THE ELVETHAM CHARITIES
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
REGISTERED CHARITY NUMBER 236543
FROST & WILLAN CHARTERED ACCOUNTANTS
THE ELVETHAM CHARITIES
INDEX
Year Ended 31 March 2022
| Page | |
|---|---|
| Annual Report | 2-4 |
| Independent examiner's report | 5 |
| Receipts and payments accounts: | |
| - Income account (Calthorpe Houses) | 6 |
| - Cyclical Maintenance Fund | 7 |
| - Extraordinary Repair Fund | 8 |
| Statement of assets and liabilities | 9 |
| Notes to the financial statements | 10-11 |
THE ELVETHAM CHARITIES
2
ANNUAL REPORT
Year Ended 31 March 2022
| Reference and administration information | |
|---|---|
| Registered charity number | 236543 |
| Trustees | Sir Euan A-G-Calthorpe, Bt. |
| T Southern Esq | |
| R B Peregrine Esq | |
| Mrs C Baylis | |
| Rev'd A Smith | |
| Principal office | The Elvetham Estate Office |
| Hartley Wintney | |
| Hampshire | |
| RG27 8AW | |
| Secretary | Mrs A Parr |
| The Elvetham Estate Office | |
| Hartley Wintney | |
| Hampshire | |
| RG27 8AW | |
| Bankers | Lloyds Bank Plc |
| 174 Fleet Road | |
| Fleet | |
| Hampshire | |
| GU13 8DD | |
| Independent examiner | D C Mellor ACA CTA |
| Dixon Wilson | |
| 22 Chancery Lane | |
| WC2A 1LS | |
| Investment advisors | Black Rock Investment Management (UK) Limited |
| 33 King William Street | |
| London | |
| EC4R 9AS | |
| Accountants | Frost & Willan |
| The Old Post Office | |
| High Street | |
| Hartley Wintney | |
| Hampshire | |
| RG27 8NZ |
THE ELVETHAM CHARITIES
3
ANNUAL REPORT
Year Ended 31 March 2022
Structure, Governance and Management
The Charity was created by deed on 21 March 1962 which was amended by a deed dated 8 September 1972. The accounts are prepared on a receipts and payments basis and in accordance with the Charities Act 2011.
The Trustees who served during the year are as shown on page 2. The Trustee Body comprises five competent persons including one Ex-Officio Trustee who is the Rector of Hartley Wintney with Elvetham; one Nominative Trustee nominated by the Parish Council (appointed for a term of 4 Years); three Co-opted Trustees who through residence, occupation, employment or otherwise have special knowledge of the Parish of Hartley Wintney with Elvetham. The Trustees collectively propose and agree suitable nominations for the Co-opted and Nominative Trustees.
Objectives and Activities
The main object of the Charity is to provide almshouses for those in need in the local parish. The trustees, having regard to the public benefit guidance published by the Charity Commission in accordance with section 17 of the Charites Act 2011, consider that the purpose and activities of the Charity satisfy the requirements of the public benefit test set out in section 4 of the same Act.
Achievements and Performance
During the year the Charity supplied accommodation for 9 people (2021 - 9 people) taking a weekly contribution towards cost of maintaining the homes and essential services therein, so that the amount of the weekly sum shall not cause hardship to him or her.
The charity receives full market rent for the house previously used by the former Scheme Manager.
Financial Review
Income Account
The surplus prior to appropriations, in respect of Calthorpe Houses, together with investment income and deposit interest is dealt with in this account.
Cyclical Maintenance Fund
For many years the trustees have, by way of appropriation, set aside cash to this fund for "ordinary repairs", designed to spread the impact of periodic redecoration etc, and to avoid fluctuations in the Income Account. In the year ended 31 March 2022, the amount transferred was £21,812 (2021 - £18,138).
Extraordinary Repair Fund
This is maintained for the "extraordinary repair, improvement or rebuilding of the homes or former scheme manager's house".
Not less than £1,890 per year is required to be transferred to this Fund out of income (clause 25 of the Scheme of 1972, as subsequently amended) by way of appropriation. In the year ended 31 March 2022, the amount transferred was £9,792 (2021 - £6,325).
Historically, a greater proportion of the charity's income has been transferred to the Cyclical Maintenance Fund on an annual basis despite the Extraordinary Repair Fund consistently incurring the greater costs. Periodically, the Cyclical Maintenance Fund makes appropriations to address this. No appropriation was made during the year (2021 - £Nil).
During the year to 31 March 2016 the Income Account made an inter-fund loan of £5,760 to the Extraordinary Repair Fund. This was fully repaid during the year with no amounts remaining outstanding at year end.
THE ELVETHAM CHARITIES ANNUAL REPORT Year Ended 31 March 2022 The C8pilal Replacern8nl Fund whlch w8s m8inlain8d lo recoup the capital initially expend8d on the hotnes and former scheme manager's hous8 W88 incorporated in this fund during M3y 2002. £104 per year was requlred to be transferred lo this Extraordinary Repair Fund out of Income for 54 y8ars ffom 1972 Icl£use 23 of the Scheme of 19721. As a consequenTr of the Irusl&8s' approprlalions on 3 October 1993, and 13 May 1994, the Charily Comtnlssion revok8d lh& directions for recoupmenl in the 1972 Schetne of £104 per annum to Ihls Fund, and directed Ihal lh8 Fund should be 8dmini51ered as pgrt of the rmanent 8ndowmenl (Trust Fundl. together with the former General Purposè Fund. Rese Th8 Trust was crtraled in 1962 with the intention lo provi(le reduced cost accommudatlon lo th8 poorand &ld8rfy. The Trust aims lo maintsln thé Almshou888 In a flt and habllable slate. 11 Is the Trustees, pollcy lo cover the charity's annual overhead5 and cyclical exp8ndllurÈ in addition lo malnlalning reserves lo fund longerterm repaif projects and oxlraordinary 8xp8ndilure as and whan it occurs to maintain the ptoperlie5 In a h3biiablè condlllon. Th& r8seNes are $8greg81ed in the Cyclical M8inlenance Fund and the ExlraordSnary R&palrs Fund. Al 31 March 2022, the Trust hgd cash r8serve5 of E45.671 12021 £35,365) In lh8 Cydical Maintenance Fund and cash reseTv85 of £18.991 12021 £18,7551 In Ihe Exlraordln8ry Repairs Fund. Al 31 M8rch 2022. thB TTUSt also had ca8h r8s8rY8s of £71,459 12021- £108.1871 held In the Curfenl Accounl. The ITUSt deeds specify that SU of cash not needed for imm8diate working pvtP05es mgy bo Invèsted In 8ny Snv8stm8nl assets as the Iru5tees See fit. For and on bshalf of the trusl8as Date SIR EUAN A-G-CALTHORPE, BI.
THE ELVETHAM CHARITIES
5
INDEPENDENT EXAMINER'S REPORT
Year Ended 31 March 2022
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ELVETHAM CHARITIES
I report to the Trustees on my examination of the accounts of the Trust for the year ended 31 March 2022 which are set out on pages 6 to 11.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.
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.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement.
Independent examiner's statement
I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records.
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.
D C MELLOR ACA CTA Dixon Wilson, 22 Chancery Lane, London WC2A 1LS
Date: 21 June 2022
6
THE ELVETHAM CHARITIES
RECEIPTS AND PAYMENTS ACCOUNT
- INCOME ACCOUNT (Calthorpe Houses) (Unrestricted Fund)
Year Ended 31 March 2022
| Note Income receipts Weekly contributions Rental income - 21 Elvetham Lane Repayment of loan from ERF Total receipts for the year Direct charitable payments Water Electricity Gas Insurance Repairs and maintenance Gardening Donation to charity Sundry expenses Non direct charitable payments Letting agency fees Accountancy and bookkeeping fees 1 Other payments Appropriations - Extraordinary Repair Fund - Cyclical Maintenance Fund - Transfers to investments Total payments Net (payments)/receipts for the year Cash and bank balance at - 31 March 2021 - 31 March 2022 |
2022 £ 50,559 11,821 5,760 68,140 775 292 2,836 1,002 5,014 1,761 - 1,480 13,160 1,446 2,898 4,344 15,552 21,812 50,000 87,364 104,868 (36,728) 108,187 71,459 |
2021 £ 47,668 15,000 - |
|---|---|---|
| 62,668 | ||
| 776 249 2,842 974 5,621 1,491 500 312 |
||
| 12,765 | ||
| - 2,170 |
||
| 2,170 6,325 18,138 - |
||
| 24,463 | ||
| 39,398 | ||
| 23,270 84,917 |
||
| 108,187 |
7
THE ELVETHAM CHARITIES
RECEIPTS AND PAYMENTS ACCOUNT - CYCLICAL MAINTENANCE FUND (Unrestricted Fund)
Year Ended 31 March 2022
| Income receipts Investment income: Bank interest Other receipts Appropriations from Income account Total receipts for the year Direct charitable expenditure Repairs Total payments Net receipts for the year Bank balance at - 31 March 2021 - 31 March 2022 |
2022 £ 4 21,812 21,816 11,510 11,510 10,306 35,365 45,671 |
2021 £ 7 |
|---|---|---|
| 18,138 | ||
| 18,145 | ||
| 8,366 | ||
| 8,366 | ||
| 9,779 25,586 |
||
| 35,365 |
8
THE ELVETHAM CHARITIES
RECEIPTS AND PAYMENTS ACCOUNT
- EXTRAORDINARY REPAIRS FUND (Endowment Fund)
Year Ended 31 March 2022
| Income receipts Investment income: Bank interest Other receipts Appropriations from Income account Total receipts for the year Direct charitable expenditure Repairs Other Expenditure Loan Repayment Total payments Net (payments)/receipts for the year Bank balance at - 31 March 2021 - 31 March 2022 |
2022 £ 1 15,552 15,553 9,557 5,760 15,317 236 18,755 18,991 |
2021 £ 4 |
|---|---|---|
| 6,325 | ||
| 6,329 | ||
| 330 | ||
| - 330 |
||
| 5,999 12,756 |
||
| 18,755 |
THE ELVETHAM CHARITIES STATEMENT OF ASSETS AND LIABILITIES At 31 March 2022 Note 2022 2021 Monetary asset5". 8ank balan¢es'. Income accounl Cyclical Maintenance Fund Extraordinary Repair Fund {Endowment Fund) 71,459 45.671 18.991 108,187 35,365 18,755 Total cash 136.121 162,307 Non.monetary assets: Extraordlnary Repalr Fund (Endowment Fund) Freehold land and buildings.. The Almshouses- cost 36.028 38,028 Othor assets Investments 240,905 176.72D Llabllltles: Income account 1.219 990 1,219 g90 prove these accounts. SIR N A-G-CAL HQRPE, Bt. Trustee T SOUTHERN ESQ TrusteE REVD A SMITH TrL¢slee R B PEREGRINE ESQ Tnjslee MRS C BAYLIS Trustee Date 3010512022
THE ELVETHAM CHARfTIES STATEMENT OF ASSETS AND LIABILITIES At 31 March 2022 Note 2022 2021 Mon•t•ry a*s•ts.' 8ank baL3nces- Income ac¢ouMt Cydlcal Malntenanco Fund Extraordlnary Popabr Fund IEndowm&nl Fund) 71,459 45,671 18,991 108.187 35.365 18.755 Total cash 136121 162,307 Nunrymon•tary •s$•ts: Extr•ordln•ry R•palr Fund (Endom•nt Fund) Freehold land and bulldlngs: Th8 Alrnahous8S- ¢O¥t Oth•r a$$ots Investm8nts Llabillties: In¢ome a¢nI 1.219 1.219 990 Wè approv& tlb2se accounts. SIR EUAN A.WALTHORPE, BI. Tru6t•• T SOUTHERN ESQ Tlustee REVD A SMITH Trustee R B PEREGRINE ESQ TrLt¥tee MRS C 8AYLIS Tnjstee Dal• 3010512022
THE ELVETHAM CHARITIES STATEMENT OF ASSETS AND LIABILITIES At 31 March 2022 Notè 2022 2021 Monetory assets: B8nk balances-. Incom8 account Cyclical MalntenarK& Fund Exlraordknary Rep8lr Fund (Endowment Fund) 71,459 45.671 18,9g1 108.IB7 35.365 Total B85h 136 121 162,307 Non•mon¢tary assgts: Extraordlnary Rop3lrFund (Ettdtswment Fund) Fre8liold land bulldkngs.. The Alm3housos- cost 36,028 38.028 Other a$t8 InyostmEnts 240,905 176.720 Llabllltles: Incom¢ accounl 1.219 990 1.219 990 We approva these •wunt8. SIR EUAN A-G-CALTHORPE. 81. TnsSt8e T SOUTHERN ESQ Ttus REVDA SMITH Trustee d•ekQ 3ybCVI *1512£ R B PEREGRINE Esa Trustee MRS C BAYLIS T(ustee Dalè
pageii of 12 THE ELVEfHAM CHARITIES STATEMENT OF ASSETS AND LIABILITIES At 31 March 2022 Not• 2022 2021 Mon•tary a8w¢s: Bonk b8nce& Ineome account CydI1 M8thléngnGe Fund E%lTJordhary Rèpatr Fund (Enduwmenl FLthdl 71.459 45.671 18.991 108.187 35.365 T(4al ca¥h 182 307 Non-monotary •$s*ts: Extr¥ordln4ry Rap•lr Fund IEndovmwntFundl Freeh¢id land and bulldlDgs.' The Almshou$o$- Cost Oth•r •¥s•ts Inve$lman15 LIlI1e$. Inwme aG¢oml 990 W• approvg theÈa accTht SIR euAN G¢ALlHoftPE. BL TwBt•• T SOUTHERN ESQ REVD A SMITH Tru5tao R 8 PEREGRINE ESQ TiuJts8 MRS C BAYLIS Twsl•tr Dale 3010512022
THE ELVETHAM CHARtriES STATEMENT OF ASSETS AND LIABILITIES At 31 Mar¢h 2022 2022 2021 Monet•ry ••tI. Bank bdances,. Incorne account Cyclical Maintenance Fund Extraordinary Repair Fund (Endowment Fund) 71.459 45.671 18,991 108.187 35.365 16,755 Totsl cash 136,121 162.307 Non.mon•tsry m•Mt•: Extr•ordlnary A•Ir Fund IEndowm•nt Fundl Freehold land and buildings. The A1rn5houseg- ¢ost 36.028 36.028 othor i¥••ts Investments 240,9)5 176.720 Llabllltl•*: In¢ome account 1.219 1.219 We approve these acccrtmt5. SIR EUAN A-&CALTHORPE. BI. T SOUTHERN ESQ TNita• REVD A SMITH Truglge R 8 PEREGRINE ESQ Trustee MRS C BAYLIS Truslee Dats I OL 1?>)
10
THE ELVETHAM CHARITIES
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2022
| 1. Accountancy and professional fees Accountancy fees payable to the independent examiner's firm as follows: - Examination Bookkeeping fees payable to the accountants |
2022 £ 708 2,190 2,898 |
2021 £ 679 1,491 |
|---|---|---|
| 2,170 | ||
| 2. Liabilities - Income Account Professional fees (Accountancy and independent examination) |
1,219 | 990 |
3. Freehold land and buildings
Freehold land and buildings represent Almshouses which were built in 1964, and are made up of 9 bungalows, a house which is rented out and a boiler house. The Almshouses form part of the permanent endowment of the charity. It is the policy of the trustees to maintain these to a high standard.
The insured value of these is £957,093 (2021: £929,213).
11
THE ELVETHAM CHARITIES
NOTES TO THE FINANCIAL STATEMENTS
Year Ended 31 March 2022
| 4. Investments Holding at 1 April 2021 Cost/ No. Cost No. (Proceeds) £ £ Extraordinary Repair Fund BLK Charities UK Bond Fund: 483 24,644 95 5,000 BLK Charities UK Equity Fund: 3,003 39,594 913 20,000 64,238 25,000 Cyclical Maintenance Fund BLK Charities UK Bond Fund: 472 24,180 95 5,000 BLK Charities UK Equity Fund: 2,931 44,350 913 20,000 68,530 25,000 Year ended 31 March 2022 132,768 50,000 Year ended 31 March 2021 132,768 - Additions/Disposals |
(Profit) on Disposal £ - - - - - - - - |
Holding at 31 March 2022 Notional dividend No. Cost No. Cost £ £ £ - - - 578 29,644 - - - 3,916 59,594 - - 89,238 - - - 567 29,180 - - - 3,844 64,350 - - 93,530 - - 182,768 - - 132,768 Transfers |
Market value at 31 March 2022 £ 29,017 92,563 121,580 28,445 90,880 119,325 240,905 176,720 |
Unrealised gain/(loss) £ (627) 32,969 |
|---|---|---|---|---|
| 32,342 | ||||
| (735) 26,530 |
||||
| 25,795 | ||||
| 58,137 | ||||
| 43,952 |