CHARITY REGISTRATION NUMBER: 512195 Earsdon, Newburn and Shilbottle Almshouse Charity Unaudited Financial Statements 31 December 2021
Earsdon, Newburn and Shilbottle Almshouse Charity Financial Statements Year ended 31 December 2021 Page Trustee's annual report Independent examinerfs report to the trustee Statement of financial activities statement of financial position Notes to the financial statements The followlng pages do not fomi part of the financlal statements Detaited ststement of financial adivities 14
Earsdon. Newburn and Shilbottle Almshouse Charity Trustee's Annual Report Year ended 31 Decembar 2021 The Irustae presents his report and the unaudited financial slalements of the association for the year ended 31 December 2021. ReforonGe and admlnistratlve details Registered charty name Earsdon. Newbum and Shilbottle Aknshouse Charty Charlty registration number 512195 The trustees Ex-Offic*): Rev. A. Harding J Robson Chairm8n Co-opted.. N Bruce A Taylor W Shaw W Tail Independent examlner J E Freeman Charterèd Certified Accountants 58 Durham Road Birtley Co Durham DH3 2QJ Bankers Barciays Bank PLC City Offi Percy Street Newca611e upon Tyne NE14QL Fund Manag8rb Black Rock Investment Management IUKI Ltd 33 King Wllwm Street London EC4R 9AS
Earsdon, Newbum and Shill)ottle Alrnshouse Charity Trustee's Annual Report (conlinupdj Y•ar ended 31 December 2021 StrucrgI governance and management Goveyning Document Tho organi5ation 1$ govemed by 8 trust deed dated 7 January 1982. Recruitment and Appointment of Truslees The charf(y ains lo rnainlain its functiong by rKruiling local businéss people and appropriate individua15 from the loeality who have the necessary skills and loBal knowledge to monitor the financial position of the chaiity, and lo make the nece55ary provision of accommodation to the residents. The recruitment of r*w Trusl88s is a matter for the Board of Trust88s, and when vacancies arise, in either numbers or skill coverage, the Chairman will be asked to approach suitable Candidates frfm the combined contaets of all current Trustees. Such appointments will bear in mind th8 need to have a knowledge of the region. an understanding of and ernpathy with Ihg charilable sector, coupled with 8 general recognition of Ihe needs of the residents. None of the Trustees are enlrtkd to, nor rerEived, any remuneration for their services to the charity during the year. Additionally, no expenses have been paid to any Trustee. Tslee Induction and TTrining The Trustees are all familiar with the work of the charity, and new Trustee$ are encouraged lo attend at the charity's registered offe where they are briefed on the aims, objectives and other operation81 mattgTS, in addition lo their role5 and responsibilities. Risk Management The Trusteès actwely review th& major rfsks whKh the charity faces on a regular basi$ and believe that maintaining reserves at curfenl levels, combin8d with an annual review of the controls over key rinanckal systems. will provide Sufficient resources in the event of advarse Conditions. The Trustees have alsg examined other operational and business risks faced by the charity and confirm that they have established systems to mitigate the svJnifKanl risks. Objectives and activltles Aclivilie$ Ear$don , Newburn and Shilbottle Almshouse Charity meets thè definition of a public benefit entity under FRS 102. Theprincipal activty of the Charity is to provide residèntial accommodatn for the poor and naedy residing in or near Earsdon, Newburn and Shilbottle. The Charity owns and maintains 12 adjacent properties in Newburn for which the r8sidents contribute a nominal Week sum to cover maintenance and running costs. Achlevgm9nts and performance DvTing the year, the charity achieved full occup8ncy, wth no voids being experienced. Maintenance contributions have steadily increased in line with best pradice and now represent adequate cover for ongoing and routine costs. Financlal review The Statement of Financial Activities shows nel incoming resources for the year {before movements in the market value of inve51menlsl of £22,837 and cumulative reserves lo carry fornard of £462,819. Th8 Trustees have consklered any majoT risks to which the charity might be exposed in th& near future, and eonsider that the present level of fiJnding is adequate to support th8 charWs current operations. The Trustees consider the current financial position of the charty to be good and continue lo monitor the position to ensure future financK?I posrtion remains Secure.
Earsdon, Newburn and Shilbottle Almshouse Charity Independent Examinerfs Report to the Trustee of Earsdon, Newburn and Shilbottle Almshouse Charity Year ended 31 December 2021 I report lo th8 trustee on my examination of the financial statements of Earsdon, Newburn and Shilbottle Almshouse Charity I'lhe association'l for the year ended 31 December 2021. Reserrfes Policy The charty's sole purpose is to prov*le accommijdation to qualrfying Almshouse residents, and as such maintains sufficient liquid fvnds to defray routine maintenance and other running Costs. whilst m8inlaining sufflent longer term investrnenls in approved funds to cover any major caprtal expenditure. The Tw$te8s consider that operating reserves suffici8nt lo cover these administrative costs for up to 9 months are sufficient in the context of the charitls current objeclivgs. Plans for futurg pgriods There are no plans to expand the activities of the ¢harlty. Independent Examiner J E Freeman, Charterèd Certrfied Accountant, who was appointed lo carry out an independent examination, offers herself. and is recommended for, re-appointment. 22.11.22 The trustee's annual report was approved on ............. . trustees by.. and slgned on beha of the board of a(Jt IL&J J Robson Trustee
Earsdon, Newburn and Shilbottle Almshouse Charity Independent Examlner's Report to the Truste• of Earsdon. Newburn and Shilbottle Almshouse Charity Year ended 31 December 2021 I report to th8 trustee on my examrnation of th& financial ststements of Earsdon, Newbum and Shilbottle Almshouse Charity I'the assoCiatn.) for the year ended 31 Decembgr 2021. Responsibilitlos and basls of report As the trustee of the association you are responsibl8 for the preparation of the financial statements in accordance with the qUIreMents of the Charitigs Act 2011 Ilhe Act,). I report in respect of my examlnallon of the association's financial slat8mentS Carried out under section 145 of 2011 Act and in carrying out my examination I have followed all the applic8ble Directions given by the Charrty Commission under section 14515}{bl of the Act. Independent examinerf$ statement I have ¢¢ynpleted my 8xaminalion. I confiTm that no material matters have come lo my attenlion in connection with the examinalign giving me Cause to believa that in any material respect.. accounting records wer8 not kept in respect of thè assoclation as required by $8ctKJn 130 of the Act; or the financial statements do not accord wf(h those records.. or the financial $ts18ments do not comply wrth the applicable raquirernents concerning the fomi and content of accounts sel out in th8 Charf(ies (Accounts and Reports} Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf view which 18 not matter conSered a8 part of an independent examination. I havo no concems and have Come awss no other matters in connècllon wth the examination to which attention should be drawn in thi8 report in OTder to enable a proper underntanding of the aecounls lo be r8ached. J E Freernan FCCA Indopgndent Examlner 58 Durham Road 8irtley Co Durham DH3 2QJ 23 No¥ÈmbÈr 2022
Earsdon, Newburn and Shilbottle Almshouse Charity Statement of Financial Activities Year onded 31 December 2021 2021 Unrestricted funds Total funds Total funds 2020 Noto Income Maintenance contribution5 from reshlenls Investment income 37,415 4,524 37,415 4.524 38,557 3,383 41,940 Total Income 41,939 41,939 Expenditure Expenditure on raising funds.. Property management expenses Expenditure on charitable actwities Totsl oxpandlture 18,502 600 18,502 600 16,497 3,960 19,102 19.102 20.457 Net income 22,837 22,837 21,483 other recognlsed gain$ and losses Growthlldiminutionl in value of investments Net movement in fuTrds 17,763 40.600 17,763 16,285 40,600 37.768 Reconeiliatlon of funds Tolal funds brougm forward Total funds carrlod forward 422,219 422,219 384.451 422,219 462,819 462,819 Fund balances are analysed: Revenue Resetve Revaluation ReseNe Capital Reserve 168,405 86,888 207,526 462.819 157.568 74,888 189,763 422.219 The statement of financial activi(iès includes all gains and bsses recognised In the year. All income and expenditure dèrive from continuing adivities. The not•s on pages 7 to 12 fomi part of these Ilnaneial $tatsmonts.
Earsdon. Newburn and Shilbottle Almshouse Charity ststement of Financ5al Position 31 December 2021 2021 2020 Flxed assets Tangible fLxod assets Investments 112,431 282,173 113,700 264,410 378.110 10 394,604 Current assets Debtors Cash al bank arKI in hand 11 935 70.995 909 45,828 46.737 71,930 Credltors: amounts falling due within on• year Net current assets 12 3.715 2.628 68,215 44.109 422,219 Total asse1$ less Current Ilab115tlos 462.819 Nel assèts 462,819 422.219 Funds of the charfty Unrestricted funds. Revenue reserva Revaluation reserve Other unreslricted income funds 168,405 86.888 207,526 462,819 157,568 74,888 189.763 Total unrestricted funds 422,219 Total charity funds 13 462,819 422,219 These financial slalemenls were approved by the board of trustees and aulhorised for Issue on .22:11,22........, and ar8 signed on behalf of Ihe board by.. J Robson Trust88 Th• notss on pag•9 7 to 12 fonn part ofthese f5nan¢lal ¥t4tsm•nts.
Earsdon, Newburn and Shilbottle Almshouse Charity Notes to the Financial Statements Year ended 31 Decamber 2021 General Infomiation The association is a public befil entity and a registered charty in Englan(i and Wales and 18 unincorporated. The fomial of the financial stslement complies with the Accounting Requirement5 of the Housing SORP 2014.. Slalement of Recommended Practice for Registered Social Housing Providers and in Accounting DireclK)n for Private Registered Providers of Social Housing 2015. ststgmont ol compllance These financFal ststemènts have been prepared in complianc8 with FRS 102, 'The Financial Reporting Sland8rd applicable in the UK and the Republic of Ireland, the Statement of Recgmrnended Pra¢tiC8 applicable to charilEs preparing their accounts in aCcordce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (Charities SORP {FRS 102)) and the Charities Act 2011. A¢countlng poli¢i•s Basis of proparatton The financial statements have been prepared on the historical wsl basis, as modified by the revaluation of certain financial assets and liabilitiès and investmanl properties measured at fair valu& through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entty- Golng Concern There are no material uncertainties about the charity's a)ility to ¢onllnue. Dlsclosure exemptlons The enlty salisfEs the crtteria of being a qualtfying entty as defined in FRS 102. As sueh. vantage has been taken of the following disc105ure exemptions availab under paragraph 1.12 of FRS 102-. lal No cash flow slatem¢nt has b8en pres8nted for the company. Ibl Disclosures in r8SP8Ct of financial instruments have not bean presented.
Earsdon. Newburn and Shilbottle Almshouse Charity Notes to the Financial Statements {contlnuod) Year ended 31 December 2021 AGGounting policios {tOnllnued) Fund accountlng Unrestrided funds are available for use al the discrelion of truste8s lo further any of the charity's purposes. Designated funds are unreslriGled funds eamark8d by the trustee for particular future project or commitment. Incomlng resources Maintenance wntribulions and investment income arè shown when receivabl8. Rosources expgnd Expenditure Is recognised on an accrual basis as a li8bilty is incurred. Expendf(ure includes any VAT which nntst b8 fully recovered. and is ¢lassrfied urKler haadings of the statement of financial aclNiti8s lo which il relates. charitab expendlture comprises those costs incurred by the charty in relation lo the properties. It include8 both costs that can be allocated directly and those costs of 8n indirect nature necessary to support them. All repairs are charged lo revenue unless they repwent a signfficant improvement to the proparty. Govemance costs includes thos8 costs associated with meeting thg constitulKJnal and sialulory requirements of the Charity and include the indeperKlonl examination fees and costs linked lo the strategic management ofthe charity. Depr•clatk)n Depreciation is cakulated so 88 to write off the cost or valuation of an asset, less ils residual valu8, over the useful econom lrfe of that asset ¥8 follows" Freehold propety 1 % straight line Investments Unlisted equty Investmènts are initially recordèd at cost, and subsequenlty measured al fair value. If fair value cannot be reliably measured, assets are measured at Cost less impaimienL Listed investments are measure(l al fair value with chang8s in fair value being recognised in income or expenditure. Housing properties The Almshouses were constructed in the late Nineteenth Century and Ih8r8 is no record of the original cost and no value is attributed thereto. The Housing Property costs relate to improvemen15 carried out sinee 1960 which were funded by a Housing Corporation Grant, a mortgage loan from Housing Corporation secured by a charge on housing. land and buildings and trom the Almshouses own rèsources. Whilst the prt)perties ara maintsined in a slate of repair such Ihal their estimated residual value is not less than their improvement cost or carrying amount, an annual charge for depr8ciation of 1% straight line has provided in line with the previous year
Earsdon, Newburn and Shilbottle Almshouse Charity Notes to the Financial Statements fcoRtlnuedJ Year endod 31 December 2021 Accountlng pollcies fconlthu•¢lJ Houslng a550ciatlon grant Housing AssocialKJn Grant {HAGI is paEd by the Housing Corporation lo reduce the eost of development and is, therefore, shown as a deduction from the Cost of Hgusing Propertl8s on the Balance sheet. HAG is repayable under certain circumstances, primarily followin9 the sale of thè propety, but will normally be restrided to net proceeds of sale Investment Income unreStrted Total Funds Unrestricted Total Funds Funds 2021 Funds 2020 Income from listed investmanls Bank interest receivable 4,520 4,520 3,365 18 3,365 18 4,524 4,524 3,383 3.383 Property manag•mont expenses unreStrled Totsl Funds Unrestricted Totsl Funds Funds 2021 Funds 2020 Water rates Professional charges Repairs and renov81ions Building insurance Property depreciation Subscriptions Printing, postag8 & stationery 3,232 7.334 3.718 1,844 1,269 788 337 3,232 7,334 3,718 3,267 5,731 4,229 1,791 1,269 210 3,267 5.731 4,229 1.791 1,269 210 1,269 768 337 18,502 18,502 18,497 16.497 Governance costs Unrestricted Total Funds Unwtricled Total Funds Funds 2021 Funds 2020 Accountancy and trkIng Independent 8xaminer's fee 3,420 540 3.420 540 600 600 600 600 3.960 3,960 7. Taxatlon The Almshouse is a register8d Charity and is therefore exempt from liability to taxation on Income and Capital Gain8.
Earsdon. Newburn and Shilbottle Almshouse Charity Notes to the Flnanclal Statements iconUnu8dJ Year ended 31 December 2021 Staff costs The charity has no employees and payments have baen made lo any of the Iruslees during the year Tangiblo fixed assots Freehold proparty C05t At 1 January 2021 Housing Association Grant Your Home5 Newcastle Grant 682,035 1255,1371 1500,0001 128,898 At 31 Decembor 2021 Dopreciation Al 1 January 2021 Charge for the year At 31 Decembor 2021 13,198 1,269 14,467 Carrying amount At 31 Decembèr 2021 112,431 At 31 December 2020 868,837 10. Investments 2021 2020 Trust Fund The Charity's Official Investment Fund ICOIFI 8,548.050 Income Shares {2020 - 8,548.050 sh8resl 175,803 153,962 Extrn4)rdinary Repalr Fund Chairnco Common Investment Fund 2.008.505 AumUlation Shares {2020 - 2,008.505 shares) 106.370 110.448 282,173 284,410 The increase in fixed asset investrnents is due lo the unrealised profil on revaluation of £17,763 12020- £18,285). 10
Earsdon, Newburn and Shllbottle Almshouse Charity Notes to the Financial Stalements Year ended 31 December 2021 11. Debtors 2021 2020 Prepayments ar accrued income 935 909 12. Creditors: amount$ falling due wlthln ono year 2021 2020 Accruals and deferred Income 3.715 2,628 13. Analysls of charitablo funds Unrestrfcted fund¥ At 1 Jan 2021 Gain5 and At losses 31 Dec 2021 Income Expenditure Transfers Genèral funds Revaluation reserv& Revaluation resarve 157,568 41,939 {19,102} 112,000) 168.405 189,763 17,763 207,526 74,888 422,219 12.000 86,888 41,939 {19,102} 17,763 462.819 At 1 Jan 2020 Gains and At losses 31 Dec 2020 Income Expenditure Transfers General funds Revaluation reserve Revaluation reserve 148,085 41,940 {20,457} 112,000} 157,56B 173,478 16,285 189,763 62,888 384,451 12,000 74,888 41.940 {20,457} 16,285 422,219 11
Earsdon, Newburn and Shilbottle Almshouse Charity Notes to the Financlal Statements (¢OnlinuedJ Year ended 31 December 2021 14. Anatysi$ of net assets betwo8n funds Unr8slricted Total Funds Funds 2021 Tangible fix8d assets Investments Current Assets Creditors less than 1 year Ngt assets 112,431 282,173 71,930 13.7151 462,819 112.431 282.173 71,930 13,7151 462,819 Unrestricted Total Funds Funds 2020 Tangible fixed assets Investments Current Assets Creditors less than 1 year Net assets 113,700 264,410 46,737 12,628} 422,219 113,700 264,410 46,737 12,6281 422.219 12
Earsdon. Newburn and Shilbottle Almshouse Charity Management Information Year ended 31 December 2021 The following page$ do not fomi part of the flnancial stat•ments. 13
Earsdon, Newburn and Shilbottle Almshouse Charity Detailed Statement of Financial Activltles Year ended 31 December 2021 2021 2020 Income Malntenanc* contrlbutions from resldents Net income from rents and service charges 37,415 38,557 Investmgnt income Income from listed investments Bank interest receivable 4,520 3,365 18 4,524 3,383 Total Income 41,939 41,940 Expendituro Costs of raislng malntenance contributiony Water rates Property management Repairs and maintenance Insurance Printing, postage & stationery Depreciation of propety Subscriptions 3,232 7,334 3,718 1,844 337 1,269 768 3,267 5,731 4,229 1,791 1,269 210 18,502 16,497 Expendlture on charktable actlvltles Governance cost$ Accountancy arKI clething Independent examlnels fee 3.420 540 600 600 3,960 Total expendlture 19.102 20,457 Net income 22.837 21,483 14