**REGISTERED CHARITY NUMBER: 223669** 

## **Trustees' Report and** 

**Financial Statements for the Year Ended 30th April 2021** 

**for** 

**Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

Smailes Goldie Chartered Accountants Statutory Auditor Regent's Court Princess Street Hull East Yorkshire HU2 8BA 



**Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Contents of the Financial Statements** _**for the year ended 30th April 2021**_ 

||**Page**|
|---|---|
|**Trustees' Report**|1 to  4|
|**Report of the Independent Auditors**|5 to  8|
|**Statement of Financial Activities**|9|
|**Balance Sheet**|10|
|**Cash Flow Statement**|11|
|**Notes to the Cash Flow Statement**|12|
|**Notes to the Financial Statements**|13 to  20|
|**Detailed Statement of Financial Activities**|21 to  22|





## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Trustees' Report** _**for the year ended 30th April 2021**_ 

The trustees present their report with the financial statements of the charity for the year ended 30th April 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019). 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

The objective has been the continued care and welfare of the residents, to provide them with a safe, sociable and friendly environment in order to give them the best possible life in their latter years. 

## **Strategies to achieve the year's objectives** 

These include the continued close involvement of the trustees and the Ladies Committee.  The Ladies Committee meet regularly to assess and discuss particular issues relating to the care and welfare of the residents.  The trustees, in addition to attending regular meetings, make random monthly visits to monitor the performance of staff, the maintenance of the buildings, grounds and equipment, and to ensure that the overall wellbeing of the residents is being maintained at the highest possible standards. 

## **ACHIEVEMENT AND PERFORMANCE** 

## **Charitable activities for the public benefit** 

The principal charitable activity in the year remained the provision of care and accommodation for residents. The charity fulfilled its objectives and carried out its aims for the public benefit by providing accommodation and care for elderly ladies of reduced circumstances. The average number of residents during the year was 25 (2020 30). 

Towards the end of the prior financial year the UK followed many other countries into lockdown due to the Covid-19 pandemic. This to some extent negatively impacted the Charity. The Charity has monitored the situation closely, putting in a raft of measures to ensure the safety of residents, staff and visitors, and also taking advantage of some support measures available to ensure that it is in a stable financial position and has measures in place in case of further disruption due to the outbreak. 

## **FINANCIAL REVIEW** 

## **Principal funding sources** 

The amount of income received from fundraising and donations is insignificant. Reliance is placed on contributions from residents and investment income. 

## **Investment policy and performance** 

There are no restrictions on the Charity's power to invest. The investment strategy is set by the trustees and is reviewed by them annually. The trustees consider the income requirements, the risk profile and the stockbrokers view of the market prospects in the medium term. In the year the trustees continued with their investment policy for medium capital appreciation and medium income. 

The charity's investment fund totals £4,054,411 (2020 £3,395,794) which includes amount held in cash by the investment managers of £320,397 (2020 £189,709) at the balance sheet date. Investment income in the year totalled £85,951 compared to £105,713 in 2020. 

## **Reserves policy** 

It is the trustees' opinion that amounts invested should be maintained in order to provide investment income in future years. The trustees therefore regard the net current assets to be the free reserves which are available for the day to day running of the Home of Rest. It is the objective of the trustees to maintain the free reserves of the Charity at a level which equates to approximately three months expenditure. At 30 April 2021 the free reserves were £133,494 (2020 £190,296) and the trustees are continuing to monitor the position. Total funds carried forward totalled £5,177,966 (2020 £4,580,885) split between Unrestricted funds of £5,160,346 (2020 £4,563,265) and Endowment funds of £17,620 (2020 £17,620). 

Page 1 



## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Trustees' Report** 

## _**for the year ended 30th April 2021**_ 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. 

This was created under clause 8 of the Will of the late Rt. Hon. T R Ferens in which the dwelling house, gardens and paddock known as Holderness House were settled upon trust in perpetuity as a Home of Rest (the "Permanent Endowment"). The main legacy was under clause 10(i) of the Will, which provided a fund for the maintenance, repair and upkeep of the dwelling house, buildings, gardens and grounds thereof and other attributable expenditure (the "Unrestricted Fund") to which have been added profits on sale of investments. The income is to be used for the general purposes of the Charity, essentially provision of accommodation for gentlewomen in reduced circumstances. The trustees of the Charity were incorporated as body under the Charities Act 1993 on 2nd February 1994. 

## **Recruitment and appointment of new trustees** 

New trustees are appointed by invitation of the existing trustees. There is no formal policy for the introduction and training of trustees, but discussions are held with potential trustees to inform them of their duties and responsibilities. 

## **Organisational structure** 

The Charity is under the control of the trustees who meet a minimum of every three months to discuss the strategy, policies, financial matters and general running of the Charity. The day to day running of the Home of Rest is delegated to a professional management team, assisted by the Ladies Committee whose membership and actions are provided by the trustees. 

Under an order dated 1st February 1996 the trustees have the power to appoint an investment manager and to delegate to him discretionary power in relation to the management of the Charity's investments. By the same order the trustees have the power to appoint a corporate body as a trustees' nominee to hold the investments of the Charity. The trustees have appointed Pershing Securities Limited to hold the investments of the Charity as their nominees. 

## **Key management remuneration** 

The trustees consider the board of trustees, CEO, clerk to the trustees and matron as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give their time freely and no trustee remuneration was paid in the year. The pay of key management personnel is reviewed annually at board level and is set in accordance with experience, responsibility and performance. 

## **Related parties** 

Included in governance costs is trustees indemnity insurance premiums of £1,500 (2020 £1,546) relating to the year ended 30 April 2021. Other transactions with related parties are disclosed in note 18 to the financial statements. 

## **Risk management** 

During the year the trustees have considered and identified the major risks to which the Charity is exposed. This involved identifying the types of risks the Charity faces, prioritising them in terms of potential impact and likelihood of occurrence and identifying means of mitigating the risks. 

The Charity's systems of internal control are designed to provide reasonable but not absolute assurance against material misstatement or loss.  The trustees are satisfied that the systems in place mitigate their exposure to the major risks. 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 

223669 

Page 2 



## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Trustees' Report** 

## _**for the year ended 30th April 2021**_ 

**Principal address** Holderness Road Hull East Yorkshire HU8 8QX 

## **Trustees** 

A J Beharrell (Chairman) C Lightowler R M Miles I McIntosh S Crum 

## **CEO** 

D P Naughton-Doe 

**Clerk to the Trustees** Mrs J A Pool 

**Matron** Mrs W M Jones 

## **Auditors** 

Smailes Goldie Chartered Accountants Statutory Auditor Regent's Court Princess Street Hull East Yorkshire HU2 8BA 

## **Bankers** 

NatWest Bank Plc 34 King Edward Street Hull HU1 3SS 

## **Solicitors** 

Andrew Jackson Solicitors Marina Court Castle Street Hull HU1 1TJ 

## **Stockbrokers** 

Rathbone Investment Management Limited Port of Liverpool Building Pier Head Liverpool L3 1NW 

Page 3 



## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Trustees' Report** 

## _**for the year ended 30th April 2021**_ 

## **TRUSTEES' RESPONSIBILITY STATEMENT** 

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- 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 business. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (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. 

Approved by order of the board of trustees on ............................................. and signed on its behalf by: 

................................................................. Trustee 

Page 4 



## **Report of the Independent Auditors to the Trustees of Holderness House** 

## **Opinion** 

We have audited the financial statements of Holderness House (the 'charity') for the year ended 30th April 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 30th April 2021 and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard. 

Page 5 



**Report of the Independent Auditors to the Trustees of Holderness House** 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the trustees Report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees' Responsibilities Statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## **Our responsibilities for the audit of the financial statements** 

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Page 6 



## **Report of the Independent Auditors to the Trustees of Holderness House** 

## **The extent to which the audit was considered capable of detecting irregularities including fraud** 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act 2011, taxation legislation, data protection, anti-bribery and employment legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence. 

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

- To address the risk of fraud through management bias and override of controls, we: 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 

- investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; 

- enquiring of management as to actual and potential litigation and claims; and 

- reviewing correspondence with HMRC, relevant regulators including the charity's legal advisors. 

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. 

This report is made solely to the charity's trustees, as a body, in accordance with Section 144 of the Charities Act 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Page 7 



## **Report of the Independent Auditors to the Trustees of Holderness House** 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


Smailes Goldie Chartered Accountants Statutory Auditor Regent's Court Princess Street Hull East Yorkshire HU2 8BA 

22 September 2021 Date: ............................................. 

Page 8 



## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Statement of Financial Activities** _**for the year ended 30th April 2021**_ 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>**Charitable activities**<br>3<br>Residents contributions and rents<br>Investment income<br>2<br>**Total**<br>**EXPENDITURE ON**<br>**Raising funds**<br>Investment management costs<br>4<br>**Charitable activities**<br>5<br>Staff and agency costs<br>Premises running costs<br>Residents direct care<br>Administrative support costs<br>Depreciation<br>**Total**<br>Net gains/(losses) on investments<br>**NET INCOME/(EXPENDITURE)**<br>**RECONCILIATION OF FUNDS**<br>**Total funds brought forward**<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>fund<br>£<br>**788,479**<br>**86,209**<br>**874,688**<br>**14,312**<br>**14,312**<br>**698,221**<br>**81,545**<br>**51,621**<br>**95,863**<br>**8,970**<br>**950,532**<br>**672,925**<br>**597,081**<br>**4,563,265**<br>**5,160,346**|<br>Endowment<br>fund<br>£<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**17,620**<br>**17,620**|**2021**<br>**Total**<br>**funds**<br>**£**<br>**788,479**<br>**86,209**<br>**874,688**<br>**14,312**<br>**14,312**<br>**698,221**<br>**81,545**<br>**51,621**<br>**95,863**<br>**8,970**<br>**950,532**<br>**672,925**<br>**597,081**<br>**4,580,885**<br>**5,177,966**|2020<br>Total<br>funds<br>£<br>865,455<br>106,045<br>971,500<br>14,116<br>14,116<br>672,693<br>105,086<br>42,067<br>95,727<br>13,809<br>943,498<br>(187,213)<br>(159,211)<br>4,740,096<br>4,580,885|
|---|---|---|---|---|



The notes form part of these financial statements 

Page 9 



Holderness House
The Charity of Thomas Robinson Ferens
for a Home of Rest
Balance Sheet
30th Apnl 2021
2021
Total
funds
2020
Total
funds
Unreslricled Endowment
fun
fund
Notes
FIXED ASSETS
Tangible assets
Investments
10
972,441
11 4,054.411
17,620
990,061
4.054.411
994,791
3.395,798
5,026,852
17,620
5,044,472
4,39J,589
CURRENT ASSETS
Debtors
C83h at bank and in hand
12
4959
167.300
4,959
167,300
2,830
232.533
172,259
172,259
235,363
CREDITORS
Amounts falling due within one year
13
138,7651
{38,765)
(45,0671
NET CURRENT ASSETS
133,494
133,494
190,296
TOTAL ASSETS LESS CURRENT
LIABILITIES
5,160,346
17.620
5,177,966
4,580,885
NET ASSETS
5 160 346
5 177 966
4 580 885
FUNDS
Unreslricled funds
Endowment funds
14
5,100.346
17,620
4,563,265
17,620
TOTAL FUNDS
5 177 986
4,580,885
The financial slalemen18 were approved by the Board of Trustees and authorised for issue on
22 September 2021
and were slgned on ils behalf by=
Tr
Trustee
The noles form part of these financial stslements
Page 10

## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Cash Flow Statement** _**for the year ended 30th April 2021**_ 

|Notes<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Interest element of hire purchase or<br>finance lease rental payments paid<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Purchase of fixed asset investments<br>Sale of fixed asset investments<br>Movement on funds held for reinvestment<br>Interest received<br>Dividends received<br>Net cash provided by investing activities<br>**Cash flows from financing activities**<br>Capital repayments in year<br>Net cash provided by/(used in) financing activities<br>**Change in cash and cash equivalents**<br>**in the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**Cash and cash equivalents at the end**<br>**of the reporting period**|**2021**<br>**£**<br>**(161,514)**<br>**-**<br>**(161,514)**<br>**(4,240)**<br>**-**<br>**145,000**<br>**(130,688)**<br>**258**<br>**85,951 **<br>**96,281 **<br>**-**<br>**-**<br>**(65,233)**<br>**232,533**<br>**167,300**|2020<br>£<br>(54,340)<br>(1,506)<br>(55,846)<br>(5,148)<br>(68,004)<br>211,349<br>(129,229)<br>332<br>105,713<br>115,013<br>(10,711)<br>(10,711)<br>48,456<br>184,077<br>232,533|
|---|---|---|



The notes form part of these financial statements 

Page 11 



## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Notes to the Cash Flow Statement** _**for the year ended 30th April 2021**_ 

## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES** 

|**Net income/(expenditure) for the reporting period (as per the**<br>**Statement of Financial Activities)**<br>**Adjustments for:**<br>Depreciation charges<br>(Gain)/losses on investments<br>Interest received<br>Interest element of hire purchase and finance lease rental payments<br>Dividends received<br>(Increase)/decrease in debtors<br>(Decrease)/increase in creditors<br>**Net cash used in operations**|**2021**<br>**£**<br>**597,081**<br>**8,970**<br>**(672,925)**<br>**(258)**<br>**-**<br>**(85,951)**<br>**(2,129)**<br>**(6,302)**<br>**(161,514)**|2020<br>£<br>(159,211)<br>13,809<br>187,213<br>(332)<br>1,506<br>(105,713)<br>2,731<br>5,657<br>(54,340)|
|---|---|---|



2. **ANALYSIS OF CHANGES IN NET FUNDS** 

||At 1.5.20|Cash flow|**At 30.4.21**|
|---|---|---|---|
||£|£|**£**|
|**Net cash**||||
|Cash at bank and in hand|**232,533**|**(65,233)**|**167,300**|
||**232,533**|**(65,233)**|**167,300**|
|**Total**|**232,533**|**(65,233)**|**167,300**|



The notes form part of these financial statements 

Page 12 



**Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Notes to the Financial Statements** 

_**for the year ended 30th April 2021**_ 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. 

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. 

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

## **Income recognition** 

Income is measured at the fair value of the consideration received or receivable. The policies adopted for the recognition of income are as follows: 

## Charitable activities 

Income from contributions from residents and rents received is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured reliably. 

## Investment income 

Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to receive payment is established. 

## **Expenditure recognition** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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. 

## **Allocation of support and governance costs** 

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice such as costs related to statutory audit and legal fees. 

There has been no apportionment of costs. 

## **Tangible fixed assets** 

Freehold land and buildings are stated at the 1930 probate value, less any subsequent sales of land with subsequent additions at cost. 

Freehold land and buildings used for the purpose of the Charity are not depreciated as, in the opinion of the trustees, their life is so long and their residual values are so high that any depreciation would be insignificant. 

Fixtures and fittings are depreciated at 10% - 33.33% per annum on cost or valuation. 

Page 13 

continued... 



## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Notes to the Financial Statements - continued** 

_**for the year ended 30th April 2021**_ 

## **1. ACCOUNTING POLICIES - continued** 

## **Tangible fixed assets** 

Expenditure of a capital nature is capitalised when the expended amount per item exceeds £1,000. 

## **Taxation** 

The charity is exempt from tax on its charitable activities. 

## **Hire purchase and leasing commitments** 

Assets obtained under hire purchase contracts or finance leases are capitalised in the Balance Sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter. 

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. 

## **Pension costs and other post-retirement benefits** 

The charity operates a defined contribution pension scheme.  Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 

## **Investments** 

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the statement of financial activities if the shares are publicly traded, using the closing quoted middle price, or their value can otherwise be measured reliably. 

## **Debtors and creditors receivable / payable within one year** 

Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of financial activities allocated to the appropriate heading. 

## **Impairment** 

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of financial activities unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. 

## **2. INVESTMENT INCOME** 

|Income from listed investments<br>Interest receivable|**2021**<br>**£**<br>**85,951**<br>**258**<br>**86,209**|2020<br>£<br>105,713<br>332<br>106,045|
|---|---|---|



Page 14 

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## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

**Notes to the Financial Statements - continued** _**for the year ended 30th April 2021**_ 

## **3. INCOME FROM CHARITABLE ACTIVITIES** 

|Activity<br>Contributions from<br>residents<br>Residents contributions and rents<br>Rents received<br>Residents contributions and rents<br>Grants<br>Residents contributions and rents|**2021**<br>**£**<br>**723,505**<br>**3,790**<br>**61,184 **<br>**788,479**|2020<br>£<br>859,500<br>5,955<br>-<br>865,455|
|---|---|---|



The grants received during the year were receivable as a result of the restrictions imposed on the charity's activities due to the COVID-19 pandemic. 

## **4. INVESTMENT MANAGEMENT COSTS** 

|Portfolio management<br>**CHARITABLE ACTIVITIES COSTS**<br>Staff and agency costs<br>Premises running costs<br>Residents direct care<br>Administrative support costs<br>Depreciation|Direct<br>Costs<br>£<br>**664,013**<br>**-**<br>**51,621**<br>**28,267**<br>**-**<br>**743,901 **|**2021**<br>**£**<br>**14,312**<br>Support<br>costs (see<br>note 6)<br>£<br>**34,208**<br>**81,545**<br>**-**<br>**67,596**<br>**8,970**<br>**192,319**|2020<br>£<br>14,116<br>Totals<br>£<br>**698,221**<br>**81,545**<br>**51,621**<br>**95,863**<br>**8,970**<br>**936,220**|
|---|---|---|---|



## **5. CHARITABLE ACTIVITIES COSTS** 

## **6. SUPPORT COSTS** 

|Administration<br>expenses<br>£<br>Staff and agency costs<br>**34,208**<br>Premises running costs<br>**37,036**<br>Administrative support<br>costs<br>**27,114**<br>Depreciation<br>**-**<br>**98,358**|Property<br>upkeep<br>£<br>**-**<br>**44,509**<br>**-**<br>**8,970**<br>**53,479**|Gardens<br>Governance<br>upkeep<br>costs<br>£<br>£<br>**-**<br>**-**<br>**-**<br>**-**<br>**14,496**<br>**25,986**<br>**-**<br>**-**<br>**14,496**<br>**25,986**|Totals<br>£<br>**34,208**<br>**81,545**<br>**67,596**<br>**8,970**<br>**192,319**|
|---|---|---|---|



Page 15 

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## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Notes to the Financial Statements - continued** _**for the year ended 30th April 2021**_ 

## **7. AUDITORS' REMUNERATION** 

Charitable activities and governance costs include auditors remuneration for audit services of £4,000 (2020 £3,350) and £6,034 (2020 £3,030) for non audit services. 

## **8. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 30th April 2021 nor for the year ended 30th April 2020. 

## **Trustees' expenses** 

There were no trustees' expenses paid for the year ended 30th April 2021 nor for the year ended 30th April 2020. 

## **9. STAFF COSTS** 

|Wages and salaries<br>Social security costs<br>Other pension costs|**2021**<br>**£**<br>**659,746**<br>**29,444**<br>**6,667**<br>**695,857 **|2020<br>£<br>647,307<br>27,834<br>6,564|
|---|---|---|
|||681,705|



The average monthly number of employees during the year was as follows: 

|Direct staff<br>Support staff|**2021**<br>**49**<br>**2**<br>**51 **|2020<br>50<br>2<br>52|
|---|---|---|



No employees received emoluments in excess of £60,000. 

Page 16 

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## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Notes to the Financial Statements - continued** _**for the year ended 30th April 2021**_ 

|**10.**<br>**TANGIBLE FIXED ASSETS**<br>**COST**<br>At 1st May 2020<br>Additions<br>At 30th April 2021<br>**DEPRECIATION**<br>At 1st May 2020<br>Charge for year<br>At 30th April 2021<br>**NET BOOK VALUE**<br>At 30th April 2021<br>At 30th April 2020<br>**11.**<br>**FIXED ASSET INVESTMENTS**<br>**MARKET VALUE**<br>At 1st May 2020<br>Disposals<br>Revaluations<br>Movement in funds for reinvestment<br>At 30th April 2021<br>**NET BOOK VALUE**<br>At 30th April 2021<br>At 30th April 2020|Freehold<br>property<br>£<br>**960,154**<br>**-**<br>**960,154 **<br>**-**<br>**-**<br>**-**<br>**960,154**<br>960,154|Fixtures<br>and<br>fittings<br>£<br>**770,907**<br>**4,240**<br>**775,147**<br>**736,270**<br>**8,970**<br>**745,240**<br>**29,907**<br>34,637|Totals<br>£<br>**1,731,061**<br>**4,240**<br>**1,735,301 **<br>**736,270**<br>**8,970**<br>**745,240**<br>**990,061**<br>994,791<br>Listed<br>investments<br>£<br>**3,395,798**<br>**(145,000)**<br>**672,925**<br>**130,688**<br>**4,054,411**<br>**4,054,411**<br>3,395,798|
|---|---|---|---|



All of the investments are held in an investment portfolio managed by Rathbone Investment Management Limited. 

Included in the investments valuation are funds held by the investment managers for reinvestment in the portfolio of £189,709 (2019 £60,480). 

Page 17 

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## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Notes to the Financial Statements - continued** 

## _**for the year ended 30th April 2021**_ 

## **11. FIXED ASSET INVESTMENTS - continued** 

Cost or valuation at 30th April 2021 is represented by: 

|Valuation in 2021<br>Cost<br>**12.**<br>**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Other debtors<br>Prepayments and accrued income<br>**13.**<br>**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**<br>Trade creditors<br>Taxation and social security<br>Other creditors<br>**14.**<br>**MOVEMENT IN FUNDS**<br>At 1.5.20<br>£<br>**Unrestricted funds**<br>General fund<br>**4,563,265**<br>**Endowment funds**<br>Endowment fund<br>**17,620**<br>**TOTAL FUNDS**<br>**4,580,885**|**2021**<br>**£**<br>**3,490**<br>**1,469**<br>**4,959**<br>**2021**<br>**£**<br>**14,564**<br>**10,700**<br>**13,501 **<br>**38,765**<br>Net<br>movement<br> <br>in funds<br>£<br>**597,081**<br>**-**<br>**597,081**|**Listed**<br>**investments**<br>**£**<br>**1,775,666**<br>**2,278,745**<br>**4,054,411**<br>2020<br>£<br>522<br>2,308<br>2,830<br>2020<br>£<br>24,762<br>3,735<br>16,570<br>45,067<br> <br>At<br> <br>30.4.21<br>£<br>**5,160,346**<br>**17,620**<br>**5,177,966**|
|---|---|---|



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## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

**Notes to the Financial Statements - continued** _**for the year ended 30th April 2021**_ 

## **14. MOVEMENT IN FUNDS - continued** 

Net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**<br>**Comparatives for movement in funds**<br>**Unrestricted funds**<br>General fund<br>**Endowment funds**<br>Endowment fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>**874,688**<br>**874,688**|<br>Resources<br> <br>expended<br>£<br>**(950,532)**<br>**(950,532)**<br>At 1.5.19<br>£<br>4,722,476<br>17,620<br>4,740,096|<br> <br>|Gains and<br>losses<br>£<br>**672,925**<br>**672,925**<br>Net<br>movement<br>in funds<br>£<br>(159,211)<br>-<br>(159,211)|<br>Movement<br>in funds<br>£<br>**597,081**<br>**597,081 **<br> <br>At<br> <br>30.4.20<br>£<br>4,563,265<br>17,620<br>4,580,885|
|---|---|---|---|---|---|
|||||||



Comparative net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>971,500<br>971,500|Resources<br>expended<br>£<br>(943,498)<br>(943,498)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>(187,213)<br>(159,211)<br>(187,213)<br>(159,211)|
|---|---|---|---|



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## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

**Notes to the Financial Statements - continued** _**for the year ended 30th April 2021**_ 

## **15. RELATED PARTY DISCLOSURES** 

Mr D Naughton-Doe previously also acted as a consultant for which Holderness House remunerated him £Nil (2020 £3,000) The amount due at 30 April 2021 was £Nil (2020 £Nil). 

Mr A Beharrell is a director of SPS Security Limited who have supplied goods and services in the year costing £780 (2020 £1,277). The amount due at 30 April 2021 was £Nil (2020 £Nil). 

Key management personnel costs in the year, excluding trustees, totalled £34,208 (2020 £34,328). 

Page 20 



## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Detailed Statement of Financial Activities** _**for the year ended 30th April 2021**_ 

|||**2021**||**2020**|
|---|---|---|---|---|
||**£**|**£**|**£**|**£**|
|**Income**|||||
|Contributions from residents|723,505||859,500||
|Grants received|61,184||-||
||–––––––|784,689|–––––––|859,500|
|**Direct expenditure**|||||
|Wages, national insurance and pension contributions|657,869||636,839||
|Agency staff|2,208||9,004||
|Household sundries|30,869||20,833||
|Provisions|34,253||39,708||
||–––––––|725,199|–––––––|708,743|
|||–––––––||–––––––|
|Gross surplus||59,490||150,757|
|**Administration expenses**|||||
|Central heating|28,562||27,599||
|Central heating income|(21,395)||(21,093)||
|Light and power|18,576||17,214||
|Council tax|1,461||1,405||
|Water|5,401||5,802||
|Insurance|15,630||14,770||
|Cleaning materials and window cleaning|8,428||8,765||
|Equipment hire|4,982||4,525||
|Bank charges|1,072||1,162||
|Health and Safety Officer|5,023||5,073||
|Training costs|1,294||2,788||
|Telephone and postage|4,884||5,013||
|Printing stationery and advertising|9,099||10,825||
|Computer costs|3,524||-||
|Recruitment expenses|1,572||1,534||
|Clerk to the Trustees’ salary and expenses|14,278||13,619||
|Administrator's salary|19,930||20,709||
|Accountancy charges|5,154||3,030||
|Trustees indemnity insurance|1,500||1,546||
|Audit fees|5,880||3,350||
|Legal and professional charges|7,191||3,628||
|Consultancy fees|-||5,692||
|Donations and subscriptions|1,000||2,200||
||–––––––|143,046|–––––––|139,156|
|||–––––––||–––––––|
|**Operating (deficit)/ surplus**||(83,556)||11,601|
|||–––––––||–––––––|



This page does not form part of the statutory financial statements 

Page 21 



## **Holderness House The Charity of Thomas Robinson Ferens for a Home of Rest** 

## **Detailed Statement of Financial Activities** _**for the year ended 30th April 2021**_ 

|||**2021**||**2020**|
|---|---|---|---|---|
||**£**|**£**|**£**|**£**|
|**Operating (deficit)/ surplus**||(83,556)||11,601|
|**Property upkeep**|||||
|Repairs and renewals|44,509||46,944||
|Hire purchase interest|-||1,506||
|Depreciation of fixtures and fittings|8,970||13,809||
|Profit on disposal of fixed assets|-||-||
||–––––––|(53,479)|–––––––|(62,259)|
|**Upkeep of gardens**||(14,496)||(19,224)|
|**Other income**|||||
|From investments|85,951||105,713||
|Interest receivable|258||332||
||–––––––||–––––––||
||86209||106,045||
|**Less:**investment management fees|(14,312)||(14,116)||
||–––––––|71,897|–––––––|91,929|
|Rents received||3,790||5,955|
|Sundry receipts & donations||-||-|
|||–––––––||–––––––|
|**Surplus for the year before gains and losses**||(75,844)||28,002|
|**Gains/ (losses) on investments**|||||
|Realised|(2,724)||502||
|Unrealised|675,649||(187,715)||
||–––––––|672,925|–––––––|(187,213)|
|||-–––––––||-–––––––|
|**Net (deficit) / surplus for the year**||597,081||(159,211)|
|||=======||=======|



This page does not form part of the statutory financial statements 

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