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2021-03-31-accounts

Borrowell Clergy Homes Trust

Minutes for this meeting of the Trustees, which was held on Tuesday June 16[th] 2020 at 2:15pm, at Fancott’s Cottage, 14 High Street, Kenilworth

This meeting was not held due to the pandemic of Corona Virus which had the country in ‘lockdown’ .

Attached are the written reports from the Architect, the Treasurer and the Chair submitted via email, along with the Minutes of the 207[th] meeting held on February 11[th] , 2020.

Borrowell Clergy Homes Trust

Minutes for the 209th meeting of the Trustees, held on TuesdayNovember 11[th] 2020 at 2:15pm, via Zoom

A presentation of the Accounts for 2019 -2020 was made by Mr. Chris Wiltshire, the Trust’s accountant.

The Chair thanked Mr. Wiltshire for his services

The Chair asked after the whereabouts of the Safeguarding Document and the Rev’d Bailey agreed to contact the Diocesan Safeguarding Team, to whom she had sent it.

The Chair stated that planning permission had been given for the flats to be built at 2 Barrowfield Lane by the Counsel.

She asked the Clerk to check if the members of the Close had received the rewritten page 4 of the Handbook.

The Treasurer, David Pettifor, spoke to his paper, stating that overall the previous quarter had been good, bringing it back to the February total. He noted that, despite re-investing profits in more shares the value had not increased at the same rate.

He reported that the Natwest Current Account stood at £30,108.51 and the CBF Acount was unchanged a £636.05.

The final figure for upgrading no.10 Margetts Close [along with other small works] will probably account for c. £10,00.

He noted that the proposed new bathrooms in three of the bungalows should be put on hold until the Covid 29 situation became clearer.

The Chair began her report by mentioning the sad loss of the Rev’d Brian Ritchie who had enjoyed so many years living in the Close. The occupants of no.6 [Chris and Maeve Race] are due to move into this bungalow in December/January 2021and their bungalow will be taken by the Rev’d Don and Mrs. Yvonne Alcock’

Thereafter the Chair discussed the residents’ health and welfare

Mr. Pettifor noted that the Trustees lacked ‘new faces’. The Vicar asked if there were ‘skills audits’ available for possible candidates and the Chair agreed to put together a job specification.

During the discussion over finance the Vicar asked if there were any plans to use up the surplus monies. Mr. Pettifor agreed that we could either consider more housing or seriously consider solar panels for the bungalows which would financially help the residents.

The Chair and the Treasurer would consider these suggestions

and, in the meantime, Mr. Radford would be asked to acquire a second tender for solar panels.

The Trustees considered further the question of the TV licence fee and it as agreed to wait and see if the BBC made any further demands. The Vicar felt

that we should warn the residents that they might have to pay the full fee if the BBC did not feel that the Charity was covered by the ARC agreement.

10 Date for next meeting: Tuesday 9[th] February 2021 at 2:15pm

Minutes for the 210th meeting of the Trustees, held on Tuesday February 9th 2021 at 2:15pm, via Zoom

1 Apologies for absence: Rev’d Stella Bailey, John Radford

Matters arising:

The Clerk assured the meeting that she had delivered the revamped page of the Handbook to all the Residents.

The Chair reassured the Trustees that the Residents did not have to buy a TV license and noted that the Rev’d Alcock needs to be added to the list for next year.

The Chair apologized for not having yet prepared her paper on skills required to be a Trustee.

5 Works:

Mr. Mark King presented two papers.

Report No. 1: Listing the general work done in Margetts Close. He was advised that the work on the bathrooms in numbers 1,3 5should be suspended until all the residents had been vaccinated against Covid 19.If at all possible, it would be preferable for residents to move out of the property while the work was being done. Decisions about this would be made when we knew that the work was imminent.

He was urged to find an answer to the problem of water entering under the side door of number 3 as this was causing distress to the resident. A structural survey has been carried out at Number 10 when it became apparent, once the furniture was moved, that there had been some structural movement in the conservatory. Ingress of water due to blocked gutters and inadequate drainage systems had led to some settlement of the ground. The structural report did not suggest that this was a cause for major work but highlighted the need for regular maintenance to prevent

blocked gutters and for adequate drainage to be in place. Mr King was asked to look into this and ensure that the leakage does not recur. He was also asked to have the doorbell replaced as it was not functioning. He noted that the pandemic had held up work on the extractor fan in the bathroom of number11 but it was scheduled to be changed. Report No. 2 on the condition of bungalow number 2.

He was advised that removing all the carpets was the best option and for at least two double electric sockets in each room; he was requested to obtain urgent quotations for both re-decoration throughout the bungalow together with a new kitchen.

The Chair thanked him for his two papers and the work he had done in preparation.

6 New Residents

The Chair noted that the Rev’d Don Alcock had moved into number 6 and was keen to join in Margett Close activities. Sadly, his wife had taken the opportunity of the move to remain elsewhere.

No. 2 Margetts Close:

Following the information sent by the Archdeacon to her fellow Archdeacons the Trust had received 3 enquiries regarding the vacant bungalow.

One applicant had visited the Close and had expressed an interest in joining the Close. The Chair revealed that he was a relatively young man forced to retire from the ministry on the grounds of health and it was agreed to offer him the vacant bungalow.

The Chair agreed to inform him of the Trustees’ decision and asked the Clerk to send a formal letter

7 Finance

The Treasurer, David Pettifor, presented his report, copy att ached . The re-investment of the interest received from some of our accounts had paid dividends and that, overall, the charity’s investments were stable. Considering the current amount in savings [nearly £700,000] he suggested that it was appropriate to consider whether solar panels together with solar water panels should be added to the buildings for the benefit of the residents. There would not be any return on capital invested but the residents should see reductions in their heating bills. Another option to consider, would be the purchase of another property to expand the Charity’s remit. Currently there was little available new housing in the town and the Trustees agreed that a property with central access was preferable.

He promised to look at both in the future.

It was agreed that, should events change by the summer, something could be arranged for the residents

A discussion began about the Trusts’ decision to expand the brief of the Charity to include non- stipendiary ministers but the Archdeacon, Sue Field, spoke against this idea, arguing that many priests did not have a second residence to retire to and would be in need of places like Margetts Close; she advised using the phrase “Christian ministers in a tied living” to describe those we support

10 Dates for future meetings: Tuesday June 15[th] 2021 Wednesday November 10[th] 2021

The Borrowell Clergy Homes

Registered Charity number: 251644

Report of the Trustees and Unaudited Financial Statements For the year ended 31st March 2021

C Wiltshire & Co

Chartered Accountants

17 Greenhill Street, Stratford-upon-Avon Warwickshire CV37 6LF Telephone: (01789) 269090 Fax: (01789) 267010 e-mail: cw@cwiltshire.co.uk

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

The Borrowell Clergy Homes

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7 to 8
Notes to the Financial Statements 9 to 16
Detailed Statement of Financial Activities 17

The Borrowell Clergy Homes

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

The trustees present their report with the financial statements of the charity for the year ended 31st March 2021. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The primary objects of the Charity are the maintenance of homes for:

(a) the permanent residence and retirement of men and women of the clergy of the Church of England, with their spouses and dependent children, who shall be in reduced circumstances and shall by reason of age, sickness or bodily infirmity be wholly or partly incapacitated from holding or continuing to hold any preferment.

(b) the temporary rest, relief or recuperation of sick and infirm men or women of the clergy of the Church of England in reduced circumstances.

The secondary Objects are:

(a) the temporary rest, relief or recuperation of men or women of reduced circumstances, and

(b) the permanent residence and retirement of such men or women as immediately before mentioned in paragraph (a) with a preference for such men or women who are the widows or widowers of deceased clergymen or women formerly resident in the homes.

Activities during the year

The Charity continues with its policy to provide accommodation to retired clergy and widows and partners.

There were no necessary major repairs or improvements made to the properties during the year.

The period was disrupted by the Covid 19 outbreak and subsequent lock down; however essential services were dealt with and the high standard of the accommodation maintained.

It had been anticipated that during the year two properties would be re-fitted with new bathrooms; however these were put on hold until it was considered safe to do so.

Two long standing tenants, the Revd Brian Ritchie and Mrs Jean Jones, sadly died during the period. After re-furbishment to the properties we were able to welcome the Revd. Don. Alcock and the Revd. Robert Wilkinson to the community.

Accommodation is provided for six married couples, four single clergy and three widows.

Page 1

The Borrowell Clergy Homes

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

Public benefit

The Trustees confirm that they have taken into account the guidance contained in the Charity Commission's general guidance on public benefit where applicable.

FINANCIAL REVIEW

Investment policy and objectives

The Trustees have power to invest as they see fit.

Reserves policy

It is the policy of the Trustees to keep sufficient reserves to meet any repair work that may become necessary in the foreseeable future.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Borrowell Clergy Homes is governed by a Declaration of Trust dated 21st July 1941 as amended on 4th June 2001, and constitutes an unincorporated charity.

Recruitment and appointment of new trustees

Our governing document lays down that the Bishop of Coventry, the Archdeacon of Coventry, and the Vicar of St Nicholas, Kenilworth are ex-officio Trustees. Changes in these appointments automatically result in new Trustee appointments.

The rest of the Trustees (up to 5 more) are drawn from an area within 50 miles of the Kenilworth, and must be members of the Church of England.

We therefore look to the members of churches in the area for new Trustees and take advice from clergy in the area, trying to recruit people able in due course to take up the Offices of Clerk and Treasurer in particular.

Induction and training of new trustees

New Trustees are given copies of Charity Commission leaflets outlining the duties of Trustees and are encouraged to attend seminars run for Trustees, Clerks, etc by the Almshouses Association.

Page 2

The Borrowell Clergy Homes

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

251644

Principal address

5 Thirlstane Close Kenilworth Warwickshire CV8 2PW

Trustees

The Lord Bishop of Coventry (Ex-officio) The Archdeacon of Coventry (Ex-officio) The Vicar of St Nicholas (Ex-officio) Mrs HJ Alford (Co-opted) Mrs J Corbishley (Co-opted) Miss K Harry (Co-opted) D Pettifor (Co-opted) J Radford (Co-opted)

Chairman

Mrs H Alford

Treasurer

Mr D Pettifor

Clerk

Miss K Harry

Independent Examiner

C Wiltshire Chartered Accountant C Wiltshire & Co Chartered Accountants 17 Greenhill Street Stratford upon Avon CV37 6LF

Accountants

C Wiltshire & Co 17 Greenhill Street Stratford-upon-Avon Warwickshire CV37 6LF

Page 3

The Borrowell Clergy Homes

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

REFERENCE AND ADMINISTRATIVE DETAILS

B ankers

NatWest plc Royal Priors 59 The Parade Leamington Spa CV32 4ZX

The Central Board of Finance The Church of England St Alphage House 2 Fore Street London EC2Y 5AQ Approved by order of the board of trustees on 24th November 2021 and signed on its behalf by:

Miss K Harry Trustee

Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BORROWELL CLERGY HOMES

Independent examiner's report to the trustees of The Borrowell Clergy Homes

I report to the charity trustees on my examination of the accounts of The Borrowell Clergy Homes (the Trust) for the year ended 31st March 2021.

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').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

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:

  1. 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; or

  2. 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.

C Wiltshire

Chartered Accountant

C Wiltshire & Co Chartered Accountants 17 Greenhill Street Stratford upon Avon CV37 6LF

24th November 2021

Page 5

The Borrowell Clergy Homes

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2021

Unrestricted Endowment
funds
fund
Notes
£
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Provision of residential accommodation
36,668
-
Investment income
2
16,496
-
Total
53,164
-
EXPENDITURE ON
Charitable activities
3
Provision of residential accommodation
30,836
-
Support Costs
525
-
Governance costs
975
-
Total
32,336
-
Net gains/(losses) on investments
44,103
27,075
NET INCOME
64,931
27,075
RECONCILIATION OF FUNDS
Total funds brought forward
562,329
110,052
TOTAL FUNDS CARRIED FORWARD
627,260
137,127		 2021
Total
funds
£
36,668
16,496
53,164
30,836
525
975
32,336
71,178
92,006
672,381
764,387		 2020
Total
funds
£
39,618
17,768
57,386
37,491
-
954
38,445
(5,297)
13,644
658,737
672,381

The notes form part of these financial statements

Page 6

The Borrowell Clergy Homes

BALANCE SHEET 31ST MARCH 2021

Unrestricted Endowment
funds
fund
Notes
£
£
FIXED ASSETS
Tangible assets
7
75,470
-
Investments
8
527,812
137,127
603,282
137,127
CURRENT ASSETS
Debtors
9
225
-
Cash at bank
24,727
-
24,952
-
CREDITORS
Amounts falling due within one year
10
(974)
-
NET CURRENT ASSETS
23,978
-
TOTAL ASSETS LESS CURRENT LIABILITIES
627,260
137,127
NET ASSETS
627,260
137,127		 2021
Total
funds
£
75,470
664,939
740,409
225
24,727
24,952
(974)
23,978
764,387
764,387		 2020
Total
funds
£
75,470
578,142
653,612
26
19,697
19,723
(954)
18,769
672,381
672,381

The notes form part of these financial statements

continued...

Page 7

The Borrowell Clergy Homes

BALANCE SHEET - continued 31ST MARCH 2021

FUNDS
11
Unrestricted funds:
General fund
Capital Account
Extraordinary Repair Fund
Endowment funds
TOTAL FUNDS		 408,014
60,960
158,286
627,260
137,127
764,387		 353,732
60,960
147,637
562,329
110,052
672,381

The financial statements were approved by the Board of Trustees and authorised for issue on 24th November 2021 and were signed on its behalf by:

Mrs HJ Alford T rustee

D Pettifor Trustee

The notes form part of these financial statements

Page 8

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments, which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - Improvements: 10% on cost and Buildings: 2% on cost

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Funds held by the Charity are either:

Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Designated funds - these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.

Restricted funds - these are funds that 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.

continued...

Page 9

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

1. ACCOUNTING POLICIES - continued

Fund accounting

Endowment funds - these are held on trust to be retained for the benefit of the Charity as a capital fund.

The Trustees are required to transfer an annual sum of £8,400 from the General Fund to the Emergency Repair Fund to maintain this Fund against which exceptional repair expenditure is charged.

2. INVESTMENT INCOME

2.
INVESTMENT INCOME
2021
£
Investment income
16,496
3.
CHARITABLE ACTIVITIES COSTS
Direct
Support
Costs (see
costs (see
note 4)
note 5)
£
£
Provision of residential
accommodation
30,836
-
Support Costs
-
525
Governance costs
-
975
30,836
1,500
4.
DIRECT COSTS OF CHARITABLE ACTIVITIES
2021
£
Council tax and water rates
3,816
Insurance
1,758
Light and heat
495
Sundries
22
Repairs
18,595
Care alarm system
530
Architect's fees
2,620
Gardening costs
3,000
30,836		 2020
£
17,768
Totals
£
30,836
525
975
32,336
2020
£
3,895
1,705
49
112
27,135
470
1,235
2,890
37,491

continued...

Page 10

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

5. SUPPORT COSTS

SUPPORT COSTS
Support Costs
Governance costs		 Governance
Other
costs
£
£
525
-
-
975
525
975		 Totals
£
525
975
1,500

Support costs, included in the above, are as follows:

Other

Other
2021 2020
Support Total
Costs activities
£ £
Sundries 150 -
Subscriptions 375 -
525 -

Governance costs

Governance costs
2021 2020
Governance Total
costs activities
£ £
Accountancy 615 600
Independent examiner 360 354
975 954

continued...

Page 11

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2021 nor for the year ended 31st March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2021 nor for the year ended 31st March 2020.

7. TANGIBLE FIXED ASSETS

The Trustees have reviewed the requirement for depreciation to be charged on property assets. They are of the opinion that the residual value of the properties is such that were depreciation to be charged, it would be immaterial, and therefore no depreciation has been charged during the year.

8. FIXED ASSET INVESTMENTS

Unlisted
investments
£
MARKET VALUE
At 1st April 2020 578,142
Additions 15,619
Revaluations 71,178
At 31st March 2021 664,939
NET BOOK VALUE
At 31st March 2021 664,939
At 31st March 2020 578,142
There were no investment assets outside the UK.

continued...

Page 12

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2021

8. FIXED ASSET INVESTMENTS - continued

Details of the Charity's fixed asset investments are as follows:

Recoupment Fund
COIF 662 Accumulation units
Unrestricted Funds
Extraordinary Repair Fund
Black Rock 3,000.809
Accumulation units
Stratton Legacy
CBFCEIF 1,489.23 income
shares
Black Rock 1,107.47 income
shares
COIF 774.25 Income shares
Other investments
COIF 734 Income shares
CBFCEIF
4,260.56 Income shares
1,372.77 Income shares
5,651.63 Income shares
Black Rock 1,514,174
Accumulation units
Total investments		 Value
2020
Additions
Accumu-
lated
Transfers
Between
Funds
Income
£
£
£
110,052
-
-
-
_
_____
______
______
147,637
-
5,253
8,400
_
_____
______
______
24,384
848
-
-
2,121
-
-
-
11,477
-
-
-
_
_____
______
______

37,982
848
-
-
10,880
-
-
-
69,768
2,427
-
-
22,478
782
-
-
92,531
3,220
-
-
86,814
-
3,089
(8,400)
_
_____
______
______
320,453
7,277
3,089
(8,400)
_
_____
______
______
578,142
7,277
8,342
-
_
_____
______
______		 Gains/
(losses)
£
27,075
______
(3,004)
______
5,158
(48)
2,403
______
7,513
2,278
14,749
4,754
19,580
(1,767)
______
47,107
______
71,178
______		 Value
2021
£
137,127
_
158,286
_
30,390
2,073
13,880
_
46,343
13,158
86,944
28,014
115,331
79,736
_
369,526
_
664,939
_

Key

COIF: Charities’ Official Investment Fund Black Rock: Charities UK Bond Fund A Inc

CBFCEIF: Central Board of Finance of the Church of England Investment Fund

continued...

Page 13

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses		 2021
£
-
225
225
2021
£
974		 2020
£
26
-
26
2020
£
954

11. MOVEMENT IN FUNDS

Net Transfers
movement between
At 1.4.20 in funds funds At 31.3.21
£ £ £ £
Unrestricted funds
General fund 353,732 62,682 (8,400) 408,014
Capital Account 60,960 - - 60,960
Extraordinary Repair Fund 147,637 2,249 8,400 158,286
562,329 64,931 - 627,260
Endowment funds
Recoupment Fund 110,052 27,075 - 137,127
TOTAL FUNDS 672,381 92,006 - 764,387

Page 14 continued...

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

11. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 47,910 (32,336) 47,108 62,682
Extraordinary Repair Fund 5,254 - (3,005) 2,249
53,164 (32,336) 44,103 64,931
Endowment funds
Recoupment Fund - - 27,075 27,075
TOTAL FUNDS 53,164 (32,336) 71,178 92,006
Comparatives for movement in funds
Net Transfers
movement between
At 1.4.19 in funds funds At 31.3.20
£ £ £ £
Unrestricted funds
General fund 354,200 7,932 (8,400) 353,732
Capital Account 60,960 - - 60,960
Extraordinary Repair Fund 133,493 5,744 8,400 147,637
548,653 13,676 - 562,329
Endowment funds
Recoupment Fund 110,084 (32) - 110,052
TOTAL FUNDS 658,737 13,644 - 672,381

Page 15 continued...

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

11. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 51,427 (38,445) (5,050) 7,932
Extraordinary Repair Fund 5,959 - (215) 5,744
57,386 (38,445) (5,265) 13,676
Endowment funds
Recoupment Fund - - (32) (32)
TOTAL FUNDS 57,386 (38,445) (5,297) 13,644

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st March 2021.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Board of Trustees.

14. PERMANENT ENDOWMENT FUNDS

The Recoupment Fund shown under the Funds analysis was originally set up in 1969 to recoup the capital cost of building the bungalows. The Charity cannot use this money for a period of 60 years. After this time, it can be used in accordance with the Charity's objects, after agreement with the Charity Commissioners.

continued...

Page 16

The Borrowell Clergy Homes

Registered Charity number: 251644

Report of the Trustees and Unaudited Financial Statements For the year ended 31st March 2021

C Wiltshire & Co

Chartered Accountants

17 Greenhill Street, Stratford-upon-Avon Warwickshire CV37 6LF Telephone: (01789) 269090 Fax: (01789) 267010 e-mail: cw@cwiltshire.co.uk

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

The Borrowell Clergy Homes

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7 to 8
Notes to the Financial Statements 9 to 16
Detailed Statement of Financial Activities 17

The Borrowell Clergy Homes

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

The trustees present their report with the financial statements of the charity for the year ended 31st March 2021. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The primary objects of the Charity are the maintenance of homes for:

(a) the permanent residence and retirement of men and women of the clergy of the Church of England, with their spouses and dependent children, who shall be in reduced circumstances and shall by reason of age, sickness or bodily infirmity be wholly or partly incapacitated from holding or continuing to hold any preferment.

(b) the temporary rest, relief or recuperation of sick and infirm men or women of the clergy of the Church of England in reduced circumstances.

The secondary Objects are:

(a) the temporary rest, relief or recuperation of men or women of reduced circumstances, and

(b) the permanent residence and retirement of such men or women as immediately before mentioned in paragraph (a) with a preference for such men or women who are the widows or widowers of deceased clergymen or women formerly resident in the homes.

Activities during the year

The Charity continues with its policy to provide accommodation to retired clergy and widows and partners.

There were no necessary major repairs or improvements made to the properties during the year.

The period was disrupted by the Covid 19 outbreak and subsequent lock down; however essential services were dealt with and the high standard of the accommodation maintained.

It had been anticipated that during the year two properties would be re-fitted with new bathrooms; however these were put on hold until it was considered safe to do so.

Two long standing tenants, the Revd Brian Ritchie and Mrs Jean Jones, sadly died during the period. After re-furbishment to the properties we were able to welcome the Revd. Don. Alcock and the Revd. Robert Wilkinson to the community.

Accommodation is provided for six married couples, four single clergy and three widows.

Page 1

The Borrowell Clergy Homes

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

Public benefit

The Trustees confirm that they have taken into account the guidance contained in the Charity Commission's general guidance on public benefit where applicable.

FINANCIAL REVIEW

Investment policy and objectives

The Trustees have power to invest as they see fit.

Reserves policy

It is the policy of the Trustees to keep sufficient reserves to meet any repair work that may become necessary in the foreseeable future.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Borrowell Clergy Homes is governed by a Declaration of Trust dated 21st July 1941 as amended on 4th June 2001, and constitutes an unincorporated charity.

Recruitment and appointment of new trustees

Our governing document lays down that the Bishop of Coventry, the Archdeacon of Coventry, and the Vicar of St Nicholas, Kenilworth are ex-officio Trustees. Changes in these appointments automatically result in new Trustee appointments.

The rest of the Trustees (up to 5 more) are drawn from an area within 50 miles of the Kenilworth, and must be members of the Church of England.

We therefore look to the members of churches in the area for new Trustees and take advice from clergy in the area, trying to recruit people able in due course to take up the Offices of Clerk and Treasurer in particular.

Induction and training of new trustees

New Trustees are given copies of Charity Commission leaflets outlining the duties of Trustees and are encouraged to attend seminars run for Trustees, Clerks, etc by the Almshouses Association.

Page 2

The Borrowell Clergy Homes

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

251644

Principal address

5 Thirlstane Close Kenilworth Warwickshire CV8 2PW

Trustees

The Lord Bishop of Coventry (Ex-officio) The Archdeacon of Coventry (Ex-officio) The Vicar of St Nicholas (Ex-officio) Mrs HJ Alford (Co-opted) Mrs J Corbishley (Co-opted) Miss K Harry (Co-opted) D Pettifor (Co-opted) J Radford (Co-opted)

Chairman

Mrs H Alford

Treasurer

Mr D Pettifor

Clerk

Miss K Harry

Independent Examiner

C Wiltshire Chartered Accountant C Wiltshire & Co Chartered Accountants 17 Greenhill Street Stratford upon Avon CV37 6LF

Accountants

C Wiltshire & Co 17 Greenhill Street Stratford-upon-Avon Warwickshire CV37 6LF

Page 3

The Borrowell Clergy Homes

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2021

REFERENCE AND ADMINISTRATIVE DETAILS

B ankers

NatWest plc Royal Priors 59 The Parade Leamington Spa CV32 4ZX

The Central Board of Finance The Church of England St Alphage House 2 Fore Street London EC2Y 5AQ Approved by order of the board of trustees on 24th November 2021 and signed on its behalf by:

Miss K Harry Trustee

Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BORROWELL CLERGY HOMES

Independent examiner's report to the trustees of The Borrowell Clergy Homes

I report to the charity trustees on my examination of the accounts of The Borrowell Clergy Homes (the Trust) for the year ended 31st March 2021.

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').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

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:

  1. 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; or

  2. 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.

C Wiltshire

Chartered Accountant

C Wiltshire & Co Chartered Accountants 17 Greenhill Street Stratford upon Avon CV37 6LF

24th November 2021

Page 5

The Borrowell Clergy Homes

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2021

Unrestricted Endowment
funds
fund
Notes
£
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Provision of residential accommodation
36,668
-
Investment income
2
16,496
-
Total
53,164
-
EXPENDITURE ON
Charitable activities
3
Provision of residential accommodation
30,836
-
Support Costs
525
-
Governance costs
975
-
Total
32,336
-
Net gains/(losses) on investments
44,103
27,075
NET INCOME
64,931
27,075
RECONCILIATION OF FUNDS
Total funds brought forward
562,329
110,052
TOTAL FUNDS CARRIED FORWARD
627,260
137,127		 2021
Total
funds
£
36,668
16,496
53,164
30,836
525
975
32,336
71,178
92,006
672,381
764,387		 2020
Total
funds
£
39,618
17,768
57,386
37,491
-
954
38,445
(5,297)
13,644
658,737
672,381

The notes form part of these financial statements

Page 6

The Borrowell Clergy Homes

BALANCE SHEET 31ST MARCH 2021

Unrestricted Endowment
funds
fund
Notes
£
£
FIXED ASSETS
Tangible assets
7
75,470
-
Investments
8
527,812
137,127
603,282
137,127
CURRENT ASSETS
Debtors
9
225
-
Cash at bank
24,727
-
24,952
-
CREDITORS
Amounts falling due within one year
10
(974)
-
NET CURRENT ASSETS
23,978
-
TOTAL ASSETS LESS CURRENT LIABILITIES
627,260
137,127
NET ASSETS
627,260
137,127		 2021
Total
funds
£
75,470
664,939
740,409
225
24,727
24,952
(974)
23,978
764,387
764,387		 2020
Total
funds
£
75,470
578,142
653,612
26
19,697
19,723
(954)
18,769
672,381
672,381

The notes form part of these financial statements

continued...

Page 7

The Borrowell Clergy Homes

BALANCE SHEET - continued 31ST MARCH 2021

FUNDS
11
Unrestricted funds:
General fund
Capital Account
Extraordinary Repair Fund
Endowment funds
TOTAL FUNDS		 408,014
60,960
158,286
627,260
137,127
764,387		 353,732
60,960
147,637
562,329
110,052
672,381

The financial statements were approved by the Board of Trustees and authorised for issue on 24th November 2021 and were signed on its behalf by:

Mrs HJ Alford T rustee

D Pettifor Trustee

The notes form part of these financial statements

Page 8

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments, which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - Improvements: 10% on cost and Buildings: 2% on cost

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Funds held by the Charity are either:

Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Designated funds - these are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.

Restricted funds - these are funds that 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.

continued...

Page 9

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

1. ACCOUNTING POLICIES - continued

Fund accounting

Endowment funds - these are held on trust to be retained for the benefit of the Charity as a capital fund.

The Trustees are required to transfer an annual sum of £8,400 from the General Fund to the Emergency Repair Fund to maintain this Fund against which exceptional repair expenditure is charged.

2. INVESTMENT INCOME

2.
INVESTMENT INCOME
2021
£
Investment income
16,496
3.
CHARITABLE ACTIVITIES COSTS
Direct
Support
Costs (see
costs (see
note 4)
note 5)
£
£
Provision of residential
accommodation
30,836
-
Support Costs
-
525
Governance costs
-
975
30,836
1,500
4.
DIRECT COSTS OF CHARITABLE ACTIVITIES
2021
£
Council tax and water rates
3,816
Insurance
1,758
Light and heat
495
Sundries
22
Repairs
18,595
Care alarm system
530
Architect's fees
2,620
Gardening costs
3,000
30,836		 2020
£
17,768
Totals
£
30,836
525
975
32,336
2020
£
3,895
1,705
49
112
27,135
470
1,235
2,890
37,491

continued...

Page 10

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

5. SUPPORT COSTS

SUPPORT COSTS
Support Costs
Governance costs		 Governance
Other
costs
£
£
525
-
-
975
525
975		 Totals
£
525
975
1,500

Support costs, included in the above, are as follows:

Other

Other
2021 2020
Support Total
Costs activities
£ £
Sundries 150 -
Subscriptions 375 -
525 -

Governance costs

Governance costs
2021 2020
Governance Total
costs activities
£ £
Accountancy 615 600
Independent examiner 360 354
975 954

continued...

Page 11

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2021 nor for the year ended 31st March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2021 nor for the year ended 31st March 2020.

7. TANGIBLE FIXED ASSETS

The Trustees have reviewed the requirement for depreciation to be charged on property assets. They are of the opinion that the residual value of the properties is such that were depreciation to be charged, it would be immaterial, and therefore no depreciation has been charged during the year.

8. FIXED ASSET INVESTMENTS

Unlisted
investments
£
MARKET VALUE
At 1st April 2020 578,142
Additions 15,619
Revaluations 71,178
At 31st March 2021 664,939
NET BOOK VALUE
At 31st March 2021 664,939
At 31st March 2020 578,142
There were no investment assets outside the UK.

continued...

Page 12

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST MARCH 2021

8. FIXED ASSET INVESTMENTS - continued

Details of the Charity's fixed asset investments are as follows:

Recoupment Fund
COIF 662 Accumulation units
Unrestricted Funds
Extraordinary Repair Fund
Black Rock 3,000.809
Accumulation units
Stratton Legacy
CBFCEIF 1,489.23 income
shares
Black Rock 1,107.47 income
shares
COIF 774.25 Income shares
Other investments
COIF 734 Income shares
CBFCEIF
4,260.56 Income shares
1,372.77 Income shares
5,651.63 Income shares
Black Rock 1,514,174
Accumulation units
Total investments		 Value
2020
Additions
Accumu-
lated
Transfers
Between
Funds
Income
£
£
£
110,052
-
-
-
_
_____
______
______
147,637
-
5,253
8,400
_
_____
______
______
24,384
848
-
-
2,121
-
-
-
11,477
-
-
-
_
_____
______
______

37,982
848
-
-
10,880
-
-
-
69,768
2,427
-
-
22,478
782
-
-
92,531
3,220
-
-
86,814
-
3,089
(8,400)
_
_____
______
______
320,453
7,277
3,089
(8,400)
_
_____
______
______
578,142
7,277
8,342
-
_
_____
______
______		 Gains/
(losses)
£
27,075
______
(3,004)
______
5,158
(48)
2,403
______
7,513
2,278
14,749
4,754
19,580
(1,767)
______
47,107
______
71,178
______		 Value
2021
£
137,127
_
158,286
_
30,390
2,073
13,880
_
46,343
13,158
86,944
28,014
115,331
79,736
_
369,526
_
664,939
_

Key

COIF: Charities’ Official Investment Fund Black Rock: Charities UK Bond Fund A Inc

CBFCEIF: Central Board of Finance of the Church of England Investment Fund

continued...

Page 13

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

9.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses		 2021
£
-
225
225
2021
£
974		 2020
£
26
-
26
2020
£
954

11. MOVEMENT IN FUNDS

Net Transfers
movement between
At 1.4.20 in funds funds At 31.3.21
£ £ £ £
Unrestricted funds
General fund 353,732 62,682 (8,400) 408,014
Capital Account 60,960 - - 60,960
Extraordinary Repair Fund 147,637 2,249 8,400 158,286
562,329 64,931 - 627,260
Endowment funds
Recoupment Fund 110,052 27,075 - 137,127
TOTAL FUNDS 672,381 92,006 - 764,387

Page 14 continued...

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

11. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 47,910 (32,336) 47,108 62,682
Extraordinary Repair Fund 5,254 - (3,005) 2,249
53,164 (32,336) 44,103 64,931
Endowment funds
Recoupment Fund - - 27,075 27,075
TOTAL FUNDS 53,164 (32,336) 71,178 92,006
Comparatives for movement in funds
Net Transfers
movement between
At 1.4.19 in funds funds At 31.3.20
£ £ £ £
Unrestricted funds
General fund 354,200 7,932 (8,400) 353,732
Capital Account 60,960 - - 60,960
Extraordinary Repair Fund 133,493 5,744 8,400 147,637
548,653 13,676 - 562,329
Endowment funds
Recoupment Fund 110,084 (32) - 110,052
TOTAL FUNDS 658,737 13,644 - 672,381

Page 15 continued...

The Borrowell Clergy Homes

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2021

11. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 51,427 (38,445) (5,050) 7,932
Extraordinary Repair Fund 5,959 - (215) 5,744
57,386 (38,445) (5,265) 13,676
Endowment funds
Recoupment Fund - - (32) (32)
TOTAL FUNDS 57,386 (38,445) (5,297) 13,644

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st March 2021.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Board of Trustees.

14. PERMANENT ENDOWMENT FUNDS

The Recoupment Fund shown under the Funds analysis was originally set up in 1969 to recoup the capital cost of building the bungalows. The Charity cannot use this money for a period of 60 years. After this time, it can be used in accordance with the Charity's objects, after agreement with the Charity Commissioners.

continued...

Page 16