Registered Charity number 1047967
The Foresters Homes Trust Financial Statements 31st December 2020
| Contents: | |
|---|---|
| Pages | |
| Trustees' report | 2-3 |
| Accountants Report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7-13 |
The Foresters Homes Trust
Page 2
Trustees' Report
In accordance with the requirements of Section 45 of the Charities Act 1993, the Trustees present this annual report and financial statements of the charity for the year to 31st December 2020.
The Foresters Homes Trust was registered as a charity in 1997 - registration No. 1047967.
The purpose of the charity is to provide sheltered accommodation for members of the Ancient Order of Foresters.
The trustees/committee members during the year under review were as follows:
Mr A.J. Pooley President Mrs J Pooley Chairman Trustee Mrs B.M. Watson Vice Chairman Trustee Mr A.J. Pooley Trustee Mrs C.I. Graham Trustee Mrs M.C. Harris Trustee Mr J.E.T Springham Trustee Mr R.Thomas Trustee Mr J.H. Norris Co-opted Member Mrs S. J. Norris Clerk
The Trustees meet once a month.
The principal officers of the charity are:
Clerk to the Trustees S Norris Registered Office Tower Road Bexleyheath Kent DA7 4JQ Bankers Barclays Bank plc Bexleyheath Business Centre PO Box 140 Bexleyheath Kent DA6 7DD Accountants R K Lawrence and Co 94 Brook Street Erith Kent DA8 1JF
The Foresters Homes Trust
Page 3
Trustees' Report
Preparation of financial statements
Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the financial activities of the Charity for that period. In preparing those financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether the policies adopted are in accordance with SORP2 and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements:
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in business
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees
………………….
Accountants Report to the Trustees of The Foresters Homes Trust
Page 4
We have prepared the financial statements on pages 5 to 13 which have been prepared under the accounting policies set out on pages 7 and 8.
Respective responsibilities of directors and auditors
As described on page 3, the trustees are responsible for the preparation of the financial statements. As accountants it is our responsibility to form an independent opinion, on those financial statements and to report our opinion to you. We have been appointed as accountants under section 43 of the Charities Act 1993 and report in accordance with the regulations made under section 44 of that Act.
Basis of opinion
We conducted our preparation of accounts in accordance with Accounting Standards. This includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Charity's circumstances, consistently applied and adequately disclosed.
We planned and performed our accounts so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement.
Opinion
In our opinion the financial statements give a true and fair view of the Charity's state of affairs as at 31st December 2020 and of its incoming resources and application of resources in the year then ended and have been properly prepared in accordance with the Charities Act 1993.
R.K. Lawrence & Co. 94 Brook Street Erith Kent DA8 1JF
Date
The Foresters Homes Trust
Page 5
Statement of Financial Activities
For the year ended 31st December 2020
| Unrestricted | Restricted | 2020 | 2019 | ||||
|---|---|---|---|---|---|---|---|
| funds | funds | Total | Total | ||||
| £ | £ | £ | £ | ||||
| Notes | |||||||
| Income and expenditure | |||||||
| Incoming resources | |||||||
| Residents' maintenance contributions | 78,182 | 78,182 | 70,774 | ||||
| Interest and dividends receivable | 13 | 18,306 | 18,306 | 19,833 | |||
| Subscriptions and donations | 6,805 | 6,805 | 5,235 | ||||
| Legacy | 0 | 0 | 0 | ||||
| Laundry | 3,481 | 3,481 | 3,264 | ||||
| Xmas Draw | 0 | 0 | 2,073 | ||||
| Garden party/cream tea | 0 | 0 | 0 | ||||
| Sundry income | 40 | 0 | 40 | 480 | |||
| ______ | ______ | ______ | ______ | ||||
| Total incoming resources | 28,632 | 78,182 | 106,814 | 101,659 | |||
| ______ | ______ | ______ | ______ | ||||
| ______ | ______ | ______ | ______ | ||||
| Resources expended | |||||||
| Direct charitable expenditure | 2 | 11,832 | 64,442 | 76,274 | 88,544 | ||
| Management and administration | |||||||
| of the Homes | 3 | 2,826 | 0 | 2,826 | 3,591 | ||
| Total resources expended | 4 | 14,658 | 64,442 | 79,100 | 92,135 | ||
| _____ | _____ | _____ | _____ | ||||
| _____ | _____ | _____ | _____ | ||||
| Net incoming resources for the year | 13,974 | 13,740 | 27,714 | 9,524 | |||
| Balances brought forward | |||||||
| at 1st January 2020 | 464,123 | 164,049 | 628,172 | 618,648 | |||
| ______ | ______ | ______ | _ | ||||
| Balances carried forward | |||||||
| 31st December 2020 | 478,097 | 177,789 | 655,886 | 628,172 | |||
| ______ | ______ | ______ | _ | ||||
| ______ | ______ | ______ | _ |
The Foresters Homes Trust
Page 6
Balance Sheet
As at 31st December 2020
| As at 31st December 2020 | |
|---|---|
| 2020 2019 £ £ Fixed assets 5 15,603 _____ Current assets Investment accounts 6 476,220 Debtors and prepayments 2,730 Cash at bank and in hand 162,469 Total incoming resources 641,419 Creditors: amounts falling due within one year 7 1,136 ______ Net current assets 640,283 ______ Net assets 655,886 ______ ______ Represented by: Funds Unrestricted 12 478,097 Restricted 11 177,789 ______ 655,886 ______ ______ |
20,594 _____ 461,220 2,730 144,764 |
| 608,714 1,136 ______ 607,578 ______ 628,172 ______ ______ 464,123 164,049 ______ 628,172 ______ ______ |
Approved by the Board of Trustees on March 2021 and signed on its behalf
……………….. Trustee
The Foresters Homes Trust
Page 7
Notes to the financial statements
For the year ended 31st December 2020
1 Accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards.
Fixed assets
(i) Building extension
The building extension is stated at cost less housing association grant received (including interest as a result of late payment) and building and endowment fund. The costs include:
-
payments for work done
-
services provided
-
mortgage interest payable to 31st December 1985
(ii) Land and buildings
In the absence of a valuation of the proportion of land retained, the sale proceeds of the part disposal of land were deducted from the book value of the whole of the land and buildings prior to the sale in 1977.
(iii) Depreciation
Depreciation is provided on buildings in order to write off over their expected useful life of 50 years on a straight line basis.
Depreciation on the Lift is 10% over 10 years straight line.
No depreciation is provided on furniture and equipment as the expenditure is written off in the year of purchase.
Depreciation on the boilers is 10% over 10 years straight line.
(iv) Housing Association grant
The building extension has been financed partly by a housing association grant. The cost of the building extension has been reduced by the amount of the grant received.
(v) Cyclical repairs and maintenance
No provision is made for future repairs and maintenance as there is a regular programme of repairs and maintenance in place by the committee of management, and all costs incurred are charged to the income and expenditure account.
The Foresters Homes Trust
Page 8
Notes to the financial statements
For the year ended 31st December 2020
1 Accounting Policies - (continued)
Apportionment of management expenses
Direct employee, administration and operating costs have been apportioned to the building maintenance and benefit fund income and expenditure account, on the basis of costs of staff to the extent that they are directly engaged in each of the operations dealt within the financial statements.
Capitalisation of interest
Interest on the mortgage loan financing a development is capitalised up to the date of practical completion of the scheme.
Value Added Tax
The Foresters Homes Trust is not registered for Value Added Tax. In these financial statements, where applicable, expenditure is shown inclusive of Value Added Tax.
2 Direct charitable expenditure
| 2 Direct charitable expenditure | ||||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| funds | funds | 2020 | 2019 | |||
| £ | £ | £ | £ | |||
| Notes | ||||||
| Wages and salaries & Pension Cont | 10728 | 13,828 | 24,556 | 25,129 | ||
| Emergency linkline | 3,407 | 3,407 | 3,276 | |||
| Light, heat and power | 8,283 | 8,283 | 8,885 | |||
| Water rates | 6,442 | 6,442 | 5,892 | |||
| Telephone | 1,104 | 1,104 | 1,071 | |||
| Laundry | 0 | 0 | 0 | |||
| Insurance | 5,222 | 5,222 | 5,385 | |||
| Building maintenance | 10,764 | 10,764 | 19,115 | |||
| Household expenses | 681 | 681 | 762 | |||
| Heating maintenance | 406 | 406 | 540 | |||
| Security & Fire Alarm Maint | 3,180 | 3,180 | 390 | |||
| Garden | 6,780 | 6,780 | 4,400 | |||
| Windows | 0 | 0 | 0 | |||
| Decoration | 0 | 0 | 0 | |||
| Depreciation | 4,991 | 4,991 | 4,991 | |||
| Garden Patio | 0 | 0 | 8,280 | |||
| Lift | 458 | 458 | 428 | |||
| ____ | ||||||
| . | ||||||
| 11,832 | 64,442 | 76,274 | 88,544 | |||
| ____ | _____ | _____ | _____ | |||
| ____ | _____ | _____ | _____ |
The Foresters Homes Trust
Page 9
Statement of Financial Activities
For the year ended 31st December 2020
3 Management and administration of the Homes
| 2020 | 2019 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||||
| funds | funds | ||||||
| £ | £ | £ | £ | ||||
| Quinquennial | 0 | 0 | 0 | ||||
| Postage, stationery and advertising | 332 | 332 | 410 | ||||
| Audit and accountancy | 1,296 | 1296 | 1,284 | ||||
| Donations | 0 | 0 | |||||
| Christmas party | 0 | 0 | 1,053 | ||||
| Staff gratuities | 355 | 355 | 0 | ||||
| 0 | 0 | ||||||
| Subscriptions | 400 | 400 | 390 | ||||
| Sundries | 443 | 0 | 443 | 454 | |||
| 2,826 | 0 | 2,826 | 3,591 | ||||
| ____ | ___ | ____ | ____ | ||||
| ____ | ___ | ____ | ____ | ||||
| 4 Total resources expended | |||||||
| 2020 | 2019 | ||||||
| Staff | Depreciation | Other | Total | Total | |||
| costs | costs | ||||||
| £ | £ | £ | £ | £ | |||
| Direct charitable | |||||||
| expenditure | 24,556 | 4,991 | 46,727 | 76,274 | 88,544 | ||
| Management and | |||||||
| administration of | |||||||
| the homes | -- | -- | 2,826 | 2,826 | 3,591 | ||
| _____ | _____ | _____ | _____ | _____ | |||
| 24,556 | 4,991 | 49,553 | 79,100 | 92,135 | |||
| _____ | _____ | _____ | _____ | _____ | |||
| _____ | _____ | _____ | _____ | _____ |
The Foresters Homes Trust
Page 10
Notes to the Financial Statements
For the year ended 31st December 2020
2020
| 2020 | |||||
|---|---|---|---|---|---|
| 5 Fixed Assets | |||||
| Freehold | Building | Improvements | Total | ||
| land and | extension | ||||
| buildings | |||||
| £ | £ | £ | |||
| Cost / valuation | |||||
| At 1st January 2020 and 31st December 2020 | 630 | 50,713 | 49,910 | 101,253 | |
| Additions | |||||
| ___ | _____ | _____ | _____ | ||
| 630 | 50,713 | 49,910 | 101,253 | ||
| Depreciation | |||||
| At 1st January 2020 | 50,713 | 29,946 | 80,659 | ||
| Charge for the year | 0 | 4,991 | 4,991 | ||
| _____ | ______ | _____ | |||
| At 31st December 2020 | 50,713 | 34,937 | 85,650 | ||
| _____ | ______ | _____ | |||
| Written down values | |||||
| At 31st December 2020 | 630 | 0 | 14,973 | 15,603 | |
| ___ | _____ | _____ | _____ | ||
| ___ | _____ | _____ | _____ | ||
| At 31st December 2019 | 630 | 0 | 19,964 | 20,594 | |
| ___ | _____ | _____ | _____ | ||
| ___ | _____ | _____ | _____ | ||
| The cost / valuation of freehold land and buildings | comprises: | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Valuation (prior to 1958) | 31,000 | 31,000 | |||
| Costs to 1st January 1977 | 10,630 | 10,630 | |||
| _____ | _____ | ||||
| 41,630 | 41,630 | ||||
| Less: Disposal proceeds (December 1977) | 41,000 | 41,000 | |||
| _____ | _____ | ||||
| 630 | 630 | ||||
| _____ | _____ | ||||
| _____ | _____ |
The Foresters Homes Trust
Page 11
Notes to the Financial Statements
For the year ended 31st December 2020
| The cost of the | building extension comprises: | |||
|---|---|---|---|---|
| 2020 | 2019 | |||
| £ | £ | |||
| Payments for work done, services provided and | ||||
| mortgage interest payable to 31st December 1995 | 391,568 | 391,568 | ||
| Less: | ||||
| Housing Association grant | ||||
| (including interest for late payment) | -273,032 | -273,032 | ||
| Building and Endowment Fund | -67,823 | -67,823 | ||
| ______ | ______ | |||
| 50,713 | 50,713 | |||
| ______ | ______ | |||
| 6 Investments | ||||
| Gilt Investments | 12,857 | 12,857 | ||
| Charity Common investment funds | 463,363 | 448,363 | ||
| 476,220 | 461,220 | |||
| (Market Valuation ) | ||||
| Gilt | (Stock title - 8% Treasury Stock 2021) | 12,857 | 12,857 | |
| CCLA Fixed Inte3924.34 units | 5,580 | 5,232 | ||
| CCLA Property | 44125.47 units | 48,820 | 46,542 | |
| M& G | ||||
| Charifund | 587.806 (Accumulation Units) | 143,207 | 164,407 | |
| Charifund | 1654.329 (Income Units) | 22,707 | 15,775 | |
| Charibond | 90889.752 (Income Units) | 114,048 | 112,749 | |
| Charity Multi A196680.267 (Income Units) | 164,464 | 177,740 | ||
| NAACIF | 0 (Income Units) | 0 | 0 | |
| Schroders | ||||
| Fixed Interest | 43438 (Income Units) | 31,210 | 29,447 | |
| Equity | 27878 (Income Units | 98,186 | 116,977 | |
| 641,079 | 681,726 | |||
| 7 Creditors: Amounts falling due within one year | ||||
| Accruals | 1,136 | 1,136 | ||
| ____ | ____ |
8 Taxation
The Foresters Homes Trust is an exempt charity and accordingly is not subject to taxation on any of its activities.
The Foresters Homes Trust
Page 12
Statement of Financial Activities
For the year ended 31st December 2020
9 Contingent Liabilities
As at 31st December 2020 and 2019 there were no known contingent liabilities.
10 Commitments
Capital commitments
As at 31st December 2020 and 2019 there were no capital expenditure commitments.
Lease commitments - None
11 Restricted funds
| 11 Restricted funds | ||||
|---|---|---|---|---|
| Balance | Movements in resource | Balance | ||
| 01.01.20 | Incoming | Outgoing | 31.12.20 | |
| £ | £ | £ | £ | |
| Building and maintenance | ||||
| benefit fund | 164,049 | 78,182 | 64,442 | 177,789 |
| ______ | _____ | _____ | ______ | |
| 164,049 | 78,182 | 64,442 | 177,789 | |
| ______ | _____ | _____ | ______ |
The Foresters Homes Trust
Page 13
Statement of Financial Activities
For the year ended 31st December 2020
12 Analysis of net assets between funds
| 12 Analysis of net assets between funds | |||
|---|---|---|---|
| Tangible | Net | Total | |
| fixed | current | ||
| assets | assets | ||
| £ | £ | £ | |
| Restricted funds: | |||
| Building and maintenance benefit fund | 15,603 | 162,111 | 177,714 |
| Resident's fund | |||
| GG Huckett fund | 75 | 75 | |
| _____ | ______ | ______ | |
| 15,603 | 162,186 | 177,789 | |
| Unrestricted funds | 0 | 478,097 | 478,097 |
| _____ | ______ | ______ | |
| 15,603 | 640,283 | 655,886 | |
| _____ | _ | ______ | |
| 13 Income Analysis | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Gilt | 562 | 562 | |
| NAACIF Fund | 6884 | 7520 | |
| M&G | 0 | 0 | |
| Charibond | 2727 | 1909 | |
| Charifund | 906 | 536 | |
| Schroder | 4424 | 6349 | |
| CCLA | 2747 | 2821 | |
| Bank Interest | 56 | 136 | |
| 18,306 | 19,833 |