Halifax, West Yorkshire, HX1 2AZ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

- 12 -

UNITED CHARITIES OF NATHANIEL WATERHOUSE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 28 FEBRUARY 2022

3. ACCOUNTING POLICIES (continued)

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any impairment losses.

Investments

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

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UNITED CHARITIES OF NATHANIEL WATERHOUSE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 28 FEBRUARY 2022

3. ACCOUNTING POLICIES (continued)

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. DONATIONS AND LEGACIES

Unrestricted Total funds Unrestricted Total funds
funds 2022 funds 2021
£ £ £ £
DONATIONS
Donations – – 200 200
================ ================ ================ ================
CHARITABLE ACTIVITIES
Unrestricted Total funds Unrestricted Total funds
funds 2022 funds 2021
£ £ £ £
Almshouses residents' contributions 111,636 111,636 112,583 112,583
===================================== ===================================== ===================================== =====================================
INVESTMENT INCOME
Unrestricted Restricted Total funds
funds funds 2022
£ £ £
Rent received 3,800 – 3,800
Income from listed investments 14,615 4,470 19,085
Bank interest receivable 7 – 7
------------------------------- -------------------------- -------------------------------
18,422 4,470 22,892
=============================== ========================== ===============================
Unrestricted Restricted Total funds
funds funds 2021
£ £ £
Rent received 3,090 – 3,090
Income from listed investments 14,456 4,290 18,746
Bank interest receivable 39 – 39
------------------------------- -------------------------- -------------------------------
17,585 4,290 21,875
=============================== ========================== ===============================

5. CHARITABLE ACTIVITIES

6. INVESTMENT INCOME

- 14 -

UNITED CHARITIES OF NATHANIEL WATERHOUSE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 28 FEBRUARY 2022

7. INVESTMENT MANAGEMENT COSTS

Unrestricted Total funds Unrestricted Total funds
funds 2022 funds 2021
£ £ £ £
Wood Management 1,403 1,403 – –
Insurance 461 461 68 68
-------------------------- -------------------------- ---------------- ----------------
1,864 1,864 68 68
========================== ========================== ================ ================

8. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

Unrestricted Restricted Total funds
funds funds 2022
£ £ £
Almshouses costs(see note 9) 106,459 630 107,089
Donations(see note 9) 7,448 – 7,448
Support costs(see note 9) 8,154 – 8,154
------------------------------------- ---------------- -------------------------------------
122,061 630 122,691
===================================== ================ =====================================
Unrestricted Restricted Total funds
funds funds 2021
£ £ £
Almshouses costs 88,313 – 88,313
Donations 14,346 – 14,346
Support costs 5,244 – 5,244
------------------------------------- ---------------- -------------------------------------
107,903 – 107,903
===================================== ================ =====================================

9. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

Activities
undertaken Total funds Total funds
directly Support costs 2022 2021
£ £ £ £
Almshouses costs(see note 10) 107,089
–		 107,089 88,313
Donations(see note 11) 7,448
–		 7,448 14,346
Governance costs(see note 12) –
8,154		 8,154 5,244
------------------------------------- -------------------------- ------------------------------------- -------------------------------------
114,537
8,154		 122,691 107,903
===================================== ========================== ===================================== =====================================

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UNITED CHARITIES OF NATHANIEL WATERHOUSE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 28 FEBRUARY 2022

10. ANALYSIS OF ALMSHOUSES COSTS

Total 2022 Total 2021
£ £
Wardens’ salaries and national insurance 27,814 27,818
Wardens’ pension costs 2,437 2,217
Clerks’ salary and national insurance 7,922 9,358
Clerks’ expenses 294 225
Light, heat, rates and water 6,713 4,846
Routine maintenance 4,987 3,371
Bad debts 467 –
Insurance 2,869 2,643
Gardening and cleaning 6,087 2,870
Legal and professional 5,554 5,609
Telephone and other office costs 3,030 2,129
Residents’ welfare 2,393 3,329
Advertising 338 294
Seminars and training 197 686
------------------------------- -------------------------------
71,102 65,395
Cyclical maintenance 21,571 22,136
Improvements to the estate 13,786 782
Restricted
Extraordinary repairs 630 –
------------------------------------- -------------------------------
107,089 88,313
===================================== ===============================
11. ANALYSIS OF DONATIONS
2022 2021
£ £
GRANTS TO INSTITUTIONS
Smartmove (Homeless charity in Halifax) – 500
CFFC Covid 19 Fund – 10,000
In memory of Avril Smith – 200
Vicars 78 606
Lecturer 120 840
Gathering Place 1,000 500
Healthy Minds – 500
Noahs Ark – 500
Happy Days – 500
Halifax Civic Trust – 200
St Augustines 1,000 –
Overgate 250 –
John Mackintosh 5,000 –
-------------------------- -------------------------------
Total grants 7,448 14,346
========================== ===============================

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UNITED CHARITIES OF NATHANIEL WATERHOUSE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 28 FEBRUARY 2022

12. ANALYSIS OF GOVERNANCE COSTS

2022 2021
£ £
Wardens’ salaries and national insurance 1,455 1,464
Clerks' salary, national insurance 1,980 2,340
Clerks’ expenses 293 224
Bank charges 96 66
Insurance 380 380
Independent examiners report 770 770
Legal and professional fees 3,180 –
-------------------------- -------------------------------
8,154 5,244
========================== ===============================
13. INDEPENDENT EXAMINATION FEES
2022 2021
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 770 770
Other financial services 1,948 2,428
-------------------------- --------------------------
2,718 3,198
========================== ==========================
14. STAFF COSTS
2022 2021
£ £
Wardens’ salaries and national insurance 29,268 29,282
Clerks' salary and national insurance 9,902 11,698
Employer contribution to pension plans 2,437 2,217
------------------------------- -------------------------------
41,607 43,197
=============================== ===============================

The average head count of employees during the year was 3 (2021: 4).

No employee received employee benefits of more than £60,000 during the year (2021: Nil).

15. TRUSTEE REMUNERATION AND EXPENSES

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

No trustee expenses have been incurred.

- 17 -

UNITED CHARITIES OF NATHANIEL WATERHOUSE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 28 FEBRUARY 2022

16. TANGIBLE FIXED ASSETS

Freehold
property
£
Cost
At 1 March 2021 and 28 February 2022 292,668
=====================================
Depreciation
At 1 March 2021 and 28 February 2022 –
=====================================
Carrying amount
At 28 February 2022 292,668
=====================================
At 28 February 2021 292,668
=====================================

17. INVESTMENTS

Listed Investment
investments
 properties Total
£ £ £
Cost or valuation
At 1 March 2021 719,094 53,500 772,594
Additions – – –
Fair value movements 51,028 – 51,028
------------------------------------- ------------------------------- -------------------------------------
At 28 February 2022 770,122 53,500 823,622
===================================== =============================== =====================================
Impairment
At 1 March 2021 and 28 February 2022 –
=====================================
Carrying amount
At 28 February 2022 770,122 53,500 823,622
===================================== =============================== =====================================
At 28 February 2021 719,094 53,500 772,594
===================================== =============================== =====================================

All investments shown above are held at valuation.

Investment properties

The freehold property held for investment comprises Bank Bottom Woods, Salterhebble, 8 Garages at Waterhouse Homes and freehold of 6 & 8 Crown Street.

The Trustees are of the opinion that the figure of £53,500 fairly reflects the market value.

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UNITED CHARITIES OF NATHANIEL WATERHOUSE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 28 FEBRUARY 2022

17. INVESTMENTS (continued)

Financial assets held at fair value

Cost Fair value
 Cost Fair value
2022 2022
 2021 2021
£ £ £ £
CCLA COIF Ethical
Investment Fund
(49,629 Income units) 82,113 143,362 82,113 133,129
CCLA COIF Ethical
Investment Fund
(19,654 Income units) 50,000 56,775 50,000 52,722
Chariband (33,492
Income units) 40,469 39,763 40,469 41,395
Newton Growth &
Income fund for
Charities (207,280
income units) 154,192 330,778 154,192 297,758
Sarasin Alpha CIF for
Endowments (145,370
Income units) 115,000 173,281 115,000 168,629
Sarasin Alpha CIF for
Endowments (21,949
Income units) 25,000 26,163 25,000 25,461
----------------------------------------------- ------------------------------------- ------------------------------------- -------------------------------------
466,774 770,122 466,774 719,094
=============================================== ===================================== ===================================== =====================================

The invested funds are revalued at the balance sheet date to the mid daily value published on the providers website.

Although the Trustees have not allocated specific investments to cover the Extraordinary Repair Fund (ERF) amounting to £185,435 (2021: £169,007), they are aware that this amount is allocated to a restricted fund and is not available for general purposes.

18. DEBTORS

2022 2021
£ £
Prepayments and accrued income 7,709 9,906
Other debtors – 607
-------------------------- -------------------------------
7,709 10,513
========================== ===============================

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UNITED CHARITIES OF NATHANIEL WATERHOUSE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 28 FEBRUARY 2022

19. OTHER CREDITORS INCLUDING TAXATION AND SOCIAL SECURITY FALLING DUE WITHIN ONE YEAR

DUE WITHIN ONE YEAR
2022 2021
£ £
Social security and other taxes 674 –
Other creditors 1,068 76
-------------------------- ----------------
1,742 76
========================== ================

20. PENSIONS AND OTHER POST RETIREMENT BENEFITS

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £2,437 (2021: £2,217).

21. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

At At
1 March Gains and
28 February
2021 Income Expenditure Transfers losses 2022
£ £ £ £ £ £
General funds 357,008 130,058
(102,353)		 (34,903) 39,070
388,880
Cyclical
maintenance fund
(CMF) 119,900 –
(21,571)		 21,350 –
119,679
Extraordinary
repair fund
(EFD-D) 168,507 –
–		 13,553 –
182,060
------------------------------------- ------------------------------------- ------------------------------------- ------------------------------- ------------------------------- -------------------------------------
645,415 130,058
(123,924)		 – 39,070
690,619
===================================== ===================================== ===================================== =============================== =============================== =====================================
At
At 1 March Gains and
28 February
2020
 Income Expenditure Transfers losses 2021
£ £ £ £ £ £
General funds 325,575 130,368
(85,835)		 (45,607) 32,507
357,008
Cyclical
maintenance fund
(CMF) 110,000 –
(22,136)		 32,036 –
119,900
Extraordinary
repair fund
(EFD-D) 155,000 –
–		 13,507 –
168,507
------------------------------------- ------------------------------------- ------------------------------------- ------------------------------- ------------------------------- -------------------------------------
590,575 130,368
(107,971)		 (64) 32,507
645,415
===================================== ===================================== ===================================== =============================== =============================== =====================================

The Waterhouse Trustees are custodians of a balance of £19.20 from a closed charity the Denton Walker Scholarship Foundation. They are also custodians of a balance of £118.43 from the John Smyth's School Charity no 529136 which is not currently active. Both these amounts were transferred in 2016 to reduce administrative costs and are in general funds.

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UNITED CHARITIES OF NATHANIEL WATERHOUSE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 28 FEBRUARY 2022

21. ANALYSIS OF CHARITABLE FUNDS (continued)

Restricted funds

Restricted funds
At
At 1 March Gains and
28 February
2021 Income Expenditure Transfers losses 2022
£ £ £ £ £ £
Extraordinary
repair fund (ERF) 169,007 4,470
(630)		 – 11,958
184,805
===================================== ========================== ================ ================ =============================== =====================================
At
At 1 March Gains and
28 February
2020 Income Expenditure Transfers losses 2021
£ £ £ £ £ £
Extraordinary
repair fund (ERF) 155,000 4,290
–		 64 9,653
169,007
===================================== ========================== ================ ================ ========================== =====================================

The Cyclical Maintenance Fund, designated fund, has been increased by more than the minimum amount recommended by the Almshouse Association Specimen Budget for dwellings outside Greater London and older than 20 years of £802 per unit for 24 flats and the warden's house.

The Extraordinary Repair Fund, restricted fund, has been increased by more than the minimum amount recommended by the Almshouse Association Specimen Budget for dwellings outside Greater London and older than 20 years of £590 per unit for 24 flats and the warden's house.

The Trustees' policy is to keep the properties up to date, and they are currently reviewing the optimum amount that should be reserved for extraordinary repairs.

Incoming resources comprises Weekly Maintenance Contributions, interest and dividends (allocated between restricted & unrestricted funds).

Endowment funds

At
At 1 March Gains and
28 February
2021 Income Expenditure Transfers losses 2022
£ £ £ £ £ £
Permanent
Endowment Fund 292,668 –
–		 – –
292,668
===================================== ================ ================ ================ ================ =====================================
At
At 1 March Gains and
28 February
2020 Income Expenditure Transfers losses 2021
£ £ £ £ £ £
Permanent
Endowment Fund 292,668 –
–		 – –
292,668
===================================== ================ ================ ================ ================ =====================================

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UNITED CHARITIES OF NATHANIEL WATERHOUSE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 28 FEBRUARY 2022

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted Endowment Total funds
funds funds funds 2022
£ £ £ £
Tangible fixed assets – – 292,668 292,668
Investments 638,188 185,435 – 823,623
Current assets 95,700 – – 95,700
Creditors less than 1 year (43,899) – – (43,899)
------------------------------------- ------------------------------------- ------------------------------------- -----------------------------------------------
Net assets 689,989 185,435 292,668 1,168,092
===================================== ===================================== ===================================== ===============================================
Unrestricted Restricted Endowment Total funds
funds funds funds 2021
£ £ £ £
Tangible fixed assets – – 292,668 292,668
Investments 603,587 169,007 – 772,594
Current assets 78,550 – – 78,550
Creditors less than 1 year (36,722) – – (36,722)
------------------------------------- ------------------------------------- ------------------------------------- -----------------------------------------------
Net assets 645,415 169,007 292,668 1,107,090
===================================== ===================================== ===================================== ===============================================

23. RELATED PARTIES

During the year £5,000 donation was made to John Mackintosh Memorial Homes a charity under the common control of the trustees.

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