The Borrowell Clergy Homes
Registered Charity number: 251644
Report of the Trustees and Unaudited Financial Statements For the year ended 31st March 2022
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
The Borrowell Clergy Homes
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022
| 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 2022
The trustees present their report with the financial statements of the charity for the year ended 31st March 2022. 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 to provide accommodation to retired clergy, their widows and partners.
The year saw the resumption of renovations which had been carried over due to the Covid 19 pandemic.
Three bungalows had new bathrooms installed which included walk-in showers and adaptations to meet current Social Care standards. Alternative accommodation was provided whilst the works were carried out to minimise the resident’s inconvenience.
One bungalow remains, rescheduled to be re-fitted during 2023.
Accommodation is provided for six married couples, four single clergy and three widows.
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.
Page 1
The Borrowell Clergy Homes
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2022
FINANCIAL REVIEW
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
The 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.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
251644
Principal address 14 Dencer Drive Kenilworth CV8 2RU
Page 2
The Borrowell Clergy Homes
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2022
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) – Retired 22 November 2021 M Lovegrove (Co-opted) – Appointed 22 November 2021 DE Pettifor (Co-opted) J Radford (Co-opted)
Chairman
Mrs H Alford
Treasurer
Mr D Pettifor
Clerk
Mr D Lovegrove
Independent Examiner C Wiltshire Chartered Accountant
C Wiltshire & Co Chartered Accountants 17 Greenhill Street Stratford upon Avon CV37 6LF
Page 3
The Borrowell Clergy Homes
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2022
REFERENCE AND ADMINISTRATIVE DETAILS Advisers Accountants
C Wiltshire & Co 17 Greenhill Street Stratford-upon-Avon Warwickshire CV37 6LF
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 9th November 2022 and signed on its behalf by:
D Lovegrove 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 2022.
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:
-
accounting records were not kept in respect of the Trust 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.
C Wiltshire
Chartered Accountant
C Wiltshire & Co Chartered Accountants 17 Greenhill Street Stratford upon Avon CV37 6LF
Date: 9th November 2022
Page 5
The Borrowell Clergy Homes
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2022
| Unrestricted Endowment funds fund Notes £ £ INCOME AND ENDOWMENTS FROM Charitable activities Provision of residential accommodation 38,088 - Investment income 2 16,089 - Total 54,177 - EXPENDITURE ON Charitable activities 3 Provision of residential accommodation 29,297 - Support Costs 315 - Governance costs 995 - Total 30,607 - Net gains on investments 4,957 15,704 NET INCOME 28,527 15,704 RECONCILIATION OF FUNDS Total funds brought forward 627,260 137,127 TOTAL FUNDS CARRIED FORWARD 655,787 152,831 |
2022 Total funds £ 38,088 16,089 54,177 29,297 315 995 30,607 20,661 44,231 764,387 808,618 |
2021 Total funds £ 36,668 16,495 53,163 30,835 525 975 32,335 71,178 92,006 672,381 764,387 |
|---|---|---|
The notes form part of these financial statements
Page 6
The Borrowell Clergy Homes
BALANCE SHEET 31ST MARCH 2022
| Unrestricted Endowment funds fund Notes £ £ FIXED ASSETS Tangible assets 7 75,470 - Investments 8 547,986 152,831 623,456 152,831 CURRENT ASSETS Debtors 9 225 - Cash at bank 33,101 - 33,326 - CREDITORS Amounts falling due within one year 10 (995) - NET CURRENT ASSETS 32,331 - TOTAL ASSETS LESS CURRENT LIABILITIES 655,787 152,831 NET ASSETS 655,787 152,831 |
2022 Total funds £ 75,470 700,817 776,287 225 33,101 33,326 (995) 32,331 808,618 808,618 |
2021 Total funds £ 75,470 664,939 740,409 225 24,727 24,952 (974) 23,978 764,387 764,387 |
|---|---|---|
The notes form part of these financial statements
continued...
Page 7
The Borrowell Clergy Homes
BALANCE SHEET - continued 31ST MARCH 2022
| FUNDS 11 Unrestricted funds: General fund Capital Account Extraordinary Repair Fund Endowment funds TOTAL FUNDS |
435,571 60,960 159,256 655,787 152,831 808,618 |
408,014 60,960 158,286 627,260 137,127 764,387 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 9th November 2022 and were signed on its behalf by:
Mrs H Alford
Trustee
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 2022
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 2022
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
3.
| INVESTMENT INCOME | ||
|---|---|---|
| Investment income CHARITABLE ACTIVITIES COSTS |
2022 £ 16,089 |
2021 £ 16,495 |
| Direct Support Costs (see costs (see note 4) note 5) £ £ Provision of residential accommodation 29,297 - Support Costs 15 300 Governance costs - 995 29,312 1,295 |
Totals £ 29,297 315 995 |
|---|---|
| 30,607 |
Page 10 continued...
The Borrowell Clergy Homes
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
4. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Council tax and water rates Insurance Light and heat Sundries Repairs Care alarm system Architect's fees Gardening costs 5. SUPPORT COSTS Support Costs Governance costs |
2022 £ 3,910 1,809 (31) 75 18,110 470 1,609 3,360 29,312 Governance Other costs £ £ 300 - - 995 300 995 |
2021 £ 3,815 1,758 495 22 18,595 530 2,620 3,000 30,835 Totals £ 300 995 1,295 |
|---|---|---|
Support costs, included in the above, are as follows:
Other
| Other | ||
|---|---|---|
| 2022 | 2021 | |
| Support | Total | |
| Costs | activities | |
| £ | £ | |
| Sundries | - | 150 |
| Subscriptions | 300 | 375 |
| 300 | 525 |
Page 11 continued...
The Borrowell Clergy Homes
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
5. SUPPORT COSTS - continued Governance costs
| SUPPORT COSTS - continued Governance costs |
||
|---|---|---|
| 2022 | 2021 | |
| Governance | Total | |
| costs | activities | |
| £ | £ | |
| Accountancy | 620 | 615 |
| Independent examiner | 375 | 360 |
| 995 | 975 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st March 2022 nor for the year ended 31st March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st March 2022 nor for the year ended 31st March 2021.
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
| FIXED ASSET INVESTMENTS | |
|---|---|
| Unlisted | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1st April 2021 | 664,939 |
| Additions | 15,217 |
| Revaluations | 20,661 |
| At 31st March 2022 | 700,817 |
| NET BOOK VALUE | |
| At 31st March 2022 | 700,817 |
| At 31st March 2021 | 664,939 |
| There were no investment assets outside the UK. |
Page 12 continued...
The Borrowell Clergy Homes
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
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 3,173.179 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 1,346,804 Accumulation units Total investments |
Value 2021 Additions Accumu- lated Transfers Between Funds Income £ £ £ 137,127 - - - _ _____ ______ ______ 158,286 - 4,971 8,400 _ _____ ______ ______ 30,390 903 - - 2,073 - - - 13,880 - - - _ _____ ______ ______ 46,343 903 - - 13,158 - - - 86,944 2,582 - - 28,014 832 - - 115,331 3,425 - - 79,736 - 2,504 (8,400) _ _____ ______ ______ 369,526 7,742 2,504 (8,400) _ _____ ______ ______ 664,939 7,742 7,475 - _ _____ ______ ______ |
Gains/ (losses) £ 15,704 ______ (12,401) ______ 2,504 (161) 1,174 ______ 3,517 1,113 7,164 2,308 9,503 (6,247) ______ 17,358 ______ 20,661 ______ |
Value 2022 £ 152,831 _ |
|---|---|---|---|
159,256 _ |
|||
33,797 1,912 15,054 _ |
|||
50,763 14,271 96,690 31,154 128,259 67,593 _ |
|||
388,730 _ |
|||
700,817 _ |
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 2022
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| £ | £ | ||||
| Prepayments | 225 | 225 | |||
| 10. | CREDITORS: AMOUNTS FALLING DUE | WITHIN ONE YEAR | |||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Accrued expenses | 995 | 974 | |||
| 11. | MOVEMENT IN FUNDS | ||||
| Net | Transfers | ||||
| movement | between | ||||
| At 1.4.21 | in funds | funds | At 31.3.22 | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 408,014 | 35,957 | (8,400) | 435,571 | |
| Capital Account | 60,960 | - | - | 60,960 | |
| Extraordinary Repair Fund | 158,286 | (7,430) | 8,400 | 159,256 | |
| 627,260 | 28,527 | - | 655,787 | ||
| Endowment funds | |||||
| Recoupment Fund | 137,127 | 15,704 | - | 152,831 | |
| TOTAL FUNDS | 764,387 | 44,231 | - | 808,618 |
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 | 49,206 | (30,607) | 17,358 | 35,957 |
| Extraordinary Repair Fund | 4,971 | - | (12,401) | (7,430) |
| 54,177 | (30,607) | 4,957 | 28,527 | |
| Endowment funds | ||||
| Recoupment Fund | - | - | 15,704 | 15,704 |
| TOTAL FUNDS | 54,177 | (30,607) | 20,661 | 44,231 |
Page 15 continued...
The Borrowell Clergy Homes
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Capital Account Extraordinary Repair Fund Endowment funds Recoupment Fund TOTAL FUNDS |
Net Transfers movement between At 1.4.20 in funds funds At 31.3.21 £ £ £ £ 353,732 62,682 (8,400) 408,014 60,960 - - 60,960 147,637 2,249 8,400 158,286 562,329 64,931 - 627,260 110,052 27,075 - 137,127 672,381 92,006 - 764,387 |
|---|---|
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 | 47,909 | (32,335) | 47,108 | 62,682 |
| Extraordinary Repair Fund | 5,254 | - | (3,005) | 2,249 |
| 53,163 | (32,335) | 44,103 | 64,931 | |
| Endowment funds | ||||
| Recoupment Fund | - | - | 27,075 | 27,075 |
| TOTAL FUNDS | 53,163 | (32,335) | 71,178 | 92,006 |
Page 15 continued...
The Borrowell Clergy Homes
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MARCH 2022
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st March 2022.
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.
Page 16
The Borrowell Clergy Homes
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2022
| Unrestricted Endowment funds funds £ £ INCOME AND ENDOWMENTS Investment income Investment income 16,089 - Charitable activities Contributions receivable 38,088 - Total incoming resources 54,177 - EXPENDITURE Charitable activities Council tax and water rates 3,910 - Insurance 1,809 - Light and heat (31) - Sundries 75 - Repairs 18,110 - Care alarm system 470 - Architect's fees 1,609 - Gardening costs 3,360 - 29,312 - Support costs Other Sundries - - Subscriptions 300 - 300 - Governance costs Accountancy 620 - Independent examiner 375 - 995 - Total resources expended 30,607 - Net income 23,570 - |
2022 Total funds £ 16,089 38,088 54,177 3,910 1,809 (31) 75 18,110 470 1,609 3,360 29,312 - 300 300 620 375 995 30,607 23,570 |
2021 Total funds £ 16,495 36,668 53,163 3,815 1,758 495 22 18,595 530 2,620 3,000 30,835 150 375 525 615 360 975 32,335 20,828 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 17