## **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: 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 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. ## **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