Charity R•gi$tration No. 229901 R•gthtor of Social No1n9 No. A324S EUSTACE HOOK & DRUMMOND MEMORIAL ALMSHOUSES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES LEGAL AND ADMINISTRATIVE INFORMATION Trtra5 DrAAshbee MT¥A Colp5 MTS S Helly¥ Mr R G Kingsbury {Chw) Mi M Noonan V Tpp ITrea8urer •nd Secretary) Charlty numb•r 229908 R•gul•tor of Socl•l woun9 nwnb•r A3246 Prln¢lp•l •ddv• 27 Hoftsw Lane SnothNI Kent ME6 5LP Audltor Edipse Park Srtb'ngboume Ro•d ljaidsto Kent ME14 3EN B•nk•r4 Nallon4 Wglmlnster Bank Pk 718 London Ro*a Ayle Kent ME20 68L
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES CONTENTS Truste85' report Slatemènl cltru$te#' Ps1111¢S Independent aud3 ststèmènl of f)•n¢kl acli¥lb'•s Bdance •t* Notes to th• ffinarKi jtstements 10-18
EUSTACE HOOK & DRUMMOND MEMORIAL ALMSHOUSES TRUSTEES. REPORT FOR THE YEAR ENDED 310ECEAIBER 2020 The trustees wesenl thelr report and the au¢knd finwKial Staterr of the for the year endad 31 Dernbel 2020. The Iru8iees have odoNed th¢ fvYoYAon8 of the statem of ReconYn•nd•d Pra(IGe {SORP)'kGgunting aThJ Reportww by Clwrtm. In wepth)g the aThKl r•wt and finwci815tstemonts dthe Larity. The lknandd slat•m•nts have prep¥•d In accordanc8 7hith th¢ KetyJnling polie4e8 set out in not•s to the account8 and compty ryth the govemkn docxMrt, the CharitN?$ Act 2011 and ArLounllng and RepordrwJ by Chadtie3.' Stslemenl of Reconb))end•d PrKtre app.ble tr charrbei wepartng thelr accounts In a¢CQTdance lth th FhrKld R•pth Sl•ndwd •ppk•ble kn the UK and Repubk of knlarKI publlshed Ni CttoLr 2019. CWtlv•• and aclfvftl The Larty formed to proth I o)•1 for porrf ¥ •rn not leu th•n y•arn of age and bom In, or trA¥e be•n 4n knhalxt•rt ts nol In te y•w8 of. th• Padsh of Snodl•nd, KonL Tho tNstwB hav• pakl due r•gud to 9dance luu•d ty th• cha Comml¥•lon In d•chJlng th•t •¢lvlOo8 the chadty 8houhJ undertake. Publlc b•n•fft In m•noglng c¢ATW• •thi11 •rKI fin•ncm thwlng ts Iln•Ka•l y•w. the Iru•ts•i ww• aware, aTrJ h•d duè rngrd to, tho Chwty CommlMkn'8 on publk benofiL A¢hl•vwn•nts •nd wrfrym•n Th• wa Succes•fi In T8talnlng occupancy of th• almhou8•¥ (k¥lng thv y••r, Ind collted m•Intenan conthbutv)n• from all t•n•nt8. To •n•we arn money, we have mainned corffibullon loW IM cap énforc•d by the Regulator for So¢i•l Houwng. tkn to thé Co¥1&19 pandemk, Io Tefurbl8h the kllch•n aThl tt00M •ru• of t ilts Indèfirdtdy poilpon•d In •CCordon wth govwnm•nt 9uwj•n M 8od•l di•t•ncv4. De•pite the challenge$ ed by th• pw)d•mbc, e88&ntl•l repair8 and Mainten dld. h(tOr, cortim * l• pl¥4 a8 r•qulr•d so 18 to •nwm h quallty fvng •tsnd•rds for al reidtirt& An•nGl•l v•¥l•w ring the ye•r WKl•d 31 2020. th• ch•rfty lected COntrU5 from r•Jldents tvwardj t malntenance of the almthOU to £42,810 (2019.. É40,878) VAKI generated other Imieslmont Inwn8 of £4.59412019'. £4.282). T Income was £47,404 (2019.. £45,16014Th1 ol that £40.707 (2019.. £54.970) was •ypend•d, gph)g a wrplu• (201. delkll) forth• yew b•forn MO¥•Th on In¥ethnts 01£6,69712019: £9,810). An urwelllmd lo¥$ P019: g•lnl of £4,635 (2019: £16.3091 •s r•coy•d kn i•sp•¢t of the Ilsl•d Investment portfolio thè y&. There re no reamsed 9ans or1088es lh• ye•r P019'. £NID. Th• ovwal Surp5 for th• y•ar t2.082 Q019: £6.499). A• at 31 C)ecenkn 2020, th• not sem$ amounted to £339,678 (2019.. £337.616). The trust••s have as8ess•d the r15kts to thkh lh• dwity ri •xposed. •wJ we Mli8fied thal systems •r• In place to mitipts exposure to the ii5ks.
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 It is the policy of the thanty to Lllmately MntsIn Yrn6' rosep Ibw'ryj thBt eleThnt of the unrestricted revenue reseThe whkh Is not ftng flxed asselsl of approximateFy one ye•rfs maintenKt ¢mtrlbLons uplift8d to cover anlKApaled expendrture for the ftAkn%irwJ year. AS at 31 De¢ber the fre¢ rueThes of chaiity amounted to £138.387 12019: £139,308}. Tho tw¥te onsider the dosing level {beiny rtsughty equivaltrnt to 6 {2019.' 4) years of runniry COBts} and grovAh of free M8erves to be •dequate, alknw'ng for unplanned eyndttUTe. Dedgnatsd funds at 31 D•c•mb•r 2020 total £201,29112019. £198.3081- fee note 12 for dotaS18. Plan• foT fthure p•rlod• The chaiity has embarked a renovation prtyrnm to irry0 th& Imllg qu ofthe almshoues. During 2020. the charity had interthd lo refurbish the krtthon and vknt-room 8fea8 of t%1 flat8. Due to the Co¥i&19 pandemk. Iheso plans dld not malerlalse. Howewr, IM charity rernains c<4rnMttod to dertakY theie r•novatlon8 en social di8tsncing me•8ures are reiaxed in 2021. Structurn. gov•rnnc• and m•n•g•m•nt The truslem ofthe ¢harty vkno ld Offi throughtsul thé yèar tAero 88 fol¢M'. Dr AAshbe• Mr$ A Cole¥ Mr$ S H•llyar Mr R G Klngsbury (Chalr) Mr J Levett Mr M Noon4n Mr• V Tipp (freuurer and Se¢r•twyl IRwign2d 31 O¢tober 20201 In accordan th charfty's regulayons, the body ol twste¥s shthAd consist of no more than 8•v•n compat1 pwsons. belng two Nomknatfve Trustees (nominated by the Snod1•7d Town Councl for fts y•ar lerrnyl and five c¢>opted trustees eath, lo serve for a period rf 5 years. The officè of chalman Is subject to dectlon 8nnu8ty. Mrs A Cdes and Mr¥ S Helly¥ rntn by rotatiM at ts 2021 Annual M••tSng. TW offer them¥efves for reoleclion. The charfty Is reglstered vllh Chwlty Comm19on kn England WKI K&le8, Charfty number 229908. 1118 •8tabli¥hed under Trusl Oeed5 dated 30 Juty 1900 4rMI 10 May 1904, subwu•ntly a Scheme approved by the Charty Commis$icfftrs dated 11 J•nuwy 1980. 11 18 0 rnglstor•d lth Ihe Homèi Englwd und•r the Houslng ond Regener•tion Act 2008. The tW8te•s form a Committeo of man9gw7rt meets l¢e a year on an a&hoc baBls to control 8nd monitor the performart offv ¢h8rlty. Day to doy ¢peralion$ we controlbed by the secretsry. An annul stralegK plan 1$ woduced to enjfft the ¢hadVs h19 stod( is kwt fuly m•intwned. A? part of thdr i)n•lng Managnt of the charlty. tr tru8tMs review tr• effe¢tr¥erw8 of 8y8tsm of ntemal control 1¢h they acknTh¢ddge lo b• th¢Ér re41¥1b11ity. Audltor On 7 Sèpt•mb•r 2020. GroupAudr( Services Ir*Jiry as Wlkins KellnedyAudit Sem$ ¢hangad Its name to AzetsAudtt seCes LId. The name they under isAzets Au&t Sorwc86 and xcordin4y they have signed their report urMJ•r1hew new name.
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2020 Golng ¢on¢•m At th8 time of approvlng the finandal statements, trustees have a leas(able expectation that the tharity has adequate resources to continue in operational existence for foresee•t4tt fulwe. Thu$ the trustees conknw to adopt the n9 concern baws of ac¢ounting in prepaiwvJ the ffflwKrJl sts¢ennts. DlselNurn of Infomi•tkn to ator We, the dlrectors of thè company wtho olThce at the date of approval of ih•se Statents •s sel out above eoch wifirm, 80 far as ¥ ore w4re, that.. Ihere 18 no relev1 audit inforMatrt of 1¢h the cOMny.$ a111$ are Lnaware.. aTh w• have taken all th• steps that Ou¢ to have taen as directors in order to make oUW•S ••Mre of any rdevant audrt infomiation and to estsbli8h that the anY,$ a111£*8 are aware of that Information. Thè trusiee$' r•pcrt approv•d by th¢ 804rd ofTruthei. Ing h•lv)
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES STATEMENT OF TRUSTEES. RESPONSIBILrriES FOR THE YEAR ENDED 31 DECEMBER 2020 The trustees are re8ponsthj for preparing the Tntstees, Rewt and the fin¢111 tstatemts in a¢¢ordan¢e vith applicabl¢ law and Unrted Kingdom P¢coLtIlg StsndaYd$ (United Kw¥Jdom GerraMy Ar£ep Accounllng Pfactv}. Th• law applica lo ¢harrb•s in England arKI Vles requires the twstee8 to wepare finonrAal 5talemenli for 8ach ffnanclal year vthlch gl¥e 8 true and falr of ihe state of aff•w¥ ol the ch•rbty and of the InmIng raswrces and application of resources of the charity for that year. In preparing thtsBè finand•l statements. the truthes are reqund to.. - $èlect 8Ubtsble Unting PO1 #rKI then appy th•m eon'stènty.' - obsep40 th methods and prfrKlpl•s In th• Charlll8s SORP: . make judgements 4nd that are re••onth and yudert - $tat• v•tth¢r applible accountl9 thrrtl•rd$ h•¥• be fdltyd. 8ut4•cl to wy mat•rl41 d•partures dis¢losad arwj eW•in•d in the fin•nd•l 8lerrnts: Jnd - prepar• th• flncIal 8tslements on the goiThJ concwn ba•lJ unl•s8 18 Inappropn•l• k) pr•wr that th• chwity Wil cortinue in op•rnti¢)n. Thg trusl¢es aro responsible frr keeping $uffiognl aUnting roc4>rds that d15cb)sa with rèasonable accuracy al any lime the fin8ncwl positKn of Iht chity and onable them to ènsure that the fflnardal statements cOmY llh Charltle8 Act 2011, the Charfty (Attounls aThJ Rewitsl Re9ulabon• 2008 and the provisign¥ of Ihe trust d•od. They aro a180 re8pon8ibl¢ tor 8af¢guardin9 the avets of the (*Ilty and nce for reaionable steps for the prevention and detectiM of fraL•J and er 1ffegUrlt1eI.
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES ¢l>lnlon We h8ve audrted the financlal statements of Eusts¢e Hook & Drummond NknIoflal Almshouse$ Ithe 'charty? for th8 year endad 31 Dec8mbar 2020 vthich compris8 the statement of financial activities. the bal4nce sheet arKI the notes lo the flnand81 stalernents. induthng gnGanI arAunting Otseg. The financial reporting framework that has been applied in their wepafats.cffl rn appIcae law Unite(I lfjngth)m Acc(xmting Standards. includlrd FRS 102 The FinaGl Rwrting Standard applKable in th8 UK and Repuith of freland {Unit•J KiThJdom G•n•r41ty A¢¢pt•d A¢Unting F¥aciicel. In tyJr oplnlon, the ffinandal Bt•tements'. give a true fa view of the 8tate of the chity'8 affa8 88 at 31 DOrnber 2020 and of kncomtrs re80urce8 and appllcalon of reGource6, for the yèar then erthd., havè propoty pr•par•d In accord Untted Ktr•Jom Generalty Acc•pt•d Ac¢ountry Pr4dlco; and have been prepared in a¢an wilh the rnquir•rMnts offv ChaithesAd 2011. 8•11• for oplnlon We conducted our audit in accordance vnlh Inlembonal Stwd¥rd• t)n Audibn9 IUKI (ISAS (UK)) and applicable law. Our resp)nwbilth'es under th04e SIdards ar• furth•r d•scrlb8d In the Audltorf$ responsibilities for the audll of the financial ststements section ol our report. ¥Ats aT• independent of the th4rity in •c¢ordan¢e vh the ethical requlremenl8 that are relevant to our of tre f#Mnc4al $tat•m•nts in the Uli induding the FRC'¥ EIhir1 Standard, and we hove lulfilled our other 1th11 responsibdit$ in a¢cord•nee w7th Ihele requirements. bell•v• that the •udh eVkJen h•ve obt•lned li •uffkl&rt •pproprl•t• to fftd• • ba&s k)r our oplnbon. concl1•nI r•latlng to golrva conc•m In 8udth.ng the finarrial statement8. have concaMl•d that the trle. use of the g)Ing Concern 111 of accountlng kn the preparats.on of the fflnancl 8t8tements 18 aFvropnate. Based on the VA)th V• have p•rfomd. have not identill•d any maleri•l wcertJintl•• rolallng to evènl# or ndits)n$ that. indiwdualty or cc4le¢tiYety. may ca8¢ signknt doubt on thè charty's abl1 lo conllnue a• a golng concem for • pe0d of at least nthI from V•tten the finaral statts 8re •uthoth•d for luuo. {r responsib01bt and the re8ponsknilitie8 ol the truBt••s with reiF¢t to going c4ncem are de8¢rbed in the r•levant se¢tkn8 of this report. CXh•r InfomMtl¢n The other InmYOn ¢omwl•e• the KKluded In the TW8t•' ryAt other th•n Ihe finon¢l statèmants and our aLMlho¢s r•port th•reon. Th• trust••s are respOnble for the other infonnalion contained rfthln tho annual roport. Ow opknion on the financial statemerrt5 does rK)I cover the other Informathon 8nd do not expre89 any form ol 48SU( cfjndwon thereon. Lr reyin¥ilylty is lo read the other infofmth'on and, in doing so. consider ether the other irrformation ts materially m¢onststent with the finandal slat•menls LY our knowledge obtained in the ¢ourse of tr audit or oth•NiSe appaars to b• mat•rialty mvJ5t8ted. Ir we Klentrfy Such material inconsistencies or apparent material MiStatnent8. are requlred to delerfflne wthetr*r this glves rlse to a matedal mlsstatemont In the financlal statements themselves. If. based on Ihe work we have pertomi¢d, nClUde that there 1$ a material mrastatement of this otheT inf0m4n. we are required to report that fa. We have nothiThJ to report in this regawd.
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES
INDEPENDEKf AUDrfoR'S REPORT (CONTINUED)
TO THE TRUSTEES OF EUSTACE HOOK & DRUMMOND MEMORIAL ALklSHOUSES
Matt•rs on whl¢h ar• r•qulr•d to r•port by •xc•pti
We have nolhlry to report In resp•ct of foNowirg matters in reti to thich chb {knLmts and
Report31 Regulatn5 2008 requye us to report to you rf, in our ¢FIP..
Ihe infomalion given in the fl¢411 stat•ments incorwtent in any mat•rnl r8sp•d with the trustees.
report., or
Sufficirt accounting r•ctyds ha¥e not bwi kepl.. or
the flnan¢l•l 8thtements are not in agreement vAth accounung recofds: or
we have not re¢efved 1 IM Infmuon and eWanakn$ requi our aud
R•spon•lbillll•s of tnMt•
A$ 8xplain8d more ftlty in Ihe stalw of tru•1¢, TUpibIlIleS. the 1ruSt• rt rtsponsibl• for tho
prepaTab"on of the financial SLtnI# and for beirs $8tisfied that they gNe a true and fair view, and for such
internal control as the trustees deterrrwne is ne¢ewry lo enab the Plerat of fiMnaal $tstsmont8 that 8
free Irom material misstatement. whether due to fraud or effor.
In prepwlng tho fflnandal 0tstrjw, the trustees we resp
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES INDEPENDEKf AUDOR's REPORT (CONTINUED) TO THE TRUSTEES OF EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES Rewewng finarKaal sLement d¢sure5 4rwJ te¥tirvJ to swptsrting dooynentat to asse compliance appli¢at4e laws and regLdation$', Perfomiing audit over the risk of management bias and override of controls. Induding evaluaung the business ratsonale of snIfiCant traftsath.ons tyJtside the r#ym•l ¢ours• of busyws and a¢untIng estsmates for indkatOTS of potentpl bias. B8¢aus• of the Inherent Imttauons of an au(It, thar• Is a that not d•t•ct irregul•ritse$. induding those leading to 8 material misstatement in the financial ¥latements or non&cOmlance ¥th rewAati¢)n. This ri3k Increases the more that nlIance Hiih a law or fegLlatiM fd rtmoved from the events and transactions r•flecled in Ih finanoal slai•ments. as w wil be l•$$ ffik•ty to bthime aware of instances of no Cornlance. The risk of not detecting a material misslatemenl resulting from fraud is hwjher th for one resultlng from erru, u fraud may invofve Colusw, fwgery, knlenlknal omlsslons, mlsfepresentalknns. or the ov8rrlda of Intomal control. lh• of our r•pDrt This report 18 made Bolety lo the ¢anty's Iru8t¢e$. a$ a t*. in Awordance part 4 of the Charitse$ (Accounts arKI Repothl ReguLgtlon$ 200B. Our wjit work has been uThYertaken $0 that we might $tsts lo the chaiity's tru5tee$ those mattern we are required to state to them in jn auditors, report #nd for no ¢)ther purposè. To the fullt8t èxttnt pemibtted ty18w, fft do not accept or 488ume re3FthbIlIty to anyono other than the tharlty and t chadty's Iru8t••s as a body, our audit Work, for thls report, or for the opinions hav8 fonned. Mlch•M• Wllkv FCA18•nlor 8t•tutory AudStorl for and on b•1101AZ•ts Audlt S•r¥lc•• hart•r•d Aceountants Statutory Audlt•x 7 October 2021 Globe Hou0• Edipe P•rk Sitbngboum? Road Maid$lone Kent ME14 3EN
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES STATEMENT OF FINANCIAL ACTivrfiES FOR THE YEAR ENDED 31 DECEMBER 2020 Unrnslrict•d Unr•Jtrict•d fund$ nd• 2020 2019 Donations and kga¢le8 Inve8tmenls 42,810 4,594 40.878 4.282 ToLl Incom• 47,404 45.160 Charitsble actNbll•s Cxher 34,153 6,S54 48,638 6.332 Ttstal •xp•ndltw• 40.707 64.970 t {loS9a1na on In¥•8tm•nls 14,635) 16,309 N•1 In¢om• 2.062 8.499 Fund b#lancei at 1 January 2020 337,816 331,117 Fund balanc•• at 31 Dec•mb•r 2020 12 339.678 337,616 The •taternent offin•K¥al aGb¥ith•i inthdes 41 gaTh and rewNsed hi the ye•r. l income and •xpenditw• derb from cntiThJiNJ e$.
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES BALANCE SHEET AS AT 31 DECEAIBER 2020 2020 2019 Fix¢d ss•ts Tangit48 assets Inveslments 56.272 145,019 75,030 123.278 201.291 198.308 Cumlnt •••l• Dèbtors C•ih at b8rd( arKI in h•nd 10 744 142.492 698 143,225 143.236 143,923 Cv•dltov•: •mounl• hlllrrfJ du• on• y••r 11 {4,8491 (4,615) N•t curr•nt a8uts 138.387 139,308 Totsl a*••ts l••• curr•nt Ilabllltl•• 339.678 337,616 In¢orn• fvnd• Designated fvnds: Fixed 0$8et fund Inve$th)ent fund Other fvnd 10,686 145.019 45,588 14,248 123,278 60,782 Tot81 designated furKts G•n•T•I unr¢¥trlthd fund# 12 201.291 138,387 198,308 139.308 Unrestrl¢t•d fund• 12 339,678 337.616 q.Iq1.21. The financl8181atemnt• approved by lh• Twstett on ..... . .. . MrRG Trust•• n9stry { Mrn V Tipp (fre Tru•t•• ror SecTetaryl
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2020 Accowng poll¢l•8 Charlty Infornmoon Eu5tsce Hook and Drumn)r Memorial Am8hou8es (the 'charty'l is registered as a thanty with the Charity commi88n ¥1 Ewknd and les. Ch¥rty nLwnber 229908. The registered address Is 27 Hollt)W Lane, Snodland, Ken( ME6 5LP. The tharrty 1$ also registered with Homes England Lr the Housing and Regenernlion AL 2008. The nature of the d)ariVs operatknns and pdnclpal actlths 1$ to wowde low cost housiry for poor persons who ar• nol hss than sixty-fve years of age and VEre born in. w have been •n inh¥brtanl for le$$ than ten y•ar8 of, the partBh of Sno(Aand. 1.1 Accounllng conv•rtlon The finan¢iaf Itstements have been preparéd in accordancè vAth tharfty's goveming dC¢Urnl, the Charities Act 2011 and -Ac¢ounting and Reporfong by Ch¥its•s'. Stotemenl of Recommended PractKe •ppli¢•b to chaiits•s pr•p8riT¥J thalr accounts kn accordance the Fin•nci•l ReportirKJ Sl?ndard appllcable In the UK and RepU1C of IrelarKI IFRS 1021 SUd in October 2019. the Financial Reporting Standard applicgbh in th¢ United Kirydom and Republic of Ireland (FRS 1021, the Charitle8 Act 2011 and UK Gw•f•ly Awted Ac£ounliry Pr•(Ke. The ch•rrty iry a 8er1 Enttrf a8 dned by FRS 102. T ¢harty has taken knnlage of the wlOng In U)• SORP for charttle8 aPF4ylng FRS 102 Updat• Blets'n 1 not to pr•yrè • Statsment ofcmh FIM. The financial statements halt derted from the Charit$ lA¢CnIS and Report8} Regulations 2008 onty to the extent required to pmvid• • Inte •nd fair view. This departure has invthtd lollovAng the Statement of Recommended Practice fvr ¢h4ritle$ apr4ylng FRS 102 rather than Ihe veT3ion of the Statement of Racommnded PrxtKa v4ch 18 rnf•rr•d to In tho R•gU1th bul ha4 lthdrn. The flnancl418tatements are prepared in #erfin9. is the funclion•l cuTh)cy of the d)arty. Monetary •mounts in Ihew finfjnGi •t•t¢nwts am rtyJFKled to the n•r•8t £1. Thé financl81 statements have been prepared under the historical Cost convenlion. modrfled lo Incbude the revaluation of freewd prcwb'es and to indwje imiestrrnnl properb.tt and certain fanCIal Instr4Jn•nts at lolr ¥olue. prin¢ip4 •ccounting policies adopted •rn let out bel. 12 Golng cmm At the time ol 8ppYoving the fm8nual statements, Ihe tru8tee$ have a asOnable expeetalion Ihat I charfty has adequate resou to continuo in operational existence for the forè8eeab fiJtur•. Thus I trustees continue to adopt the gfxng c£Jn¢em 111 of 4¢¢0unb"ng in yeparing the flnancaal ¥lalom•nts. 1J c•VItabh Unrestricted fund5 8Te available for uge It the dK¥elion of th• trueteel of thelr charflabbè rknledve8. Designated fiJnd$ conwrise fvnds th1¢h have been gsid• at the d18cr8kn of the truytees for Specir purp)w. PU and usas of the des&nated fund5 we 8et out in the not•$ to the fincial statement 1A Inwjn Maintenance CLVrtribthns from residerts are recogrmsed as trthme *then recetr4•d by the charity. 10-
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES NOTES TO THE FINANCIAL STAT&MENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2020 Actounling polTrcl•s IC¢)nllnu•dl 1.5 Expen(Ir• All expendlture is a¢Unted for on an a¢¢nlS basbs. Eypenditure L8 dhxated to cost categorie¥ based on lh8 amount attributable lo that ivity In tr year. Irrncov8rable VAT 15 all¢)cd against the r•lat•d 1.6 Tangibl• fix•d M•4ts Tangible fixed assets (Inckmlwig scthl hou•iw prowtssl 4Te stated at colt. Thè of houslng properties Judes the followng: 08vdopment exFendIVe. irKknthNJ m4or 8lru¢lural r8lurbishment . Amwnts equ411o a¢qLIson elxl dw•Ioprrrt al(yKdnrx reeelvbl•. These costs are either lemd -qualfylry costs" for apwoved hthming •ssociation schames and ar• )n8thred for mrtgage kians by rel•nt knnding ¥Uthorit•. or are mel oul of the Chartty's rnseNe¥. The cost ol acquldng the Ch8thy'$ houslng land and l)ulldings, hoVer, 1$ not Ind(xkd. rrt lo the almshouse$ 1$ vested in the Chanty the temis of the trust deed$ dated 30 Juty 19QJ and 10 May 1904. The ¢IrIty th•r•forn never irwT•d ony 5t kn wwbrwJ l•nd and (Ing$. The CO of houslng land and bulldlry 18 deprecialed OT the ptsriod to 2023. Tho Tru$t•e• Gon¥id•r thi• to b• a r•a8onabl• r•fl•ctson of Iho ex•(1 &fe of the deNOPnI ¢08t. 1.7 Flx•d a•••t In¥6•lm•nt• Fixed a$8et inve$lmenls ar• Inalty m•a$ured at tr8n$8(th prf¢e excluding tran&tttlon co8ts, and are Bubsèquènlty mèa$ed at faor value at eKh r¢wting date. Charrfw in fair Vall are recogniwl in net IrK¢m•ll•xp•ndllw•l for the year. Twuction co•ts are exp)1•d as incurred. 1.8 Imylrnnt of flx•d ••••t• At 9och r•port4 •nd date, t ew revkn the carrylng amounts of ttl taNJSbl8 assets to determlne wthr Iheffj Is any Indl¢allon that th0 assets have •uffered an ImpalmntIO8$. W any 8u¢h inditIon ex18ts. the recoverable wnowt of th• a8¢t is elimled In Ixder to deterIn? the •xknt of the Imp•im)enl los$ (if any). 1.9 Cabh nd ca•h •qulvhnts Cash and cash equivalent8 irdudo c••h In hand •Thl d•p8its fr1d at call banks Wilh origwwl m•iuriti•s ofthr•e months or l•s$. aNI bmk overdraft 1.10 FIMncl•l Irtrum•nls The ¢harty has elected to the 751$ of Seclion 11 'Basic Fir)andal Instruments, and Secikn 12 'Other Financial In$truNnt$ Issues. of FRS 102 to al of its fnanciai in3twments. Fin•n¢i•l ingtruments are re¢ognI8ed in IM dwlty's b•lwKe Sheet tr ¢thty b•¢cAn•8 party to th¢ contractual FlsiOnS of the instrument. FInda1 agsets and lablllll•s w• offsrt TAith the nèt •mosJts In the slatements. vhn Ihere 13 a legaly enforceable right to set off Ih? rewgnised amount5 and there M In intention to $¢tU• on net basil or to realise the asset setlla the MultanerAly. B8$1¢ Ilnan¢lal assets Basic financial assets. indude debtors and cash and bank balances. ore InWaMy moasured at tranSact)n prfce Includlng transaction costs and are 5ubsoqL• ¢aThied at amorti5ed cost using the effecbve interest method unless the #rrangemenl ¢st11uteS a finandng trangaction, whwe the transaction 19 measured at the presenl Ve of the fLrtUTe receipts discounted at a market rate of interest Financlal ssets c4as8hled as receivatle ilhin one year arn not amorb. 11
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (COPtnNUED) FOR THE YEAR ENDED 31 DECEMBER 2020 AKowbtlrwJ poll¢l•• IContInu) Bg8lc financlal lithThb"e8, IrKludlng uedltors and bank bans arn INb"alty recogni8od at transadon price unles$ the arrangemenl $11tleS a finanorvj transa¢bon. %there the debt instnmnent 1$ measured at the pr•sefrt value of the future payments discounted at a market rnte of intere8L Financial liabililitrB damified 8$ pay8t4e one year not wnorti•e(l. Debt in$truM•nt8 ar• sub8equ•nty cairi•d at anwli cost, Ing the •ff•ciM inl•rest rate m•thod. Tradè credltors are obl1gaOn3 to pay for gotsys or soNkes that ha bèèn acquirnd In the ordlnary course of operalions from wWiers. Amounts payabte are dasslfied as current liabl6tY&s rf paymwrt is due wilhin one year or less. 11 not, they are presented a5 rn•CUrrent liabilibes. Trade creditors are recogni8ed initi•ly at transaction prKe aThl subsewently Th•8ured at amorti cost Ihe effec"¥e interest method. D•rn¢ognlrfon of fln•ncl•l Il•bllltl•s FinanrAal li•biliti'¢i •re derewiled then th• tharity's ¢ontr•Gttwl obl¥atv)ns •xpw¢ or ¥0 di$th•rged or cancelled. 1.11 Taxatlon The charty 18 an •x•nyt charity ithin th• mtraning ol sched4A• 3 of thè Charitses Act 2011 and 18 considered to pass the tests set out in Pgra 1 S¢hedule 6 Fin•nce Act 2010 therefore it meets th& definlDn ol 4 charttable comnY for UK corsx>raknn lax purp cr1t1c accolIng ••tlmat•• and Judpmw In th¢ applall of th• thJrity'¥ •CrUntr.n9 policie¥. the trustees are required lo mJk¢ jud9emerrts, eslimate$ and assumpts'ons abrt the carrying amount of assets and tiabilrtsts that art not readily apparent from other sources. The estimates and assockned aSsumPt)n8 are based on historical experience and othor factors that ar• con8ldered to bè rnlevant. Athjal nw dffter from these OStknat. The eslimatss •nd undertying assunwtions we re¥d on an ongoiry ba3. Revisions Its accounllng estimgles af• reMgnSsed in the peri¢>J in tthtich the estMn•te18 revised the r•visbn affxts onty that riod. or in the period of Ihe revi0 and fulwe periods vknefe the reOn •ffects both cuThent arKI firture p•dod8. The folbwing are the signrfKwrt manement judgements made in appfying the acCting policie of the harity that have had th¢ mst wgntfi¢ant eff¢ct w arnts rncognised in the fin•n¢ial $t•lement8.' Valuatn olt8ngth Ihed 8ssets Housing properties in tangible f•d a arn valuod at dboml e¢At # at 1 J#Thry 2014. Valu8tth olfkx8da&wt w6sh Fixed as1 invesknenls arn valued at ¢hxing MKI mithet value at the b*l•nee date. Donatlons and l•04¢l•s 2020 2019 lJlainlenanc• conlributions 42,810 40.878 12-
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS {coKfiNUED) FOR THE YEAR ENDED 31 DECEAIBER 2020 IKome trom Inveslments 2020 2019 Incorn on investment ILThI hter&8t recelvab 4.315 279 3,680 602 4,594 4,282 Ch•rftsbh icovltl•s 2020 2019 Rales and wal Ught and heal Property r•pglrs 8nd mainlenance In$ura Oepreu•In freehdd prcyerty 3,428 3,371 635 24,708 1,166 18,758 10,253 1.208 18,758 34,153 48.636 8 othgr 2020 2019 Bank ¢harg¢s and Snternlt Audltor's remuneration Other nonvaudit f Secretary's f•es Subscription$ Sundry 104 2,592 1,476 1,681 661 40 107 2.450 1.510 1,804 183 478 6,554 6,332 Tru¥t••8 The ¢harity had no erfvees thring Ihe year12019'. NII. The Be• rec•ivod a9wegato fo for h•r 0th1n9 to £1.681 {2019'. £1,604). The secretary also reimbur8ed £NII (2019: £28) In reepect of malnknance c08ts of ttl¢h she personalfy, on behalf olthe chanty. No c4her trustse$ received remuneration from Ihe ¢harlty durir•J the year12019'. £NSD. No expenses V•*re paid or relnl)urned to othertrustees during the year (2019.. £Nil). 13-
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES NOTES TO THE FINANCIAL STATEMEKrs IcoKriNUED} FOR THE YEAR ENDED 310ECEAIBER 2020 Tanglbl• fix•d aM•ts Fmhold land •nd l)ulldlngs Co•t At 1 January 2020 536,176 At 31 Decomber 2020 538.178 D•pr•Gl•tlon At 1 January 2020 Dopwiafjon ¢harg•d year 463.146 18.758 At 31 D•c•mber 2020 481,904 C•rylng •mount At 31 December 2020 56.272 At 31 Dember 2019 75,030 At Ihe balance yhèel date. the tharity thvned property corrtained len12019.. ten) thAeling units. Al len of the unrfs *re in use througuL the ye for the one pnncipal acbwty of the tharfty. Flx•d •M•t InvMtm•nl8 Ll•t•d knvMtm•nt• C1 or v4luatlon At 1 January 2020 123,278 26,376 14,8351 Vakon Gh•nges At 31 D•cambef 2020 145,019 C•rylng At 31 Decèmber 2020 145,019 At 31 December 2019 123,278 Listed investments arE valued at doswvj mxknet Val at the balw the¢t dète. The historical c08t of Ted amet investments 1$ £101,931 12019.. £75.555}. -14-
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEhlBER 2020 Flxed ass•t Inv•8lm•nts IContlnu•d) Materfal irwestmnts {¢omwitwvJ nve Ihan 5% of the clwtls overall share porlfotKI by value} al the balante sheet dote ve as fOlkn.. Market V•1 M&G Chwty ASS Fund A¢¢umulab'on Units 8lackRock Charities UK Equty Fund AAcrAMnul'cffl Unts Bla¢kRo¢k Charities UK B¢yKI FuTrJ AAccumulatK)n Units 81.763 49.784 9.650 10 D•lknr•.' amounts falllng ¢kn lthln on• y••r 2020 2019 Prepym•nt¥ and acwu•d i)Me 744 898 11 Cr•dltor•: •mounl• f•lllng du• lthln on• y•ar 2020 2019 4,849 4.815 15-
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2020 12 D•4lgn•t•d fiKMI¥ T in¢om• I)d$ ol ts charity Indje the fdlNing d•8vJnat•d fundB hava b88n 88t asid• out of restri funds by the trustees for specik Purpo.. Nv DMbBntlonB BthThc• at 202 Fixed asset hjnd Investment lund Other fvnd 14248 123.278 60.782 13,5621 14,6351 (15,1961 10,686 145,019 45,586 26.376 198.308 28.376 123,3931 201,291 1 J•wy 2019 d•••lk O•c•mb•r Flx•d a$Mt fund Investrnent ftjnd otr fund 17.810 101.267 75.978 (3,6821 {S7.8121 {15,1961 14,248 123,278 60,762 79.833 195,045 79.833 176.5701 198,308 Fixèd 488ét fund - thi# the invett Pfopoty th h used tho main preml8•8 of the Charfty rKKI lor IrKOTh generatlon. knve•tment ftmd. funth 4r• invested to m•xhth total Irn •nd ynor•t• rKom•. Other lund . It funds relate ts) * bThrnmtsnt grant firnt i88ued In 2004. Is beSTha %wltt•n on a 8traWt Im• basis 10 31 December 2023. 13 An•ly•l• of n•t ••ut• b•tw••n fvnd• Unmlrl¢tsdUnff•trlct•d fund¥ fund¥ 2020 2019 Fd l)*nces at 31 December 2020 arn reFwenl¢d by.. Tangible assets Inv•slmnts Current assetsllllabilMie8) 56.272 145.019 138,387 75.030 123.278 139.308 339,678 337.616 -16-
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES NOTES TO THE FINANCIAL STATEMEKrs {coKriNUED) FOR THE YEAR ENDED 31 DECEMBER 2020 14 FIn0nd In•lnMn•nts 2020 2019 Crrylng afflount ofllnanclal ass•ts In8trumfjnls measured at fair through wofft I 145.019 123.278 C•rylng Mt all1nancl lthblllll•# Measured at amorused e¢)Jt 4.849 4.615 15 R•lat•d yrty n¢(lOl Dn9 ts year. the of4 truthe was £920 (2019: £350) in relab'on to m1nlttn•n VPicAS. Thèrè Te no oth•r r•lat•d party dn9 yo•r {2019: n¢)nel, othor than th¢)80 #tsp8d Note 7. 17-