SPALDING RELIEF IN NEED CHARITY CHARITY COMMISSION REGISTERED NO. 229268
STATEMENT OF ACCOUNTS
for the year ended 31 December 2023
Administered by
THE SPALDING TOWN HUSBANDS
SPALDING RELIEF IN NEED CHARITY CHARITY INFORMATION
Registered Address 12 Broad Street, Spalding, Lincs., PE11 1TB. Tel: 01775 768774 Clerk Mr P.W. Skells Deputy Clerk Mrs. R. Inglis Administrator Mrs T. Griggs Administrative assistant Miss J Mulraney Co-optative Trustees (appointed under Mr R. Hancox (Chairman) the Scheme for five-year terms by Mr D.A.J. Gratton (Vice-Chairman) the Trustees) Mr G.C.M. Adams (deceased 4 September 2023) Rev. J. Bennett Mrs D. Clay Mrs P.G. Keeling M.B.E ,D.L. Mr R.A. Knipe (resigned 17 September 2023) Mr J.H.P. Lister Mr C.R.M. Longstaff Mrs B.K. Ruysen Dr. A. Stone Nominative Trustees (appointed under Cllr. E Sneath the Scheme by the South Holland Mrs J.B. Whitbourn (appointed 7 June 2023) District Council for four-year terms) Bankers Lloyds Bank Plc, Hall Place, Spalding, Lincs., PE11 1SF. Independent Examiner K.J. Maggs B.A., F.C.A. Chartered Accountant, 16 Hoekman way Spalding, Lincs., PE11 3HE.
Page 1
SPALDING RELIEF IN NEED CHARITY
FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES REPORT
The Trustees present their report and accounts for the year ended 31 December 2023.
Governance and Management
The Scheme - The Spalding Relief in Need Charity is regulated by a scheme of the Charity Commissioners of 13 August 1971 as varied from time to time; registered number 229268.
Trustees - The Charity is administered by Trustees known as the Spalding Town Husbands. Particulars of the Trustees and their method of appointment are set out on page 1, together with the address of the Charity's registered office. On appointment, the Trustees are provided with a detailed information pack which covers all aspects of the Charity, its constitution, assets and day to day management. The Trustees consider that the information is sufficient for the appointee to be in a position to act in such capacity. The Trustees meet on a quarterly basis and at other times if the need arises. A committee of the Trustees meets fortnightly to consider routine grant applications. The Charity is managed on a day to day basis by the Clerk, the Deputy Clerk and the Administrator in consultation, when necessary, with the Chairman.
At the Annual General Meeting in March 2023, Mr. R Hancox was re-appointed as Chairman of the Trustees and Mr D. A. J. Gratton was re-appointed 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 its investments and finances, and are satisfied that the systems in place sufficiently manage its 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 otherwise manage all the lands belonging to the Charity not required to be retained or occupied for the purposes of the Charity.
Objectives and Activities
Objects – The general object of the Trustees is to apply the income of the Charity in relieving either generally or individually persons resident in the area of benefit who are in conditions of need, hardship or distress by making grants of money or providing or paying for items, services 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 institutions or organisations which provide or which undertake to provide such items, services or facilities. In applying the income of the Charity, the Trustees shall not commit the Charity to repeat or renew the relief granted on any occasion in any case.
The funds or income of the Charity are specifically not to be applied in relief of public funds.
The Trustees consider that the objectives and activities of the Charity are in accordance with the Charity Commission's general guidance on public benefit.
Area of Benefit – This is defined within 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, Pinchbeck and Weston, in the County of Lincolnshire.
Page 2
SPALDING RELIEF IN NEED CHARITY
FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES REPORT (continued)
Summary of Main Achievements and Events
It is with regret that the trustees report that Mark Adams, an existing Town Husband passed away during the year. Richard Knipe retired as a Trustee in September due to ill health. He had served the Charity firstly as the Clerk and then a Trustee for over thirty years.
During the year, grants were made in accordance with the charity objectives at a total cost of £42,860 (2022 - £26,828), which included TV Licences for almshouse residents who did not qualify for a free licence and a one off grant amounting to £5,000 made to Citizens Advice. This grant was made as a contribution towards their operating costs to recognise the assistance that they have given to the Charity over many years in assessing grants for the trustees.
Due to an increase in the number of applicants the total amount paid in grants during the year was £16,032 more than in 2022. This has resulted in a reduction in the accumulated reserves which may continue in subsequent years if the number of applicants continues at the current level. The Trustees have therefore concluded that there is no further need to look for other means of reducing the reserves for the time being.
Financial Review
The details of the financial transactions during the year are shown in the Statement of Financial Activities, on page 5, whilst the Financial Position is shown on the Balance Sheet on page 6, along with the necessary details in the notes on pages 7 to 11.
Chris Eley, who was a tenant of one of the fields owned by the Charity, died during the year. The field was let to Chris Eley (Produce) Ltd under a new Farm Business Tenancy at a slightly higher rent.
Reserves Policy – The Trustees aim, in pursuing their objects, is to distribute by way of grants the whole of the Charity’s incoming resources available for the purpose within a reasonable time span after such resources are received. The Trustees see no need to have a reserves policy as such.
Investments – Investment of the Charity’s endowment funds is under the direct control of the Trustees. Agricultural land and Common Investment Funds are currently the Trustees’ preferred investment vehicles. Common Investment Funds are specifically designed for charities and therefore manage the risk inherent in the investment markets.
BY ORDER OF THE TRUSTEES
P.W. Skells Clerk. Dated: 20 March 2024
Page 3
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE
SPALDING RELIEF IN NEED CHARITY
I report to the trustees on my examination of the accounts of the Charity for the year ended 31 December 2023, which are set out on pages 5 to 11.
Responsibilities and basis of report
As the charity’s trustees 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 charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the 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 charity 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.
Dated: 31 March 2024
K.J. Maggs B.A., F.C.A. Chartered Accountant Spalding
Page 4
SPALDING RELIEF IN NEED CHARITY STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
----- Start of picture text -----
Unrestricted Endowment 2022
Note Funds Funds Total Total
£ £ £ £
INCOME
Grants and donations 2 850 - 850 1,872
Income from investments 3 44,447 - 44,447 39,315
TOTAL INCOME 45,297 - 45,297 41,187
EXPENDITURE
Raising funds
Clerk's remuneration 3,825 - 3,825 3,575
Legal and professional fees 547 - 547 1,555
Charitable activities
Grants payable 4 42,860 - 42,860 26,828
Support costs
Clerk's remuneration 3,824 - 3,824 3,574
Clerk's expenses 583 - 583 545
Insurance 299 - 299 275
Independent examiner's fees 930 - 930 935
TOTAL EXPENDITURE 52,868 - 52,868 37,287
Net (deficit) / surplus for the year (7,571) - (7,571) 3,900
Net gains / (losses) on investments
Financial investments 5 - 29,890 29,890 (92,005)
NET (EXPENDITURE) / INCOME (7,571) 29,890 22,319 (88,105)
Fund balances as at:
31 December 2022 131,308 1,265,853 1,397,161 1,485,266
31 December 2023 123,737 1,295,743 1,419,480 1,397,161
----- End of picture text -----
The notes on pages 7 to 11 form part of these accounts
Page 5
SPALDING RELIEF IN NEED CHARITY
BALANCE SHEET
AT 31 DECEMBER 2023
----- Start of picture text -----
2023 2022
Note £ £ £ £
FIXED ASSETS - Endowment
Investments 5 611,285 581,395
Freehold land 6 681,000 681,000
1,292,285 1,262,395
CURRENT ASSETS
Short-term deposits:
Endowment 3,070 3,070
Unrestricted 110,810 124,650
Cash at bank 14,479 12,763
Prepayments 118 141
Accrued dividend income 1,435 -
Accrued rental income 1,474 732
131,386 141,356
CREDITORS: Amounts falling due
within one year
Amounts due to The Spalding
- 2,109
Almshouse Charity
Accruals and deferred income 7 4,191 4,481
4,191 6,590
NET CURRENT ASSETS 127,195 134,766
1,419,480 1,397,161
CAPITAL FUNDS
Endowment 8 1,295,743 1,265,853
INCOME FUNDS
Unrestricted 123,737 131,308
1,419,480 1,397,161
----- End of picture text -----
The financial statements on pages 5 to 11 were approved by the Trustees on 20 March 2024 and signed on their behalf by:
Mr R. Hancox Mr D.A.J. Gratton Trustee Trustee
The notes on pages 7 to 11 form part of these accounts
Page 6
SPALDING RELIEF IN NEED CHARITY NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1. Accounting Policies
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(a) Basis of preparation of financial statements
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity.
(b) Funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Endowment funds represent those assets which must be held permanently 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 included as unrestricted income. Any capital gains or losses arising on the investments or freehold land form part of the endowment funds.
(c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it 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 receive payment is established.
Grants receivable are recognised in the SoFA at fair value when all conditions for receipt have been satisfied, it is probable that the income will be received and the amount can be measured reliably. Deferred grant income represents amounts received for future periods and is released to incoming resources in the period for which it has been received.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
(d) Expenditure recognition
Expenditure is accounted for gross on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Charitable activities expenditure include all resources applied by the Charity in undertaking its charitable objectives as opposed to support costs. They are the resources expended in handling applications for relief and administering grants approved by the Trustees.
Page 7
SPALDING RELIEF IN NEED CHARITY
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023
1. Accounting Policies (continued)
(d) Expenditure recognition (continued)
Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs and governance costs.
Donations receivable are allocated on the basis of the donors' wishes. If a specific purpose is determined then a restricted fund is established for that purpose.
Grants payable are recognised in the Statement of Financial Activities when they have been approved by the Trustees and all conditions for payment have been satisfied.
(e) Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(f) Freehold land
Freehold land is subject to ongoing agricultural tenancies and as such is treated as investment property, for which the fair value has been estimated by the Trustees.
(g) Investments
Quoted investments are shown at their fair value at the balance sheet date (see note 5). Any movement in their fair value is recognised in the SoFA.
(h) Going Concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, which is sufficient with the level of reserves of the Charity to be able to continue as a going concern.
2. Grants and Donations Receivable
| Elsoms Seeds Ltd Ms C Woodham |
2023 £ 850 - 850 |
2022 £ 1,200 672 1,872 |
|---|---|---|
Related party transaction
The Spalding Almshouse Charity is under the control of a common Board of Trustees.
Page 8
SPALDING RELIEF IN NEED CHARITY
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2023
3. Investment Income
| Rents receivable Investment income Short-term deposit interest 4. Grants Payable in furtherance of the Charity's Objects Individuals Individuals - Annual Grants Individuals - TV Licences for almshouse residents Institutions - Holbeach Community Larder Institutions - Citizens Advice Bureau 5. Investments - Endowment Fund Market value at Purchased 1/1/23 in year £ £ 342,183 - 679 112,632 27,737 - 114,116 - 96,680 - 581,395 112,632 Year ended 31 December 2022 673,400 - 88,195.750 C.O.I.F Charities Property Fund Income Units 199,129.292 Black Rock Charities UK Bond Fund A - Income I.F.S.L. C.A.F. Fixed Interest Fund B - income 18,853.800 C.O.I.F. Charities Investment Fund Income Shares 129,975 M&G Charity Multi Asset Fund - Income |
2023 £ 18,232 21,866 4,349 44,447 2023 £ 32,833 3,597 1,430 37,860 - 5,000 5,000 42,860 Movement in value £ 31,971 3,433 574 (1,484) (4,604) 29,890 (92,005) |
Disposal proceeds £ - - - (112,632) - (112,632) - |
2022 £ 18,009 20,729 577 39,315 2022 £ 21,654 3,516 938 26,108 720 - 720 26,828 Market value at 31/12/23 £ 374,154 116,744 28,311 - 92,076 611,285 581,395 |
|---|---|---|---|
Page 9
SPALDING RELIEF IN NEED CHARITY
NOTES TO THE ACCOUNTS (continued)
FOR THE YEAR ENDED 31 DECEMBER 2023
6. Freehold Land - Endowment Fund
| Acreage | Address Swindlers Drove, Spalding Swindlers Drove, Spalding Pilmore Lane, Spalding Penny Hill, Holbeach Damgate, Holbeach Leaveslake Drove, West Pinchbeck Washway Road, Moulton Broadgate, Gedney |
Tenant Rent per Acre £ S. W. & C. S. Dring 199 S. W. & C. S. Dring 199 Chris Eley Produce Ltd 255 (formerly C.M.D.J.A. Eley) J. Taylor 246 G. & M.C. Shearer 129 L & D Flowers 270 G. D. Harris 154 Mr J Reeve 210 |
Rent per Acre |
|---|---|---|---|
| 9.950 2.862 17.887 4.412 18.360 9.150 15.631 7.081 |
Note
The fair value of the land has been determined by the Trustees on a tenanted basis at £681,000 (2022 - £681,000).
The current annual rents total £18,085 (2022 - £17,810).
There has been an increase in the average rent receivable to £213.66 per acre at 31 December 2023 (2022 - £211.04).
7. Accruals and Deferred Income
| Accrued expenses Rents paid in advance Endowment Fund Fixed assets - Freehold land - Quoted investments Short-term deposits Cash at bank |
2023 £ 930 3,261 4,191 2023 £ 681,000 611,285 3,070 388 1,295,743 |
2022 £ 935 3,546 4,481 2022 £ 681,000 581,395 3,070 388 1,265,853 |
|---|---|---|
8. Endowment Fund
9. Trustees Remuneration, Expenses and Control
During the year, no remuneration or expenses were paid to any of the Trustees. The Charity is controlled by the Trustees as a body. No individual Trustee has control over the Charity.
Page 10
SPALDING RELIEF IN NEED CHARITY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023
10. Contingent liability and asset
In September 2014, underdrainage works were carried out by the tenants to the 18.360 acre field in Swindlers Drove belonging to the Charity which they are occupying under a Farm Business Tenancy from 11 October 2005 to 10 October 2020. This cost is being amortised over 15 years, then should the tenants vacate the land the Charity will have to reimburse the tenants the unamortised cost, which at 31 December 2023 was £2,125 (2022 - £2,494).
11. Fund comparatives
| INCOME Grants and donations Income from investments TOTAL INCOME EXPENDITURE Raising funds Clerk's remuneration Legal and professional fees Charitable Activities Grants payable Support Costs Clerk's remuneration Clerk's expenses Insurance Independent examiner's fees Net gains on investments Financial investments NET INCOME AND NET MOVEMENT IN FUNDS |
Unrestricted Funds £ 1,872 39,315 41,187 3,575 1,555 26,828 3,574 545 275 935 37,287 - 3,900 |
Endowment Funds £ - - - - - - - - - - - (92,005) (92,005) |
2022 Total £ 1,872 39,315 41,187 3,575 1,555 26,828 3,574 545 275 935 37,287 (92,005) (88,105) |
|---|---|---|---|
Page 11