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2020-12-31-accounts

Charity number: 234234

Regulator of social housing number: A2704

THE SYBIL CARTHEW TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

THE SYBIL CARTHEW TRUST

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 5
Accountants' report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 20

THE SYBIL CARTHEW TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees Mr A J Hubbard, Chair
Mrs J Gowen, Vice Chair
Mrs P Fenn
Mrs R Seagers
Mrs A Bell
Mr R Boother
Charity number
Regulator of social
housing number
234234
A2704
Principal office
Carthew Court
11 Station Road
Woodbridge
Suffolk
IP12 4AU
Accountants
Larking Gowen LLP
Chartered Accountants
1 Claydon Business Park
Great Blakenham
Ipswich
IP6 0NL
Bankers
Barclays Bank Plc
4 Church Street
Woodbridge
Suffolk
IP12 IDJ

Page 1

THE SYBIL CARTHEW TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Sybil Carthew trustees have pleasure in presenting their report and the financial statements of the charity for the year ended 31 December 2020. The information on page 1 forms part of this report.

CONSTITUTION AND OBJECTIVES

The Sybil Carthew Trust was set up under the Charity Commission Scheme on 1 April 1969, revised on 9 February 1984.

Mrs Sybil Carthew bequeathed land at Station Road, Woodbridge and money with which to build homes for the elderly. An additional small grant from the Housing Corporation enabled the buildings to be completed for occupancy in 1971. They were designed with the object of combining individual privacy with the advantages of a congenial community atmosphere and special amenities that such a community can offer.

The aim of the charity is to provide sheltered accommodation for men and women.

The trustees who served the charity during the year are shown on page 1.

All administrative decisions have to be agreed by the Trustees at their regular meetings.

APPOINTMENT OF AND TRAINING OF TRUSTEES

When a vacancy for a trustee occurs, a search is made for candidates from in, or around, the town of Woodbridge. The one who most closely matches the skills brought by the former trustee will be chosen. On appointment, new trustees are given copies of the constitution, the accounts for the previous year and the rules and regulations of the almshouse. All trustees are encouraged to attend courses on the roles and responsibilities of trustees; and on almshouse management.

The Trustees have reviewed the Governance and Financial Viability Standard Code of Practice issued by the Regulator of Social Housing and consider that the Trust is compliant.

RISK

The charity has conducted its own review of the major risks to which it is exposed, and systems have been established to mitigate those risks. These procedures are periodically reviewed to ensure that they still meet the needs of the charity, and take account of the latest legislation and regulations.

I NVESTMENTS

The trustees have chosen to invest in Common Investments Funds established under the Charities Act 2011. The investments are listed in Note 10 of the accounts and are subject to regular review.

The investments yielded a gross return of 1.7% on the Market Value (2019: 2.6%). The capital value decreased by 12.6% (2019: increased by 17.3%)

RESERVES

At the end of the year the reserves were £558,816 (2019: £577,241) of which £131,589 (2019: £133,524) was represented by fixed assets. The significant reduction in reserves was due to the decrease in Market Value of the investments held by the Trust.

ACTIVITIES AND ACHIEVEMENTS

In line with the objectives of the Trust, during the year accommodation for a total of 17 men and women in 15 units, with one flat becoming vacant.

In accordance with guidelines from the Almshouse Association, amounts continue to be allocated to a designated fund for cyclical maintenance and to a restricted fund for extraordinary repairs. The aggregate funds

Page 2

THE SYBIL CARTHEW TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

are intended to enable sufficient reserves to be available to cover a cyclical maintenance programme and the cost of any extraordinary repairs that may arise and to help with the capital cost of rebuilding or adapting the Trust’s buildings as may be required in the foreseeable future.

Taking into account contributions of £nil to the Cyclical Maintenance Fund and £nil to the Extraordinary Repair Fund, there was an operating unrestricted surplus of £15,2491 for the year. This compares with an unrestricted surplus of £592 in the previous year. The increase in operating surplus on unrestricted funds is due to the fact there has been no transfer to the Extraordinary Repairs fund in the year compared to a transfer of £14,190 in the previous year.

There was no expenditure from the Cyclical Maintenance Fund or from the Extraordinary Repair Fund during the year. Further expenditure from the Extraordinary Repair Fund will occur in 2021 with extensive works being carried out to cantilever balconies.

Page 3

THE SYBIL CARTHEW TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

VALUE FOR MONEY METRICS

2020 2019
1 Reinvestment %
Investment in housing properties in the year as a
percentage of the gross book value at the year end		 0.0% 0.0%
2a New supply delivered (social housing units) Nil Nil
2b New supply delivered (social housing units) Nil Nil
3 Gearing %
Net debt (loans - cash) as a percentage of the gross
value of housing properties		 -123.7% -107.5%
4 Earnings before interest, tax, depreciation, and
amortisation (EBITDA, major repairs included)
interest cover %
The level of surplus generated compared to interest
payable		 N/A N/A
5 Headline social housing cost per unit £3,600 £5,480
6A Operating margin (social housing lettings only) % 15.5% -32.9%
6B Operating margin (overall) % 22.0% -20.3%
7 Return on capital employed % 2.7% -2.5%

Page 4

THE SYBIL CARTHEW TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

STATEMENT OF TRUSTEES' RESPONSIBILITY

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Housing and Regeneration Act 2008, the Accounts Direction for Private Registered Providers of Social Housing 2019, and the provisions of the Trust Deed. 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.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Mr A J Hubbard Chair of Trustees Date:

Mrs J Gowen

Page 5

THE SYBIL CARTHEW TRUST

ACCOUNTANTS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Accountants' report to the Board on the unaudited accounts of The Sybil Carthew Trust

We report on the accounts for the year ended 31 December 2020 set out on pages 7 to 20.

Respective responsibilities of the board and the independent reporting accountant

The Board of the Registered Social Housing Provider is responsible for the preparation of the accounts, and they consider that the Registered Social Housing Provider is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.

Basis of opinion

Our procedures consisted of comparing the accounts with the books of account kept by the Registered Social Housing Provider and making such limited enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.

Opinion

In our opinion:

Signed: Larking Gowen LLP Ipswich

Dated: 28 October 2021

Page 6

THE SYBIL CARTHEW TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income and
endowments from:
Charitable activities
3
Investments
4
Total income and
endowments
Expenditure on:
Charitable activities
Total expenditure
Net
income/(expenditure)
before net
(losses)/gains on
investments
Net (losses)/gains on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2020
64,051
5,297
69,348
54,099
54,099
15,249
(21,296)
(6,047)
249,739
(6,047)
243,692		 Restricted
funds
2020
-
-
-
-
-
-
(12,377)
(12,377)
247,814
(12,377)
235,437		 Endowment
funds
2020
-
-
-
-
-
-
-
-
79,687
-
79,687		 Total
funds
2020
64,051
5,297
69,348
54,099
54,099
15,249
(33,673)
(18,424)
577,240
(18,424)
558,816		 Total
funds
2019
63,297
6,652
69,949
84,145
84,145
(14,196)
44,318
30,122
547,118
30,122
577,240

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 9 to 20 form part of these financial statements.

Mr J A Hubbard

Date:

Mrs J Gowen

Date:

Page 7

THE SYBIL CARTHEW TRUST

BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
8
Investments
9
Current assets
Debtors
10
Investments
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Endowment funds
13
Restricted funds
13
Unrestricted funds
13
Total funds		 1,751
390
162,769
164,910
(5,141)		 2020
131,589
267,458
399,047
159,769
558,816
558,816
79,687
235,437
243,692
558,816		 1,699
389
143,461
145,549
(2,964)		 2019
133,524
301,131
434,655
142,585
577,240
577,240
79,687
247,814
249,739
577,240

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Mr A J Hubbard

Date:

Mrs J Gowen

Date:

The notes on pages 9 to 20 form part of these financial statements.

Page 8

THE SYBIL CARTHEW TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. General information

The Sybil Carthew Trust is a registered Charity in England and Wales, Charity registration number 234234. The Sybil Carthew Trust is also a registered provider of social housing, registration number A2704. The registered office is Carthew Court, 11 Station Road, Woodbridge, Suffolk, IP12 4AU.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounts Direction for Private Registered Providers of Social Housing 2019.

The financial statements are presented in sterling which is the functional currency of the Charity and are round to the nearest £.

The Sybil Carthew Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 9

THE SYBIL CARTHEW TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.5 Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

The estimated useful lives are as follows:

Fixtures and fittings - 25 % reducing balance basis Property Improvements - 50 years straight line

Freehold property is maintained to such a standard that their estimated residual value is not less than cost. As a result no depreciation is charged. The Trustees perform annual impairment reviews to ensure that the recoverable amount is not less than the carrying value.

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Page 10

THE SYBIL CARTHEW TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.10 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Endowment funds represent the permanent endowment of the charity.

3. Income from charitable activities

Unrestricted
funds
2020
Contributions from Residents - based on full occupancy
63,588
Less: Vacant Flats
-
Guest Flat Income
463
64,051		 Total
funds
2020
63,588
-
463
64,051

Page 11

THE SYBIL CARTHEW TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. Income from charitable activities (continued)

Contributions from Residents - based on full occupancy
Less: Vacant Flats
Guest Flat Income		 Unrestricted
funds
2019
62,679
-
618
63,297		 Total
funds
2019
62,679
-
618
63,297

4. Investment income

Unrestricted
funds
2020
Shares
5,144
Interest
153
5,297
Unrestricted
funds
2019
Shares
6,373
Interest
279
6,652		 Total
funds
2020
5,144
153
5,297
Total
funds
2019
6,373
279
6,652

5. Analysis of expenditure by activities

Activities
undertaken Support Total
directly costs funds
2020 2020 2020
Provision of almhouses 49,153 4,946 54,099

Page 12

THE SYBIL CARTHEW TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. Analysis of expenditure by activities (continued)

Provision of almshouses
Analysis of direct costs
Staff costs
Heat and Light
Insurance
Maintenance - General
Maintenance - Grounds
Consulting
Planning Fees
Depreciation
Staff costs
Heat and Light
Insurance
Maintenance - General
Maintenance - Grounds
Depreciation
Property improvements		 Activities
undertaken
directly
2019
80,716		 Support
costs
2019
3,429
Housing
2020
19,279
11,617
3,450
4,172
4,674
3,594
432
1,935
49,153
Housing
2019
18,683
13,487
3,344
12,991
3,825
1,936
26,450
80,716		 Total
funds
2019
84,145
Total
funds
2020
19,279
11,617
3,450
4,172
4,674
3,594
432
1,935
49,153
Total
funds
2019
18,683
13,487
3,344
12,991
3,825
1,936
26,450
80,716

Page 13

THE SYBIL CARTHEW TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. Analysis of expenditure by activities (continued)

Analysis of support costs

Housing
2020
IT Costs
24
Telephone
1,731
Sundry
494
Governance costs
2,697
4,946
Housing
2019
Telephone
371
Sundry
1,095
Secretarial
316
Governance costs
1,647
3,429
6.
Staff costs
2020
Wages and salaries
18,761
Social security costs
518
19,279
The average number of persons employed by the Charity during the year was as follows:		 Total
funds
2020
24
1,731
494
2,697
4,946
Total
funds
2019
371
1,095
316
1,647
3,429
2019
18,185
498
18,683
2020 2019
No. No.
Average number of employees 4 4

Page 14

THE SYBIL CARTHEW TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6. Staff costs (continued)

The average headcount expressed as full-time equivalents was:

2020 2019
No. No.
Full-time equivelent number of employees 1 1

No employee received remuneration amounting to more than £60,000 in either year.

7. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .

During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL) .

8. Tangible fixed assets

Cost or valuation
At 1 January 2020
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Freehold
property
70,511
70,511
-
-
-
70,511
70,511		 Furniture
7,041
7,041
7,038
1
7,039
2
3		 Equipment
Property
Improvements
2,358
96,491
2,358
96,491
2,344
33,495
4
1,930
2,348
35,425
10
61,066
14
62,996		 Total
176,401
176,401
42,877
1,935
44,812
131,589
133,524

Page 15

THE SYBIL CARTHEW TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

9. Fixed asset investments

Cost or valuation
At 1 January 2020
Revaluations
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019
General Investments
Units
Charinco
12,908
M & G Charifund income units
7,678
Extraordinary Investments
Units
National Association of Almshouses
737
Common Investment Fund
Equities Investment Fund for
281
Charities M&G Charifund Acc units
10.
Debtors
Due within one year
Prepayments and accrued income
11.
Current asset investments
Ipswich Building Society		 Listed
investments -
General
152,111
(21,296)
130,815
130,815
152,111
Value
25,429
105,386
Value
68,184
68,460		 Listed
investments -
Extraordinary
149,020
(12,377)
136,643
136,643
149,020
2020
1,751
1,751
2020
390		 Total
301,131
(33,673)
267,458
267,458
301,131
2019
1,699
1,699
2019
389

Page 16

THE SYBIL CARTHEW TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2020
1,629
674
1,238
1,600
5,141		 2019
-
-
1,838
1,126
2,964

Page 17

THE SYBIL CARTHEW TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. Statement of funds

Statement of funds - current year

Unrestricted funds
Designated funds
Cyclical Maintenance Fund
General funds
General Funds
Total Unrestricted funds
Endowment funds
Endowment Fund
Restricted funds
Extraordinary Repair Fund
Total of funds		 Balance at 1
January
2020
111,180
138,559
249,739
79,687
247,814
577,240		 Income
-
69,348
69,348
-
-
69,348		 Expenditure
-
(54,099)
(54,099)
-
-
(54,099)		 Gains/
(Losses)
-
(21,296)
(21,296)
-
(12,377)
(33,673)		 Balance at
31
December
2020
111,180
132,512
243,692
79,687
235,437
558,816

Designated Funds

Cyclical maintenance fund - designated funds to cover the cost of regular maintenance expenditure.

Restricted Funds

Extraordinary repair fund - restricted funds from extraordinary investments for the purpose of providing repairs and improvements of an irregular and non-recurring nature.

Page 18

THE SYBIL CARTHEW TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Cyclical
Maintenance
Fund
General funds
General Funds -
all funds
Total
Unrestricted
funds
Endowment
funds
Endowment
Fund
Restricted
funds
Extraordinary
Repair Fund
Total of funds		 Balance at
1 January
2019
102,682
119,202
221,884
79,687
245,547
547,118		 Income
-
69,949
69,949
-
-
69,949		 Expenditure
-
(55,759)
(55,759)
-
(28,386)
(84,145)		 Transfers
in/out
8,498
(13,598)
(5,100)
-
5,100
-		 Gains/
(Losses)
-
18,765
18,765
-
25,553
44,318		 Balance at
31
December
2019
111,180
138,559
249,739
79,687
247,814
577,240

Page 19

THE SYBIL CARTHEW TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2020
Tangible fixed assets
2
Fixed asset investments
83,921
Current assets
164,910
Creditors due within one year
(5,141)
Total
243,692		 Restricted
funds
2020
61,076
174,361
-
-
235,437		 Endowment
funds
2020
70,511
9,176
-
-
79,687		 Total
funds
2020
131,589
267,458
164,910
(5,141)
558,816

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2019
3
107,151
145,549
(2,964)
249,739		 Restricted
funds
2019
63,010
184,804
-
-
247,814		 Endowment
funds
2019
70,511
9,176
-
-
79,687		 Total
funds
2019
133,524
301,131
145,549
(2,964)
577,240

Page 20