BISHOP SETH WARD ALMSHOUSE TRUST
ACCOUNTS for the
YEAR ENDED 31[st] DECEMBER 2021
- PAGE CONTENTS 1 Trustees’ report 2 Independent examiner’s report 3 Income and expenditure account 4 Detailed expenditure 5 Balance sheet
BISHOP SETH WARD ALMSHOUSE TRUST
TRUSTEES' REPORT
The Trustees of the Bishop Seth Ward Almshouse Trust Charity present their annual report, together with the accounts for the year ended 31[st] December 2021 and confirm they comply with the requirements of the Charities Act 2011, the Trust Deed, and the Charities SORP as they apply to smaller charities.
Objectives and activities
The objective of the Bishop Seth Ward Almshouse Trust is to help house underprivileged mature adults in Buntingford, Hertfordshire. The Trust raises funds through the letting of endowment and investment properties to support the running and maintenance of the Almshouses.
Trustees
The Trustees are responsible for the overall management and control of the Charity. The Trustees give their time freely except for the secretarial and treasury functions. The trustees who held office during the year to 31[st] December 2021 were:
| Mr Chris Dobner (Chairman) | Mr Brian Lemay – resigned 28/09/21 |
|---|---|
| Mrs Joyce Dobner | Mrs Marion Maher – appointed 27/07/21 and |
| Mr Ken Durrent – resigned 01/06/2021 | resigned 20/12/21 |
| Mrs Pamela Hibberd (Secretary) | Mr Jon Paterson – appointed 27/07/21 |
| Rev Ian Hill – resigned 28/09/21 | Mr Brian Tebbutt – resigned 10/05/21 |
| Mr Doug Handy – appointed 27/07/21 | Mr Stuart West |
| Mrs Michelle Hume (Treasurer) | Mr D Colin Wilson |
Financial Review
The accounts show an overall surplus in the year of £48,695 (compared to 2020 £54,765). Rental income was similar to last year as the rental properties were almost achieved full occupancy in the year. Bank interest from fixed term deposits was lower in the year than in 2020 as the rates had decreased compared to 2020. Maintenance costs increased on the Chapel End properties due to decoration on change of tenant in May 2021, this was done swiftly and a new tenant for found with minimal disruption to income.
Achievements and performance
The Trust continues to provide housing for mature adults on a low income in the local community. The Trustees were able to significantly reduce the outgoings this year and increase the financial reserves to support the long-term plans. There were 2 changes of residents in the Almshouses in the year. The trust advertised for new residents who fit the criteria and needed to expand the search to include people that had family in the local area and wanted to move closer to them. After an extensive search, 2 residents were found and moved in December 2021.
Future plans and reserves policy
The Trust continue to review its aims and objectives to ensure the Almshouses are affordable and attractive within the community. The Trustees have instructed a Long Term Maintenance Plan (LTMP) to be carried out in order to review the current reserve policy. The replacement of the roof of the building is estimated to be around £500,000 and cash reserves are still short of this target. The LTMP did not show up any material costs over the next few years but has set out a plan going forward. The Trust have commenced an application to open an investment account with CAF Bank.
This report has been prepared in accordance with the General Directions given by the Charity Commissioners in the Charities Act 2011. Approved by the Trustees on 2[nd] March 2022 and signed on their behalf by:
Michelle Hume Treasurer
1
BISHOP SETH WARD ALMSHOUSE TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
I report to the charity trustees on my examination of the accounts of the trust for the year ended 31[st] December 2021, which are set out on pages 3 to 5.
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 charity’s accounts carried out under section 145 of the 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 and 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 charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of 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 independent examination.
I have no concerns and have come across no other 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.
Mutfords Hare Street Buntingford Hertfordshire SG9 0ED
John D Kilby & Co Chartered Accountants
2[nd] March 2022
2
BISHOP SETH WARD ALMSHOUSE TRUST
INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31[st] DECEMBER 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| ------- | ------- | |||
| UNRESTRICTED FUNDS | ||||
| INCOME | ||||
| Almshouse Contributions | £ 36,495 | £ 36,600 | ||
| INVESTMENT INCOME | ||||
| Rent from Chapel End | £ 30,310 | £ 29,810 | ||
| Rent from Linden Court | 8,580 | 8,580 | ||
| -------- | 38,890 |
--------- | 38,390 | |
| Bank Interest Received | 2,747 | 5,516 | ||
| DEPOSITS RECEIVED | 980 | - | ||
| --------- | --------- | |||
| TOTAL INCOME | 79,112 | 80,506 | ||
| LESS EXPENDITURE: | ||||
| Almshouse | 20,379 | 18,799 | ||
| Chapel End | 5,665 | 3,308 | ||
| Linden Court | 1,068 | 1,068 | ||
| Overheads | 2,325 | 2,566 | ||
| Deposit Protection Scheme | 980 | - | ||
| -------- | 30,417 |
-------- | 25,741 | |
| ---------- | ---------- | |||
| SURPLUS of funds for the year | 48,695 | 54,765 | ||
| Unrestricted funds brought forward | 390,673 | 335,908 | ||
| ---------- | ---------- | |||
| Unrestricted funds carried forward | £ | 439,368 | £ | 390,673 |
| ---------- | ---------- | |||
| RESTRICTED FUNDS | ||||
| LEGACY RECEIVED | - | - | ||
| Restricted funds brought forward | 90,902 | 90,902 | ||
| --------- | --------- | |||
| Restricted funds carried forward | £ 90,902 | £ 90,902 | ||
| --------- | --------- |
3
BISHOP SETH WARD ALMSHOUSE TRUST
DETAILED EXPENDITURE for the YEAR ENDED 31[st] DECEMBER 2021
| DETAILED EXPENDITURE for the YEAR ENDED 31stDECEMBER 2021 _________ |
||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| ------- | ------- | |||
| ALMSHOUSE | ||||
| Insurance | £ 3,904 | £ 3,845 | ||
| Council Tax | 271 | 8 | ||
| Electricity | 2,867 | 2,928 | ||
| Gas | 4,650 | 3,980 | ||
| Water | 1,725 | 1,648 | ||
| Garden Maintenance | 1,435 | 1,690 | ||
| Personal Alarms | 639 | 638 | ||
| Maintenance | 3,988 | 4,062 | ||
| Capital expenditure report | 900 | - | ||
| -------- | £ 20,379 | -------- | £ 18,799 | |
| CHAPEL END | ||||
| Insurance | 2,092 | 2,060 | ||
| Letting Agent Fee | 480 | - | ||
| Maintenance | 2,193 | 1,248 | ||
| Capital expenditure report | 900 | - | ||
| -------- | 5,665 | -------- | 3,308 |
|
| LINDEN COURT | ||||
| Service Charges | 840 | 840 | ||
| Maintenance | 228 | 228 | ||
| ------ | 1,068 | ------ | 1,068 |
|
| OVERHEADS | ||||
| Telephone, Postage and Stationery | 33 | - | ||
| Almshouse Association Subscription | 182 | 179 | ||
| Treasurer | 800 | 800 | ||
| Secretary | 1,200 | 1,200 | ||
| Christmas Drinks/Flowers | 110 | 387 | ||
| ------- | 2,325 | ------- | 2,566 |
|
| DEPOSIT PROTECTION SCHEME | 980 | - | ||
| --------- | --------- | |||
| TOTAL EXPENDITURE | £ 30,417 | £ 25,741 | ||
| --------- | --------- |
4
BISHOP SETH WARD ALMSHOUSE TRUST
BALANCE SHEET YEAR ENDED 31[st] DECEMBER 2021
| BALANCE SHEET YEAR ENDED 31stDECEMBER 2021 |
||
|---|---|---|
| _________ | ||
| 2021 | 2020 | |
| ------- | ------- | |
| FIXED ASSETS | ||
| at valuation | ||
| Almshouses | £ 2,079,000 | £ 2,079,000 |
| Chapel End | 471,000 | 471,000 |
| Linden Court | 170,000 | 170,000 |
| ------------- | ------------ | |
| 2,720,000 | 2,720,000 | |
| CURRENT ASSETS | ||
| Cash at bank | 381,581 | 332,886 |
| CURRENT LIABILTIES | - | - |
| ------------- | ------------- | |
| NET ASSETS | £ 3,101,581 | £ 3,052,886 |
| ------------- | ------------- | |
| REPRESENTED by | ||
| Restricted funds | 90,902 | 90,902 |
| Unrestricted funds | 439,368 | 390,673 |
| ----------- | ----------- | |
| 530,270 | 481,575 | |
| Revaluation reserve | 2,571,311 | 2,571,311 |
| ------------- | ------------- | |
| £ 3,101,581 | £ 3,052,886 | |
| ------------- | ------------- |
5