##
##
##
||||Pages|
|---|---|---|---|
|Legal and Administrative||Details||
|Chair's Report|||2 —3|
|Trustees'
Report|||4 —9|
|Chief Executive Officer's||Report|10 —11|
|Independent
Auditors'|Report||12 —14|
|Statement ofFinancial|Activities||15|
|Balance Sheet|||16|
|Notes to the Accounts|||17 —25|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||Note|Unrestricted|Unrestricted|
|---|---|---|---|---|---|
|||||Funds|Funds|
|||||2020|2019|
|Income:||||||
|Donations
and legacies||||240,565|200,524|
|Income from charitable|activities:|||||
|Provision ofloan finance||||67,304|146,673|
|Income from investments||||12,873|28,730|
|Total income||||320,742|375,927|
|Expenditure:||||||
|Expenditure
on Charitable||activities:||||
|Grants||||1,509,405||
|Provision ofloan finance||||402,322|426,234|
|Total expenditure||||1,911,727|426,234|
|Net surplus/(deficit)||||(1,590,985)|(50,307)|
|Net gains/(losses)
on investments|||10|236,144|423,938|
|Net movement
in funds during the year||||(1,354,841)|373,631|
|Reconciliation
offunds||||||
|Total funds brought
forward||||12,044,335|11,670,704|
|Total funds carried forward|||16|10,689,494|12,044,335|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|Income fr|om do|nat|ions
and legacies|||
|---|---|---|---|---|---|
|||||2020|2019|
|Donations||||5,014|5,000|
|Donations|—gifts|in|kind|235,551|195,524|
|||||240,565|200,524|
##
##
|Income from charitable
activities|||
|---|---|---|
||2020|2019|
|Loans interest receivable|58,661|137,093|
|Loan administration
fees|8,643|9,580|
||67,304|146,673|
|Income from investments|||
||2020|2019|
|Dividends
receivable||525|
|Bank interest receivable|12,873|25,763|
|Other interest receivable||2,442|
||12,873|28,730|
##
##
##
##
|and servic|es to vulnerable
isolati|ng clients who were unable to attend|the borrowers'
premises|
in person.|
|---|---|---|---|---|
|Provision|ofloan finance||2020|2019|
|Latent provisioning|||213,412|208,574|
|Insurance|||1,180|1,180|
|Travel|||369||
|Marketing|and public relations||906|12,884|
|Legal and|professional
fees||4,667|(9,733)|
|Bank charges|||1,508|455|
|Auditors'|remuneration||5,480|5,350|
|Portfolio|administrative
services|and back office support|12,000|12,000|
||||239,522|230,710|
|Gifts in kind —Donated bank official time|||68,000|72,598|
|Gifts in kind —Loan Officer and||associated costs|94,800|102,926|
|Gifts in kind —20~ Anniversary||celebrations||20,000|
|Provision|ofloan finance||402,322|426,234|
##
##
##
##
||||||||
|---|---|---|---|---|---|---|
|8.|Analysis ofResources|Expended|||||
|||||General|Governance|Total|
|||||Support|Function||
||insurance|||1,180||1,180|
||Marketing
and public relations|||906||906|
||Travel|||369||369|
||Legal and professional|fees||20,867||20,867|
||Bank charges|||1,508||1,508|
||Agency costs|||23,076||23,076|
||Auditors'
remuneration||||5,480|5,480|
||Portfolio administrative|services|&back office support||12,000|12,000|
|||||47,906|17,480|65,386|
||Gifts in kind —Donated|bank official time||55,034|27,500|82,534|
||Gifts in kind —20n Anniversary||grant costs|58,217||58,217|
||Gifts in kind —Loan Officer and||associated costs|94,800||94,800|
|||||255,957|44,980|300,937|
|9.|Net movement
for the|year|||2020|2019|
||This is stated after charging||||||
||Auditors'
remuneration||||5,480|5,350|
|10.|Fixed asset investments||||||
|||||Programme|Mixed|Total|
|||||related|motive|2020|
|||||investment|investment||
||Cost or valuation||||||
||At
1 January 2020|||247,750|2,357,905|2,605,655|
||Revaluation
Disposals
At 31 December 2020|||~2,000)
245,750|236,144
2,594,049|236,144
(2,000)
2,839,799|
||Impairment||||||
||At
1 January 2020 and||||||
||At 31 December 2020|||25,600||25,600|
||Carrying
amount||||||
||At
1 January 2020|||222,150|2,357,905|2,580,055|
||At 31 December 2020|||220,150|2,594,049|2,814,199|
##
##
##
|Investments
comprise of-||||Programme|Mixed|Total|
|---|---|---|---|---|---|---|
|||||related|motive|2020|
|||||investment|investment||
|Investments|||||||
|The Charity Bank Limited||||40,000||40,000|
|Black Country
Reinvestment|Society Limited|||20,000||20,000|
|East Lancashire
Moneyline (IPS)Limited||||40,000||40,000|
|Wessex Reinvestment
Society|Limited|||20,000||20,000|
|The Ethical Property
Company||Limited||15,750||15,750|
|Portsmouth
Area Regeneration|Trust (IPS)Limited|||20,000||20,000|
|ICOF Community
Capital Limited||||10,000||10,000|
|Art Share (Social Help Association|||for Reinvesting|20,000||20,000|
|in Enterprise)
Limited|||||||
|Derby Loans (IPS) Limited||||20,000||20,000|
|London Rebuilding
Society Limited||||20,000||20,000|
|East End Fair Finance Limited||||20,000||20,000|
|Equity Investments|||||||
|COIF Charity
Funds|||||2,000,000|2,000,000|
|Total investments||||245,750|2,000,000|2,245,750|
|Provision for Gain I(Impairment)||||~25,699|594,949|568,449|
|Net book value at31December||2020||220,150|2,594,049|2,814,199|
##
|Debtors||||||
|---|---|---|---|---|---|
|||||2020|2019|
|Loan portfolio||||2,123,092|2,202,960|
|Latent provisioning||||(905,273)|(691,861)|
|Accrued|loan interest|and fees receivable||31,918|22,137|
|||||1,249,737|1,533,236|
|Accrued|bank interest|receivable||1,633|1,711|
|Prepayments||||7,884|192|
|||||1,259,254|1,535,139|
|||||2020|2019|
|Amounts|falling due|atter more than one year and included|in debtors|789,786|578,625|
##
##
##
##
|Summary
ofcapital element ofloan portfolio|||
|---|---|---|
||2020|2019|
|||1|
|Balance at 1 January 2020|1,533,236|1,755,312|
|New loans during the year|708,285|804,928|
|Interest and fees charged|67,304|146,673|
|Capital, interest and fee repayments
Latent provisioning|(845,676)
~(233,432|(965,103)
~288.874|
|Balance at 31 December 2020|1,249,737|1,533,236|
##
|Creditors: amounts
falling due within
one year|||
|---|---|---|
||2020|2019|
|Trade creditors|32,584|1,000|
|Accruals|5,400|5,320|
|Grants payable|46,420||
||84,404|6,320|
##
##
##
##
|The balance of110,689,494 (2019f12,044,355
follows:|) on the unrestricted
fund at the balance
sheet dat|e was held as|
|---|---|---|
||2020|2019|
|Investments|2,814,199|2,580,055|
|Loan portfolio|1,249,737|1,533,236|
|Cash at bank|6,700,445|7,935,461|
|Other debtors
Other creditors|9,517
~(84,484|1,903
(6,320)|
||10,689,494|12,044,335|
##
##
##
##
##
##
##
##
|ended 31 December 2020 were|as follows|||
|---|---|---|---|
|||2020|2019|
|Income||||
|Gifts in kind||235,551|195,524|
|Donation||5,014|5,000|
|||240,565|200,524|
|Expenses||||
|Gifts in kind —Donated bank official time||82,534|72,598|
|Gifts in kind —Loan Officers and associated costs||94,800|102,926|
|Gifts in kind —20u Anniversary|celebrations||20,000|
|Gifts in kind —20u Anniversary|grant costs|58,217||
|||235,551|195,524|
##
##
##