2021-03-31-accounts - Humphrey Booth Housing Charity

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HOUSING CHARITY ESTATES
INAINPRICE CLOSE Eccles Old Road	6apartments	(1 x2 bedroom; 4 x 1 bedroom;			1 x studio)
Salford M6 7AE	2 self-contained		bungalows	(2x 2 bedroom,	disabled access)
STJAMES CLOSE	20 apartments		(2x 1 bedroom; 18studio)
Vicarage Close
Salford M6 8EQ
WINSTANLEY CLOSE	16apartments		(10x 1 bedroom; 6studio)
Acresfield Road
Salford M6 7EZ
TOTAL	44 Units

		Metric	Metric			2019/20	2020/21	2020/21	2021/22
						Actual	**Target	Actual	**Target
	Reinvestment %					708%	0%	0.31%	312%
	New su	I delivered		%		0%	0'/o	0'/o	0%
	Gearin					-44.20%	54%	-59.68%	-4994%
	Earnings	Before	Interest, Tax,
	Depreciation, Amortisation,				Major
	repairs included		(EBITDA MRI)
	Interest Cover
	Headline unit	social housirig cost per				13,186	11,407	6,538	9,432
6.(A)	Operating	Margin	%	(Social		-122.10%	-49.03%	-33.69%	-79.27%
	Housin	Lettin s Onl
6. B	*O cretin	Mar	in '/o	Overall)		30.06'/o	42 91%	31.83%	28.16%
	Return on capital ROCE		employed			1 48%	2.02%	1 77%	1 56%

				Unrestricted	Endowment	Total funds
			Notes	funds	funds	2021	2020
Income and endowments		from:
Charitable activities	-social	housing		259,437		259,437	225,688
Service level agreement				27,851		27,851	28,878
Investments				472,870	55,005	ii27,875	584,658
Transfer to income
Total Income				760,158	55,005	&15,163	839,224
Expenditure on:
Raising funds —Investment Fees		Management		40,374	57,600	97,974	85,738
Charitable activities			2	346,833		346,833	501,246
Total Expenditure				387,207	57,600	444,807	586,984
Net Income/ (Expenditure)				372,951	(2,595)	370,356	252,240
Net gains/(losses}	on investments		10	1,534,276	2,009,414	3,li43,690	(1,185,129)
Net movement in	funds			1,907,227	2,006,819	3,914,046	(932,889)
Reconciliation of	funds:
Total funds brought forward				8,226,181	8,825,779	17,051,960	17,984,848
Total funds carried forward				10,133,408	10,832,598	20,966,006	17,051,959

AS AT 31 INARCH 2021
	Notes	2021	2020
Fixed assets		8	8
Tangible fixed assets	9	1,360,831	1,'117,863
Investments	10	18,475,234	14,I'96,077
		19,836,065	16,213,940
Current assets
Debtors		10,667
Cash and cash equivalents:
Investments —deposit accounts		360,349	'!59,612
Cash at bank and in hand		827,247	617,097
Total cash and cash equivalents Total current assets Creditors: amounts falling due within		1,187,596 1,198„263	II76,909 682,926
one year	12	(68,322)	(44,909)
Net current assets		1,129,941	638,019
Net assets		20,966,006	17,051,959
The funds ofthe charity
Permanent Endowment Fund	13	10,832,598	8,616,360
Unrestricted Funds
Development Fund	14b	4,114,048	3,214,277
Extraordinary Repair Fund	14a	3,528,588	2,755,976
Revenue Reserves Social Housing Grants Fund Total unrestricted funds	15 1/15	2,285,550 205,222 10,133,408	2,060,125 205,222 6,235,599
Total charity funds	15	20,968,006	17,651,959

YEAR ENDED 31 MARCH 2021
					2021	2020
Cash used in operating activities					25,380	(191,321)
Cash flows from investment activities
Investment and Interest Income					293,668	316,495
Designated Fund Divestment						129,107
Purchase oftangible fixed assets					(8,361)	(145,097)
Cash provided by Investing activities					285,307	300,505
Changes in cash and cash equivalents year		dudng		the	310,687	109,184
Cash and cash equivalents at the beginning year			ofthe		876,909	767,725
Total cash and cash equivalents at	the end			ofthe year	1,187,596	876,909
Reconciliation ofnet movement in funds		to	net	cash flow from	operating activities
Net movement in funds					3,914,046	(932,889)
Add back depreciation charge					65,393	61,504
Add back in investment management at source from investment income	fees		deducted		97,974	86,088
Deduct interest income shown in investing			activities		(527,108)	(585,833)
(Deduct) gains/add back losses on investments					(3,543,690)	1,185,129
Decrease/(Increase) in debtors					(4,648)	11,406
Increase/(Decrease) in creditors					23,413	(16,726)
Net cash used in operating activities					25,380	(191,321)

YEAR ENDED 31 MARCH 2021	YEAR ENDED 31 MARCH 2021	YEAR ENDED 31 MARCH 2021
CHARITABLE ACTIVITIES —SOCIAL				HOUSING ACTIVITY
							2021	2020
Income from letting activities
Weekly maintenance contdibution charges Service charges receivable		receivable		net ofidentifiable	service		209,886 33,062	203,555 32,604
Voids							242,948	236,159
							(15,681)	(13,770)
Net weekly maintenance contributions			receivable				227,267	222,369
Other income from social housing Total income from social housing	lettings activities						*32,170 258,437	3,299 225,666
*Government Grant in respect of	Covid-1 9 relief for the Estate				Community	Centres
Operating and Won-operating expenditure
Housing management Services							12,302	13,882
							50,086	53,995
Routine maintenance							30,508	27,288
Cyclical maintenance and Repairs Governance costs Staff costs		and	Improvements				'I5,252 23,020 114,444	175,370 21,180 118,322
Depreciation Other costs							65,303	61,504
Total expenditure on social housing		activities					35,848 346,833	29,705 501,246
Operating deficit on social housing *Non-operating expenditure relates		lettings to quinquennial and other			costs		(87,388)	(275,558)
GOVERNANCE COSTS
Audit and accountancy
Professional fees							12,602	13,464
Total governance cost							10,218	7,696
							23,021)	21,180

						2021	2020
						6	5
Dividends 8 interest on managed Bank interest receivable		funds				527,108 767	582,382 2,276
						527,875	564,658
Interest receivable	relates to bank deposit and investment interest.
TAXATION
There is no liability under section 505	to Corporation tax on the result for the year as ICTA 1958in respect ofits achvities.				the Housing	Charity claims charitable	relief
TANGIBLE RXEDASSETS
					Freehold
			Social housing	*land and
			properties	buildings		Equipment	Total
							5
Brought forward at Additions at 31 INarch 2021	1 April 2020		1,983,834 6,249 1,990,083		255,274 266,274	84,558 !,112 8lii,670	2,334,556 5,361 2,343,027
Depreciation
Brought forward at 1 April 2020 Provided in year Carried forward at 31March 2021			{770,140) (57,316) (827,456)		(71,743) (5,325) (77,068)	(74.920) (2,752) (77,672)	(916,803) (55,393) {982,196)
Net book value
at 31 INarch 2021 at 1 April 2020			1,159,551 1/13,694		192,282 194,531	8,998 9638	1,360,831 1,417,863


INVESTMENTS		2021	2020
at 1 April 2020		14,796,077	15,927,063
Cash Movement		135,467	54,143
Unrealised (losses)fgains	in year	3,543,690	{1,185,129)
at $1 March 2021		18,475,234	14,796,077

Investments are sh	ow	n at m	arket value at the balance sheet date.
				2021	2020
					F
The Investments	comprise:
Fixed Interest				2,199,369	2,158,430
UK Equities				5,212,.'i92	3,786,646
Global Equities				8,463,729	6,198,033
Property				238,453	365,265
Alternative Assets				1,082 553	1,085,037
Liquid Assets				1,278,.'i38	1,202,666
Reported Balances				18,475pg!34	14,796,077
Market value of investments			greater than 5%oftotal investment
Sarasins Endowment		Funds	(formerly the Alpha CIF for Endowments)		9,827,223

YEAR ENDED 31 MARCH	YEAR ENDED 31 MARCH	2021	2021
				2021	2020
				8
DEBTORS
Weekly Maintenance	Contribution		debtors	1,830
Prepayments and accrued interest				9,037	5,672
				10,667	6,019
CREDITORS: amounts falling due within one year
Other creditors				19,723
Accruals and deferred	income
					44,909
				68,322	44,909
PERMANENT ENDOWMENT		FUND
Balance at 1April 2020				&,816,380	9,429,500
Transfer between funds				9,419
Income				56,434	52,664
Expenditure				(57,600)	(52,043)
Unrealised revaluation	gain/losses		on investments	2,00?,985	(613,761)
Balance at 31 March	2021			10,832,598	8,816,360

YEAR ENDED 31 MARCH 2021	YEAR ENDED 31 MARCH 2021	YEAR ENDED 31 MARCH 2021			2021	2020
					E	E
DESIGNATED RESERVES (Extraordinary				Repair Fund)
Balance at	1 April 2020				2,75!3,975	2,985,654
Transfer between funds					(1,258)
Unrealised	revaluation gains/(losses)		on investments		73'I,251	(299,992)
Investment	income				70,812	89,613
Expenditure Movement Income and	in the year transferred Expenditure account	from			(18,734) ~8~488	(61,517) 42,217
Balance at	31 March 2021				3,528,588	2,755,975

Included within the Extraordinary Repair Fu revaluation gains/(losses) on investments.	Included within the Extraordinary Repair Fu revaluation gains/(losses) on investments.	Included within the Extraordinary Repair Fu revaluation gains/(losses) on investments.	Included within the Extraordinary Repair Fu revaluation gains/(losses) on investments.	nd is a gain off731,251 (2019:loss	ofE299,992) relating to u	ofE299,992) relating to u	nrealised
The Charities (Booth Charities) Order 1965 Extraordinary Repair Fund. The transfer in				requires the transfer ofa yearly sum respect of2020/21 will be reflected	of not less than f27,040 in the 2021/:&2 accounts.		to the
DESIGNATED RESERVES	(Development			Fund)
Balance at 1 April 2020					3,214,277		3,507,598
Transfer between funds					11,304
Unrealised revaluation (losses)/gains		on	investments		814,059		(271,376)
Investment income					106,039		125,886
Expenditure					721,831&	~747 831
Balance at 31 Nlarch 2021					4,114,048		3,214,277

RECONCILIATIO	N OF FUNDS AND MOV	EMENTS ON RESERVE	S
				Unrestricted Reserves
		Permanent	Revenue	Designated
		Endowment	Reserve	Reserve
		Fund	Fund	Funds	Total
		F	F	6	6
at 1 April 2020		8,816,360	2,265,348	!I,970,252	17,051,960
Transfer between	funds	9,419	(9,465)	46
Income		56,434	572,263	176,851	805,548
Expenditure		(57,600)	(337,374)	(49,823)	(444,797)
Gain on investments		2,007,985		'1,545,310	3,553,295
Carried forward	at 31 March 2021	10,832,598	2,490,772	7,642,636	20,966,006

				2021	2020
					F
Financial Financial	assets measured at fair value through net assets that are debt instruments measured		income/expenditure: at amortised cost:	18,475,234	14,796,077
Rental and service charge Deposit accounts Cash at bank and in hand		debtors		1„l330 360,349 827,248	347 259,612 617,097
				1,189,227	877,256
Financial	liabilities at amortised cost:
Other creditors Accruals				19,723 48,!399	44,909
				68,322	44,909