**REGISTERED CHARITY NUMBER: 226418**
## **The Sevenoaks Almshouse Charity**
Report of the Trustees and Independently Examined Financial Statements for the year ended 31 December 2022
Porritt Rainey Chartered Accountants
**The Sevenoaks Almshouse Charity**
**Contents of the Financial Statements for the year ended 31 December 2022**
||**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 2022**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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 have resided 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**
2022 was a year with focus on buildings and maintenance. Projects and work during the year included: Several bathrooms changed to showers.
Laundry room refurbished at Sevenoaks Place north.
Much of the planning and management of the building matters was overseen by Mr Alan Pople. Mr Tom Syms of TRS Surveying Ltd was appointed to oversee larger projects for the Charity.
Fire Risk assessments were updated for Sevenoaks Place and Lambarde Cottages. Legionella Risk Assessments were carried out at both sites Asbestos surveys were updated at both sites. Energy Performance Certificates were commissioned at 4 of the Charity's properties to help with future consideration of energy efficiency.
At the end of the years Mrs Felicity Broomby retired from her role as treasurer but agreed to stay on as a trustee. Mr Peter Stewart agreed to take over from Mrs Broomby. Miss Theresa Homewood also stood down as a trustee. Both Miss Homewood and Mrs Broomby were warmly thanked for their service. Ms Helen Tebay joined the Trustees.
The Clerk announced that he would like to retire at Easter 2023. A replacement has been recruited and Eloise Cross has already started in her role.
All policies were reviewed during the year except for the Disaster Recovery Plan, which is currently under review. Integral to this plan are certain services, such as maintenance support, currently provided to the Charity by Sevenoaks School, the provision of which is under review by the School. It is hoped that, after further discussion, these long-standing arrangements will continue in a mutually satisfactory form.
Finances again remain strong though it is noted that 2023 will be an expensive year with several major projects planned. Maintenance Contribution charges for 2023 were reviewed and a small increase applied - the first in 7 years, and power charges at Sevenoaks Place were also reviewed and a small increase applied. Trustees were mindful of the level of Housing Benefit available when applying the increased charge to the Maintenance Contribution and the considerable rise in the cost of living. They were also aware of the possible huge increase in the cost of power, though the Charity has its energy prices fixed for most of 2023.
One resident moved away during the year but otherwise all properties were fully occupied, and it is many years since vacancies extended beyond the time needed to carry out refurbishment work. Full occupancy has been beneficial to maintaining the income.
Monthly lunches were re-established which have proved popular and weekly coffee mornings continue. The annual outing was to Bexhill and was a good sunny day enjoyed by many.
As stated last year, the Charity is in a good place, with well-maintained buildings, a strong board of trustees, happy residents, and healthy finances.
Page 1
**The Sevenoaks Almshouse Charity**
## **Report of the Trustees for the year ended 31 December 2022**
## **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 2023.
Following discussions there were agreed plans on several large projects which included:
Installation of solar panels and batteries at Lambarde Cottages, which should save residents about 1/3rd of their energy costs.
External redecoration of Sevenoaks Place
Replacement of tiles on the rear extensions of Sevenoaks Place.
## **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.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
226418
## **Principal address**
c/o Sevenoaks School Sevenoaks Kent TN13 1HU
Page 2
**The Sevenoaks Almshouse Charity**
## **Report of the Trustees for the year ended 31 December 2022**
## **Trustees**
Mr Michael J Bolton Reverend Angus MacLeay Mr James London Mrs Felicity Broomby Miss Theresa Homewood (resigned 9/11/2022) Mr Peter Stewart Mrs Christine Brindley Mr Roger Best Dr Jean Merilyn Canet Mr Alan Pople Ms Helen Tebay (appointed 26/9/2022)
## **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 21 September 2023 and signed on its behalf by:
## Mike Bolton
Mr Michael J Bolton - Trustee
Page 3
**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 2022.
## **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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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 Peal
Alan R E Peal ACA
Porritt Rainey The Crown Business Centre 10 High Street Otford Sevenoaks Kent TN14 5PQ
Date: 22 September 2023
Page 4
**The Sevenoaks Almshouse Charity**
## **Statement of Financial Activities for the year ended 31 December 2022**
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**-**
**Charitable activities**
Services
**198,906**
Investment income
2
**25,767 **
**Total**
**224,673**
**EXPENDITURE ON**
**Charitable activities**
Services
**26,898**
Day to Day Maintenance
**32,702**
Ongoing Improvements
**40,424**
**Total**
**100,024**
Net gains on investments
**3,710**
**NET INCOME**
**128,359**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**793,451**
**TOTAL FUNDS CARRIED FORWARD**
**921,810**|Restricted
funds
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2022**
**Total**
**funds**
**£**
**-**
**198,906**
**25,767 **
**224,673**
**26,898**
**32,702**
**40,424**
**100,024**
**3,710**
**128,359**
**793,451**
**921,810**|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|
The notes form part of these financial statements
Page 5
**The Sevenoaks Almshouse Charity**
## **Balance Sheet 31 December 2022**
|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**
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
**TOTAL FUNDS**|Unrestricted
funds
£
**317,895**
**515,860**
**833,755**
**89,819**
**(1,764)**
**88,055**
**921,810**
**921,810**|Restricted
funds
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2022**
**Total**
**funds**
**£**
**317,895**
**515,860**
**833,755**
**89,819**
**(1,764)**
**88,055**
**921,810**
**921,810**
**921,810**
**921,810**|2021
Total
funds
£
317,895
436,583
754,478
40,683
(1,710)
38,973
793,451
793,451
793,451
793,451|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 21 September 2023 and were signed on its behalf by:
## Peter Stewart
Mr Peter Stewart - Trustee
## Mike Bolton
Mr Michael J Bolton - Trustee
The notes form part of these financial statements
Page 6
**The Sevenoaks Almshouse Charity**
**Notes to the Financial Statements for the year ended 31 December 2022**
## **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**
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.
Page 7
continued...
**The Sevenoaks Almshouse Charity**
## **Notes to the Financial Statements - continued for the year ended 31 December 2022**
## **2. INVESTMENT INCOME**
|**2022**
**£**
Rents received
**25,200**
Interest received
**567 **
**25,767 **
**3.**
**SUPPORT COSTS**
Governance
Management
costs
£
£
Services
**6,880**
**1,764 **
**2022**
Support costs, included in the above, are as follows:
**£**
Wages - Clerk
**6,038**
Social security
**171**
Pensions
**362**
Subscriptions
**309**
Interest payable and similar charges
**-**
Independent Examiners Fees
**1,764 **
**8,644**|2021
£
19,100
24
19,124
Totals
£
**8,644**
2021
£
**5,919**
**159**
**355**
**434**
**1,634**
**1,710**
**10,211**|
|---|---|
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
## **5. STAFF COSTS**
The average monthly number of employees during the year was as follows:
||**2022**|2021|
|---|---|---|
|Senior Executive|**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.
Page 8
continued...
**The Sevenoaks Almshouse Charity**
**Notes to the Financial Statements - continued for the year ended 31 December 2022**
## **6. TANGIBLE FIXED ASSETS**
|**COST**
At 1 January 2022
Grants
At 31 December 2022
**NET BOOK VALUE**
At 31 December 2022
At 31 December 2021|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 2022
Additions
Unrealised Gains
At 31 December 2022
**NET BOOK VALUE**
At 31 December 2022
At 31 December 2021|NAACIF
Income
Shares
£
**378,537**
**75,000**
**3,710**
**457,247**
**457,247**
378,537|Charities
Deposit
Fund
£
**58,046**
**567**
**-**
**58,613**
**58,613**
58,046|Totals
£
**436,583**
**75,567**
**3,710**|
|---|---|---|---|
||||**515,860**|
||||**515,860**|
||||436,583|
There were no investment assets outside the UK.
Page 9
continued...
**The Sevenoaks Almshouse Charity**
**Notes to the Financial Statements - continued for the year ended 31 December 2022**
## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
**9.**
**MOVEMENT IN FUNDS**
At 1/1/22
£
**Unrestricted funds**
General fund
**498,451**
Long Term Maintenance fund
**295,000**
**793,451 **
**TOTAL FUNDS**
**793,451 **
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
**224,673**
**(100,024)**
**TOTAL FUNDS**
**224,673**
**(100,024)**
**Comparatives for movement in funds**
Net
movement
At 1/1/21
in funds
£
£
**Unrestricted funds**
General fund
539,045
34,406
Long Term Maintenance fund
220,000
-
759,045
34,406
**TOTAL FUNDS**
759,045
34,406
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
209,545
(211,213)
**TOTAL FUNDS**
209,545
(211,213)|**2022**
2021
**£**
£
**1,764 **
1,710
Net
movement
At
in funds
31/12/22
£
£
**128,359**
**626,810**
**-**
**295,000**
**128,359**
**921,810**
**128,359**
**921,810**
Gains and
Movement
losses
in funds
£
£
**3,710**
**128,359**
**3,710**
**128,359**
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|
|---|---|
Page 10
continued...
**The Sevenoaks Almshouse Charity**
**Notes to the Financial Statements - continued for the year ended 31 December 2022**
## **9. MOVEMENT IN FUNDS - continued**
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 1/1/21
£
539,045
220,000
759,045
759,045|Net
movement
in funds
£
162,765
-
162,765
162,765|Transfers
between
funds
£
(75,000)
75,000
-
-|At
31/12/22
£
626,810
295,000
921,810
921,810|
|---|---|---|---|---|
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
£
434,218
434,218|Resources
expended
£
(311,237)
(311,237)|Gains and
Movement
losses
in funds
£
£
39,784
162,765
39,784
162,765|
|---|---|---|---|
## **10. RELATED PARTY DISCLOSURES**
During the year sums amounting to £2,637 were paid to a Trustee Mr A Pople in respect of professional fees.
Page 11