REGISTERED CHARITY NUMBER: 226418
The Sevenoaks Almshouse Charity
Report of the Trustees and Independently Examined Financial Statements for the year ended 31 December 2021
Porritt Rainey Chartered Accountants
The Sevenoaks Almshouse Charity
Contents of the Financial Statements for the year ended 31 December 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 11 |
The Sevenoaks Almshouse Charity Report of the Trustees for the year ended 31 December 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 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
a) The provision of housing accommodation for persons of limited financial means who reside in the area administered by Sevenoaks District Council as of 1st April 2004.
b) such charitable purpose for the benefit of the residents as the trustees decide.
The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission.
Significant activities
The year started very much still under Covid restrictions, requiring trustee meetings to be held via zoom, and resident's coffee mornings again cancelled. By the middle of the year all residents had had two vaccinations and socialising was more acceptable, however the residents’ annual outing did not take place and instead at Christmas the Trustees agreed to give each resident an M & S voucher.
Three properties were refurbished, and new residents welcomed to both Sevenoaks Place and to Lambarde Cottages. Despite the vacancies during these refurbishments, occupancy was high, 98.5% at Sevenoaks Place and 91% at Weald, 96% overall.
During the year the first 'annual inspection' of every almshouse was carried out and several minor maintenance and improvement items were identified and attended to. It was a useful exercise and one that will continue. Residents were reminded to report all defects in a timely manner as it was clear that some issues had been long-standing. Resident's rising expectations combined with the annual inspection and work identified by the quinquennial report meant that again maintenance spending was over budget. The Maintenance Budget has now been adjusted for future years to take into account these increases in expenditure.
Finance remained strong allowing trustees to carry out all planned current improvement and maintenance work without being restricted by lack of funds and to plan for the future. £75k was transferred to the Long Term Maintenance Fund as per policy. The remainder of the loan from Barclays was liquidated 3 years earlier than needed saving interest payments and meaning that for the first time in over 40 years the Charity has no borrowing.
The rent arrangement with the School for Oak Square was independently reviewed for the first time in 6 years and reassessed at £42k per annum, (an increase of 32%) and as per an agreement in 2014 40% of this was withheld by the school 'in-kind' for maintenance support from the estates department and for the use of the Clerk's office. A thorough consideration of Maintenance Contribution was carried out by the trustees, and it was agreed to leave rates unchanged for 2022. Rates have now remained the same for 6 years.
During 2021 two trustees died - Mr Graham Merrett and Mrs Merrill London. Both had given enormous service to the Charity and will be greatly missed.
Whilst recognising that there are always areas to improve, the Charity is in a good place. Through a planned maintenance programme the buildings are in a well-maintained state, the financial position continues to be very healthy and vacancies are few. Along with the clerk the board of trustees works together as strong unit and residents appear to be very content.
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The Sevenoaks Almshouse Charity
Report of the Trustees for the year ended 31 December 2021
FINANCIAL REVIEW
Reserves policy
The Trustees maintain reserves for two purposes:
-
to be used for extraordinary repairs, improvements or rebuilding of the properties of the Charity,
-
to be used for regular repairs and maintenance of the properties.
A Long Term Maintenance Fund is held separately from other accounts. Annual transfers from the current account are made into this account, aiming to ensure that in future sufficient funds will be available for all major building works.
FUTURE PLANS
Aims for 2022 include:
Convert more bathrooms to shower rooms Consider changes to the gardens at Sevenoaks Place Commission a Legionella risk assessment Update the fire risk assessment.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Sevenoaks Almshouses were founded in 1432 from a bequest of William Sevenoaks and registered as a charity on 11th July 1877 under the Endowed Schools Acts. The Weald Almshouses were founded on 8th October 1832 and became part of the Sevenoaks Almshouse Charity under a scheme of the Charity Commissioners dated 13th July 1915. On 9th October 2006 The Sevenoaks Almshouse Charity was amalgamated with the Charity of Major Herbert Laurie (Charity No. 283935).
Recruitment and appointment of new trustees
The Charity's governing document allows for:
1 ex officio trustee,- the Rector of St Nicholas Church Sevenoaks;
1 nominated trustee,- appointed by Sevenoaks Town Council;
2 representative trustees who shall be members of the governing body of Sevenoaks School, the Lord of the Manor of Sevenoaks and Knole and the representative School governor appointed by Sevenoaks District Council. If the Lord of the Manor is unable or unwilling to act another governor may be appointed in his place; 4 co opted trustees.
When a nominated or representative trustee vacancy occurs the appointing body is approached to appoint a replacement. When a co opted trustee vacancy occurs remaining trustees consider the skill and experience needs of the Charity and aim to appoint a replacement from known contacts.
Before appointment new Trustees are asked to complete form CSD1382 to confirm their suitability, and on appointment sign the Trustee register.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The risk management assessment was reviewed by the board during the year.
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The Sevenoaks Almshouse Charity Report of the Trustees for the year ended 31 December 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 226418
Principal address
c/o Sevenoaks School Sevenoaks Kent TN13 1HU
Trustees
Mr Michael J Bolton Reverend Angus MacLeay Mr Graham Merrett (deceased 14/1/2021) Mrs Merrill London (deceased 9/10/2021) Mr James London Mrs Felicity Broomby Miss Theresa Homewood Mr Peter Stewart Mrs Christine Brindley Mr Roger Best Mrs Jean Marilyn Canet Mr Alan Pople
Independent Examiner
Porritt Rainey The Crown Business Centre 10 High Street Otford Sevenoaks Kent TN14 5PQ
Approved by order of the board of trustees on 29 September 2022 and signed on its behalf by:
Mike Bolton
Mr Michael J Bolton - Trustee
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Independent Examiner's Report to the Trustees of The Sevenoaks Almshouse Charity
Independent examiner's report to the trustees of The Sevenoaks Almshouse Charity
I report to the charity trustees on my examination of the accounts of The Sevenoaks Almshouse Charity (the Trust) for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts 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.
Alan R E Peal
Alan R E Peal ACA ICAEW Porritt Rainey The Crown Business Centre 10 High Street Otford Sevenoaks Kent TN14 5PQ
Date: 3 October 2022
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The Sevenoaks Almshouse Charity
Statement of Financial Activities for the year ended 31 December 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 200 Charitable activities Services 190,221 Investment income 2 19,124 Total 209,545 EXPENDITURE ON Charitable activities Services 28,729 Day to Day Maintenance 32,622 Ongoing Improvements 149,862 Total 211,213 Net gains/(losses) on investments 36,074 NET INCOME 34,406 RECONCILIATION OF FUNDS Total funds brought forward 759,045 TOTAL FUNDS CARRIED FORWARD **793,451 ** |
Restricted funds £ - - - - - - - - - - - - |
2021 Total funds £ 200 190,221 19,124 209,545 28,729 32,622 149,862 211,213 36,074 34,406 759,045 **793,451 ** |
2020 Total funds £ - 188,108 19,788 207,896 27,099 17,994 158,537 203,630 (899) 3,367 755,678 759,045 |
|---|---|---|---|
The notes form part of these financial statements
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The Sevenoaks Almshouse Charity
Balance Sheet 31 December 2021
| Notes FIXED ASSETS Tangible assets 6 Investments 7 CURRENT ASSETS Cash at bank and in hand CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 9 NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
Unrestricted funds £ 317,895 436,583 754,478 40,683 (1,710) 38,973 793,451 - **793,451 ** |
Restricted funds £ - - - - - - - - - |
2021 Total funds £ 317,895 436,583 754,478 40,683 (1,710) 38,973 793,451 - 793,451 793,451 **793,451 ** |
2020 Total funds £ 317,895 480,486 798,381 18,064 (17,507) 557 798,938 (39,893) 759,045 759,045 759,045 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 September 2022 and were signed on its behalf by:
Felicit Broomb y y
Mrs Felicity Broomby - Trustee
Mike Bolton
Mr Michael J Bolton - Trustee
The notes form part of these financial statements
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The Sevenoaks Almshouse Charity Notes to the Financial Statements for the year ended 31 December 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.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Housing properties
The Sevenoaks Almshouses were constructed as follows : 16 Almshouses at High Street, Sevenoaks, Kent in the 18th century. 8 Almshouses at Glebe Road, Weald in the 1830’s.
3 Cottages at 1 - 3 Oak Square, Sevenoaks in the 19th century. Burlington Room in the 1990’s. Major Laurie Flat in the 2000's
There is no complete record of the original cost and no value is attributed thereto. The Housing Properties cost relates to improvements carried out in 1986-87, which was funded by a Housing Corporation Grant, a Council Grant and from Sevenoaks Almshouse Charities own resources. As the properties are maintained in a state of repair such that their estimated residual value is not less than their improvement cost, the annual charge for depreciation would be NIL.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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.
Sevenoaks School (which manages the Charity's payroll) operates a defined contribution pension scheme. Contributions payable to the pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
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The Sevenoaks Almshouse Charity
Notes to the Financial Statements - continued for the year ended 31 December 2021
2. INVESTMENT INCOME
| Rents received Interest received 3. SUPPORT COSTS Management £ Services 6,867 Support costs, included in the above, are as follows: Wages - Clerk Social security Pensions Subscriptions Interest payable and similar charges Independent Examiners Fees |
2021 2020 £ £ 19,100 19,100 24 688 19,124 19,788 Governance Finance costs Totals £ £ £ 1,634 1,710 10,211 2021 2020 Total Services activities £ £ 5,919 5,899 159 162 355 354 434 291 1,634 1,795 1,710 1,686 10,211 10,187 |
|---|---|
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
Senior Executive
| 2021 | 2020 |
|---|---|
| 1 | 1 |
No employees received emoluments in excess of £60,000.
The Senior executive is employed by Sevenoaks School and the charity is invoiced for his services.
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The Sevenoaks Almshouse Charity
Notes to the Financial Statements - continued for the year ended 31 December 2021
6. TANGIBLE FIXED ASSETS
| COST At 1 January 2021 Grants At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Freehold property £ 659,860 (341,965) 317,895 317,895 317,895 |
|---|---|
The 16 Almshouses at High Street, Sevenoaks, 8 Almshouses at Glebe Road, Weald, and 3 cottages at 1 - 3 Oak Square, Sevenoaks, were constructed in the 18th century, 1830's and 19th century respectively, the Burlington Room in the 1990's and the Major Laurie Flat in the 2000's.
The above details relate to improvements carried out in 1986-87 which were funded by Housing Corporation Grants of £327,911 and a Council Grant of £14,054, and in 1997 which were funded by a National Lottery Board Grant of £73,700 which was offset against the cost during that period in accordance with the terms of the grant.
7. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2021 Additions Disposals Unrealised Gains At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
NAACIF Income Shares £ 267,463 75,000 - 36,074 378,537 378,537 267,463 |
Charities Deposit Fund £ 213,023 23 (155,000) - 58,046 58,046 213,023 |
Totals £ 480,486 75,023 (155,000) 36,074 436,583 436,583 480,486 |
|---|---|---|---|
There were no investment assets outside the UK.
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Bank loans and overdrafts (see note 10) Other creditors |
2021 £ - 1,710 1,710 |
2020 £ 15,784 1,723 17,507 |
|---|---|---|
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The Sevenoaks Almshouse Charity
Notes to the Financial Statements - continued for the year ended 31 December 2021
9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans (see note 10) 10. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank loans Amounts falling due between two and five years: Bank loans - 2-5 years 11. MOVEMENT IN FUNDS Unrestricted funds General fund Long Term Maintenance fund TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General fund TOTAL FUNDS |
At 1/1/21 £ 539,045 220,000 759,045 759,045 follows: Incoming resources £ 209,545 209,545 |
Net movement in funds £ 34,406 - 34,406 34,406 Resources expended £ (211,213) **(211,213) ** |
2021 2020 £ £ - 39,893 2021 2020 £ £ - 15,784 - 39,893 Transfers between At funds 31/12/21 £ £ (75,000) 498,451 75,000 295,000 - 793,451 - 793,451 Gains and Movement losses in funds £ £ 36,074 34,406 36,074 34,406 |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Long Term Maintenance fund TOTAL FUNDS |
At 1/1/20 £ 610,678 145,000 755,678 755,678 |
Net movement in funds £ 3,367 - 3,367 3,367 |
Transfers between funds £ (75,000) 75,000 - - |
At 31/12/20 £ 539,045 220,000 |
|---|---|---|---|---|
| 759,045 | ||||
| 759,045 |
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The Sevenoaks Almshouse Charity
Notes to the Financial Statements - continued for the year ended 31 December 2021
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 207,896 207,896 |
Resources expended £ (203,630) (203,630) |
Gains and Movement losses in funds £ £ (899) 3,367 (899) 3,367 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Long Term Maintenance fund TOTAL FUNDS |
At 1/1/20 £ 610,678 145,000 755,678 755,678 |
Net movement in funds £ 37,773 - 37,773 37,773 |
Transfers between funds £ (150,000) 150,000 - - |
At 31/12/21 £ 498,451 295,000 793,451 793,451 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 417,441 417,441 |
Resources expended £ (414,843) (414,843) |
Gains and Movement losses in funds £ £ 35,175 37,773 35,175 37,773 |
|---|---|---|---|
12. RELATED PARTY DISCLOSURES
During the year sums amounting to £10,248 were paid to a Trustee Mr A Pople in respect of professional fees.
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