**Charity Commission Reference No. 225510**
## **THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
## **CHARITY INFORMATION AS AT 31 JULY 2021**
## **Trustees**
|||
|---|---|
|**Trustees**|Rev R Peet (Chairperson)|
||W A Longmuir|
||W D May (Life Member)|
||Mrs B Sladen|
||Mrs A Beale|
||Mrs A Ongley|
||Councillor C Williams|
|**Clerk**|J Collier|
|**Registered Charity Number**|225510|
|**Regulator of Social Housing Reference**|A3564|
|**Registered address**|7 The Hawthorns|
||Aylesford|
||Kent|
||ME20 7LJ|
|**Accountants**|Beresfords|
||Chartered Certified Accountants|
||1-2 Rhodium Point|
||Spindle Close|
||Hawkinge, Folkestone|
||Kent|
||CT18 7TQ|
|**Bankers**|National Westminster Bank Plc|
||3 High Street|
||Maidstone|
||Kent|
||ME14 1XU|
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Accountants' Report|3|
|Statement of comprehensive income|4 - 5|
|Statement of financial position|6|
|Statement of changes in reserves|7|
|Statement of cash flows|8|
|Notes to the financial statements|9 - 14|
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2021**
The trustees have pleasure in presenting their annual report and financial statements for the year ended 31 July 2021.
## **Objectives and Activities of the Charity**
The charity's objective is to provide almshouse accommodation for aged poor and deserving persons within the parish of Aylesford in accordance with the Trust Deed dated 22 July 1960. The charity is registered with the Charity Commission (registration number 225510), and with the Regulator of Social Housing (registration number A3564). The activities for the year are set out on pages 4 and 5 in the Statement of Comprehensive Income.
## **Structure, governance and management**
The board of trustees consists of a maximum of three ex-officio trustees, being the vicar and churchwardens in the parish of Aylesford, two nominative trustees appointed by Tonbridge and Malling Borough Council for a four year term, and three co-optative trustees appointed for a five year term at a meeting of the trustees. They are local people, often but not always with some connection to the church, who are thought to be suitable on account of their skills and interests. At induction, new Trustees are given copies of the minutes of recent board meetings and a copy of "The Essential Trustee" produced by the Charities Commission and dated June 2005.
All decisions are made by the trustees at meetings held several times a year.
The following trustees held office during the year and since the year end:
Rev R Peet (Chairperson) W A Longmuir W D May (Life Member) B Sladen A Beale Mrs A Ongley C Williams
## **Achievements and Performance**
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission for England and Wales. During the year, in accordance with the Charity's aims, the charity's principal activity for the public benefit was to provide supported housing consisting of eleven single flats and three double flats. All of the flats were occupied for the whole year.
The surplus for the year amounts to £30,089 (2020 - £38,762) and the detail thereof is set out on pages 4 and 5.
## **Risk management**
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate the exposure to major risks.
In particular, the trustees have considered the risks posed by Covid-19 pandemic but do not consider it to be a threat to the operation of the charity or to its going concern status
## **Value for money statement**
The Trustees’ strive to achieve and demonstrate value for money in all the operations of the charity.
- 1 -
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021**
## **Financial Review**
## **Policy on reserves**
There is no formal policy. The trustees have to be prepared to meet an unexpected crisis, although the buildings and contents are insured appropriately.
The cyclical maintenance fund is designed to meet the cost of routine maintenance and repairs, whereas the extraordinary repair fund is designed to meet the costs of unexpected repairs and other work.
At the year end the charity's reserves amounted to £588,539 (2020 £558,450) consisting of a cyclical maintenance reserve of £34,000 (2020 £34,000), an extraordinary repair fund of £83,262 (2020 £83,262) and income and expenditure reserves of £471,277 (2020 £441,188).
By order of the board
Rev R Peet (Chairperson) **Trustee**
Date:
- 2 -
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
## **ACCOUNTANT'S REPORT TO THE BOARD OF TRUSTEES ON THE UNAUDITED ACCOUNTS OF THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
We report on the accounts for the year ended 31 July 2021, set out on pages 4 to 14.
## **Respective responsibilities of the Board and reporting accountants**
The Board of the Registered Social Housing Provider is responsible for the preparation of the accounts, and they consider that the Registered Social Housing Provider is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.
## **Basis of opinion**
Our procedures consisted of comparing the accounts with the accounting records kept by the Registered Social Housing Provider and making such enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.
## **Opinion**
In our opinion:
- the accounts for the year ended 31 July 2021 are in accordance with the accounting records kept by the Registered Social Housing Provider under paragraph 135(2)(a) of the Housing and Regeneration Act 2008;
- having regard only to, and on the basis of the information contained in the accounting records:
- the accounts comply with the requirements of the Charities Act 2011;
- the Registered Social Housing Provider has satisfied the conditions for exemption from an audit of the accounts for the year ended 31 July 2021 specified in section 136(3) of the Housing and Regeneration Act 2008;
- the accounts comply with the requirements of the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2019.
## **Beresfords**
## **Chartered Certified Accountants**
Reporting Accountant 1-2 Spindle Close Hawkinge, Folkestone Kent CT18 7TQ
Date:
- 3 -
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
## **STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2021**
|Notes
**Turnover**
Weekly maintenance contributions
Insurance claims received
Deferred grant income released
**Less operating expenditure:**
**Direct Costs**
Water rates
Insurance
Heating and lighting
Internet
Routine repairs and maintenance
Cleaning
Gardening
Fire protection work
Showers
Skylights
Electrical surveys
Building inspection surveys
Roofing works
Depreciation
**Gross Surplus**
**Management costs**
Clerk's fees
Sundry office expenses
Regulation fees
Membership fees
Accountancy
Charitable donations - other
**Operating surplus**carried forward
**2**|**£**
**3,500**
**1,930**
**900**
**309**
**4,262**
**1,207**
**261**
**176**
**2,340**
**108**
**2,700**
**1,680**
**7,850**
**16,298**|**2021**
**£**
**57,684**
**2,240**
**8,025**|£
3,516
1,830
383
181
6,318
1,045
-
241
1,170
462
-
-
-
16,297|2020
£
57,684
-
8,025|
|---|---|---|---|---|
|||**67,949**
**(43,521)**||65,709
(31,443)|
||**5,000**
**627**
**100**
**217**
**2,001**
**-**||5,000
805
-
-
3,380
100.00||
|||**24,428**
**(7,945)**||34,266
(9,285)|
||||||
|||**16,483**||24,981|
- 4 -
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2021**
|**£**
**Operating surplus**brought forward
**Interest receivable and similar income**
NAACIF distributions received
**1,042**
NAACIF accumulated income received
**12,558**
Interest received
**6**
**Income from investments**
Profit on disposal of listed investments
**Interest and financing costs**
Interest payable
**Surplus/total comprehensive income for the year**
The only recognised gain or loss is the surplus for the year of £30,089 (2020 -|**£**
**1,042**
**12,558**
**6**|**2021**
**£**
16,483
**13,606**
**-**
**-**|£
1,042
12,341
398|2020
£
24,981
13,781
-
**-**|
|---|---|---|---|---|
||||||
|||**30,089**||38,762|
|||£38,762).|||
There is no difference between the reported surplus for the year as stated above and historical cost surpluses or deficits.
The results relate wholly to continuing activities.
The financial statements were approved by the board of trustees on ______________ and signed on its behalf by:
|Rev R Peet|W A Longmuir|
|---|---|
|**Trustee**|**Trustee**|
The notes on page 9 to 14 form part of these Financial Statements.
- 5 -
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
## **STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2021**
|**Note**
**Fixed assets**
Housing properties at depreciated cost
4
Investments
5
**Current assets**
Trade and other debtors
6
Cash and cash equivalents
**Creditors**: amounts falling due within
one year
7
**Net current assets**
**Total assets less current liabilities**
**Creditors**: amounts falling due after more
than one year
8
**Total net assets**
**Reserves**
Designated funds
Cyclical maintenance reserve
Extraordinary repair fund
Income and expenditure reserve|**£**
2,556
145,363|**2021**
**£**
331,804
279,772|£
2,316
120,295|2020
£
348,102
267,214|
|---|---|---|---|---|
|||611,576
137,479||615,316
111,675|
||147,919
(10,440)||122,611
(10,936)||
||||||
|||749,055
(160,516)||726,991
(168,541)|
|||588,539||558,450|
|||34,000
83,262
471,277||34,000
83,262
441,188|
|||588,539||558,450|
The financial statements were approved by the board of trustees on _____________ and signed on its behalf by:
Rev R Peet W A Longmuir **Trustee Trustee**
The notes on pages 9 to 14 form part of these financial statements.
- 6 -
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
## **STATEMENT OF CHANGES IN RESERVES FOR THE YEAR ENDED 31 JULY 2021**
|Balance at 1 August 2019
Balance at 31 July 2020
Balance at 1 August 2020
Balance at 31 July 2021
Transfers from income and
expenditure reserve to other
reserves
Surplus from statement of
comprehensive income
Surplus from statement of
comprehensive income
Transfers from income and
expenditure reserve to other
reserves|**Total**
**£**
519,688
38,762
-
558,450
558,450
30,089
-
588,539|**£**
34,000
-
-
34,000
34,000
-
-
34,000
**Cyclical**
**maintence**
**reserve**|**Extraordinary**
**repair fund**
**£**
83,262
-
-
83,262
83,262
-
-
83,262|**Income and**
**expenditure**
**reserve**
**£**
402,426
38,762
-|
|---|---|---|---|---|
|||||441,188|
|||||441,188
30,089
-|
|||||471,277|
The notes on pages 9 to 14 form part of these Financial Statements.
- 7 -
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021**
|**Net cash generated from operating activities (see note 9)**
**Cash flow from investing activities**
Purchase of tangible fixed assets
Proceeds from sale of fixed assets
Proceeds from sale of investments
Interest receivable and similar income
**Cash flow from financing activities**
Interest paid
Repayments of borrowings
**Net change in cash and cash equivalents**
**Cash and cash equivalents at 1 August 2020**
**Cash and cash equivalents at 31 July 2021**
**Cash and cash equivalents consist of:**
Cash at bank and in hand at 31 July 2021|**2021**
**£**
24,020
-
1,048
1,048
-
-
-
25,068
120,295
145,363
145,363|**2020**
**£**
33,561
-
1,449|
|---|---|---|
|||1,449|
|||-
-|
|||-|
|||35,010
85,285|
|||120,295|
|||120,295|
The notes on pages 9 to 14 form part of these Financial Statements.
- 8 -
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021**
## **1 Accounting policies**
The charity is registered with the Charities Commission as a charitable trust and with the Regulator of Social Housing as a registered provider of social housing. The charity is a public benefit entity.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 - the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102), the Statement of Recommended Practice for Social Housing Providers 2018, and comply with the Accounting Direction for private registered providers of social housing in England 2019. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008.
The financial statements have been prepared on a going concern basis under the historical cost convention.
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.
The accounts are presented in sterling which is the operational currency of the charity and are rounded to the nearest pound.
## **1.1 Fixed assets - housing property**
The Hospital of the Holy Trinity was built in the first quarter of the seventeenth century. There is no record of the original cost and accordingly no value is attributed thereto.
Cost brought forward, therefore, represents development expenditure incurred on the Hospital in the late 1980s and early 1990s. Where the costs of development have not qualified for Housing Association Grants and have not been considered for mortgage loans by the relevant lending authority they have been met out of reserves.
The trustees perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value. In accordance with FRS102, cost includes costs directly attributable to making the asset capable of operating as intended such as the cost of acquiring land and buildings, developments costs, interest charges on loans during the development period and expenditure on improvements. Expenditure on improvements will only be capitalised when it results in incremental future benefits such as increasing rental income, reducing maintenance costs or resulting in a significant extension of the useful economic life of the property.
## **1.2 Component Accounting**
Major components of housing properties capitalised are accounted for and depreciated separately from the connected housing property over their expected useful lives.
No separate components are accounted for on the development expenditure incurred in the late 1980s and early 1990s as the capitalised costs represent the expenditure carried out in converting the existing accommodation from single rooms with a shared bathroom and toilets to twelve single and two double self-contained flats in the late 1980s and early 1990s. The costs are therefore not separable and are depreciated as shown in note 1.3.
New boilers were installed in the year ended 31 July 2016 and depreciated as shown in note 1.3.
Roofing works were completed in the year ended 31 July 2017 and are now being depreciated as shown in note 1.3.
- 9 -
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021**
## **1.3 Depreciation**
The trustees have elected to depreciate the components of the housing properties at the following annual rates:
|**Component**|**Life (Years)**|**Depreciation**|
|---|---|---|
|Development expenditure|50|2%|
|Roofing|30|3.30%|
|Boilers|15|6.60%|
## **1.4 Housing Association Grant**
Housing Association Grant (HAG) was paid by the Housing Corporation to reduce the cost of development and is accounted for as deferred income and as a liability due within one year and after more than one year. The income is recognised through the statement of comprehensive income over the life of the building structure for which it was received. HAG is repayable under certain circumstances, primarily following the sale of a property but will normally be restricted to the proceeds of sale.
## **1.5 Investments**
Fixed asset investments are valued at cost less a reduction for any permanent diminution in value.
They are not valued at market value as the market is quite volatile and resultant increases and decreases in value would not aid the user's understanding of the accounts.
Investment income is credited to the accounts on an accruals basis.
## **1.6 Extraordinary repairs fund**
This is a designated reserve and represents amounts set aside to carry out major repairs on housing property. Sums provided each year for this purpose are invested in the Charities Official Investment Fund Accumulation Shares or the COIF Charities Deposit Fund.
## **1.7 Cyclical maintenance reserve**
This is a designated reserve and represents amounts set aside for cyclical maintenance to meet costs in excess of budgeted expenditure for any year.
## **1.8 Government grants**
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
- **1.9 Monthly maintenance contributions and rental income**
Monthly maintenance contributions represent the rental charges income receivable for the year from the supported housing, net of rent losses from voids, and includes Supporting People income where this has been used to reduce the rents collected from the tenant.
Rental income represents rent receivable for the year from sources other than supported housing.
## **1.10 Donations and other voluntary income**
Donations and other voluntary income are included in the accounts in the period in which they are received.
## **1.11 Resources Expended**
Expenditure is included on an accruals basis
## **1.12 Loans and borrowings**
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
- 10 -
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021**
## **1.13 Judgements and key sources of estimation uncertainty**
No significant judgements have had to have been made by the trustees nor have they identified any key sources of estimation uncertainty other than identifying the main components of housing properties (as shown in note 5) and estimating their useful lives (as per note 1.3).
|**2**
**Social housing income and expenditure**
Rents receivable net of rent losses from voids
Insurance claims
Amortisation of capital grants
Social housing operating costs:
Direct costs
Management costs
Operating surplus / (deficit) on social housing lettings
Memo only:
Non social housing activities
Operating surplus / (deficit)
Void losses|**2021**
**£**
57,684
2,240
8,025|**2020**
£
57,684
-
8,025|
|---|---|---|
||67,949|65,709|
||43,521
7,945|31,443
9,285|
||51,466|40,728|
||16,483
-|24,981
-|
||16,483|24,981|
||-|-|
No segmental analysis is shown for housing accommodation as the Charity owns and manages only supported housing for older people.
|**3**
**Operating surplus**
Operating surplus is stated after charging:
Depreciation of tangible assets
And after crediting:
Amortisation of capital grants|**2021**
**£**
16,298|**2020**
**£**
16,297|
|---|---|---|
||8,025|8,025|
During the year the charity had no employees. None of the trustees received any remuneration, other benefits or expenses in either year.
Rent losses arising from void periods in the year amounted to £nil (2020 £nil).
- 11 -
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021**
|**4**
**Tangible fixed assets**
**Cost or valuation**
At 1 August 2020
Additions
At 31 July 2021
**Depreciation**
At 1 August 2020
At 31 July 2021
At 31 July 2021
At 31 July 2020
Charge for the year
**Net book value**|**Development**
**expenditure**
**£**
563,309
-|**Roofing**
**£**
93,597
-|**Boilers**
**£**
28,680
-
28,680
9,560
1,912
11,472
17,208
19,120|**Total**
**£**
685,586
-|
|---|---|---|---|---|
||563,309|93,597||685,586|
||315,448
11,266|12,476
3,120||337,484
16,298|
||326,714|15,596||353,782|
||236,595|78,001||331,804|
||247,861|81,121||348,102|
There are 14 (2020 - 14) managed supported housing units.
## **5 Fixed Asset investments**
|Cost
At 1 August 2020
Additions
Disposals
At 31 July 2021
At 31 July 2021
At 31 July 2020|**£**
267,214
12,558
-|
|---|---|
||279,772|
||**Valuation**
**£**
398,099|
||326,708|
The net book value represents the original cost of shares in the M&G Charity Multi Asset Fund (previously the National Association of Almshouses Common Investment Fund) held by M & G Securities on behalf of the Hospital of the Holy Trinity, Aylesford.
- 12 -
## **THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021**
|**6**
**Debtors**
Prepayments and accrued income
**7**
**Creditors: amounts falling due within one year**
Trade creditors
Other creditors and accruals
Deferred grant income
**8**
**Creditors: amounts falling due after more than one year**
Deferred grant income
**9**
**Cash flow from operating activities**
Surplus for the year
Adjustments for non-cash items:
Depreciation of tangible fixed assets
Amortisation of grant
Decrease/(increase) in trade and other debtors
Increase/(decrease) in trade and other creditors
Adjustments for investing or financing activities:
Proceeds from sale of tangible fixed assets
Interest payable
Interest receivable and similar income|**2021**
**£**
2,556|**2020**
**£**
2,316|
|---|---|---|
||2,556|2,316|
||**2021**
**£**
156
2,259
8,025|**2020**
**£**
-
2,911
8,025|
||10,440|10,936|
||**2021**
**£**
160,516|**2020**
**£**
168,541|
||160,516|168,541|
||**2021**
**£**
30,089
16,298
(8,025)
(240)
(496)
-
-
(13,606)|**2020**
**£**
38,762
16,297
(8,025)
(204)
512
-
-
(13,781)|
||24,020|33,561|
- 13 -
**THE HOSPITAL OF THE HOLY TRINITY, AYLESFORD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021**
## **12 Related party relationships and transactions**
One of the Trustees holding office during the year was a councillor appointed as Trustee by Tonbridge and Malling Borough Council under the terms of the Trust Deed. Any transactions with local authorities are at arm's length, on normal commercial terms and Trustees cannot use their position to their advantage.
During the year, the wife of one of the Trustees holding office in the year worked as a self-employed cleaner on normal commercial terms and received £960 for her services (2020: £520).
## **13 Capital and other commitments**
The charity had no capital commitments at 31 July 2021 (2020: £nil). Other financial commitments at 31 July 2021 amounted to £nil (2020: £nil).
## **14 Contingent liabilities**
The Trustees are not aware of any contingent liabilities (2020: Nil).
- 14 -