______________________________________ BISHOP SETH WARD ALMSHOUSE TRUST ACCOUNTS for the YEAR ENDED 31[st] DECEMBER 2022 ______________________________________ |PAGE|CONTENTS| |---|---| |1 - 2|Trustees’ report| |3|Independent examiner’s report| |4|Statement of financial activities| |5|Balance Sheet| |6 - 8|Notes to the accounts| ## 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 2022 and confirm they comply with the requirements of the Charities Act 2011, the Trust Deed, and the Charities SORP applying 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. We have considered the Charity Commission’s guidance on public benefit as explained in more detail in the achievements and performance section below. ## **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 2022 were: Mr Chris Dobner (Chairman) Mrs Michelle Hume (Treasurer) Mrs Joyce Dobner Mrs Kay Newland – appointed 09/09/22 Mr Doug Handy Mr Jon Paterson Mrs Pamela Hibberd (Secretary) Mr Stuart West – resigned 11/07/22 Mr Aubrey Holt - appointed 09/09/22 Mr D Colin Wilson ## **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 upgrade some of the facilities in the year and still contribute to the financial reserves to support the long-term plans. ## **Financial review** The accounts show a surplus in the year of £46,270 (2021 £48,695). Almshouse weekly maintenance contributions (WMC) were increased in the year with full occupancy. Rental income was slightly was down due to a change of tenant in the year _._ Bank interest from fixed term deposits was lower in the year due to the delay in maturity of the deposits _._ Dividends were received from the investment account for the first time. Maintenance costs increased on the Chapel End properties due to decoration on change of tenant in August 2022. Maintenance costs on the Almshouses increased due to the upgrading of bathroom facilities in one flat and costs incurred in improving the outdoor facilities with the refurbishment of the summer house. 1 ## BISHOP SETH WARD ALMSHOUSE TRUST ## TRUSTEES' REPORT _____________________ ## **Reserves policy** |**Reserves policy**||| |---|---|---| ||2022|2021| ||-------|-------| |Restricted funds|90,902|90,902| |Unrestricted funds|485,638|439,368| ||-----------|-----------| ||576,540|530,270| |Revaluation reserve|3,441,311|2,571,311| ||-------------|-------------| ||£ 4,017,851|£ 3,101,581| ||-------------|-------------| The Trustees are using the Long Term Maintenance Plan (LTMP) to identify items to be maintained and continue 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. ## **Structure, governance and management** The company is registered as an English registered charitable trust, number 240,885. The management of the charity is the responsibility of the trustees who are elected and coopted under the terms of the trust deed. Additional trustees may be co-opted by the existing trustees as they deem advisable from time to time, and then stand for election as required by the trust deed. Reference and administrative details can be found within this report. ## **Future plans** The Trust continue to review its aims and objectives to ensure the Almshouses are affordable and attractive within the community. 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 21[st] March 2023 and signed on their behalf by: Michelle Hume Treasurer 2 ## 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 charity for the year ended 31[st] December 2022, which are set out on pages 4 to 8. ## **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: 1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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 21[st] March 2023 3 ## BISHOP SETH WARD ALMSHOUSE TRUST ## STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31[st] DECEMBER 2022 _________________________________ **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |revaluation unrestricted restricted| |Note|reserve|funds|funds|2022|2021| |------------ ------------- ------------|-----------|----------| |INCOME| |Charitable Activities|2|£ - £ 68,180|£ -|£ 68,180|£ 67,785| |Investment Income|3|-|14,330|-|14,330|11,327| |---------|---------|-----|---------|----------| |Total Incoming Resources|£ - £ 82,510|£ -|£ 82,510|£ 79,112| |--------|---------|-----|---------|----------| |RESOURCES EXPENDED| |Charitable Activities|4|-|31,451|-|31,451|27,024| |Investment Costs|5|-|1,082|-|1,082|1,068| |Governance Costs|6|-|3,243|-|3,243|2,325| |--------|----------|------|----------|----------| |Total Resources Expended|£ - £ 35,776|£ -|£ 35,776|£ 30,417| |-------|----------|------|----------|----------| |Net Income/(expenditure) before| |investment gains|-|46,734|-|46,734|48,695| |Net (losses)/gains on investments|-|(464)|-|(464)|-| |---------|---------|-----|---------|--------| |Net income/(expenditure)|-|46,270|-|46,270|48,695| |Gains on revaluation of| |fixed assets|870,000|-|870,000|-| |----------|---------|-----|----------|--------| |Net movement in funds|870,000|46,270|-|916,270|48,695| |Funds Brought Forward|2,571,311|439,368|90,902|3,101,581 3,052,886| |------------- ---------- ---------|------------ ------------| |Funds Carried Forward|£ 3,441,311 £ 485,638 £ 90,902 £ 4,017,851 £ 3,101,581| |------------- ---------- ---------|------------ ------------| **----- End of picture text -----**
The Statement of Financial Activities includes all gains and losses in the year. All the above amounts relate to continuing activities. 4 ## BISHOP SETH WARD ALMSHOUSE TRUST BALANCE SHEET YEAR ENDED 31[st] DECEMBER 2022 |BALANCE SHEET
YEAR ENDED 31stDECEMBER 2022||||| |---|---|---|---|---| |_________________________________||||| |||2022||2021| |||-------||-------| |FIXED ASSETS at valuation||||| |ENDOWMENT PROPERTY||||| |Almshouses||£ 2,300,000|£ 2,079,000|| |Chapel End||1,100,000||471,000| |||-------------||------------| |||3,400,000||2,550,000| |INVESTMENTS||||| |Linden Court|£ 190,000|
|£ 170,000|| |CAF UK Equitrack Fund|109,536||-|| ||----------|
299,536|----------|
170,000| |CURRENT ASSETS||||| |Debtors|725||-|| |Cash at bank|317,590||381,581|| ||-----------|
318,315|----------|
381,581| |CURRENT LIABILTIES||-||-| |||-------------||-------------| |NET ASSETS||£ 4,017,851|
£ 3,101,581|| |||-------------||-------------| |REPRESENTED by||||| |Restricted funds||90,902||90,902| |Unrestricted funds||485,638||439,368| |||-----------||-----------| |||576,540||530,270| |Revaluation reserve||3,441,311||2,571,311| |||-------------||-------------| |||£ 4,017,851|£ 3,101,581|| |||-------------||-------------| The accounts were approved and authorised for issue by the trustees on 21[st] March 2023. Signed on behalf of the board of trustees. Michelle Hume Treasurer 5 ## BISHOP SETH WARD ALMSHOUSE TRUST Notes forming part of the accounts for the year ended 31[st] December 2022 __________________________________ 1. Accounting policies - a. Basis of preparation of accounts - These accounts have been prepared in accordance with 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 issued October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011 and UK generally Accepted Accounting Practice. The accounts are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The significant accounting policies applied in the preparation of these accounts are set out below. These policies have been consistently applied to all years presented unless otherwise stated. - b. Fund accounting - Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Endowment funds represent those assets which must be held permanently by the charity, principally the Almshouses and Chapel End properties. Further explanation of the nature and purpose of each fund is included in the notes to the accounts. - c. Income recognition Incoming resources are recognised in the Statement of Financial Activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy except for investment income which is credited as income when received. - d. Expenditure recognition All expenditure is included in the accounts on an accruals basis. The irrecoverable element of Value Added Tax is included with the item of expense to which it relates. - e. Tangible fixed assets and depreciation Tangible fixed assets are stated at cost or valuation. Land and buildings were valued by an independent surveyor in the year. - f. Investment properties - Investment properties are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the SoFA. - g. Investments - Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. - h. Taxation - The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011. - i. Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. 6 ## BISHOP SETH WARD ALMSHOUSE TRUST Notes forming part of the accounts for the year ended 31[st] December 2022 __________________________________ 2. Income from Charitable Activities |3.
4.|unrestricted restricted
funds
funds
2022
2021
-------------- -----------
--------
--------
Almshouse maintenance contribution
£ 39,000
£ -
£ 39,000
£ 36,495
Almshouse winter fuel contribution
1,500
-
1,500
-
Rent from Chapel End properties
27,680
-
27,680
30,310
Deposit received
-
-
-
980
---------
-----
---------
---------
£ 68,180
£ -
£ 68,180
£ 67,785
---------
-----
---------
---------
Investment Income
Rent from Linden Court
£ 8,700
£ -
£ 8,700
£ 8,580
Bank Interest Received
2,147
-
2,147
2,747
Dividends Received
3,483
-
3,483
-
---------
-----
---------
---------
£ 14,330
£ -
£ 14,330
£ 11,327
---------
-----
---------
---------
Cost of Charitable Activities
Almshouse Expenditure
Insurance
£ 4,250
-
£ 4,250
£ 3,904
Council Tax/TV Licence
140
-
140
271
Electricity
3,324
-
3,324
2,867
Gas
2,774
-
2,774
4,650
Water
1,775
-
1,775
1,725
Garden Maintenance
1,680
-
1,680
1,435
Personal Alarms
1,612
-
1,612
639
Maintenance
8,299
-
8,299
3,988
Capital expenditure report
-
-
-
900
Chapel End Expenditure
Insurance
2,277
-
2,277
2,092
Council Tax and Utilities
97
-
97
-
Letting Agent Fee
657
-
657
480
Legal Fees
120
-
120
-
Maintenance
4,446
-
4,446
2,193
Capital Expenditure Report
-
-
-
900
Deposit Protection Scheme
-
-
-
980
---------
-----
---------
---------
£ 31,451
£ -
£ 31,451
£ 27,024
---------
-----
---------
---------| |---|---| 7 ## BISHOP SETH WARD ALMSHOUSE TRUST Notes forming part of the accounts for the year ended 31[st] December 2022 __________________________________ ## 5. Investment costs |6.|unrestricted restricted
funds
funds
2022
2021
--------------
-----------
--------
--------
Linden Court Expenditure
Service Charges
£ 840
£ -
£ 840
£ 840
Maintenance
242
-
242
228
-------
-----
-------
-------
£ 1,082
£ -
£ 1,082
£ 1,068
-------
-----
-------
-------
Governance costs
Telephone, Postage and Stationery
£ 156
-
£ 156
£ 33
Almshouse Association Subscription
187
-
187
182
Treasurer
800
-
800
800
Secretary
1,200
-
1,200
1,200
Website
102
-
102
-
Property Valuation Report
210
-
210
-
Meeting Expenses
338
-
338
110
Donation
250
-
250
-
-------
-----
-------
-------
£ 3,243
£ -
£ 3,243
£ 2,325
-------
-----
-------
-------| |---|---| 8