Charlty Rgglltratlon No. 229908 Regulator of So¢itil Houslng No. A3245 EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES LEGAL AND ADMINISTRATIVE INFORMATION Trust$ DrAP4hb8è (Chair) MTS A Coles Mrs S Heltyar Mr S Kingsbury Mrs S Shaw v fw (freasurer and Secrnlaryl (Apwnted 9 Seplember 20211 IA4)pointed 9 Septomber 20211 Charity numb•r R•gulator of SOCW Houslng numb•r A3245 Prfnclpal addr 27 H¢Jbw Lane STr)dIal Kent ME6 5LP Audttor Azets Alt Sapknos Globe HCSe Edipse Park stttlngbwme Road Maidston• Kent ME14 3EN Bank•r• N8tion81 Westrnin8t8r BarA( PIC 718 Londw Road Larkffield Aylesford Kent ME20 6BL
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES CONTENTS Pag• Trustees, report Stalemonl of tru51ees' responsbililios Independonl auditorfs report Statement of financlal actlvltles Balance sheet Notes lo tho flnanaal stataments 10-18
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees present thelr report afKI the alld finandal 8latem8nis of the tharity fty the year ende4 31 Decembgr 2021. The Irustsos have adopted the pTovisbons ol the Statemgnl of ReLX)mmended PraGIIGe {SORPI-Accountlng and Reportlng by Chartlies" in wepariNJ the annuol roport and finan01 statements of the chadty. The finandal Statements have been rwrgd In vath the accathg wlici08 8et out In not0$ to the accounts and corn th the chariVs wvemirvJ document, the Charltiés Ael 2011 and Accounting and ReportlrKJ by Charities: Ststement of R6commended Practke appllGable to tharilles preparlng thèlr accounts in a¢¢ordance wth the Financlal Roporfiw Standard applicable in the UK and Republic of Ireland wbliBhed in October 2019. ObJ•ctlv•A and a¢tlvll The chadty way frymgd lo wovlde kn¥ cost housing for poor persons WIK) are nol less than sixty.fve years of ago and who were bom In, or hav¢ been an inhabtlant fr not less than ten ygsrs of. the Paiish of SnodlaThd, KonL Tho Intea& h8v8 pakl tkn regard to 9uldanca Iswed by th• Charlty CixMls¥ion in decldln9 vthal actlvWe8 the ch8flty shk1 undertake. Publlc b•n•fft In managing the charity's actfviles and finances dwlng the flnancial >r. the trustOO8 V+we aw8re, and had due regard to. tho Charlty CommisskH)'s guidan¢o on publoc ben8ftL A¢hl•v•m•nts and p•rfornian Once again, the charity was Su•8$1Ul In retalnlng lm (Pa of th8 alryK>U5 dwlng the year. and colkded maintenance contributions from all tenants. Tho charlty contlnuès to malntaln knYJls bolow th• cap •nfmd ty the Regulator for Sodal Hou81ng. F104 th6 6a$lrwJ ol Covid-19 re8trIctlon8, tr• corlty hgs c4)mpl6ted lh8 refurblshmont of th• klt( wèt.room areas of tsts. Essentlal rgpairs and malntenance con1knd lo tako Pla as requlred so a8 to ensure hlgh quality liwng stsndards for all resldents. Flnanclal rnvl•w During the year ended 31 Decembor 2021, th• chw5ty colleGtsd contthillon8 fr(xn roskjgnls lowanl8 tho malnlenancè ol the almthSe$ amountin9 to £43.818 12020.. £42.810) and 9eMraled othèr invo$tm$nl Income of £4,757 {2020: £4,594). The total irKome was £48,575 {2020: £47,404) and of that amount £53.910 12020.. £40,707) was expended, gfving 8 defidt12020.' surplus) the year bgfrffe movemen18 investments of £5,335 12020.. £6,697). Thg Incre888d expendi1• relates p1paI to the aforemenlloned refulShrnent of tsvo flat$. An unrealised gain of £13.348 {2020 loss.. £4.635} VAS rgcognlsed In re5pecl of the charfty's Ibted Inve8tment pthlio during the year. There Vere no realised galns or Ios888 durirvJ the yèar12020.. £Nil). The overall Surplus for year was £8.013 (2020.. £2.(2). As at 31 December 2021, the charftys total furKIs amounlg¢J to £347,691 (2020.. £339,678)- The tru8tee8 have assessed tho mr rtsk8 to *thK41 tho Is OXPLwd. and satt5figd that sysleTh are In place to mitigate exposure to the major risks.
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 11 is the policy of the ¢harity to ulllmatety maintain Yree. r8srn8 (bwg that elem8nt of the unrostrkied fund$ which 1$ not lundlng fixed assets) of at least one yearfs maintenance COntribA)n$ upllfted to o)ver anticipated expendlture for Ihe foilowlng yw. As at 31 Da¢ember 2021 the free réseThes of the charity arnuntod lo £145,038 12020: £138.3871. The trustees consider the closing level (being roughly equivalgnt to 412020.. 61 years of running $ts) and growth of free re$eNes to be adequale, allwng for unptsnned expenditure. Oesignated funds at 31 December 2021 tolAI £202,653 (2020.. £201.291)- see note 12 for detalls. Pl•n8 for futurn pgrlod• Th8 Iruslees havfj completed an In8ctiOn of th8 alms1K86s, IrKluding c4Knmunal areas, whith has revoalod a number of Items requirirKJ repair or renewal, indudlng a slair lfft. The charity wlll contlnue lo Improve ihe prem18e8 over the ¢omlw pwkrfl for th• bonofit of al lonants. StNctur•. gov•m•nc• and m•n•9•m•nt Tho trustees of the dlarfty who held office through(yJl the were a$ Now4.. DrAA8hbee (Chalrl Mrs A Coles Mrs S Hellyar Mr R G Klngsbury MT S Kingsbury Mr8 S Shaw Mrs v fipp (Treasurer and Secrgtsry) Mr M Noon8n {DaSed 25 Septembor 2021) IAppoinlgd 9 S8plember 2021} (App)inled 9 Septembgr 2021) (ResIgrd 31 Odober 2020) In 8ccordane with the ¢harWs schome regul810($. th8 body of Iru6to65 should consi¥t of no TMr• than seven compelenl persons, being tsvo Nominallve Trustees (nomlnated by the Sno(Iland Town Councll for four yeaf terms} and five CoPted Irustefj$ aach, lo serve for a period of 5 yegTS. The office of chairman is $ubject to electlon annually. with DrAAshbee beirvj alwnted thaim)an on 11 November 2021. Mrs V Ilpp and Dr A Ashb8e retire by rotation 8t the 2022 Anrvjal Meetlng. Th•y offer themselves for rev electlon. Mrs S Shaw Is the current rèpresenlallve Irusteo from Snodland Town Council. Tho charlty Is aware that a lurther ropresentalive from the coun¢il is requirod to ensure ardance wrth the charity'$ TDJ8t DO and intsnds to appoint an addibonal memb9r from the Council in 2022. Thé chadty is registered with the Charity Commiss in England and Wales. Charity nUMr 229908. It is established under Trust Deeds dated 30 July 1900 and 10 May 1904, and subsequenlty a Scheme apwoved by the Charity Commissioners dated 11 January 1980. It also regislered with the Homes Errfjland under the Housing and ROgenall0 A¢t 2(Kl8. The trustees form a Commtttèe of Managernt whth meets twice a year and on an hoc basls to Control and monitor the perfornance of the charily. Day to day operations are controlled by the secretary. An annual strategic plan is prcrtluced to ensure the charitys hwstng stLKk is kept fvlty maintsined. As part of their on-g(Mng management of the tharity. tho trustee5 review thg effecbvene88 of the system of internal control which they acknoge to be their fesponsibility.
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Golng conrnrn At the lime of approviNJ the finala1 statemènts. the trustees have a reasonable expectation that th6 charity has adequate resources lo continue in operational 8StenCe for the foreseeable future. Thus the trusle88 continue lo adopt the going concern basis of acCting in preparing the financial stalemenls. Dlsclosurn of Informatlon ¢0 •udltor We. the tnJslees of the charity ¥tho held office at the date of appTov81 of these Financkql Statemèrts a$ Set cxrt above each confirm, so far as we arg awarg. that.. there is no relevant audit inlormalSon of which th6 tharfvs auditors are unaware: and we have laken all the st8P5 that we ought to have tsken as dired0 In Order to make ourselve8 aware of any rdevanl wdil infcffiw1l and io eslablish that the charftys audltors are aware of that Inforniaon. Th¢ trustees, report Was aprrfoved by the Board ofTruste•8. Dr A A•hb•• ICh•Sr)
EUSTACE HOOK & DRUMMOND MEMORIAL ALMSHOUSES STATEMENT OF TRUSTEES. RESPONSI8ILrriES FOR THE YEAR ENDED 31 DECEMBER 2021 The truslo¢s afe rewbsible for prepaflng the TNste8s' RarAJI and the financial Statements in 8ccordanc9 with ppllcable law and Unlled Klngdom Acc(wnlirrfJ Standards (United Generally Aw)ted Accountlng Practice). The law applicable to charities in England and Wales requi¥ the trusteè8 to prepare financkAI statements for each financlal year which give 8 true and fair view of th& stale of affai of Ihe charity and of the incoming resources and applicatK)n of TCaS of Ihg tharlty for that yegr. In wepadng these financbal statements, th8 tru$ts¢s are required to: - sèlect sullablo acountlng polldes and then appty thèm consistenty; - iJbs•rve the methods and principles in the Chaiitbes SORP: - make judgements and 08tlmats8 that are and KKent. slate whether applicable 8¢counllng slandards have boon fdloW. 8ut4ect lo any m•lorl•l dèpartures dlsdosod and oxplained In ts financial 8ts1om•nts,' and - prepare th6 financial statements on th6 going ¢oncem basis unles¥ it Is IpprOal8 to prosumg that lh6 charity wll contsnue in operation. The trustees are responsible for keeplrrfj sufflclent accounllng rocords that disdose wlth reasonablè 8ccur8cy at any timè tha fln8naal Fosllion of Ihe charity and onablts them lo ensure that the tlnanual 8ts1ements comply with th& Charities Act 2011. the Charity (Accounts and Reports) Règulations 2008 and the provisw$ of the tru81 dèed. They are also responsiNe for safeguarding th6 assets of the charity and hencè for tsklNJ reasonable steps for the prevgntlon and detectlon of fraud ond Irrngularitle3.
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES Opinion We hav8 audhed the financlal statements of Eustscè Hook & DruMMor Merrb)rial hjmshouses Ith& 'charity'l for thè year gndgd 31 DKernber 2021 vthich comprise Ihe statement of financial activities. the balance shoet and th8 notes to the financial statements, indudiro snIficant accounting pc4icies. The financial reporting framework that has begn aPled in thoir preparation is applKable law and United Kin9dryn Accounting Stsndards. induding FRS 102 The Fin8nual Reporting St8nd8nl appltsbk in th6 UK and Republic of Ireland (United Klngdom Gènerally Accepted ACcounr Practlce). In our opinlon, the financlal statements: give a true and fair wew of the slate of thè cawiiws affairs as at 31 t)ecener 2021 and of its ncoming our¢es and application of rgsources, for the year then ended.. have bgen properly propared in accordan( United 1fjngd Gengrally Accepted Accounting Proctice: and have been prep8f¢d In a¢cordan¢o with thg roqukemgnts of tha Chafitw A¢1 2011. Baili for oplnlon We conducted audit in accordance vmth International Stsndards on Audibng {UKI (ISA8 (UK)18nd 8ppllcabl8 law. Our responsibiliiies under th08e standards 8r6 further dèsuibèd in the Audilorfs rnsponsibiliti8s for the audK ofthe fln8nclal 8t8lement$ $6¢tlon of our rgwt. We are independent of the tharity in accordanoe with the olhl¢o1 requlrements Ihal are relevant lo our audit of Ihe financlal statements In the UK, Indudlng the FRC'S Elhlcal standard, and we have fulfilled our othèr èthlcal responsibilities In aCrda Nwth those rèqulr6m6nt8. Wè bellevo that the audil evklon(x we ha obtalned Is sufficlent approwlalo to provlde a ba$ for our oplnlon. Conclusion¥ r•l•tlng to golng c(YK•m In audlllng the financial statemgnts, we have concluded that the trugtees. use ol the golThJ concem b8sls of accounling in the preparall¢)n of the financial $tstsments is 8ppropriatO. 8ased on the woth we have perfornwd, we have not klentlfied any materfal uncertalntSa$ relallng to events or condllion8 that. Individually or coll8dr¥èly. may cast sNJnrfunt doubt on the charity'$ ability to continuè as a golng concom for a P•fknd of at lea81 1ve monlhs fr(Nn Y•hen Ihe financlal Slalements are aulhorfsed for Issue. Our r6spon$ibililiè$ and the r8sponsibilitfies of the twstsos With roSPOCt to 9OW C4)ncem are dgscdbgd In Ihg relovant sects'ons of Ihls report. Oth•r Inlorniallon The other Infomiatlon comprtses the Infom)atlon Fndthled kn the Trustees, report other than the financlal statements and our auditorfs roport thergon. The trustoes are responsiblo for Iho other InformatM containgd ¥wthin the annual report. Our opinion on finanaal statements does Th)1 c¥>ver the other InfomiatSon and we do not expres8 any fom of assurance condusi¢)n thereon. ¢)Jr responsibilty is to rgad the other infomi8tion and, in doing so, cOnder whelhor the other inforrnan is materialty in¢onsislent with tho financial stalemgnls or our knowledge obtained in the course of audit. or othepthse aF¢)e8rs lo be malerlally mlsslaled. If we idenllfy such material Inconsislenues or apparent material misstatements. we are required to dglerniine whether th18 glves rlse to a material mlsstatement in the financlal slatents themselves. If. based on Ihe work wè have Pgrformed. we conclude that Ihere is a material misstatement of this other infom)ation. we are requlred lo report that tsct. We have nothing to report in Ihis rggard.
EUSTACE HOOK & DRUMMOND MEMORIAL ALMSHOUSES INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES Matt•rs on which we are r•qulr•d to rnport by •x¢•ptl¢ We have nothing to report in respect of Ihe fcllowrwJ matters In relatKJn lo which the Charibos IAounts and Reports} R8gulalknns 2008 require us to report to you If. in our opinion". the infomialion given in Ih8 financial ststements 18 inconsistent in any matorfl rospect wlih the trustees. Teport.. or sufficient accounting rgcords have not been kept: or the financial slalements are not in agroement wlth the accA)unting recfflls,. or we hovè not recelved dl the inforniatlon and explanalions V• require for our 8ud R•spon•lbllltl•s of tru•t••s As explained more fully in the slatemgnt of tru8ttt8' reSpsIbIlIbe8. the truste8$ are Te8ponsible for the preparalb)n of the financial sla16ments and for being $8tisfied that they glve a true and fair view, and for $u¢h intèmal ntrol as the Iru8tees detemiine is necessary to ènable the preparalN)n of fina181 $ts18m8nts that ar free from material misstst•ment. whether du8 to frwd or eThor. In preparing the finandal $tstoments. trustees ave rnsponsibkn for as808sln9 ts charlty's abilty lo continug as a golng coneem, dlsclosirvj. as appIlble. rnatters related lo golng concem and uslng th8 golng concern basls of accounting un1888 the tnJst8es either intend to cease ¢)poralions, or have no realistic allernalivg bul lo do so. Audltorf• rnspon•lblllll•• for th• •udlt of th• fin•nclal stat•m•nts We havo bogn appolnled 8s auditor under seclion 144 of thg Charitlos Act 2011 and roport in accoTdanG• with the Acl and rolevanl r8gulatlons made or h•vin9 6ffecl Ihereunder. Our obio¢tiVa8 are to oblain reasonable assurance about whether the finan1 slalemenls 03 • 018 are free from materlal mlsslalemènl, %¥h8lher due to fraud or error. and lo issuè an aud09 report Ihal Indudes our opinion. Reasonable assurance is a high Ifjvol of •s$urance is not a guarantee th81 an oudll conductod In accordance wth ISAS (UK) wlll akvays detect a malersal misslatemenl ¥then it exists. Mlsstslements can arSs6 from fraud or error and are consldored material rf. indlvidually or Sn the aggregate. they could reasonably be gxpecled to Influen¢e the ec¢)nomlc declslons of users taken the basis ol these financial statements. A further descfiplknn of ¢)ur r08ponsitxlltie8 Is aval180 th8 Financial Rgp(xting Coun¢s1's website at.. https'.11 wiyw.frc.ory.uklauditof8responsibilitiès. Thi$ doscript*)n fonns part of our auditorfs report. Ext•nt to whlch th• •udh was G(Mld•r•d cwbl• of det•cllng lryularlll•s, In¢ludlng fraud Irrggularilies, induding fraud, are instances of nonthcomplianctr wlh and reguL9tions. We design proGedur•$ In Ilne wh our rosponsbililios. OU1ned above and on tho Financial Roporbng Council's website, lo detect m01èri81 misgtstements in respect of irregularilles. includiThJ fraud. Wè oblain and update our understanding of the gntity, iiy acbvibes, its control enwronmgnt, likely future developments. includirwj in relatlon lo the legal and rggulatory framewi>rk applicab and how the entity is comptying thal fromework. Based on this understsnding. we Klentsfy and assgss thè risks of materfal misstatement of the finanual ststemenls, wtsther due to fraud or error. deslgn and perfomi 8udit PTocedures re8ponslve lo those risks. and obtain audit evidence that 18 suffiryent and aPPTopriale lo provide a basls for our opinion. This Includes consideration of the risk of acts by the entity that were contrary lo applicable laws 8nd regulation8, induding fraud. In rgsponse lo the risk of kregularities a1 1vyKPlIar wilh laws and rogulations. indudlng fraud. we designed procedures whth Incl.. Enquiry of management and Ihose chargod wth govemanea amund actual and potential litigation and claims as wdl as actual. suspected and alleged fraud: Reviewing minutes of meetings of those charged with govemanc•; Assgssing the extent of compliance the laws and regulations considered to have a dirgct material effect on the financial statements or the Operatiry of thg entity thTough enquiry and Inspectlon.
EUSTACE HOOK & DRUMMOND MEMORIAL ALMSHOUSES INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES Reviewing financial stalemènt disclosur•s and testing to supFM)rting documentation to aFsess Complian wth 8ppl1ca1e laws and regu18tlons'. Perfofming aLrt work over thè risk of managgffnl bias and override of controls. hudIng evaluating the businèss rationale of signfficant transactions tsIde the norn1 course of business and revievhng aGGounting eslimales for lThJi¢ators ol polential bias. 8gcaus8 of the inherent limilalions of an audit. there is a risk that we wlll not delecl all lfftrgularities. inGILKling th086 leading to a material misstatgmenl in the financ4al statements or nonOmp1vance with regulallon. This rlsk increases the more that COmlanCe 8 law or regulation is removed from the events and transactions reflected In the finanryal sl8lements, as we wll be tess likdy lo becxNne aware ol instances of nc compliance. The risk of not detecting a material MIlateMent resulting from fraud 1$ hlghèr than for one resulting from error. as fraud may invobrn collusion. forgery. intenttonal omissions, misrepresentalK)n8, or the overrido of inlemal control. Us• of our r•port This report Is made solely to charfty's trust88S. a8 8 b(Mty. In •cwdance with part 4 of the Charltl88 (Accounts and Reports} Regulalion$ 2008. Our audit work has been undertaken so that we might State to the charity's tnjstees Ih08e matters we are required to state to thèm in an auditors. report and for no other purpose. To the fullest extent pefmitted ty18w, we do not accept or assume responsibility lo anyonts other than tho charfty the charfty'8 tw$teo$ 88 8 body. for our audit work, for thls report. or for tha opinions we have fom)gd. Mlch•ll• Wllk•• FCA (S•nlor Stalutory Audmty for and on b•h•lf off •t Audlt S•r¥lc•• Chartgr•d Account•nl• Statutory Auditor 13 July 2022 Gk)be Hou86 Edipsè Pa Sittbryboume Road Maldstone Kent ME14 3EN
EUSTACE HOOK & DRUMMOND MEMORIAL ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 Unr•¥tri¢t•d Unr•itsictèd funds funds 2021 2020 DOnaOnS and legacles Investmonts 43.818 4,757 42,810 ToLl Incom• 48,575 47.404 Charitablé artiwtie$ Other 45,830 8,080 34,153 6.554 Totsl •xp•ndltur• 53,910 40.707 N81 gain81{losse81 on inveslments 13,348 14,6351 N•t Incomo 8,013 2.062 Fund balar)¢o$ at 1 January 2021 339.678 337,616 Fund balances at 31 DK•fflb•r 2021 12 347.691 339,678 The statement of financlal actlvitses Wude$ all galns WKI kxsos recognised in the year. All InCme and gxpenthlure dorivo from ¢ontirnMng a¢bviLs.
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES BALANCE SHEET AS AT31 DECEMBER 2021 2021 020 Fix•d ass•ts Tangible assets Investmenls 37,514 165.139 56,272 145.019 202.653 201,291 Curr•nl ¥•s•ts Oeblors Cash al bank and In hand 10 744 150.955 744 142.492 151.699 143.236 Cr•dltors: amounts l•lllng du• wtthln on• y•ar 11 (6,661) (4,849) Net current assets 145.038 138,387 Tot•1 a•$•ts l••• ¢uff•nt Il•blllll•• 347,691 339,678 In¢om• fund* De$5gn8ted lund8: Fixed asset fund Investment fund other fvnd 7,124 165,139 30.390 10,686 145.019 45,586 Total de8lgn8ted fund8 General unreslrlcted fijnds 12 202,653 145.038 201.291 138.387 Unr88tricte<l lund8 13 347.691 339.678 The finanaal statements were apwoved by Ihe Tno186s on......... .... Dr AAshbeg (Chalrl Tru$t•e V Tipp ITreas Trustee and Secretary)
EUSTACE HOOK & DRUMMOND MEMORIAL ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting pollcles Charlty Inforniatlon Eustace Hook and Drummond monrIal Mmshows (the 'thariW) Is registored as a thaiity wrth the Chaiity Commission in England and Wales, Charity number 229908. The registered address is 27 Hollow Lane, Sn¢)dland, Kent, ME6 5LP. The 18 also rogi61efed with Homos EwJland under the Housing and Regeneration Act 2008. Tho naturo of the tharws opor8tKins and prin1 activitses is to provKl8 cost for poor persons who are not1os$ than sixty-five years of aga and were bom In, or have bgen on Inh8bllant for not less Ihan ton yo8r8 of. thg parish of SnrKll8nd. 1.1 Accountlng Con110 The finandal $tslements have been prepared in accordance with the ¢harfVs govemlng document, the Chorili08 Acl 2011 and 'Accounting and RepthThJ by Chariti88: Staterwt of Recommènded Practi¢0 appllcable to ch8ritles proparing thoir accounts in aco)rdanc• wilh the Flnarbcl81 Reporting Stsndanl appllcabl6 In ihe UK and Republic of Ireland (FRS 102) Issuod In October 2019, the Financial R&porting Standard applicable in United Kingdom and Republic of IrelaNI IFRS 102). tho Charities Act 20118nd UK Gon$ralty Accapt AcCnIty Pradke. Tho ¢harity18 a Publlc Benefit Entity 88 dofingd by FRS 102. The Gh8ty has takon advantsge of provision$ In the SORP for chorbtl•$ applylng FRS 102 Update Bulletln 1 not to prepare 8 Statement of Cash Flows. The financlal ststemnts havè departed from the Charities (Accounts and Reports) Regulallons 2008 only lo the extent requirod lo prowde # true and fair viow. This departure h88 Involvod following thè Statement of Recommended Practice lor charities aWykng FRS 102 rathgr than version of the Slalement of RoGommended Pr8¢tic8 1$ f•ferred lo In tho Regulations but which h•$ sinc• been withdrawn. Th& financlal slatements are prepared In sterllng. whlch is thè I111 ewr6rry of th• Charlty. Monetsry amounts In th98e flnand•l statements ar• roundgd to th• nearest £1. The finandol slalemonts have been prepared uThJgr the hi8lorlcal cost conventK>n. modrfiod lo include tho revaluatlon of fraèhold properts'es and to Indude Investmènt propertles and cartain financlal Instwm8nts al fr value. The principal accounliThJ policies a¢Jopted are sel out bolow. 1.2 Golng conc•m At the lime of 8pprovlThJ the financLg1 statements, the trustee8 have a roasonable expoctatlon that the charity has adequate resources lo continue in 0rational exislence for the foreseeable future. Thus trustees continuo to adw the going i%)rOrn basis of acc¢)untsn9 in proparing the financial statements. 1.3 Ch•rflable lund• Unrestrieted furyJ$ are 8V8dablè for use at the discreoon of Ihe trustees in furtherance of thelr tharftab obje¢tivg$. Designalgd funds cowise funds Wthich have bgen sel asKI8 at the discretion of the truslaes for specific purposes. The purposes and uses of the degnatfjd funds are set out In t notes lo the ffinanGial statements. 1A Incom? Maintenan¢8 contributths from reiAdents arn rgc(gniS os income ththen re¢thved by thè charlty. Grants. donaOn income and WK>)me from invests)wnts are recognisgd whèn recelvabbe. 10-
EUSTACE HOOK & DRUMMOND MEMORIAL ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng pollcl•s (Contlpu•dl 1.5 Expondlturo Al expendrture Is accounted for on an acttuals basis. Expondilure Is alkncAtgJ lo calewries ba$od on the amount attributable to Ihat aclivty in the year. Ifree<werable VAT is dlocaled against tho related exp8n88. 1.6 Tanglble fixgd •$$ets Tangible fixed assets (including sod•l hcwing properiiesl are $latsd at cost Tho c4)st of housing properties Indude8 the followng: D•vglopmenl expenditure, Ineludlng major structural refurblshment works. Amounts equal lo acquisilion and development oIknWare8 receivabl6. These costs are elther lam "qudlfywg costs. fry apwovod houslng assoctIon schemes end aro con8ld6rod for m¢ytgage loans by thè rn18¥ant bgn(ng authoritles. or aro mgt out of the Chadty'8 re8orvfj8. The cost ol ao4ulring the Chariiys land and IMxldlw8. hty•40ver. is not IrKJud8d. rrtle lo the almshousos is vested In the Chority under the tem)s of thg trust deeds d818d 30 July 19)0 8rKI 10 May 1904. The Charity h05 theref(Ye never In¢urred any co81 in acquirlNJ its land and buildings. The cost of housing larKI and bulldlngs is dèpreciated over Ihe lo 2023. The Truslees conslder th1$ lo be 8 réasonab reflect of the expgcled usefvl lrfe of thè development cosl. 1.7 Flx•d as••t Inv••tm•nts Flxed asset investments are initlally m•a$uTgd al tsaraCtIOn prkn exdLKllng transactlon c08ts. and are Subsequently moasured al fair value al each repng date. Ch8n9es in fair valuè are re(y)gni8od In nel Incomellexpendlturel for th• year. Transaction ¢osts are exp8nsed as incurred. 1.4 Impalmi•nt of flx•d a#s•ts At each reporting end dale. th¢ charity reviews tho carying amounls of its tanglblfr assets lo delemilne whether there Is any Indicolion Ihal those 8s5ets hove suffered an impairnienl loss. If any such Indicatlon 6xi$l$. thg recoverable amount of th& as1 Is e8tlmat8d In txdgr to delerThrn thè &xt0nl of tho impalrment loss (rf any). 1.9 Cash and calh •quival•nts Cash and cash equivalenls includo ca8h In hand 8fKI d•posils held al call wilh banks origlnal malurlties of thre6 months or less, and bank ovordraft5. 1.10 Flnanclal Instrum•nts The charity has elected lo apply the provisions of Se¢tKm 11 'Basic Flnancial Instrumgnts, 8nd Section 12 'Olhgr Flnandal Instrumonts Issues. of FRS 102 to all of tts fin8nd81 InstnJments. Finanual inslwments are recognised in the charitls balance shget v#hen the tharity becomes party to the contraclu81 proVi$S of tho in8lrument. Financial assets and liabilities are offseL wlth the net affw)unts presented in Ihe finala1 statements, when there is a16gally enforceable right lo sel off the T8gnised amounts arKI there is an intentlon lo settle on net basis or lo reallse the asset and 58tUe the liabillty slmultaneousty. Baslc Iln•ncll ass•ts Basic finanoal assets, which includfj debtors and cash and bank balances, are Inlllalty measurad at transaction prlce Including transaction costs and are subsequenyy carried at amortised cost using the effective interest method unless the arran98mont wistilules a financiThJ transadion. where the transaction is measured at the present value of the futu receipts discounted at a market rat& of interest. Financial assets classified as receivable within one year are not amorti. 11
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting pollc (Contlnu•dl 81¢ financl•l liabllltl•s Basic ffinanaal liabilis. induding cre(li10 and bank loans ar8 inilially rectsgnised al tran8adlon pr1( unless the arrangement constitut85 a financing transacii¢)n. where the dèbt instrumenl is measured al the present value of the future payments discounted at a market rate of interest. Finarrial liabili5 ¢la8srfled as payable wlhin one year are not anyxtised. Debl instruments art 8ubsequonty caniod at amorttsed cost, usiw effo¢1ive intewt rnte method. Tfad8 creditor8 are obllgations io pay lor gocrfls or servlce8 Ihat have beon ar4uired in tho ordinary course of operatlons from suppliers. AnTr)unts payable are classified as current liabilrties rf paY1rnt is due within one year or lèss. If not, they are prtssenled as kw)n-curroft1 liakn'litigs. Trade creditors are rec4)gnised initially al transaction pri¢è and subséquently rnasured al amortisgd cosl using th8 effo¢tive interost met11. D•rn¢ognftlon of Iln•n¢l•l Ilabllltlos Fin8n¢lal liabilits•s are derecognised Vthen th? charity's ¢ontractu81 obl1gatks •xpirfr or are di8th•rged (Y cancell•d. 1.11 Taxatlon The (arity 18 an ox•mpt tharty within the meaning of 1? 3 of ts Charit5 Act 2011 and 1$ ¢on8ldered to pass the lests sel in Paragraph 1 Schedul8 6 Financ• Act 2010 and thereforo tt meets the definltion of a tharitable wnpany lor UK corporatlon lax purposes. Crltlc•l aecounllng •stlm•l•x and Judg•m•nts In the appllcatlon of the LarlWs accountlng pdides. the truste88 are roqulred to make jLKl9emenl$, o$llmates and assumptions atll the Caffng annI of assets and liabl1 that are not rèadily apparent trom other sources. The estimates and asscoaled 8ssumpts.ons are basèd on historical exrIenCe 8nd ¢)ther factors that are considered to be •vant. Actual rosulls may differ from thasa estimatès. The estlmatss and undetylng assumpliw8 are reblewed on an ongolng b8sls. Revlslons to a¢untIng estimates aro rgcognised in the period in which the estimatè is r8vi8od whern thg revlsion affocls only that perlc#J, or In the pericJ of th8 revislon and future per)d$ vthero the vIsIon affecls both crren1 and futur& periods. The followlrwJ are the significant monagem•nl judgements made in applylw thg accounting policles of the charity t1 have had the gignifK8nt effect on amounts r•c4)gnls•J in the financial statements: Valuation oftongible fixed 8ssets Houslng propeites In tanglblo fixed assèts are at deemed cost as at 1 January 2014. Valu8tm of Ilxed ossel investments Fixed asset inveslments are valued al closing MMI market valug al the balance sheet d8te. DonaUon* and l•ga¢l•• 2021 2020 Maintenance contribubo 43.818 42.810 12-
EUSTACE HOOK & DRUMMOND MEMORIAL ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2021 Income from inv•stm•nts 2021 2020 Inccrtne on iDV8Stment fijnd Interesl receivable 4,732 25 4.315 279 4,757 4,$94 Charltabl• aetlvltl•s 2021 2020 Rates and water Llght and h8al Propety repairs and malntenance lrnur8nco Depredation freehold 3.022 569 22.239 1.242 18.758 3,428 10,253 1,208 18,758 45,830 34.153 Tru8t••s The ¢harity h8d no employees during tho yw {2020: Nil). The sec*8tsry re¢6lved aggregate fees for her work amouniing to £1,76012020.. £1,681). The secretary was also reimbursed £11012020.. £Nil) in rospect ol malnlenance c08ts of wtii¢h 8he paid ftjr personally, on behaw of the charty. No other truslees received rtsmuneration fr( Ihe chanty during ts year {2020'. £Nil). No expenses were paid or reimbursod to other trustees during tha year12020.' £Nill. Oth•r 2021 2020 Bank charges and Interest Auditorfs remuneratlon Othgr non-audit fe68 Secret8ry's fees Subscrfptlons Sundry 105 4,200 1,692 1,760 3C 23 2.592 1.476 1.681 661 40 8,080 6.554 13-
EUSTACE HOOK & DRUMMOND MEMORIAL ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Tangibh flxed assets D•velopm•nt and reIbl5hMent ¢o$ts Colt At 1 January 2021 538,176 At 31 Decomber 2021 538,176 D•prnclallon At 1 Janu8ry 2021 Drealn chary8d in th• year 481,904 18,758 At 31 D8mber 2021 500.662 CaTrylng amount Al 31 December 2021 37.514 At 31 D0mber 2020 56,272 Al the balanco sheet dale. the charity owned property conlalned ton {2020'. lenl rtwelng unlts. Al ten ol the units were in use throughout the year for one principal adivity of the chanty. The cost of 8cquiring th8 Charlvs hou$iNJ tand and buildlngs. is not InLknded in the above. Tllle to the 8lmshou88s Is vested In the Chartty under the 18mis of the trust deeds dgled 30 July 1900 and 10 May 1904. Tho Charlty has Ihefefore n8Vor in(rred any o)st In acqulrbng tts land and bulldlngs. Flx•d as•t Inv••tm•nts Ust•d InvMants Co#t or valu)Ilon Al 1 January 2021 Addition¥ valuati changes 145.019 6.772 13.348 At 31 Oecember 2021 165.139 C•rrylng amount At 31 December 2021 165,139 At 31 December 2020 145,019 14-
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Flxed aM•l inv•stm•nts (Conllnuod) Lbsted Inveslments are val1 at dosing mKl•market value al the bd8nce sheet dats. The hrstorical cost of fixed asset Invo$trn6nts 1$ £107,954. Maleflal Investrnents (Comprin9 more than 5% of Ihe tha11$ overall share portfolio by value) at the balance sheet date were as foJkyK: IAarket Valug M&G Charty Multi Asset Fund Accumuuition Units BlackRock Charttvas VK Equity Fund AA¢¢umul•tk)n Units Blo¢kRc¢k Charitie8 UK Bond Fund AAcuJmulatyon Units 94.778 56.899 9,293 10 D•btor•: amounts f•lllng du• wlthln on• y••r 2021 2020 Prepayments and attrued income 744 744 11 Cr•dhor•: amounts falling dts• T*llhln on• ymr 2021 2020 cru81s and dofarred hKom8 6,661 4.849 15-
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 12 D•slgnat•d funds The In¢e fvnds of the charity Indude Ihe folltxing designated fund$ whSch have b8en sot a$lde out of unrestricted funds by the tsustees lor specffic purposes". B•lanc• •1 1 J•nu•ry 2021 d••ly JI D•c•mb•r 2021 Flxed asset fvnd Investrnenl fvnd Other fund 10.686 145.019 13.562) 7,124 165,139 30.390 20.120 (15,196) 201,291 20,120 (18,758) 202,653 N•w e•l•n¢• •¢ JI r•kn•• C>K•mb•r 202fj Fixed a$$èt fund Investment lund Other fund 14.248 123.278 60.782 13,5621 (4,635) (15.196) 10,686 145,019 45,586 26.376 198,308 26,376 {23,3931 201,291 Flxed asset fur - Ihis fund holds the investrnent wthlch 18 U88d as the maln premises of th¢ Charty arKI lor inc<Nn¢ g6ner8ti0n. Inve8trn•nt fund - those fund8 arg wwoBled to m8ximi8e total rotum and g8nor8te Income. other fund- these funds relate to a govemment grant first iS5u8d In 2004, vknkh18 bglng written doNffi on a 8tr8i9hl line basis to 31 Drnber 2023. 13 An•lysl• of net •sMts b•lw•on fund Unr••trktod Unr•stricted fund• fund 2021 2020 Fund balances at the reporting date are represent by: Tangible assets Investments Current assets 37,514 165,139 145.038 56,272 145,019 138,387 347,691 339.678 16-
EUSTACE HOOK & DRUMMOND MEMORIALALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 14 Financlal Instrumonts 2021 2020 Carrylng amount of financial amets Instruments measured al fair value throW profit or105S 165.139 145,019 Carrylng amount of fln•nclal li•bllltl•$ Measured al amortised cost 6,661 4,849 15 R•lal•d party tr•ns•ctlon• There were no related paty transactlons year12020: none), olher than thw stlpulated in Nole 17-