2021-12-31-accounts

Registered Charity number 229982

The Bradfield Feoffees Charity

Trustees' Report and Accounts

for the year ended 31 December 2021

Contents

	Page
Reference and Administrative Information	1
The Feoffees' Report	2 - 4
Independent Examiner's Report	5
Statement of Financial Activities	6
Balance Sheet	7
Notes to the accounts	8 - 13

The Bradfield Feoffees Charity

Reference and Administrative Information

Charity name:	The Bradfield Feoffees Charity	The Bradfield Feoffees Charity
Registered numbers:	Registered charity number 229982
	Registered Almshouse Association number M1848
Principal address:	C/o Gibbs & Co
	Chartered Certified Accountants
	The Grange, Church Street
	Dronfield
	S18 1QB
Current Trustees:	Mrs P M Bancroft
	Mr J Barrand
	Mr J Cass
	Mrs J Gregory	(from 26 October 2021)
	Mrs J Hodson	(until 26 October 2021)
	Rev'd A Isaacson
	Mr J G L Marples	(from 24 May 2022)
	Dr R M Panniker	(until 22 February 2022)
	Cllr V Priestley
	Miss P Ravenhill	(until 26 October 2021)
	Mr D Wragg
Management Committee:
	Rev'd A Isaacson
	Dr R M Panniker	(until 22 February 2022)
	Cllr V Priestley
Clerk:	Mr S J Gibbs FCCA
Assistant Clerk:	Mrs J A Gibbs
Independent Examiner:	Grant Wade BA ACA
	Wells Richardson
	Chartered Accountants
	Rutland Road
	Sheffield
	S3 8DP
Bankers:	HSBC Bank plc
	Carmel House
	49-63 Fargate
	Sheffield
	S1 2HD

1

The Bradfield Feoffees Charity

The Feoffees Report for the year ended 31 December 2021

The Feoffees present their Report and Accounts for the year ended 31 December 2021. The information shown on page 1 forms part of this report. The Feoffees are also referred to as Trustees in this report.

Objectives and activities

Objects

The Charity provides general needs housing for people living within or connected to the Parish of Bradfield. The Trustees also have responsibilities to further the religious and other charitable work of the Church of England locally.

Main activities

The Charity provides low cost homes to residents with local connections. It also provides a property at a comparable rent to the Bradfield Parochial Church Council to assist it with housing their Verger and makes grants to that Church under it's constitution.

Achievements and performance

Fair review of the charity's business

The Charity continues to upgrade its housing stock in a rolling programme established following a professional quinquennial inspection. In particular taking advantage of vacant properties and Resident transfers to upgrade kitchens and bathrooms. Repair and maintenance costs of £22,366 (2020 £26,555) were incurred this year.

Financial Review

An operating surplus has arisen of £32,031 (2020 surplus £32,418) before unrealised gains on investments. This was also before putting aside £42,317 (2020 £20,816) to appropriate designated funds as detailed in note 12 to the accounts. The Balance Sheet demonstrates that the Charity had £137,141 (2020 £103,535) in net current assets along with £353,708 (2020 £299,601) in fairly liquid reserves towards long-term repairs and unforseen eventualities.

In accordance with charity law the Feoffees certify that:

• so far as we are aware, there is no relevant accounting information of which the examiner is unaware; and

• as Feoffees we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant accounting information and to establish that the charity's examiner is aware of that information.

Risk management

The trustees regularly review the risks to which the charity is exposed and have followed the Guidance of the Charity Commission in regard to Risk Management. They do not consider that there are any substantial risks beyond the liabilities disclosed in the financial statements. Investment decisions are only made following a Resolution of the Trustees in meeting and having regard to the suitability of investments and the need for diversification. The charity holds public liability insurance under the National Association of Almshouses Insurance Scheme.

2

The Bradfield Feoffees Charity

The Feoffees Report for the year ended 31 December 2021

Reserves policy

Charities with property are encouraged to maintain special long-term reserves to ensure that they can meet the significant costs that can arise in maintaining them. Specific repair funds are held in recognition of this over long periods of time and a short-term cyclical reserve is intended to smooth more immediate repair cycles, for items such as re-decoration.

The Charity aims to maintain sufficient general reserves (Revenue fund assets) to cover three months' worth of recurring expenses together with a liquidity buffer to allow for any unforeseen urgent repair costs to be carried out. At the year end, the General Fund free reserves were £179,047 (2020 £142,726).

Structure Governance and Management

Governing document

The Feoffees date back to the 15th Century when some land was placed in trust for the repair of the church and for the relief of the poor of Bradfield, though use of the term Feoffee dates back to the Crusades. The trust acquired charity status in 1882 and is now subject to a Charity Commission Scheme sealed in 2002. In 1988 the charity registered as a Housing Association enabling it to develop its social housing activities, de-registering on 5 December 2016. In 1998 the charity became a member of the Almshouse Association.

Appointment of Trustees

With the exception of the Rector, whom is ex-officio, trustees are appointed for a term not exceeding four years. Retiring trustees are eligible for re-election or may be co-opted again. Potential trustees are nominated for election by the Bradfield Parish Council and the Bradfield Parochial Church Council. New trustees are fully appraised of their duties and responsibilities.

Induction and training of Trustees

New Trustees receive a comprehensive welcome pack and access to our professional staff for guidance. Given the size of the organisation all Trustee training is indirect and informal.

Organisational Structure

The trustees are ultimately responsible for all the activities of the charity. The trustees meet on a regular basis in order to consider the business of the charity. A management committee, appointed by the trustees, holds devolved responsibility for the operational affairs of the Charity. The management committee is headed by the Chairman, who has the full delegated power of the trustees in carrying out the day to day business of the Charity.

Setting key personnel pay levels

An annual review of pay takes place in a meeting of the Feoffees, increases are normally in-line with increases in the retail Price Index.

Plans for future periods

Given the planning and other constraints on the Charity's property, planning tends to be restricted to making the best of its invariably traditional build properties in keeping with the modern expectations of the Residents.

Going concern

No material uncertainties have been identified which might impact on the Charity's ability to continue.

3

The Bradfield Feoffees Charity

The Feoffees Report for the year ended 31 December 2021

Statement of Public Benefit

Our main activities and who we try to help are as set out below:

a. To provide affordable housing to that section of the public associated with the Parish of Bradfield, whom have demonstrated the greatest need; and

b. To assist the Church of England Churches situated within the Parish through making grants or other means that indirectly assist them in providing places of public worship.

The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity.

Independent Examiner

A resolution to reappoint Grant Wade as the Independent Examiner will be proposed at the annual general meeting.

Trustees' Responsibilities

The Charities enactments and regulations require the Trustees to prepare financial statements for each financial year which give an accurate reflection of the state of affairs of the charity and of the surplus or deficit for the year. In preparing those financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in existence.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities enactments and regulations. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees on 27 September 2022.

Mrs J Gregory Trustee

4

The Bradfield Feoffees Charity Independent Examiner's report on the accounts of The Bradfield Feoffees Charity - Charity number 229982

I report to the trustees on my examination of the accounts of the Charity (the Trust) for the year ended 31 December 2021, as set out on pages 6 to 13.

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 Trust's accounts carried out under section 145 of the 2011 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 can confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that, in any material respect:

• the accounting records were not kept in accordance with section 130 of the Charities Act; or

• the accounts did not accord with the accounting records; or

• the accounts did not comply with the applicable requirements concerning the form and content of the 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 independant examination.

I have no concerns and have come across no 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.

Grant Wade BA ACA Wells Richardson Chartered Accountants

28 September 2022

Cannon House Rutland Road Sheffield S3 8DP

5

The Bradfield Feoffees Charity

Statement of Financial Activities

for the year ended 31 December 2021

			Unrestricted		Unrestricted
			Funds		Funds
			2021		2020
	Note		£		£
Income
Charitable activities	2		90,590		91,795
Investment and miscellaneous income	3		1,170		1,376
Total income			91,760		93,171
less Expenditure on:
Charitable activities	4		56,229		58,253
Grants and donations - Bradfield St Nicholas			3,500		2,500
Total expenditure			59,729		60,753
Operating surplus			32,031		32,418
Net gains on investments			46,607		23,083
Surplus for the year			78,638		55,501
Transferred (to) / from Designated Reserves	12		(42,317)		(20,816)
			36,321		34,685
Revenue Fund
At the beginning of the year			142,726		108,041
At the end of the year		£	179,047	£	142,726

The results relate wholly to continuing activities.

The notes on pages 8 to 13 form an integral part of these accounts.

6

The Bradfield Feoffees Charity

Balance Sheet

as at 31 December 2021

Fixed assets Note Property and investment property Housing Properties 5 Investments 6 Current Assets Trade receivables 7 Cash and cash equivalents 8 Current Liabilities Creditors: amounts falling due within one year 9 Net Current Assets Total Assets less Current Liabilities Unrestricted Funds Designated Funds 11 Capital Fund Housing Property Fund Housing Repair Funds Cyclical Repairs Fund Revenue Fund 13	£ £ 602,400 353,708 956,108 5,037 137,151 142,188 5,047 137,141 1,093,249 £ 1,093,249 1,600 602,400 297,202 13,000 179,047 £ 1,093,249 2021 Unrestricted Funds	£ £ 602,400 353,708 956,108 5,037 137,151 142,188 5,047 137,141 1,093,249 £ 1,093,249 1,600 602,400 297,202 13,000 179,047 £ 1,093,249 2021 Unrestricted Funds	£ £ 611,475 299,601 911,076 4,251 104,703 108,954 5,419 103,535 1,014,611 £ 1,014,611 1,600 611,475 246,810 12,000 142,726 £ 1,014,611 2020 Unrestricted Funds	£ £ 611,475 299,601 911,076 4,251 104,703 108,954 5,419 103,535 1,014,611 £ 1,014,611 1,600 611,475 246,810 12,000 142,726 £ 1,014,611 2020 Unrestricted Funds
		956,108 137,141		911,076 103,535
	142,188 5,047		108,954 5,419
	£ £		£ £
		1,093,249		1,014,611
		1,093,249		1,014,611
		1,600 602,400 297,202 13,000 179,047		1,600 611,475 246,810 12,000 142,726
		1,093,249		1,014,611

The notes on pages 8 to 13 form an integral part of these accounts.

The accounts on pages 6 to 13 were approved by the Trustees on 27 September 2022 and signed on their behalf by:

Mrs J Gregory Trustee

Mr J Cass Trustee

7

The Bradfield Feoffees Charity

Notes to the accounts for the year ended 31 December 2021

1 Basis of preparation

Statement of compliance

The Bradfield Feoffees Charity is a registered charity No. 229982. It deregistered as a Housing Association No. A3821 on 5 December 2016. The financial statements have been prepared in compliance with the Charity SORP (FRS 102 effective 2019).

1.1 Basis of accounting

These financial statements are prepared on a going concern basis under the historical cost convention modified to include the revaluation of investments and in accordance with:

• a. The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 effective 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

• b. The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) c. The Charities Act 2011

• d. The Charity is a public benefit entity.

• e. The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these statements are rounded to the nearest £.

The Charity has taken advantage of the exemption in FRS 102 Para.1.11 from the requirement to produce a cash flow statement on the grounds that it is a qualifying entity.

1.2 Accounting policies

Form of Financial statements

• a. Unrestricted Reserves

Unrestricted revenue reserves are available for use at the discretion of the Trustees.

• b. Designated Reserves

• The Trustees have the option to set aside unrestricted reserves called designated reserves for specific purposes. The aim of each fund is set out in the notes to the financial statements.

• c. Restricted Reserves Grants and donations received which have restrictions as to their use are included in restricted reserves.

• 1.3 Income and Debtors

• a. Turnover comprises income from rents and service charges which are recognised in the Statement of Financial Activities over the period in which they arose irrespective of when the amounts are received.

• b. Bank interest is recognised when it is credited to the account.

1.4 Expenditure and Liabilities

• a. Expenditure is accounted for on an accruals basis.

• b. Liabilities are recognised as soon as there is a legal or constructive obligation to pay out resources.

• c. Expenditure includes irrecoverable VAT, where applicable.

8

The Bradfield Feoffees Charity

Notes to the accounts for the year ended 31 December 2021

• 1.5 Investments

• a. Investments are stated at market value at the balance sheet date.

• b. Net realised investment gains and losses for the year are disclosed in the Statement of Financial Activities. Unrealised gains and losses are disclosed in the investment revaluation reserve to the extent that the reserve is positive. Any excess deficits are taken to the general reserve.

1.6 Cash and cash equivalents

A CCLA deposit account balance is included in cash at bank, funds can be withdrawn on demand and can be expected to be available within ten days.

1.7 Taxation

The Charity is exempt from income and capital gains taxes under section 531 of the Income Tax Act 2007.

1.8 Freehold land and buildings, depreciation and impairment

• a. Freehold land and buildings

The Trustees have taken advantage of the optional exemption in FRS 102 which allowed first-time adopters to use a previous GAAP revaluation of housing property and use this value as its deemed cost at the date of transition 1 January 2014.

b. Depreciation.

Freehold land is not depreciated. In accordance with the new policy adopted under FRS 102, the Trustees consider that the deemed cost of housing property should be written off over its useful economic life of 50 years.

Freehold housing property 2% p.a. on a straight line basis

• c. Impairment

The Trustees have considered the fair value attributed to the housing properties under FRS 102 at the transition date and have reviewed the remaining useful life, the depreciation method and the residual value of the housing properties. The Trustees consider the residual values are not materially different to the fair value adopted at the transition date and that there is no indication of impairment.

d. Component accounting.

The Trustees have considered the application of component accounting under Housing SORP 2014 and the latest update to the Charities SORP applicable for accounting periods beginning on or after 1 January 2019. The Trustees determined that the effect of separately depreciating each material component would not materially affect the new depreciation policy adopted under FRS 102, therefore, component accounting is not applicable to the charity’s financial statements.

1.9 Capital Grants

Capital grants include grants receivable from the Homes and Communities Agency (the HCA). Capital grants received for housing properties are recognised in income over the useful life of the housing property structure (excluding land) under the accruals model. Under the accruals model, the capital grants are allocated to the related assets and amortised over the useful economic life of those assets. The unamortised amount is held within deferred income, split between less than one year and greater than one year. Prior to the introduction of FRS 102, capital grants were previously netted off the cost of the related asset.

9

The Bradfield Feoffees Charity

Notes to the accounts for the year ended 31 December 2021

2 Income from charitable activities

Income from charitable activities
Rents Service Charges	2021 £ 88,820 1,770 90,590	2020 £ 89,907 1,888
		91,795

It is understood that all of the Service Charges except for the portion expended on Light and Heat are eligible for Housing benefit.

Donated services

The Trustees are grateful for the on-going services of a retired Quantity Surveyor in helping with the progressing and planning of building and repair works on a voluntary basis.

3 Investment and miscellaneous income

Investment income Bank interest Miscellaneous income 4 Expenditure on charitable activities Salaries and wages Travel and disbursements Repairs and maintenance Insurance Light and heat Cleaning Legal and professional Independent examination Depreciation Sundry	2021 £ 815 20 335 1,170 2021 £ 17,766 99 22,366 3,151 823 319 1,205 960 9,075 465 56,229	2020 £ 909 102 365
		1,376
		2020 £ 17,249 37 26,555 3,066 498 744 - 720 9,075 309
		58,253

10

The Bradfield Feoffees Charity

Notes to the accounts for the year ended 31 December 2021

5 Freehold housing properties

Deemed Cost As at 1 January 2021 As at 31 December 2021 Depreciation As at 1 January 2021 Charge for the year As at 31 December 2021 Net Book value As at 31 December 2021 As at 1 January 2021	2021 £ 675,000 675,000 63,525 9,075 72,600 602,400 611,475	2020 £ 675,000
		675,000
		54,450 9,075
		63,525
		611,475
		620,550

Property

Some of the properties are subject to a charge in favour of the Homes and Communities Agency in respect of the contingent liability that represents historic Housing Association Grants. The book value of these properties is £459,596 (2020 £466,519).

6 Investments

Investments As at 1 January 2021 Additions Net Gains on revaluation As at 31 December 2021	Common Investment Fund accum holding Common Investment Funds other holdings Agricultural land Total £ £ £ £ 246,810 32,791 20,000 299,601 7,500 - - 7,500 42,892 3,715 - 46,607
	297,202 36,506 20,000 353,708

Agricultural land is held at cost less any impairment, the other investments are all stated at their respective fair values at the year end.

7 Trade Receivables

Trade receivables Payments-in-advance Rents	2021 £ 332 1,592 3,113 5,037	2020 £ 141 1,560 2,550
		4,251

11

The Bradfield Feoffees Charity

Notes to the accounts for the year ended 31 December 2021

8 Cash

8 Cash
CCLA Deposit fund balance Cash at Bank 9 Creditors and accruals Amounts falling due within one year: Trade creditors Rents and service charges paid in advance Taxation and social security Accruals and deferred income	2021 £ 75,187 61,964 137,151 2021 £ 965 1,657 118 2,307 5,047	2020 £ 75,178 29,525
		104,703
		2020 £ 817 2,107 108 2,387
		5,419

10 Contingent liability

A stipulation of the Homes and Communities Agency when the Charity deregistered as a housing association on 5 December 2016 was that it enter into a Deed acknowledging its obligation to repay £383,043 of Housing Association Grants received in the past in the event of it selling any of these charged properties. The Charity is unlikely to make such a sale, but were this to happen then the attributable grant on each unit would become repayable in full. In the event of such a sale, the relevant attributable grant would be treated as a liability in the accounts.

11 Analysis of Assets and liabilities between funds

2021 Tangible fixed assets Investments Current debtors Cash and cash equivalents Current liabilities	General funds Designated funds Total £ £ £ 602,400 602,400 56,506 297,202 353,708 5,037 - 5,037 122,551 14,600 137,151 (5,047) - (5,047)
	179,047 914,202 1,093,249

12

The Bradfield Feoffees Charity

Notes to the accounts for the year ended 31 December 2021

12 Designated Funds

2021 Capital fund Housing properties fund Extraordinary Repair fund Cyclical repair fund 2020 Capital fund Housing properties fund Extraordinary repair fund Cyclical repair fund	Balance brought forward Receipts/ (payments) Transfers Gains and losses Balance carried forward £ £ £ £ £ 1,600 - - - 1,600 611,475 - (9,075) - 602,400 246,810 - 7,500 42,892 297,202 12,000 - 1,000 - 13,000
	871,885 - (575) 42,892 914,202
	£ £ £ £ £ 1,600 - - - 1,600 620,550 - (9,075) - 611,475 217,919 - 7,500 21,391 246,810 11,000 - 1,000 - 12,000
	851,069 - (575) 21,391 871,885

The Capital fund was created on the advent of accrual accounting to recognise property costs initially.

The Housing properties fund represents the charity's let property interests which are held in pursuit of its objects.

The Extra-ordinary repair fund was established to support funding of major repair and refurbishment programmes and is intended to ensure the long-term viability of the Charity.

The Cyclical repair fund established to allocate funds towards short term recurring costs such as property redecoration, which are not incurred evenly each year.

13 Payments to Feoffees, Officers and employees

Payments to Feoffees, Officers and employees
Salaries and wages Social Security Costs Travel and other employee expenses	2021 £ 17,766 - 99 17,865	2020 £ 17,249 - 37
		17,286

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000. There were two employees during the year (2020 two).

14 Housing stock

General needs units in management Housing accommodation available for letting: At the beginning and end of the year	2021 17	2020 17

15 Trustees' Remuneration and Related Party Transactions

• a. No Trustee received any salary or remuneration during the year for services as a Trustee (2020 £Nil).

• b. No Trustee or person related to a Trustee had any personal interest in any contract or transaction entered into by the charity during the year.

13