SPALDING RELIEF IN NEED CHARITY CHARrrY COMMISSION REGISTERED NO. 229268 STATEMENT OF ACCOUNTS for the year ended 31 December 2022 Administered by THE SPALDING TOWN HUSBANDS
SPALDING REUEF IN NEED CHARITY CHARrrY INFORMATION Reglstered Address 12 Broad Street Spalding. Lin(s., PE11 1TB. Tel: 01775 768774 Clerk Mr P.W. Skells Deputy Clerk Mrs. Fi Inglis Administrator Administrative assistant Mrs T. Griggs Miss J Mulraney Cothoptative Trustees {appointed under Ihe Scheme for five-year tetms by the Trustees) Mr R. Hanctjx (Chaiman) Mr D.A.J. Gratton (Vice-chairman) Mr G.C.M. Adams Rev. J. Bennett Mrs D. Clay Mrs P.G. Keeling M.B.E ,D.L. Mr R.A. Knipe Mr J.H.P. Lister Mr C.R.M. Longstaff Mrs B.K. Ruysen Dr. A Stone Nominative Trustees (app)inted under the Scheme by the South Holland District C¢)uncil for four-year temis} Cllr. AM. Newton (DeaSed 30 August 2022) Cllr. E Sneath Bankers Uoyds Bank Plc. Hall Place, Spalding. Lincs., PE11 1SF. Independent Examiner KJ. Maggs BA.. F.CA. Chartered Accountant, 16 Hoekman way Spalding. Lincs., PE113HE. Page 1
SPALDING RELIEF IN NEED CHARrrY TRUSTEES REPORT FOR TrIE YEAR ENDED 31 DECEMBER 2022 The Trustees present their report and accounts for the year ended 31 D8mtEr 2022. Governance and Management The Scheme - The Spalding Relief in Need Charity is regulated by a scheme of the Charf(y Commissioners of 13 August 1971 as varied from time to time; registered number 229268. Trust8es- The Charity is administered by Trustees known as the Spalding Town Husbands. Particulars of the Trustees and their method of appjintment are set out on page 1, together with the address of the Charivs registered office. On appointment. the Trustees are promded with a detsiled information pack which covers all aspects of the Charty, its constitution, assets and day to day management. The Trustees consider that the information is sufficient for the appointee lo be in a position to act in such capacity. The Trustees meet on a quarterly basis and at other times rf the need arises. A Committee of the Trustees meets fortnightly to consider roLrtine grant applications. The Charity is managed on a day to day basis by the Clerk. the Deputy Clerk and the Administrator in consultation, when neSsary. with the Chaiman. At the Annual General Meeting in Marth 2022. Mr. R Hancox was re-appointed as Chalmian of the Trustees and Mr D. A J. Gratton was re-apFrf)inted as Vice-chairman. Risk Management- The Trustees have assessed the major risks to which the Charity is exposed. in particular those related to the management of tts investrnents and finanS, and are satisfied that the systems in pla sufficienty managa ts exposure to those risks. Related Party- The Charity is connected with the Spalding Almshouse Charity, which is also administered by the Spalding Town Husbands under the Scheme. Management of Lands- The Trustees are required under the Scheme to let and otheiSe manage all the lands belonging to the Chartty not required to be relained or ocCJJpi for the purposes of the Charity. Obje¢tlvos and Activiti8S Objects- The general object of the Trustees is to apply the income of the Charity in relieving either ganorally or indiiidualty parson8 rèsidènt in the area of benefrt who are in conditions of need, hardship or distress by making grants of money or promding or paying for items, seNices or facilities calculated to reduce the need, hardship or distress of such persons. The Trustees may pay for such items, services or facilities by way of donations or subscriptions to institutsons or organisations which provide or which undertake to provide such items. services or faulities. In applying the income of the Charity. the Trustees shall not commtt the Charity to repeat or renew the relief granted on any occasion in any case. The funds or income of the Charity are specffi(31ty not to te applied in relief of public funds. The Trustees consider that the objectives and activrties of the Chanty are in accordance with the Charity Commission's general guidan(t on public benefft. Area of Benefrt- This is defined Imthin the Scheme as the District of South Holland in the County of Lincolnshire. with preference for the area comprising the Urban District of Spalding as constituted on 13 August 1971 and the Parishes of Cowbit, Deeping St. Nicholas, PInChCk and Weston. in the County of Lincolnshire.
SPALDING RELIEF IN NEED CHARrrY TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 Summary of Maln Achievemonts and Events It is wth regret that the trustees report that Councillor Angela Newton. an existing Town Husband, and Miss Patricia Sykes. a fom)er Town Husband, passed away during the year. During the year. grants were made in accordance with the charity objectives at a total cost of £26,828 (2021- £21,960), lch induded TV Licences for almshouse residents who did not qualify for a free lin. At the December meeting, the Trustees rewewed the level of accumulated income available for making grants which has increased over the last two years. The Relief in Need Committee was asked to consider proposals lo try and raise the level of public awareness of the Charity with a view to increasing the number of grants made and reducing the balan of accumulated income. The Committee will report back to the next full Trustees meeting in March 2023. Following a review in 2021 of the level of accumulated income available for making grants, enquiries have been made of local schools to see rf there is a demand for help in providing pupils with grants for unrfomis or other educational requirements. These enquiries are ongoing. Flnancial Review Thè details of the financial transactions during the year are sh(AYn in the Statement of Financial Activities, on page 5, whilst the Financkql Position is shown on the Balance Sheet on page 6, along wrth the necessary details in the notes on pages 7 to 11. Messrs M E & J M Chapman surrendered their tenancy of 7.081 acres of land at Gedney which was rèlet to Mr J Reeve as from October 2022 at an increased rent of £1.484 per annum. Reserves Policy- The Trustees aim, in pursuing their objects, is to distribute by way of grants the whole of the Charity's incoming reSoUS available for the purpose thin a reasonable time span after such reSoUrS are re1ve. The Trustees see no need to have a reservas policy as such. Inveslrnents - Investment of the CharÈty's endowment funds is under the direct control of the Trustees. Agricultural land and Common Investment Funds are currentty the Trustees, preferred investment vehicles. Common Investment Funds are specifically designed for chartiies and therefore manage the risk inherent in the investmant markets Investments- Investment of the Charity's endow7nent funds is under the direct control of the Trustees. Agricultural land and Common Investment Funds are currentty the Trustees, preferred investment vehicles. Common Investrnent Funds are spectfically designed for charrties and therefore manage the risk inherent in the investment markets. BY ORDER OF THE TRUSTEES P.W. Skells Clerk. zois
INDEPENDENT EXAMINER% REPORT TO THE TRUSTEES OF THE SPALDING RELIEF IN NEED CHARtrY I r8POrt to th8 trustees on my examination of the accounts of the Charity for the year ended 31 December 2022. which are set out on pages 5 to 11. Responsibililles and basls of report As the charity's truste8s you are responsib18 for the preparation of the accounts in accordance with the requirements of the Charibes Act 2011 ('the Acf). I report in respect of my examinatlon of the charitys accounts carrled out under section 145 of the Act and in carrying out my examination I have fdlowed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the ACL Independent examlnerf$ 8tatomont I have completed my 6xam1rtI0n. l (x)nfirm that no material matters have come to my attention In connection wth the examinats'on glvlng mè cause to believe that In any material resp8Ct: 1. accounting records V•Bre not kept in r8sp8Ct of the charfty as requlred by sectlon 130 of th8 Act,. or 2. th8 accounts do not accord with those records; or 3. the accounts do not comply the applicablè requirements conceming the form and ¢ontenl of accounts sel out in th8 Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Yrue and falr vlth¢ whlch Is not a matter considered as part of an independent examlnatlon. I have no concems and have ry)me across no other matters in connection with the examlnatlon to which attention should be drawn in this report in order to enable a proper understandlng of the accounts to be reached. ggs Chartered Spalding F.C.A. ntant Page 4
SPALDING REUEF IN NEED CHARITY BALANCE SHEET AT 31 DECEMBER 2022 2022 2021 Note FIXED ASSETS - Endowment Investments Freehold land 581.395 681.000 1.262,395 673.400 681.000 1,354.400 CURRENT ASSETS Short-term deposits: Endowment Unrestricted Cash at bank Prepayments Accrued rental income 3.070 124.650 12.763 141 732 141.356 3.070 104,103 31.543 135 732 139,583 CREDITORS: Amounts falling due wlthin one year Amounts due to The Spalding Alnshouse Charity Accruals and defeed income 2,109 2,109 4.481 6.590 6,608 8,717 NET CURREKf ASSETS 134.766 1.397,161 130,866 1,485.266 CAPITAL FUNDS Endowment 1.265,853 1.357,858 INCOME FUNDS Unrestricted 131,308 1,397,161 127,408 1.485,266 Tha fi sign al statements on pages 5 to 11 re approv&d by the Trustees on . h8ir beh fby: on Mr R. Hancox Trustee J. Gratton tee The notes on pages T to 11 fonn part of these accounts Page 6
SPALDING RELIEF IN NEED CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng Policies The signtficant accounting Wi(#es applied in the preparation of Ihese financtal statements are set out below. These poliaes have been consistently applied to all years presented unless othemise stated. (a) Basis of preparation of financial sL*ements The charty constitutes a public benefit enttty as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republtc of Ireland {FRS 102). the Chanties Act 2011 and UK Generally Afftpted Accounting Practice. The finanaal statements are prepared on a going concem basis under the historical cost converrtion. Mj[fied to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charrty. (b) Funds Unrestricted funds are available for use at the discretion of the Trustees in furtheran of the general objectives of the Charity and which have not been de&gnated for other purposes. Endowment funds represent those assets vthich must be held permanenlly by the Charity, principally investments and freehold land. Income arising on the endowment funds can be used in furtherance of the general objectives of the Charity and is induded as unrestricted income. Any capital gains or l¢)sses arising on the investrnents or freehold land fomi part of the endowment funds. (c} Income recognition All incoming reSoUrS are induded in the Statement of Finanaal Actsvities {SoFA) when the Charity is legally ents'tled lo the income after any perf0mnCe conditions have been met, the amount Can be measured reliably and rt is probable that the income will be received. Investment income is recognised in the accounts when the amount can be measured reliably and the Charity's right to roCOtVg paymont is oslabli6hed. Grants receivable are recognised in the SOFA at fair value when all conditions for receipt have been satisfied, it is probable that the income NMII be re[Ved and the amount can be measured reliably. Deferred grant income represents amounts r1Ved for future periods and is released to incoming resources in the period for which rt has be8n reived. No amount is induded in the finan(aal statements for volunteer time in line with the SORP IFRS 102). (d} Expendlture recognftlon Expenditure is accounted for gross on an accruals basis and has been classified under headings that aggregate all costs related to the category. Charitable actiwties expenditure indude all resources applied by the Charity in undertaking its charitable objectives as opposed to support costs. They are the resources expended in handling applicats'ons for relief arKI administerirKJ grants approved by the Trustees. Page 7
SPALDING RELIEF IN NEED CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng Poll¢les (contlnued) (d) Expendlture cOgnItIOn (contlnued) Support costs are those that assist the work of the Charity but do not direcuy represent charitable actiwties and indude office costs and govemance costs. Donations receivable are alkKated on the basis of donors. wishes. If a specific purpose is detemiined then a restricled fund FS established for that purpose. Grants payable are recoqnised in the Statement of Financial Activities when they have been approved by the Trusteel and all conditions for payment have been satisfied. (e) Debtors and creditors recelvablelpayable within one year Deblors and creditors witb no stated interest rate and re1vable or payable within one year are recorded at transaction pjce. Any losses arising from impaimient are recognised in expenditure. (fj Freehold land Freehold land is subject to ongoing agricultural tenancies and as such is treated as investment propety. for which thè fai[ value has been estimated by the Trustees. Ig) Investments Quoted investments are lhoTr at their fair valu& at the balance sheet date (see note 5). Any movement in their fair value is recognised in the SOFA. (h) Going Concorn The financial statements have been prepared on a going cOnM basis as the Tnjstees believe that no material uncertainties exist. The Trustees have considered the Sevel of funds held and the expected level of income and expenditure for 12 months from authorising these financial stateTftents, which is sufficient wth the level of reserves of the Charity to be able to continue as a going ¢onc+m. 2. Grants and Donatlons Recelvable 2022 2021 Elsoms Seeds Ltd Cannon Williamson Ms C Woodham 1,200 1.470 50 672 1,872 1,520 Related party transactlon The Spalding Almshouse Charity is under the contr(4 of a common Board of Trustees. Page 8
SPALDING RELIEF IN NEED CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 Investment Incomo 2022 2021 Rents receivable Investment income Short-term depostt interest 18,009 20,729 577 39,315 17,664 16,789 107 34,560 4. Grants Payable In furtherance of the Charitys Objècts 2022 2021 Individuals Individuals - Annual Grants Individuals - TV Licences for almshouse reSIdts 21,654 3,516 938 26,108 720 26,828 15,439 4,218 2,303 21.960 Instttutions - Holbeach Communty Larder 21,960 5. Investments - Endowment Fund Market value at Purchased Movement Disposal 111122 in year in value proed$ Market value at 31112122 18,853.800 C.O.l.F. Charities Investment Fund Inciyne Sharas 387.755 (45,572) 342.183 766 M&G Charity Multi Asset Fund - Income (19) 679 199,129.292 Black R(k Charities UK Bond Fund A- Income 35.198 (7,461) 27.737 138,436.3521.F.S.L. CAF. Fixed Interest Fund B - income 138.270 (24.154) 114.116 88,195.750 C.O.l.F Charities Propety Fund Income Units 111.479 (14.799) 96,680 673.400 (92,005) 581,395 Year ended 31 December 2021 526,014 97,481 49.905 673,400 Page 9
SPALDING REUEF IN NEED CHARITY NOTES TO THE ACCOUNTS {continued) FOR THE YEAR ENDED 31 DECEMBER 2022 6. Freehold Land - Endowment Fund Acrea e Address Tenant Rent r Acre 18.360 Swndlers Drove. Spaldirg 9.950 Swindlers Drove, Spalding 4.412 Pilmore Lane, Spalding 9.150 Penny Hill, Holbeath 2.862 Damgate, Holbèath 17.887 Leaveslake Drove. West Pinchbed( 15.631 Washway Road. Moulton 7.081 Broadgate, Gedney S. W. & C. S. Dring S. W. & C. S. Dring C.M.D.JA. Eley J. Taylor G. & M.C. Shearer 199 199 193 246 129 L & D Fk)wers 270 G. D. Harris 154 Mr J R88ve (forme M.E. & J.M. Chapman) 210 Note The fair value of the land has been determined by Ihe Trustees on a tenanted basis at £681.000 (2021 - £681,000). The current annual rents total £17.810 (2021- £17.426). There has been an increase in the average rent reoivable to £211.04 per acre at 31 Dember 2022 (2021- £204.21}. Accruals and Deferred Income 2022 2021 Accrued expenses Rents paid in advan 935 3,546 2,901 3,707 6,608 Endowment Fund 2022 2021 Fixed assets Freehold land - Quoted investments Short-term deposits Cash at bank 681,000 581,395 3,070 681,000 673.400 3.070 388 1,265,853 1,357,858 9. Trustees Remuneration, Expenses and Control During the year, no remuneration or expenses were paid to any of the Trustees. Thé Charity is controlled by the Truste8s as a bc(ly. No individual Trustee has control over the Charity. Page 10
SPALDING RELIEF IN NEED CHARITY NOTES TO THE ACCOUNTS (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2022 10. Contlngent Ilablllty and asset In September 2014. underdrainage works Vre carried out by the tenants to the 18.360 acre field in Swindlers Drove belonging to the Charity wttich they are occajpying under a Farm Business Tenancy from 11 October 2005 to 10 October 2020. This cost is being amortised over 15 years. then should Ihe tenants vacate the land the Chaiity wll have to reimburse the tenants the unamortised cost, which at 31 December 2022 was £2,494 (2021- £2,864). 11. Fund comparatlves Unrestricted Endowment Funds Funds 2021 Total INCOME Grants and donations Income from investments TOTAL INCOME 1,520 34,560 36.080 1,520 34,560 36,080 EXPENDITURE Raising funds Clerk's remuneration Legal and professional fees Charitable Activllies Grants payable Support Costs Clerk's remuneration Clerk's expenses Insurance Independent examinerfs fees 3,325 1.570 3,325 1,570 21.960 21,960 3,325 500 597 1.122 32.399 3,325 500 597 1,122 32,399 Net gains on investments Financial investments Falr value a¢JJustment to Freehold Land 49,905 53.481 103,386 103.386 49,905 53,481 103,386 107,067 NET INCOME AND NET MOVEMEKf IN FUNDS 3,681 Page11