2021-03-31-accounts - The Hermitage Almshouses

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THE HERMITAGE ALMSHOUSES TRUST CHARITY NO: 231011

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

THE HERMITAGE ALMSHOUSES TRUST INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Trustees' Report	1-2
Independent Examiner's Report	3
Income and Expenditure Account		4
Balance Sheet	5
Notes to the Accounts	6-7

THE HERMITAGE ALMSHOUSES TRUST THE TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

Trustees:

(as at 31 March 2021)

Mrs R Black (Chairperson) Mr C Hopkins Mr C Kennedy Dr H Powell Mr P Reynolds Mr N Tatman Ms R Wheeler (Clerk to the Trust) Mrs K Pearce Revd J Mintern

THE HERMITAGE ALMSHOUSES TRUST THE TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trust

The Hermitage Almshouses Trust is a registered charity, No 231011, under the Charities Acts of 1992 and 1993.

The property owned and administered by the Trust consists of nine selfcontained bungalows, suitable for both single and double occupancy and a Wardens House.

No rent is charged. However, dues are charged monthly in order to contribute towards the running costs of the properties and their environment.

Overall objectives of the Trust

To provide accommodation for retired professional persons who are unable, due to lack of capital, to purchase their own home, or have difficulty securing suitable rented accommodation.

Overall objectives of the Trust in the year 2020/2021

• To continue to maintain and improve the fabric of the buildings and to improve the comfort of the residents without the need to increase the dues in disproportion to the cost of living index and improve safety standards where possible.

• To maintain our ongoing record of care and support of all residents.

Achievement of objectives in the year 2020/2021

Monthly coffee mornings have had to be discontinued this year due to Covid restrictions, though occasional events with groups of residents sitting by their doors have occurred when restrictions and weather have permitted. Additional support has been given to those residents who have been shielding.

One of the units has had a major refurbishment, while a second unit has had a new bathroom fitted and a further unit has had a more limited refurbishment. As we upgrade units, we are replacing baths with walk in showers to improve access for any resident with mobility issues.

Renee Wheeler

Clerk to the Trust

THE HERMITAGE ALMSHOUSES TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

I report on the Accounts of the Trust for the year ended 31 March 2021 which are set out on pages 4 to 7

Respective Responsibilities of Trustees and Examiner

The Charity's Trustees are responsible for the preparation of the Accounts. The Charity's Trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the 1993 Act)) and that an independent examination is needed.

It is my responsibility to:

Examine the Accounts (under section 43(3)(a) of the 1993 Act):
To follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 43(7)(b) of the 1993 Act); and
To state whether particular matters have come to my attention.

Basis of Independent Examiner's Report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the Accounts presented with those records. It also includes consideration of any unusual items or disclosures in the Accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently, I do not express an audit opinion on the view given by the Accounts.

Independent Examiner's Statement

In connection with my examination, no matter has come to my attention.

which gives me reasonable cause to believe that in any material respect, the requirements:
to keep accounting records in accordance with section 41 of the 1993
Act; and
to prepare Accounts which accord with the accounting records and to comply with the accounting requirements of the 1993 Act
have not been met; or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached.

D N Blackwell FCA Pigeon House Eastbury Hungerford

Berks RG17 7JQ 12 April 2021

THE HERMITAGE ALMSHOUSES TRUST INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021 UNRESTRICTED FUNDS

		2021	*2020*
		£	£
Income Resources
Deposit Interest		0	0
Grants Received		0	0
Income Tax Reclaim		0	0
Investment Income		8282	7429
Rental (Wardens’ House)		8936	8760
Residents' Dues		36132	39564
Sundry Income		14	172
Total Income Resources		53364	55925
Resources Expended
Building Refurbishment	26853		6308
Electricity	634		662
Emergency Call Service	530		530
Garden Maintenance	7340		6192
Heating Oil	4013		7844
Insurance	1878		1831
Maintenance & Renewals	10539		5102
Professional Fees	0		924
Salaries	1704		2778
Subscription	361		0
Sundry Expenses	424		253
Telephone	120		144
Water	1972		1208
Total Resources Expended		56368	33776
Net Incoming (Outgoing)
Resources before Transfers		(3004)	22149
Net Incoming (Outgoing)
Resources for the year		(3004)	22149
Gains/(Losses) on Investment
Revaluation		48557	(10458)
Net movement in funds		45553	11691
Balance brought forward at 1 April
2020		337592	325901
Balance carried forward at 31 March		383145	337592

2021

THE HERMITAGE ALMSHOUSES TRUST BALANCE SHEET AS AT 31 MARCH 2021

		2021	*2020*
	Notes	£	£
Fixed Assets
Tangible Fixed Assets	2	47764	47764
Investments	3	283537	234980
		331301	282744
Current Assets
Cash at Bank and in hand		51844	54848
Total Net Assets		383145	337592
Funds
Unrestricted		383145	337592
Restricted		0	0
		383145	337592

Approved by the Trustees at their meeting on 24 May 2021 and signed on their behalf by:

Mrs R Black

………………………………………………………………….. Trustee

Ms R Wheeler

………………………………………………………………….. Clerk / Trustee

THE HERMITAGE ALMSHOUSES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

1. Accounting Policies

(a) The Accounts are prepared under the historical cost convention, except that investments held as fixed assets are stated at market value. They are also prepared in accordance with applicable accounting standards and the Statement of Recommended Practice for Accounting by Charities.
(b) Grants receivable

Grants made towards the cost of acquiring fixed assets are capitalized and written off over the useful life of the assets as recommended by Standard Accounting Practice 4.

Other grants of a revenue nature are included in the income and expenditure account in the same period as the expenditure to which it relates.

Depreciation is not provided in respect of the freehold property which is repaired and maintained on a regular basis as required. The Trustees consider that the value of the property is in excess of the cost figure shown on the Balance Sheet.

(d) Transfer between funds

Transfers are made from unrestricted funds to restricted funds to the extent that expenditure is in excess of income.

2. Tangible Asset Freehold Property

	2021	*2020*
	£	£
Freehold Property
Cost at 1 April 2020 and 31 March 2021	47,764
47,764
Net Book Value
At 1 April 2020 and 31 March 2021	47,764
47,764

The Freehold Property consists of nine freehold almshouses and a two bed roomed house.

THE HERMITAGE ALMSHOUSES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

3. Fixed Asset Investments

Opening Valuation at 1 April Cash added to Investment Portfolio Gain/(Loss) on Investment Revaluation Closing Valuation at 31 March	2021 £ 234980 - 234980 48557 283537	2020 £ 215438 30000 245438 (10458)
		234980

The book cost of the Investments is £232,914 (2020 £232,914). Investments are in Income Units of the COIF Charities Investment Fund managed by CCLA Fund Managers Ltd