REGISTERED CHARITY NUMBER: 226893
Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 June 2021
for
Spence's Hospital Charity
Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley West Yorkshire BD21 3DS
Spence's Hospital Charity
Contents of the Financial Statements for the Year Ended 30 June 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 11 |
| Detailed Statement of Financial Activities | 12 |
Spence's Hospital Charity
Report of the Trustees for the Year Ended 30 June 2021
The trustees present their report with the financial statements of the charity for the year ended 30 June 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
Primarily the Charity was established to provide residences for poor persons resident in the Parish of Carleton at the time of appointment. Where claims are otherwise equal, preference shall be given to the more aged applicant. In default of a suitable applicant, resident as aforesaid, the Trustees may appoint a person otherwise qualified who is resident in any of the neighbouring parishes.
ACHIEVEMENT AND PERFORMANCE
The Charity has continued to provide accommodation for up to eight residents at Spence's Court, the Charity's premises at Carleton in Craven.
During the year to 30th June 2021, there have not been any exceptional items of expenditure.
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Spence's Hospital Charity
Report of the Trustees for the Year Ended 30 June 2021
FINANCIAL REVIEW
The results shown within these Financial Statements are in line with expectations of the Trustees.
Maintenance contributions
In accordance with the Trustees' policy of periodic reviews, the Weekly Maintenance Contribution was reviewed at the Meeting held on 5th March 2019 when the Charity's Budget based on The Almshouse Association specimen outline budget for 2019/20 was considered. The Trustees resolved that the Weekly Maintenance Contribution should be increased by an average of £6.92 per week per flat, and there would be no increase for the Heating Contribution. This Contribution remained effective for the remainder of the year to 30th June 2019, for the year to 30th June 2020 and throughout the year to 30th June 2021.
Reserves policy
The Trustees have established and maintain a reserves policy and normally make a contribution each year to the Extraordinary Repair Fund (ERF) being a reserve fund for the purpose of providing for the extraordinary repair, improvement or rebuilding of the Almshouses from time to time belonging to the Charity. Transfers are made from Income and Expenditure Account and it can be drawn upon to meet major items of improvements or extraordinary repairs by application to the fund managers without the prior consent of the Charity Commissioners. The Almshouse Association recommended a minimum level for the ERF and this is normally invested in Charifund M&G Accumulation Units and added to the Charity's existing holding. The Trustees have also established a Cyclical Maintenance Fund (CMF) to which transfers are made from Income and Expenditure Account from time to time and this fund is invested in COIF Charities Deposit Fund where the interest is reinvested. The fund is retained by the Trustees to meet maintenance occurring at regular intervals, for example external redecoration, and the cost of professional fees in respect of Quinquennial Inspections. At the Trustees Meetings, the Trustees consider the question of amounts to transfer to the ERF and CMF on a regular basis. However, the Trustees felt that in view of the recent refurbishment expenditure undertaken, there seemed little reason in making transfers to these funds during the year.
Investments
The Trustees scrutinized valuations of the Charity's investments at the Ordinary Meetings. Valuations have showed overall gains in the total value of the investments over the previous year. This had been anticipated following the recovery of the general economic conditions after the easing of the main COVID-19 pandemic restrictions, and it had been agreed no changes should be made. The Trustees considered that the overall performance of the investments was satisfactory given the general economic conditions.
Almshouse insurance policy
The insurance with Royal & Sun Alliance was renewed for twelve months commencing 30th June 2020. The buildings including the Charity's contents are insured for £1,231,944 and the Residents contents are insured for £22,169 (8 units in equal proportions). The Public Liability Indemnity Limit is £5 million and the Legal Responsibilities to Employees is £10 million.
The Reinstatement cost of the property was assessed by WBW Chartered Surveyors Ltd at 1st November 2018 at £1,100,000, so the trustees consider the current level of cover was adequate.
Charity trustee assurance
Within the Almshouse insurance policy, there is insurance cover providing for trustees' liability of £250,000. The level was considered appropriate for the size and nature of the charity.
Allotments
There are seventeen allotment holders who are normally charged the annual non-refundable charge of £15 for a small allotment and £20 for a large allotment. However, due to COVID-19 pandemic restrictions and their effect on administration matters, the charges for 2021 have not been collected during the year.
Property valuation
The value of the property was assessed on an 'existing use' basis by WBW Chartered Surveyors Ltd at 30th October 2018 at a value of £500,000. This valuation disregards any possible alternative uses and any other characteristics of the asset that would cause its Market Value to differ from that needed to replace the remaining service potential at least cost. The trustees regard that this valuation remains appropriate for current year to 30th June 2021, and will consider undertaking a full professional property valuation to be effective as at 30th June 2022.
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Spence's Hospital Charity
Report of the Trustees for the Year Ended 30 June 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Spence's Hospital Charity at Carleton in Craven was comprised in a Scheme of the High Court of Justice (Chancery Division) of 7 August 1877 and Schemes of the Charity Commissioners of 17 July 1888, 19 February 1901, 14 August 1931, 17 December 1968 and 25 October 1973. The Scheme dated 25 October 1973 replaced the provisions of the earlier Schemes and therefore the 1973 Scheme is the charity's Governing Document.
Organisational structure
The Trustees shall consist when complete of seven competent persons being one Nominative Trustee and six Co-optative Trustees. The Nominative Trustee shall be appointed by the Parish Council of Carleton and each appointment shall be made for a term of four years at a meeting convened and held according to the ordinary practice of the Council. The person appointed may be, but need not be, a member of the Council. The Co-optative Trustees shall be persons under the age of seventy-five years who through residence, occupation or employment or otherwise have special knowledge of the Parish of Carleton. Any Co-optative Trustee who has attained the age of seventy years may continue in office only with the consent of his or her co-trustees. Every future Co-optative Trustee shall be appointed for a term of five years by a resolution of the Trustees passed at a Special Meeting of which not less than twenty-one days' notice has been given.
The Trustees would normally have met at least half yearly for Meetings, but Ordinary Meetings were suspended due to the COVID-19 pandemic restrictions, and, as a consequence, routine and maintenance matters were dealt with remotely by the committee. An Annual General Meeting was held on 11th January 2022.
The Charity is the owner of eight almshouses and one other flat occupied by the Warden, and they are situated at Spence's Court, Carleton Skipton North Yorkshire. When there is a vacancy, the Trustees try to find a resident in the Parish of Carleton suitable for appointment as an almsperson. Where claims are otherwise equal, preference shall be given to the more aged applicant. If on the occasion of a vacancy there is no suitable applicant qualified, the Trustees may appoint a person otherwise qualified who is resident in any of the neighbouring parishes.
Trustees
The Rev'd R Harris resigned as a trustee on 30th May 2021 and Ms E J Martin resigned as a trustee on 12th August 2021.
Related parties
The Charity has no related parties.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
226893
Principal address
at Carleton in Craven c/o Mr R Machin, Thornton House Thornton in Craven SKIPTON North Yorkshire BD23 3TB
Trustees
Mr N P Clayton-Stead Mr R Humphrey Mr P Holmes Ms E J Martin (resigned 12.8.21) Mr J Cullen Mr J Churcher Rev R Harris (resigned 30.5.21)
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Spence's Hospital Charity
Report of the Trustees for the Year Ended 30 June 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Helen Louise Barritt FMAAT Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley West Yorkshire BD21 3DS
Approved by order of the board of trustees on 12 April 2022 and signed on its behalf by:
Mr N P Clayton-Stead - Trustee
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Independent Examiner's Report to the Trustees of Spence's Hospital Charity
Independent examiner's report to the trustees of Spence's Hospital Charity
I report to the charity trustees on my examination of the accounts of Spence's Hospital Charity (the Trust) for the year ended 30 June 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
-
the accounts do not accord with those records; or
-
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.
Helen Louise Barritt FMAAT Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley West Yorkshire BD21 3DS
12 April 2022
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Spence's Hospital Charity
Statement of Financial Activities for the Year Ended 30 June 2021
| Notes INCOME AND ENDOWMENTS FROM Other trading activities 2 Investment income 3 Total EXPENDITURE ON Other NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 34,086 78,734 112,820 28,180 84,640 427,320 511,960 |
Restricted fund £ - - - - - 500,000 500,000 |
30.6.21 Total funds £ 34,086 78,734 112,820 28,180 84,640 927,320 1,011,960 |
30.6.20 Total funds £ 31,266 (43,963) (12,697) 24,769 (37,466) 964,786 927,320 |
|---|---|---|---|---|
The notes form part of these financial statements
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Spence's Hospital Charity
Balance Sheet 30 June 2021
| Notes FIXED ASSETS Investments Investments 5 Investment property 6 CURRENT ASSETS Debtors 7 Cash at bank CREDITORS Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted funds £ 417,478 - 417,478 417 96,861 97,278 (2,796) 94,482 511,960 511,960 |
Restricted fund £ - 500,000 500,000 - - - - - 500,000 500,000 |
30.6.21 Total funds £ 417,478 500,000 917,478 417 96,861 97,278 (2,796) 94,482 1,011,960 1,011,960 511,960 500,000 1,011,960 |
30.6.20 Total funds £ 339,269 500,000 839,269 401 90,745 91,146 (3,095) 88,051 927,320 927,320 427,320 500,000 927,320 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 April 2022 and were signed on its behalf by:
Mr N P Clayton-Stead - Trustee
The notes form part of these financial statements
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Spence's Hospital Charity
Notes to the Financial Statements for the Year Ended 30 June 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.
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.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 30.6.21 | 30.6.20 | |
| £ | £ | |
| Maintenance contributions | 34,086 | 31,026 |
| Allotments | - | 240 |
| 34,086 | 31,266 |
3.
INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 30.6.21 | 30.6.20 | |
| £ | £ | |
| Dividends received - COIF | 15,924 | 18,962 |
| Dividends Received - BlackRock | 107 | 97 |
| Deposit account interest | 27 | 365 |
| Revaluation - ERF | 56,671 | (65,246) |
| Revaluation - accumulation | 4,339 | 1,395 |
| Revaluation - income | 1,666 | 464 |
| 78,734 | (43,963) |
continued...
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Spence's Hospital Charity
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2021 nor for the year ended 30 June 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2021 nor for the year ended 30 June 2020.
5. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 July 2020 | 339,269 |
| Additions | 15,533 |
| Revaluations | 62,676 |
| At 30 June 2021 | 417,478 |
| NET BOOK VALUE | |
| At 30 June 2021 | 417,478 |
| At 30 June 2020 | 339,269 |
There were no investment assets outside the UK. Cost or valuation at 30 June 2021 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2021 | 62,676 |
| Cost | 354,802 | |
| 417,478 |
6. INVESTMENT PROPERTY
The investment property known as Carleton Almshouses was valued on 30 July 2018 by WBW Surveyors Ltd of Skipton at £500,000.
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 30.6.21 | 30.6.20 | |
|---|---|---|
| £ | £ | |
| Other debtors | 417 | 311 |
| Prepayments | - | 90 |
| 417 | 401 |
continued...
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Spence's Hospital Charity
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors 9. MOVEMENT IN FUNDS Unrestricted funds Extraordinary repair Income Accumulation Cyclical maintenance Restricted funds Land and Buildings TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds Extraordinary repair Income Accumulation Cyclical maintenance TOTAL FUNDS |
At 1.7.20 £ 299,698 34,468 24,046 69,108 427,320 500,000 927,320 Incoming resources £ 72,204 36,250 4,339 27 112,820 112,820 |
30.6.21 30.6.20 £ £ 2,796 3,095 Net movement At in funds 30.6.21 £ £ 72,204 371,902 8,070 42,538 4,339 28,385 27 69,135 84,640 511,960 - 500,000 84,640 1,011,960 Resources Movement expended in funds £ £ - 72,204 (28,180) 8,070 - 4,339 - 27 (28,180) 84,640 (28,180) 84,640 |
|---|---|---|
continued...
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Spence's Hospital Charity
Notes to the Financial Statements - continued for the Year Ended 30 June 2021
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds Extraordinary repair Income Accumulation Cyclical maintenance Restricted funds Land and Buildings TOTAL FUNDS |
At 1.7.19 £ 346,364 27,028 22,651 68,743 464,786 500,000 964,786 |
Net movement in funds £ (46,666) 7,440 1,395 365 (37,466) - (37,466) |
At 30.6.20 £ 299,698 34,468 24,046 69,108 |
|---|---|---|---|
| 427,320 500,000 |
|||
| 927,320 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| Extraordinary repair | (46,666) | - | (46,666) |
| Income | 32,209 | (24,769) | 7,440 |
| Accumulation | 1,395 | - | 1,395 |
| Cyclical maintenance | 365 | - | 365 |
| (12,697) | (24,769) | (37,466) | |
| TOTAL FUNDS | (12,697) | (24,769) | (37,466) |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2021.
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Spence's Hospital Charity
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 30 June 2021 | |||
| 30.6.21 | 30.6.20 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Other trading activities | |||
| Maintenance contributions | 34,086 | 31,026 | |
| Allotments | - | 240 | |
| 34,086 | 31,266 | ||
| Investment income | |||
| Dividends received - COIF | 15,924 | 18,962 | |
| Dividends Received - BlackRock | 107 | 97 | |
| Deposit account interest | 27 | 365 | |
| Revaluation - ERF | 56,671 | (65,246) | |
| Revaluation - accumulation | 4,339 | 1,395 | |
| Revaluation - income | 1,666 | 464 | |
| 78,734 | (43,963) | ||
| Total incoming resources | 112,820 | (12,697) | |
| EXPENDITURE | |||
| Other | |||
| Handyman | 558 | 858 | |
| Accountancy | 946 | 834 | |
| Sundries | 90 | 784 | |
| Gas and electricity | 8,803 | 9,305 | |
| Almshouse insurance policy | 1,216 | 1,174 | |
| Cleaning and maintenance | 7,710 | 2,491 | |
| Rates and water | 1,351 | 2,404 | |
| Warden's salary | 4,867 | 4,469 | |
| Administrative charges | 2,639 | 2,450 | |
| 28,180 | 24,769 | ||
| Total resources expended | 28,180 | 24,769 | |
| Net income/(expenditure) | 84,640 | (37,466) |
This page does not form part of the statutory financial statements
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