REGISTERED CHARITY NUMBER: 226418
The Sevenoaks Almshouse Charity
Report of the Trustees and Independently Examined Financial Statements for the year ended 31 December 2023
Porritt Rainey Chartered Accountants
The Sevenoaks Almshouse Charity
Contents of the Financial Statements for the year ended 31 December 2023
| 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 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. 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
2023 had a staff change, with Guy Saunders the previous Clerk retiring in March, and a new Clerk Eloise Cross, starting in January. The new Clerk is employed directly by the Almshouses and not by the school.
There were also extensive building works. Projects and work during the year included:
-
Re-roofing at Sevenoaks Place
-
Four bathroom upgrades at Sevenoaks Place
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Full refurbishments of Flat 20 Sevenoaks Place and 29 Lambarde Cottages
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Fitting of Solar Panels at Lambarde Cottages
-
A new fire safety management company, BK Fire, was appointed to be responsible for maintenance of the fire alarms at Sevenoaks Place
Mr Alan Pople oversaw all the main buildings and upgrade projects.
There was discussion, planning and agreement that the gardens at Sevenoaks place will be completely repaved in 2024. This work will be carried out by S Downs, Landscape Gardener and Property Maintenance and overseen by Mr Alan Pople.
The Disaster Recovery Plan was reviewed, updated and signed off by the Trustees in November.
Discussion continued with the school, regarding the long-standing arrangements regarding the provision of maintenance support for the almshouses. These arrangements have now returned to a similar agreement as before where the school will provide maintenance support to the almshouses and office space for the Clerk in exchange for a reduced rent at Oak Square.
Finances remain healthy though there were high project costs and money was transferred from the long-term investment account to cover the building works. It is noted that there will be further costs in 2024 with the garden upgrades and increase in energy costs. Maintenance Contribution charges for 2024 were reviewed and kept the same. Trustees were mindful of not burdening residents considering the considerable rise in the cost of living.
One resident moved out and sadly one resident passed away. Both properties are now occupied by new residents, but it should be noted that it was difficult to fill one of the Lambarde Cottage properties because of the more remote location. It remained empty for about 8 months.
The annual outing was in September to Petworth House with a pub lunch in Horsham. It was well attended and the residents gave very positive feedback.
As stated last year, the Charity is in a good place, with well maintained buildings, a strong board of trustees, happy residents, and strong finances.
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.
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The Sevenoaks Almshouse Charity
Report of the Trustees for the year ended 31 December 2023
FUTURE PLANS
Plans for 2024
Garden update at Sevenoaks Place, ensuring safety to residents by eliminating any trip hazards.
External decoration of Lambarde Cottages
Survey of fire doors at Sevenoaks Place and carrying out of any improvements or replacements identified.
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
Trustees
Mr Michael J Bolton Reverend Angus MacLeay Mr James London Mrs Felicity Broomby Mr Peter Stewart Mrs Christine Brindley Mr Roger Best Dr Jean Merilyn Canet Mr Alan Pople Ms Helen Tebay
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The Sevenoaks Almshouse Charity
Report of the Trustees for the year ended 31 December 2023
REFERENCE AND ADMINISTRATIVE DETAILS
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 19 September 2024 and signed on its behalf by:
Michael 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 2023.
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:
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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
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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 Peal
Alan R E Peal ACA
Porritt Rainey The Crown Business Centre 10 High Street Otford Sevenoaks Kent TN14 5PQ
Date: 10 October 2024
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The Sevenoaks Almshouse Charity
Statement of Financial Activities for the year ended 31 December 2023
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Charitable activities Services 195,708 Investment income 2 26,223 Total 221,931 EXPENDITURE ON Charitable activities Services 42,128 Day to Day Maintenance 56,507 Ongoing Improvements 322,505 Total 421,140 Net gains on investments 23,961 NET INCOME/(EXPENDITURE) (175,248) RECONCILIATION OF FUNDS Total funds brought forward 921,810 TOTAL FUNDS CARRIED FORWARD **746,562 ** |
Restricted funds £ - - - - - - - - - - - |
2023 Total funds £ 195,708 26,223 221,931 42,128 56,507 322,505 421,140 23,961 (175,248) 921,810 746,562 |
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 |
|---|---|---|---|
The notes form part of these financial statements
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The Sevenoaks Almshouse Charity
Balance Sheet 31 December 2023
| 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 £ 317,895 365,844 683,739 64,623 (1,800) 62,823 746,562 **746,562 ** |
Restricted funds £ - - - - - - - - |
2023 Total funds £ 317,895 365,844 683,739 64,623 (1,800) 62,823 746,562 746,562 746,562 **746,562 ** |
2022 Total funds £ 317,895 515,860 833,755 89,819 (1,764) 88,055 921,810 921,810 921,810 921,810 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 19 September 2024 and were signed on its behalf by:
Peter Stewart
Mr Peter Stewart - Trustee
Michael 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 2023
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 makes provision for its employees to be members of the NEST defined contribution 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 2023
2. INVESTMENT INCOME
| Rents received Interest received |
2023 £ 25,200 1,023 26,223 |
2022 £ 25,200 567 25,767 |
|---|---|---|
3. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Management | costs | Totals | |
| £ | £ | £ | |
| Services | 12,078 | 1,800 | 13,878 |
| Support costs, included in the above, are as follows: | |||
| 2023 | 2022 | ||
| Total | |||
| Services | activities | ||
| £ | £ | ||
| Wages - Clerk | 10,668 | 6,038 | |
| Social security | 48 | 171 | |
| Pensions | 447 | 362 | |
| Subscriptions | 915 | 309 | |
| Independent Examiners Fees | 1,800 | **1,764 ** | |
| 13,878 | 8,644 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| Senior Executive | 1 | 1 |
No employees received emoluments in excess of £60,000.
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The Sevenoaks Almshouse Charity
Notes to the Financial Statements - continued for the year ended 31 December 2023
6. TANGIBLE FIXED ASSETS
| COST At 1 January 2023 Grants At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
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 2023 Additions Disposals Gains At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
NAACIF Income Shares £ 457,247 - (120,000) 23,961 361,208 361,208 457,247 |
Charities Deposit Fund £ 58,613 1,023 (55,000) - 4,636 4,636 58,613 |
Totals £ 515,860 1,023 (175,000) 23,961 365,844 365,844 515,860 |
|---|---|---|---|
There were no investment assets outside the UK.
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The Sevenoaks Almshouse Charity
Notes to the Financial Statements - continued for the year ended 31 December 2023
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 9. MOVEMENT IN FUNDS At 1/1/23 £ Unrestricted funds General fund 626,810 Long Term Maintenance fund 295,000 921,810 TOTAL FUNDS 921,810 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 221,931 Long Term Maintenance fund - 221,931 TOTAL FUNDS **221,931 ** |
Net movement in funds £ (3,248) (172,000) (175,248) (175,248) Resources expended £ (249,140) (172,000) (421,140) **(421,140) ** |
2023 2022 £ £ 1,800 1,764 Transfers between At funds 31/12/23 £ £ (175,000) 448,562 175,000 298,000 - 746,562 - 746,562 Gains and Movement losses in funds £ £ 23,961 (3,248) - (172,000) 23,961 (175,248) 23,961 **(175,248) ** |
|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Long Term Maintenance fund TOTAL FUNDS |
At 1/1/22 £ 498,451 295,000 793,451 793,451 |
Net movement in funds £ 128,359 - 128,359 128,359 |
At 31/12/22 £ 626,810 295,000 |
|---|---|---|---|
| 921,810 | |||
| 921,810 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 224,673 224,673 |
Resources expended £ (100,024) (100,024) |
Gains and Movemen losses in funds £ £ 3,710 128,359 3,710 128,359 |
Gains and Movemen losses in funds £ £ 3,710 128,359 3,710 128,359 |
|---|---|---|---|---|
| 128,359 |
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The Sevenoaks Almshouse Charity
Notes to the Financial Statements - continued for the year ended 31 December 2023
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 1/1/22 £ 498,451 295,000 793,451 793,451 |
Net movement in funds £ 125,111 (172,000) (46,889) (46,889) |
Transfers between funds £ (175,000) 175,000 - - |
At 31/12/23 £ 448,562 298,000 746,562 746,562 |
|---|---|---|---|---|
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 Long Term Maintenance fund TOTAL FUNDS |
Incoming resources £ 446,604 - 446,604 446,604 |
Resources expended £ (349,164) (172,000) (521,164) (521,164) |
Gains and Movement losses in funds £ £ 27,671 125,111 - (172,000) 27,671 (46,889) 27,671 (46,889) |
|---|---|---|---|
10. RELATED PARTY DISCLOSURES
During the year sums amounting to £23,702 were paid to a Trustee Mr A Pople in respect of professional fees.
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