REGISTERED CHARITY NUMBER: 226893 Rep)rt of thè Trllstees and Unaudited Flnncil Statements for the Year Ended 30 June 2023 for Spence'5 Hospitsl Charity Stirk Lambert & Co Chartered Accountants Russell Chambers 61aNoJth Street Keighley We* Yorkshire BD213DS
Spence's Hospital Charity Contents ofthe FinaThcial Stgtements for the Year Ended 30 j¢ 2023 PAge Report of the Trustees I to 4 IThdependen¢ Eiamlner's Rert Statemet of Flnttntlal Aetivities Balance Sheet Notes to the FinAnelal StAtemets to 12 Dttailed St•tem¢n¢ of Finaneial Aetlvitl 13
Sp¢n¢e's H05pitsI Charity Report of the Trnstees for the Year Ended 30 June 2023 The ttijstees present their report with the financial statements of the charity for the year ¢nded 30 Je 2023. Th¢ trustees have adopted the provisions of A0[lIng and Reporting by Charities: Statement of Recommended Practice applicable to harities pr¢paring their accounts in accordan¢¢ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (eff¢ctive l January 2019). OWECTIVES AND AcfiviTIES Primarily the Charity was eslablished to provide residences for poor persons resident in the Parish of Carleion at the tim¢ of appointhient. Wh¢re claims are oth¢Nise equal preference shall be given to the more aged applicant. In defrdult of a suitable applicant re5idenr as afor¢said the Trustees may appoint a person otherwise qualified who is resident in any of th¢ neighbouring parishes. ACHIEVEMENT AND PERFORMANCE The Charity has continued to provide accommodation for up to eight residents at Spence's Court, the Charities prernis¢s at Carleton in Craven. During the year to 3thh June 2023 ther¢ have been exceptional items of expendtture on maintenance as follows.. Completion of Refvrbishment of Flat I Plumbing and Electrical RefibIshMent tn5tallation of new Fire Alarn) (balance) £650 £4.080 £5.978 Pa8e I
spe¢¢,5 Hospll*l Cknarlty Report of the Trnsttts for the Year EDded 30 June 2023 FINAP4CIAL REVIEW The results show) within th¢se Financial Statements are in accordanc¢ with expectations of ihe Tnees. Maintenane¢ Contributions In confomity with the Trustees. policy of p¢riodic reviews. th¢ Weekly Maintenance Contribution was reviewed the Meeting held on 12th April 2022 when the Charitys Buduet based on The Almshouse Association specimen ouiline budget for 2022123 was ¢onsidered. The Trustees resolved that ihe Weekly Matntenance Contribution should be increased by an average of £7.67 per week per flat which would also include the Heating Contribution. This Contrtbuiion r¢mained effective for the remainder of the year 10 30th June 2023. The rnaintenance contribuiion was again reviewed on 15th September 2023 and an average increase of £4.61 was implemented from that dale. Reserves polley The TTUStees have established and maintain a reseryes policy and they include ensuring a provision is budgded for each year for Cyclical and extraordinary Maintenanc¢ in accordance with Almshouse Association r¢wmmendations. The trust¢¢s nOmllY make a contribution each year to the Extraordinary Repair Fund {ERF) being a rerve fvnd for the purpose of providing for the ¢xtraordinary repair, iTnprovement or rebuilding of the Almshouses frotn time to time belonging (o the Charity.Dependent uport the level of expenditure incurred on such iletn5 in an ac¢ounting period. transfers ar¢ then made from Income and Exp•)diture Account.This fijnd can be drawi upon to m¢¢t major items of improvements or extraordinary repairs by appliCln io the fund managers without the prior consent of the Charrty Commissioners. Each year the Almshouse A&s0¢iation recommend a minimwn level of provision for the ERF and this is norrnally invested in Charifid M&G Accumulation Units and added to th¢ Charitys existing holding. The Trustees have also established a Cy¢li¢al Mainlenance Fund (CMF) to which tyansfers are made from Income and Expenditure Accounr from time to time and this fiujd is invesied in COIF Charities Deptssit Fund where the interest is reinvested. Th¢ fund is retained by the Tfttee5 to m¢el maintenance occurring at regular intervals, for example external redecoration, and the cost of professional fees in r¢sp¢d of Quinquennial Inspections. Periodically ai the Trustees Meettngs, the Trustees consider the question of amouThts lo tronsfer ¢0 the ERF and CMF on a r¢gular basis. However, the Trust¢¢5 felt that in view of the rec¢nt refvrbishment expenditure Undertake the seemed little reason in making transfers to these fjjnds during the year. Illvestmtnts The Trustees reviewed valuations of the Charitys investments at the Ordinary Meetings. The valuations have shown an overall small deficit in the total value of th¢ investments compared to the previous year. This had been anticipated following the general market ¢onditions for the year and th¢ position was considered acceptable under the circumstanres. li had been &ed iiw no changes in the investments ne¢ded to be made. The Trustccs considered that the overdll perfornJanc¢ of the investsnents was satisfactory. Almshouse Insurajhct Policy The insurance with Royal & Sun Alliance was renewed for twelve months ¢omtnencing 30th June 2022. The buildings including the Chariws contents are insur¢d for £1,386.276 and the R¢sident5 contents are insured for a total of £25,699 (8 uniis in equal proportions). The Public Liability Indemnity Limit is £5 million and the Legal Responsibilities to Employees is £10 million. The Reinsthiement cost of the property was assessed by WB W Chartered Surveyors Ltd at 25th July 2022 as £1,350,000, $0 Ihe TeeS consider the cunt level of eover w&s adequaie. Charlty Trustee Assura¢¢ Within the Almshouse insurance policy there is insurance cover providing for tntstees, liability of £250,000. The level was onsidered appropriate for the size and natur¢ of the ctwity. Allotments There are seventeen allotment holders are charged the annual non-refundable charge of £15 for a small allotmeni and £20 for a large allotmeni. Property Valuation Page 2
SpeDee's Hospi¢#l Ch8rity Report of the Trnstees for the Year Ended 30 June 2023 The value of the property was assessed on an 'exisiin8 use, b&sis by Messrs. WBW Chartered Surveyors Ltd 81 25th July 2022 at a value of £550,000. This valuation disregards any possibl¢ alternative uses and any other characteristlC5 of the asset that would cause its Market Value to dityer from that needed to replace the remaining serviee pot¢ntial at least cosl. The trustees regard that this valuation, which was Lmdertaken on 25th July 2022 should be the revaluation amount to be carried forward at 30th June 2023 and any differences in the amounts between these dates would not be material. STRUCTURE, GOVERNANCE AND MANAGEMENT Covernlng documeDt The ¢harity is Controlled by its governing do¢ument, a deed of trnst and eonstitutes an unincorporated charity. Sp¢n¢e's Hospital Charity ai Carleton in Craven was compris¢d in a Scheme of the High Court of Justice (Chancery Division) of 7 AUgt 1877 and Schemes of the Charity Commissioners of17 July 1888, 19 February 1901. 14 August 1931, 17 tkcember 1968 and 25 October 1973. The Scheme dated 25 October 1973 repled ihe provisions of the earlier Schemes and therefore the 1973 Scheme is the ¢harity5 Govcrnin8 Do¢wn¢nt. organitional structure The Trust¢es shall consist when compleie of seven competent persons being on¢ Nominative Tntee and six CovOPtative Trustees. The Nominative Trust¢¢ shall be appointed by the Parish Couwil of Carl¢ton arKI each appointment shall be made for a temi of four years at a meeting convened and held according io the orditwy praclice of the Council. The person appointed may be. but need not be, a rnember of the Council. The Co-optaiive Trustees shall be persons under th¢ ag¢ of seventy-five years through residence, oc¢upa¢ion or employnent or othetivise have special knowledge of the Parish of Carleton. Any C04)ptativ¢ Trustee who has attained the a8e of seventy years may ¢ontinue in office only with the consent of hig or her C0-trstee8. Every futtre Co•optslive Trustee shall be appointed for a tenn of five years by a resolution of the TnLSt¢¢s passed at a Special Meeting of which not less than enty-one days, notice ha5 been giyen. The Trustees nOrITllY rn¢et at least half yearly for Ordinary Meetings. and routine and maintetwi¢¢ matters have b¢¢n dealt with remotely by the committee. An Annual G¢nernl Meeting was held on 21st September 2022. The Charity is the Owll of eight a]rnshou5es and one other flat occupied by the Warden and they are siiuated ai Spences Court, Carleion Skipton North York5hir¢. When there is a vacancy, the Trustees ty io rd a resident in the Parish of CaTleton suitable for appointment as an abnsper50n. Where clauns are otherwise equal, preference shall be given io the more ag¢d applicant. If on the occasion of a vacancy th¢r¢ 1$ no 5uitsble app]inI qualified, the Trustees may appoint a person otherwise qualified who 15 resident in any of the neighboiurin8 parishes. Tryslees Mrs S Williams Wd5 appoint¢d a Co-optalive Ttwtee on 21st September 2022, and likewise Rev K Shoe5mith on 18th September 2023. Rei*t¢d pgrti¢S The Charity has no related parties. REFERENCE AND ADMINISTRATIVE DETAILS Registered Ch4ri¢y number 226893 Principal 4ddres3 at Carldon in Craven clo Mr R Machi[4 No. l Thornton House Thomton in Craven North York5hir¢ BD23 3TB Page 3
Spence'5 Hospitsl Charlty Report of tbe Trustees for the Ye4r Ended 30 June 2023 Trustees Mr N P Clayton-stead Mr R Humphrey (resign¢d 18.9.23} Mr P Holmes Mr J Cull¢n Mr J Churcher Ms F Steel Mrs S Williams (appointed 21.9.22) Rev K Shoestnith lappoinied 18.9.23) IDdepeudent Examiner Helen Louise Barritt FMAAT Stirk Lambert & Co Charter¢d Accountants Russell Chambers 6 la North Strect Keighley West Yorkshire BD213DS Approved by order of the board of trustees on 13 May 2024 and sigt]ed on its behalf by.. N P Clayton-Stead- Trustee Pag¢ 4
Independent EMmlntr's Report to the Trus¢ees of Spenee's Hospital Ch8rity Independent examiller's report to the Irystees of Spellre's Hospltal Charity I report to the charity trustees on my examination of the acwunts of Spence's Hospital Charity (the TnLqI) for the year ended 30 June 2023. Re5ponsibilitie5 and basis of report As the charity trustees of the Trust you are responsible for the preparntion of the accounts in accordance with the requirements of the Charities Act 2011 Ilhe Act,). I report in respeu of my ¢x8mination of the Trust's accounis carried out under Section 145 of the Aet and in ¢2rwng out my examination I have followed all applicable Dir¢ctions given by ihe Charity Commission under Section 145{5)(b) of the Act. Indep¢ndent examiner's Statement I have completed my examination. I confirni that no material matters have come to my attention tn com)ection with the examination giving me cae io believe that in any matcrial respect.. accounting records were not kep¢ in respect of the Tht as required by Section 130 of the Act. or the a¢¢ounts do not accord with th9se r¢cords' or the accounls do not cornply with the applicabl¢ requir¢m¢nts ¢onc¢ming the form and ¢ont¢ni of accounts sei out in the Charities (Accowits and Reports) Regulations 2008 other than any requirement that the accounts give a trne and fair view which is no( a Matter considered as w of an indep¢nd¢nt examination. I have no concerns and have come across no other matters in connection with ihe examination to which attention should be drawn in this report in order to enable a proper understanding of the ac¢ounts to be reached. Helen Louise Barritt FMPAT Stirk LaTnb¢rt & Co Chartered A¢courytants Russ¢11 Chambers 61a North Street Keighley West Yorkshire BD213DS 13 May 2024 Page 5
Spente'5 Hospital Charlty Statement of Flnancial Activities for the Year Ended 30 Julle 2023 30.6.23 Total fijnds 30.6.22 Total funds Unr¢strirted funds Restrict¢d Noies INCOME AND ENI)OWMETrrrs FROM Other trading activities Inyestment income 30.268 12.991 30,268 12,991 29,824 14,913 Total 43,259 43,259 44.737 EXPENDITURE ON Other 42,444 42,444 39,259 gain5 on investmeNs 50.000 NET INCOME 815 815 55.478 RECONCILIATION OV FUNDS Total funds brought forward 517,4J8 550,000 1,067,438 1,011.960 TOTAL FUNDS CARRIED FORWARD 518.253 550.000 1,068.253 1,067,438 The notes forn) port of th¢s¢ financial staiements Page 6
Spene¢'$ Hospitsl Charlty B*lanee Sheet 30 Junt 2023 30.6.23 Total nds 30.6.22 Total fimds Unrestri¢¢ed fiu)ds Restricted fu Notes FIXED ASSETS lthve5tmeDts Investments Investment properry 442,424 442,424 550,000 431,772 550,000 550,000 442,424 550,000 992,424 981.772 CURREIYT ASSETS Debtors Cash at bank 600 76,829 600 76.829 509 88,758 77.429 77,429 89,267 CREDITORS AmOW falling due within one year (1,600) (1,600) 13.601) NET CURRENT ASSETS 75.829 75,829 85,666 TOTAL ASSETS LESS CURRENT LIABILITIES 518,253 550,000 1,068,253 1,067.438 JYET ASSETS 518253 550.IK)O 1,068.253 1,067,438 FUNDS Unrestricted fimds Restricted funds 518.253 550,000 517,438 550.0(X) TOTAL FUNDS 1,068253 1.067.438 The finan¢ial statements were approved by the Board of TleeS and authorised for isgue on 13 May 2024 and were SI)ed on its behalf by.. P CIaon-stead- Trustee The Dores forn) part of (hese fin#n¢ial statements Page 7
Spence's Hospi¢41 Charity Notes to the Flrtameial Ststements fr the Year Ended 30 June 2023 ACCOUNTING POLICILS Basis of prnp#riThg the financial st#tem¢Dts The financial stat¢ments of the ¢harity. which is a publir benefit entity under FRS 102, have been prepared in accordance with th¢ Ciwities SORP (FRS 102)'Accounting and Reporting by Charities: Ststement of Re¢omm¢nd¢d Practic¢ applicable to charities preparing iheir ac(ounts in accordance the Financial Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Stsndard 102 The Financial Reportin¥ Standard applicable in the UK and Republtc of Ireland, and rhe Charities Act 2011. The fancIal statements have been prepared under th¢ historical cosi convention, with the exception of inv¢stments which ar¢ included ai matket value, as modifi¢d by the revaluation of certain assets. In¢ome All income is recognis¢d in the Ststement of Financial Activities on¢e the Clty has entitlement to the fi]nds, it is prob8bl¢ that the income will be received and the amount ran be measured r¢liably. Expenditur¢ Liabilities are reeogni5ed as expenditure as soorh w there is a legal or constructiv¢ obligation committing the charity to that expendilure, il is probable that a trdnsf¢r of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an aC¢nlS basis and has been classified der h¢adings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have be¢n allocated to activities on a basis consistent with the use of resources. IDvestment property Investment property i5 shown at most recent valuation. Any aggregate surplus or defi¢it arising frorn changes in fair value is recognrsed in the Statement of Financial Activitie5. Taxatitin The charity is ¢xcmpt from tsx on its charitabl¢ a¢tivities. (YrHER TRADING ACTIVITIES 30.6.23 30.6.22 Maintenance contributions 30268 29,824 INVESTMEf4T INCOME 30.6.23 30.6.22 Dividends relY¢d- COIF Dividends Re¢eiv¢d- BlackRock Deposit account interest Revaluation- ERF Revaluation - Accumulation Revaluation- income 19,577 92 1,840 (10.376) 1.762 17,216 92 127 (595) (772) 11,155) 12,991 14.913 Page 8 continued...
Sp¢Jbce's H&spitsl Cb*rhy to the Flrtancial Ststement$- ¢ontlnued for the YeAr Ended 30 June 2023 TRUE£s. REMUNERATION AND BENEFITS There were no trustee5' T¢muneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022. Trus¢tts' expense5 There wer¢ no trustees, expenses paid for the year ended 30 June 2023 nor for the ye4r ended 30 June 2022. FIXED ASSET INVEsfMEf4TS Li5t¢d investments MARKET VALUE At l July 2022 Addition5 Revaluationg 431.772 19.170 {8.518) At 30 Jun¢ 2023 442.424 NET BOOK VALUE At 30 June 2023 442,424 At 30 June 2022 431,772 Th¢re were no investhient assets outside the UK. Cost or valuation at 30 Jw)e 2023 is repr¢sented by: Listed investments Valuation in 2023 Cost (8,518) 450,942 442.424 INVESTMENT PROPERTY The investment property known as Carleton Almshouses valued on 25 July 2022 by WBW Surveyors Ltd of Skipton at £550.000. Fair valu¢ at 30 June 2023 is represented by.. Valuation in 2022 550,000 Page 9 coniinued...
Spence's Hospitsl Ch4rity Notes to the Financial St3tem¢nts- continued for the Ye*r Ended 30 June 2023 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.6.23 30.6.22 Other debtors 600 509 CREDITORS: AMouf4TS FALLING DUE WITHIN ONE YEAR 30.6.23 30.6.22 Trad¢ ¢reditors 1.6(M) 3,601 MOVEMENT IN FUNDS Net movement in funds At 30.6.23 At 1.7.22 Unrestricted funds Exrraordinary repair Income Accwnulation Cyclical maintenance 388,123 32,441 27.612 69262 8,795 (11.5821 1.762 1.840 396.918 20,859 29,374 71,102 517,438 815 518.253 Restricted f•nds Land and Buildings 550.000 550,000 TOTAL FUNDS 1.067.438 815 1.068.253 Net tnovement in fund4 included in the abov¢ are as follows.. In¢oTning resources Resources expended Movement in funds Unrestrieted fuDds Extraordinary repair lllcotne Accumulation CyclicAI maintenance 8.794 30,863 1,762 1,840 8,795 (11.582) 1,762 1.840 (42,445) 43.259 (42.444) 815 TOTAL FUNDS 43,259 (42,444) 815 Page 10 continued...
SpeDce'5 Ho$pltsl Charlty Notes to the FiD8nCig1 Statements- eontittued for the Year Ended 30 June 2023 MOVEMENf IN FUNDS- ¢olltinued Comparntives for movement TndS Net movement in funds At 30.6.22 Ai 1.7.21 UThTestri¢leil funds Extraordinary repair Income Accumulation Cycli¢al maintenance 371,902 42.538 28.385 69,135 16221 (10,098} (772) 127 388,123 32,440 27,613 69.262 511.960 5.478 517.438 Reslrieled f¥nds LarKi and Buildings 500.000 50,000 J50,000 TOTAL FUNDS 1,011,960 55.478 1.067.438 Comparative net movement in filnds. included in the al)ov¢ are as follows.. Incoming re50ur¢es R¢SoUr5 expended Gains and losses Movement in funds UDreslrieted funds Extraordinary r¢pair In¢om¢ Accwnvlalion Cyclical maintenance 16221 29.161 (772) 127 16221 (10,098) {772) 127 (39,259) 44.737 (39259) 5,478 R¢5tricted funds Land and Buildings 50,000 50,0(MJ TOTAL FUNDS 44.737 (39,259) 50.000 55.478 Pagell continued...
Spenee's H05pitsI Charity Notu to the Fiuancial Stat¢ments- fontinu¢d for the Year Ended 311 June 2023 io. RELATED PARTY DASCLOSURES Tlwe were no relaied party transactions for the year ended 30 June 2023. Page 12
Spence's Hospitsl Charlty Detsiled Ststement of Finincial Activities for the Year Ended 30 June 2023 30.6.23 30.6.22 INCOME AND ENLK)WMENTS Other tr4din¥ activities Maint¢nance contrÉbutions 30,268 29,824 Investment kn¢om¢ Divid¢nds received- COIF Dividends Re]ved- BlackRock Deposit account interest Revaluation- ERF Revaluation- accumulation Reva]uat20n- income 19.577 92 1,840 (10.376) 1.762 96 17,216 92 127 (595) (772) (1,155) 12,991 14.913 Tot81 ID¢oming resoure¢s 43.239 44.737 EXPENDITURE Other Handyman Accountan¢y Sundries Gas and ¢l¢¢tri¢iry Almshouse insurance poliey Cleaning and mainienance Rates and water Warden's salary Administrative charges 633 1,463 1.182 12,177 2,806 13,353 2.685 5,745 2,400 909 886 369 11,198 1.253 15273 2,457 4,914 2,000 42,444 39,259 Total resources ¢xp¢nded 42.444 39259 Net itteome 815 5,478 This page does not fom) part of the ststuiory financial statements Page 13