THE HERMITAGE ALMSHOUSES TRUST CHARITY NO: 231011
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
THE HERMITAGE ALMSHOUSES TRUST INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| 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 2022
Trustees:
(as at 31 March 2022)
Mrs R Black (Chairperson) Mr C Hopkins Mr C Kennedy Revd J Mintern Mrs K Pearce Dr H Powell Mr P Reynolds Mr N Tatman Ms R Wheeler (Clerk to the Trust)
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THE HERMITAGE ALMSHOUSES TRUST THE TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
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 2021/2022
• 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 2021/2022
Occasional events of coffee and cakes with groups of residents sitting by their doors have continued when Covid restrictions and weather have permitted. Additional support has been given to those residents requiring it during periods when restrictions have been in place.
Two of the units have had a refurbishment to bathrooms, converting them to walk in showers. Paths around the site has been improved by replacing steps with ramps to aid both foot and wheelchair access.
Renee Wheeler
Clerk to the Trust
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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 2022 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:
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Examine the Accounts (under section 43(3)(a) of the 1993 Act):
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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
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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.
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which gives me reasonable cause to believe that in any material respect, the requirements:
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to keep accounting records in accordance with section 41 of the 1993
-
Act; and
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to prepare Accounts which accord with the accounting records and to comply with the accounting requirements of the 1993 Act
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have not been met; or
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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
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Berks RG17 7JQ 03 May 2022
THE HERMITAGE ALMSHOUSES TRUST INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 UNRESTRICTED FUNDS
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Income Resources | |||
| Deposit Interest | 0 | 0 | |
| Grants Received | 0 | 0 | |
| Income Tax Reclaim | 0 | 0 | |
| Investment Income | 8448 | 8282 | |
| Rental (Wardens’ House) | 9036 | 8936 | |
| Residents' Dues | 39031 | 36132 | |
| Sundry Income | 80 | 14 | |
| Total Income Resources | 56595 | 53364 | |
| Resources Expended | |||
| Bank Charges | 15 | 0 | |
| Building Refurbishment | 34072 | 26853 | |
| Electricity | 588 | 634 | |
| Emergency Call Service | 530 | 530 | |
| Garden Maintenance | 5400 | 7340 | |
| Heating Oil | 10585 | 4013 | |
| Insurance | 1783 | 1878 | |
| Maintenance & Renewals | 2136 | 10539 | |
| Salaries | 2388 | 1704 | |
| Subscription | 187 | 361 | |
| Sundry Expenses | 273 | 424 | |
| Telephone | 51 | 120 | |
| Water | 1122 | 1972 | |
| Total Resources Expended | 59130 | 56368 | |
| Net Incoming (Outgoing) | |||
| Resources before Transfers | (2535) | (3004) | |
| Net Incoming (Outgoing) | |||
| Resources for the year | (2535) | (3004) | |
| Gains/(Losses) on Investment | |||
| Revaluation | 24470 | 48557 | |
| Net movement in funds | 21935 | 45553 | |
| Balance brought forward at 1 April | |||
| 2021 | 383145 | 337592 | |
| Balance carried forward at 31 March | 405080 | 383145 |
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2022
THE HERMITAGE ALMSHOUSES TRUST BALANCE SHEET AS AT 31 MARCH 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed Assets | |||
| Tangible Fixed Assets | 2 | 47764 | 47764 |
| Investments | 3 | 308007 | 283537 |
| 355771 | 331301 | ||
| Current Assets | |||
| Cash at Bank and in hand | 49309 | 51844 | |
| Total Net Assets | 405080 | 383145 | |
| Funds | |||
| Unrestricted | 405080 | 383145 | |
| Restricted | 0 | 0 | |
| 405080 | 383145 |
Approved by the Trustees at their meeting on 9 May 2022 and signed on their behalf by:
Mrs R Black
………………………………………………………………….. Trustee
Ms R Wheeler
………………………………………………………………….. Clerk / Trustee
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THE HERMITAGE ALMSHOUSES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022
1. Accounting Policies
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(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.
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(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.
- (c) Depreciation
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
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Freehold Property | ||
| Cost at 1 April 2021 and 31 March 2022 | 47,764 | |
| 47,764 | ||
| Net Book Value | ||
| At 1 April 2021 and 31 March 2022 | 47,764 | |
| 47,764 |
The Freehold Property consists of nine freehold almshouses and a two bed roomed house.
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THE HERMITAGE ALMSHOUSES TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022
3. Fixed Asset Investments
| Uni ts 2022 £ Opening Valuation at 1 April 15816.75 283537 Cash added to Investment Portfolio - 283537 Gain/(Loss) on Investment Revaluation 2447 0 Closing Valuation at 31 March 15816.75 308007 |
2021 £ 234980 - 234980 48557 |
|
|---|---|---|
| 283537 |
The book cost of the Investments is £232,914 (2021 £232,914). Investments are in Income Units of the COIF Charities Investment Fund managed by CCLA Fund Managers Ltd
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