The, Yardley Great Trust Group TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 31 Old Brool-slde, Slechfor¢J, BimTiiiqhein B23 8Ql lel.. (Of ?1) 184 IS8Q Fax.. (OS21) 166 1.?86 l-nifill,. eiiyulriesfj*".qlnJsi.ts¥q.iik ¥:'eb.' w.'r.',y9f.¢)ffl.UA Regl.sièred chariiy ntiniber 1091931 A coitripaiiy limligd by gu8raiiree re.qis¢ed in L"rwleiid nuiiilJerO¥425101
The Yardley Great Trust Group IA company limited by guarantee) Contents Page Reference and admlnlstrative details of the Group, Its Trustees and advlsers Tru8taes' report 3-19 Indgpendent auditorfs report on the flnan¢lal statemonts 20-22 statement of Ilnanclal activities 23-24 Balance sheet 25-26 Statem¢nt of cash flow5 27 Note5 to the financlal statements 28-64
The Yardley Great Trust Group (A company Ilmlted by guarantee RofergnGg and admlnlstratlve details of the Group, its Trnstees and advlsers For thg year ended 31 December 2020 Trustees Mr R Jones, Chairperson Mrs J O K Holl, Deputy ChalersOn MrSAIi Reverend N Boumenjel Reverend A T Bullock Councillor N A Eustace Reverend L G8slon Mr I Iqbal Mrs H Jones Reverend J G Richards Reverend W Sands Honorary Mderman S C Stacey Mr A T Veitch Company reglstered numbgr 04425107 Charity registered number 1091937 Regl8tered office Old Brookside Yardley Fields Road Stechford Birmingham B33 8QL Company secretary Mr A C Martin Senlor Staff Mr A C Martin, Chlef Exectjlive Mr D Pujara. Finance Manager Mrs L Bailey. Housing Managef Ms C Bracey, Care Manager, Grey Gables Care Home Ms D Hambleton, Care Manager, Greswold House Care Home Mrs M Mcmullan, Care Manager, Yardley Grange Nursing Home Mrs K L Grice, Clerk to the Trustees Independent audltors Dains LLP 15 Colmore Row Birmingham B3 2BH Bankers Lloyds Bank plc 125 Colmore Row Birmingham B3 3SF Surveyors T Ri¢hardson 51 Derwent Road Stirchley Birmingham B30 2UY Page 1
The Yardley Great Trust Group IA company Ilmited by guarantee) Reference and administratlve details of the Group, tts Trustegs and advlsors {contlnu8dl For the year ended 310ecember 2020 Sollcltors Anthony Collins Solicitors LLP 134 Edmund Street Birmingham B3 2ES Brabners Horton House Exchange Flags Liverpool L2 3YL Investment advisers Smith & Williamson 9 Colmore Row Birmingham B3 2BJ Page 2
Th9 Yardley Great Trust Group {A company limlted by guaranteg) Trustees. report For the year ended 31 D8¢ember 2020 The Trustees present their annual report together with the audited financial statements of the Group for the year 1 January 2020 10 31 December 2020. The Annual report serves the purposes of both a Trustees, report and directors, report under company law. The Trustees confim) that the Annual report and financial statements of the charitable company comply with the current statutory requiyemenls, the reqU1MentS of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicab)e lo charities preparing their financial statements In accordance with the Financial Repofting Standard applicable in the UK and Republic of Ireland published in October 2019. structure, governance and management a. Constitution The ¢haritable company is admlnistered in accordance with the Memorandum and Articles of Association dated 8 May 2020. On 1 March 2019, the charitable company was by order of the Charity Commission appointed as corporate trustee of the following charities=_ Y8rdle Great Trust Y8rdley Great Trust is administered in accordance with the Charity Commission Scheme dated 18 February 1987 I'lhe Scheme'l as amended by furtheT Schemes dated 19 November 1990, 8 December 1993, 1 July 1997, 17 October 2000 and 10 February 2011. Under the 1997 Scheme, the Trustees have the power lo amend certain clauses in the 1987 Scheme and Trustees have used that power on various occasions. Its main objects are to pay grants lo relieve poverty, to provide and maintain almshouses (housing for people in need}, and to provide social care for people in need. The Trust manages 195 independent dwellings for older people and a care home wlth 20 bedrooms, all for older people. The Cha of Job Marslon The charity was established by Will dated 24 May 1701. The devolution of fund5 is now govemed by a Deed of 18 February 1987, The income from the charity after allowing for repairs and other outgolngs is to be applied as follows.. lal One quarter of the net annual income to be paid to the Vicar of the Ecclesiastical Parish of St Edburgha, Yardley, for his {or her) own use and benefit. Ibl Three quarters of the net annual income to be paid to Yardley Great Trust The Colehaven Trust and the Ellen Stanle Coleman Colehaven Trust The Yaidley Great Trust Group look on the management of the Colehaven Trust from Elizabeth Finn Homes In March 2019, following a temporary arrangement when four trustees managed the charity btheen October 2018 and March 2019. The Colehaven Trust is managed in accordance wth a deed dated 30 December 1930 as amended by a deed of amendment dated 11 July 2019. Ils objects are lo provide and manage housing for people in need 2nd there are currently eleven dwellings and a Tesidents, lounge. Gables and the Ellen Stanle Coleman Gre Gables Trust. The Grey Gables Trust is managed in accordance with 8 deed dated 10 July 1944 as amended by a Charity Commission scheme dated 25 January 2019. Its main object is to provide equip and maintain one or more Home or Homes on a communal basis or otherwise for elderly people who by reason of insufficient means or age, infirmity or otherwise are unable entiFeW to support themselves. The charity runs a foty bedroomed Ga home in Acocks Green, Birmingham. On 9 May 2019, the above-menlioned charities were linked by the Charty Commlssion lo the Yardley Great Trust Group. Page 3
The Yardley Great Trust Group {A company Ilmitod by guarantee Trustees, report Icontlnuedl Forthe yoarended 31 December 2020 structu, governance and management {contlnued) b. Appointmont of Tru8teeslDlrectors The Board of Trustees of the Yardley Great Trust Group consist9 of a minimum of three and a maximum of enty people. At the time of this report, there were thirteen appointed trustees. There are three categories of Trustee.. ex-officio lappoinled due lo the office they hold), nominative (nominated by Birmingham Council) and co-opted. Co-opted trustees serve L*ntil the fifth annual general meeting following their co-option. Co-opted Trustees: Appointedl reappolnted on 17-May-18 12-May-16 05-Dec-19 12-Sep-19 12-Sep19 17-May-18 06-Dec-18 Number of Board meetings attended 2020 Imax 10) Mr R Jones {Chairp8rson) Mrs J (Deputy Chairperson) MrSAli Mrs H Jones Mr I Iqba Reverend J Richards Mr A Veitsh 10 10 Nonwnated Tru8tge8 appointed by the Ctty of Birnmngham Councillor N Eustace Honorary Alderman S Stacey 14-Mar-19 14-Mar-19 Ex-officio Trustees Reverend N Bourroniel Vicar, Ghur¢h of Ascension. PL211 Green Rewend A Bulk)ck Vicar. St Mary's, Acocks &e8n Rerend L Gaston Vicar, Christ church, Yardley Wo Relrend W Sands Vicar, St Edburgha's, Yardlay 14-Mar-19 11-May-17 14-M8r-19 11-May-17 Avgrage attendance at rrngting8 2020 {2019) 61 /0 {63°Al Page 4
The Yardley Great Trust Group IA company Ilmlted by guarantee) Trustees. report (contlnued) For the year gDded 31 December 2020 structurei governance and mana9oment IcontillUgd} Membership of commiitees and attendance Finance and General Purpose3 Comnittee No of meetings attended (max 4) Mr A Veitch Ichairpefson) Mr R Jones kbnorary Aklerman S Stacey Care and Housing Corrwnlttee No of nwgtings attended (max 3) Reverend J Richards (Chairperx)nl MrsJHo Mr RJones ¢. Recrultmont and selectlon of Trustees, Induction and tralnlng Any vacancy amongst ¢O-OPted Trustees is advertised In Ioc81 Council Neighbourhood Offices and Citizens Advice Bureau offices and online at Doit.org as well as being circLslated lo local community groups. An appointment panel considers all applicatsons with reference to a person specification and makes recommendations lo the Board of Trustees, who make the decision on whom to appoint. Trustees have Carried out a skills audit, which 15 used to indicate skills gaps that may be filled by Iruslee5 undertaking specific training and taken into consideration when making new appointments. Any vacarscy amongst nominated Trustees is filled by Birmingham Council. Any vacancy amongst ex-officio Trustees is filled when a new Vicar is appointed. Al present, one of the ex-ofticio positions is vacant due to there being no Vicar at st John's Chur¢h in Sparkhill. New Trustees receive one fvll dals induction that Includes meeting senlor and other staff. Each new Trustee IS given a copy of the governing document, the Group's current corporate plan, the Group's Code of Conduct for Trustees. role deseriplion, latest annual report, the Charity Governance Code and various Charity Commission irterature aimed at Trustees. Ongoing training is offered to all Trustees, Page 5
The Yardley Great Trust Group IA company limlted by guarantee) Trustees. report Icontlnuedl For the year ended 31 Docembor 2020 Structure, governance and managemgnt Icontlnuedl d. Organlsatlonal $tructure and decision maklng The Board of Trtjstees meets monlhty, except in August. Al each meeting, Trustees will consider larger grant applications, reGeive reports from the Committees, the Chief Executive and the Managers, and approve policies. There are iwo committees that meet rularlY - the Finance and General Purposes Committee and the Ca and Housing Committee. These Committees meet quartedy to monitor perfomiance and review policies, making recommendations for change as appropriate lo the Board of Trustees. Another Committee. the Appeals Committee, meets as and when necessary to hear appeals from staff against dis¢iplinary acts'on and appeals from residents or clients of the Group against decisions made by Trust managers. In response lo the coronavirus pandemic in 2020, trustees amended the organisation's articles of association lo provide for online meetings and meetings have been online since April 2020 to eliminate the risk of inadvertent coronavirus transmission. It Is expected that Trustees will continue lo rneel by video link well into 2021. Before the start of each financial year, the Trustees consider and approve an annual plan and a budget for the forthcoming year. The annual plan reviews the Group's ctjrrent alm5. objectives and performance and pioposes short and longer term objectives, together with long temi finan¢ial projections. Following budget approval by Trustees, the Group's managers are responsible for Managing the approved budget for their area of responsibility in accordance with comprehensive financi81 regulations, which are reviewed annually. The Finan Manager presents a detailed budget monitoring statement lo the Finan and General Purposes Committee every quarter and the Board of Trustees recelves a Summary budget report every quarter, Policies are maintained covering all aspects of the Group's operations. whe necessary and appropriate, policies have incorporated delegation of decision making lo staff, together with reporting procedures so that Trustees can ensure that decisions made are in line wlh po51tties. Most policies are subject lo annual review and incorporate where appropriate legal requirements such as Government Regul8tion5, and best practice, such as Standards for Almshouse Management, published by the Almshouse Association, The Chief Executive has prime responsibility for ensuring that policies and strategies of the Trustees are Implemented properly bul in practice much of the operational responsibility is delegated lo the Managers. Page 6
The Yardloy Great Trust Group IA company limited by guarantee) Trustees, report (continued) For the year ended 31 December 2020 Structuroi governanco and management Icontinuedl Financial risk management and Internal financial control The Trustees refer to a risk appraisal matrix to help lo Identify and manage major risks faced by the TfUS1, The matrix is reviewed regularly by the seniof mana9emenl team 8nd annualty by the Finance and General Purposes Committee. The Trustees have overall responsibility for estsblishing and maintalnlng the whole system of intemal control and for reviewing its effectiveness. The Trustees cognISe that no system of internal control can provide absolute assurance or eliminate all risk. The system of inlemal control Is designed to manage rssk and lo provide reasonable assurance that key business objectives and expected outcomes will be achieved. 11 also exi51s to give reasonable assurance about the preparation and reliability of financial and operational infomiation and the safeguarding of the Group's assets and interests. In meeting its responsibilities, the Group has adopted a risk-based approach to intern81 controls which are embedded within the normal management and governance process. This approach includes the regular evaluation of the nature and extent of risks to which the Group is exposed. Internal. financial control, by its nature, piovides only reasonable and not absolute 2ssurance against material misstatement or loss. The Trustees have reviewed the effectiveness of the internal control system which is designed to provide reasonable but not absolute assurance, for the period from l January 2020 to 31 December 2020. The following mechanisms have been in force which are designed to provide effective internal control: clearly defined management and reporting structures., financial regulations for staff., management information and accounting systems with quarterly reporting of financial results., annual plans. forecasts and development plans., and monitoring of the control system by Internal Auditors reporting to the Finance and General Purpose5 Committee. l. Governancg The trustees endorse the Charity Governance Code, which was reviewed In 2020. ObJectlv95, activitles and achievgmonts a. Pollcles and objeGtiv8s The main objects cf the charitable company are the relief and care of the elderly andlor disabled persons including but not exclusively by the provision of care services including day care and outreach services and the maintenance and management of nursing homes in the West Midlands area, the provision of and management of almshouses, the relief of hardship or distress and the management of allotment land. In selling obje¢lives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to publlc benefit, including the guidance 'Publbc benefit iunning a charity IPB2>'. Page 7
The Yardley Great Trust Group IA company Ilmlted by guarantee) Trustees, report Icontlnu¢d) For the year gnded 31 December 2020 Ob]ectlves, a¢tlvlties and achlevements Icontlnuedl b. Impact Both through the direct provisSon of nursing care servlce5 at Yardley Grange Nursing Home, and the provision of serVIS through the different chariltes within the Group, the Yardley Great Trust Group has a significant impact on the lives of many people in south east Birmingham and Coleshill. Most, if not all, people who move into dwellings Gome from unsalisfaclory situations, whether it bg unsuitable housing or poor health exacerbated by their current living circumstances. On occasions, we have housed people who are effectively homeless or threatened with homelessness and we remain lling and able lo do so.. the trustees, allocations policy gives priority to people in these srtuations. Residents of the sheltered housing benefit from safe, we51 maintained and wami accommodation. In recent years, trustees have invested substantial amoijnts in improving ellergy efficiency by replacing ageing healing boilers ancl window5 as well as improving thermal insulation of walls and roof spaces. When considered together with the easy weekty payment of gas charges through the Group, there is very little if any chance of any Group resident falling into the fvel poverty trap. Where appfopriale and possible, adaptations are carried out to ensure residents can continue lo Sive independenlty for as I0g as possible. In particular, baths have been replaced with acssible showers, and other smaller scale works, such as fi'tting appropriately positioned grab rails, have been carried out in dwellings, rnaking life easier for many residents. Scheme managers ensure that residents receive services where appropriate to enable residents to live in the sheltered housing for as long as possible. Resiclents are actively encouraged lo organise social activitles and events using the communal lounges provided on all bul one of the developments. Residents on the development with no communal lounge are encouraged and enabled b join in with activities and events on other developments, and the local vicar, who is a trustee, also offers opportunities to gel together in the church hall over the road. Due to these enabling factors, residents stay physically and mentally active for longer and consequently Call on health and social services less than would otherwise be the case. Residents in Greswold House and Grey Gables, our care homes for older people, benefit from a 24 hour care and support servKe that helps lo reduce use of healthcare services and stays in hospital. As with the sheltered housing, residellls in the homes are supported to organise their own activities and events, benefiting physical and mental health. The Group operates Yardley Grange Nursing Home, which provides high quality nursing care for people with substantial needs, including people needing end of life care. The quality of care al the home means that many people who would otheiSe be in hospital are instead accommodated in an allractive environment in single rooms where friends and relallves can visit and enjoy pvate time with their loveLI ones. Our grant making through Yardley Great Trust helps individuals in poverty or other need, including Group residents, by paying for essential items when the individuals do not have the financial resources required. In many Gases, a relatively small grant can make a dramatic difference lo people, removing at least some of the stres5 associated with low income. Grants are also paid to local oryanisalions that have similar aims to Yardley Great Trust, helping lo maximise the impact for people in need in the area. The Group also benefits the local and national economy by employing around 180 people. Page 8
The Yardley Great Trust Group IA company limlted by guarantee) Trustees. report (continued) Forthe year ended 31 December 2020 Oblectlves, activltles and achiovgmgnts IGontlnued} ¢. A¢tivitl68 undertaken to achigvg objectivgs Services rovided b the Yardle Great Trust GTOU Yardle Gran e Nursin Home Yardley Grange Nursing Home provides forty six bedrooms with associated facilities for extremely frail older people, the large majority of whom will spend their final days in the home, Ènd the staff ty their best to ensure that residents and their families are supported compassionately as the end approaches, but also that residents not yet 8pproaching the ends of their lives are engaged and stimulated to enjoy what life has to offer in spite of physical or mental limitations. The home Consequently continues to enjoy a high reputation and the sinre thanks of the trustees go lo all the dedicated staff, who are ably led by Care Manager Maxine Mcmullan. As wlh any organisatton, staff leave from time to time, and il is vital Ihal all new staff, not lust those providing care. are chosen carefully lo ensure that they are attuned lo the needs of older people and able to Communicate empalhetscally wilh relatives in what can from time lo lime be stressful circumstances. In addition lo these psychological demands of the job, most if not all jobs al the home are physically very demanding. In short, staff need to be stron9. both men121ty and physically. They musl also lead blameless, or relatively blameless, private lives, as all new staff are subject lo a criminal records check, renewed every three years that the person remains employed at the home. Usu211y the check reveals a blank Griminal record, bul if a prospective member of staff were to have a criminal record, the manager wll make a judgement in accordance with guidan from the Disclosure and Barring Service as to whether that parb'cular individual is suitable to wolk with a vulnerable client group, taking into consideration the nijmber of offences, their severity and ohronology. In short, we need special people, and the evidence would sugge$t that is what we get. Given thal.11 was a little disappointing lo be assessed again only as Good. rather than Outstanding" by the Care Quality Commission {CQC). the government appointed regulator of social care, following their inspeclton visit in April 2019. However. heart must be taken from the facl that all aspects of the home's operation were found to be good as it IS P95sible to be judged as good overall even if a few faults are found. That was the most recent visit by CQC, unsurprisingty given what has happened in 2020. Having appointed the right people lo do the job. it is necessary to ensure that staff achieve and maintain high standards. Induction trdining is provided imMeLlatelY for new staff, with regular refresher training each yeai. All staff are subject lo regular supervision sessions to ensure standards are maintained. In addltion to providing for care needs. actlvities are provided regularly to ensure continued mental health, and trustees give their thanks lo the Friends of Yardley Grange Nursing Home, a gFOUP of staff and local residents, who raise funds that are used lo pay for visiting entertainets and other extra comforts for residenls, but whose efforts were sadty restricted during 2020 due lo the coronavirus pandemic. The year started whh a concem nationally about a virus in Wuhan, China, and relatives of the nursing home residents were requested not to visit the home if they had visited that part of the world or if they had any of the symptoms that have become so familiar as lime has gone on. Concern escalated quickw in the early part of the year and the decision was taken to stop visits completely weeks before the UK government introduced the fitst natsonal lockdown in MarGh. CQC was informed according and did express some concern initially but subsequent events vindicated the decision completely. Relatives of the residents were largely supportive of the decision, understanding that the decision was taken in the interests of safety. Arrangements were quickly put into place to ensure that residents Could slay in touch with their loved ones through electronic means, mainly telephone and video calling. and exceptions made when residents were approaching end of life. Page g
The Yardley Great Trust Group {A company Ilmited by guarantee) Trusteès, roport (contlnued) For the year ended 31 Decembor 2020 Objectives, activities and achlevements (continued) Additional expenditure soon began to be incurred on extra personal protective equipment IPPEI required to minimise the risk of passing on infections and the assistance of Birmingham Council wth these extra costs initially is gratefully acknowledged, as well as assistance with the costs of paying staff full pay during isolation when they had symptoms of, or they or a member of their household had tested positive for, the virus. The government subsequently provided funds Ihiough the council lo meet these extra costs and took on the supply of PPE to care homes in September 2020. bul supply was not plentiful and in some cases was unsuitable. Qulle a large number of staff isolated for the required ts'me In April and May 2020, believing they were Symptomatic, bul not all al once, so staffing diffi'cultie5 Gould be managed satisfactorily. Tests were made available in July 2020 and staff were tested weekly, later increased lo lee weekly, and residents monthly in accordan with government requirements. The virus was detected amongst SIdents for the first b'me in September 2020, five residents testing positive, but happily none became seriously 111 and the outbreak was successfully contained. Due lo quick result tests being made available for visitors, arrangements were made to resume physical visiting In November 2020, bul the arrangements did not18St long as a new national lockdown look effect in December. So while 2020 w8s a sad year for the residents due to visiting being limited lo guard against coronaviiu5, It was a relatively safe one as there was only one small scale outbreak in the home and that was safely contained. Regrettably, there was a more widespread outbreak early in 2021 that stretched the resources of the homo severely and more details will feature in the 2021 report. Services rovide Yardle Great Trus Grant makin Trustees have kn grant making programmes, one for indivKluals and families and the other for projects or organisation5. Applications from individuals and families are lo be made on standard forms (paper or online) and supported by one of the TrL*St's referral agents, mainly Council Neighbourhood Offices and Citizens Advi Bureau offices, although any local organisalion that may be approached by people in need and has appropriate systems and proGedures in place can apply to become a referral agent for the Trust. Trustees reserve the right lo exerGise discretion over all applications. However. grants will usually be paid to individuals only in respect of items which.. are necessary., or have the potential to improve the person's quality of life,. or have the potential to reduee suffering or discomfort. TNstees may. al their sole dis¢tIOn, pay a grant via a third party supplier, and may requlre that secorsd hand goods are obtained where reasonable and appropriate. Records are kept of the ethnic origin of grarll applicants to facilitate analysis With the aim of ensuring fair treatment. In deciding whether or not to award a grant to a project, Twstees may consider.. the potential benefll to the community., the support enjoyed by the project from the community., the number and likely income of people who might benefit from the project and the propoilion of such people who live within the Group's area of benefi't., other possible sources of funding the likelihood of continued success other factors whlch the Trustees, at their sole dlstrelion. consider to be relevant. Page 10
The Yardloy Great Trust Group {A company limited by guarantee) Trustee5' report {continued} For the year ended 31 December 2020 ObJectlveB, actlvltles and achigvgments (continued) Trustees wlll not usually make grants lo general funding appeals from national or regional charities. Trustees have delegated to the Clerk lo the Trustees the power lo make grants of up to £250 as long as certain criteria are met. All other grants applications are COnsdered by the Twstees. Grants in 2020 A total of 125 grant applications were ieceived during the year, compared wth 136 during 2019., 114 {115 in 20191 from individualslfamilies and 11 121 in 20191 from projectslorganisations. Just over 20% (20Yo in 2019) of grant5 awarded by Trustees. or the Clerk or Chaimian under the delegated small grants budget. went lo individualslfamilies ané just less than 80Qkn 180% in 20191 to projects {excludin9 moiety payments>- As in most years, people who benefited most from grants lo individuals and families in 2020 were one parent families headed by women living in council housing. The category for which most money was awarded was carpets and curtains, followed by fridge freezers. As usual, the thanks of the Trustees go to the organisations who help the Group to administer grants efflclentty, particularly Furndex who supply beds, MS Carpets who supply carpets, Argos who supply the majority of white goods and bedding, and KiddiCa. who co-operate on grants for mothers and expectant mothers. Thanks also go to the referral agents who complete our application forms and write pOrtS in support of applicants, particularly health visitors and Home Start Cole Valley, who are the most prolific referrers. Trustees are particularly gratelul to Home Start Cole Valley, who ¢o-operated with IhB Trust to set up a fast track applicats'on process during the pandemic. Further information on grants paid during the year is glven in the notes to the accounts and a detsiled analysis of grant awards is published separately. Housin Residents living in the sheltered housing are supported by scheme managers, bul the support is tailored in accordance with each individual's wishes. The main aims of the scheme managers are to er¢sure that services provided for residents by the Trust and others, for instance the council's provision of refuse collection, are done so efficiently and to enable residents to continue living independently for a5 long as they are able, whh enGompasses helping with household finances and liaising with Social Servi¢e5 as appropriate. Schem8 Managers often go beyond the regulments of their job descrlption and will ensure that Social events are or9anised, evell when no residents can be found lo do the organising. Da toda re airs Time taken lo carry out repairs on dwellings and a5soGiated buildings is morsilored closely as this is an important issue for residents. Where possible, the Group has aayS used small local companies and this approach is endorsed by the Birmin9ham Business Charter for Social Responsibility, to which the Group is a slgnatory. Repairs are classified as emergency, urgent or routine and the target is to ensure that at least 96.5% of repairs are done within standard limes of 4 hours for emergency work, five days for urgent work and weeks for routine work. In 2020 99.4% of jobs were completed within the appropriate timescale, which reflects well on our contractors as well as all staff involved in administering the repairs reporting system. The number of repair jobs dropped by 17°h between 2019 and 2020 due to restrictions associated wlh Covld-19 precautions but all gas appliance servicing was completed on schedule. Workpeople were required lo take appropriate precautions before entering residents, homes, in particular wearing face masks. Page 11
The Yardley Great Trust Group IA company limited by guarantee) Trustoe8' report Icontlnued) For the year ended 31 December 2020 Objectives, activlties and achievgmgnts Icontinuedl Relettin vacancies Another key perfomiance indicator for the Group is the lime tsken to relel vacancies. In the sheltered houslng. there were 20 vacancies that were relet in 2020 {17 in 20191 in an average of 29 days113 in 2019), well above the laryet figure of 21 days, but this figure was very much affected by precautions against Covid-19, particularty the first lockdown between March and May 2020. The occupancy rate of 99.2% was also affected by the lockdown. bul not a cause for concern. The high occupancy rate, when considered together with sab'sfaction survey results 1930h of residents who responded to a survey early in 2020 said that they were very or faiHy satisfied with services provided), demonslrales that the Group's housing contsnues to be popular and helps lo provide good quality of life in peaceful, attracbve surroundings. C clical and ma or re airs and re lacemenls The trustees Intend that all the Trusvs housing Comlinues to be maintained to high standards lo ensure maximum comfort for residents. To that end, a live year rolling plan foi major repairs and replacements is maintained, and that feeds into a long term financial forecast, which incorporates projecte(S capital expenditure, and is tjpdated annually. The Housing Manager, Lynn Bailey, drafts for Trustee 2pproval an annual works programme in consultation with residents and supervises delivery, taking advice and assistance as necessary from surveyors. The followirig works were carried out on the Group's housing during 2020.. this was less than planned due lo the coronavirus pandemic and works not carried out during 2020 will be carried fornaré lo 2021:_ The electrical wiring inspeclion and remedial work was completed al Foliot Fields, Old Brookside, Yardley Gardens and Cottrells Close", Fire precaution works were carried out at Carrs Lane Gardens., External repaints'ng was carried out al Foliol Fields and Gieswo5d Gardens. Annual gas servicing was carried out on schedule. Ene efficien At their meeting in October 2020, Trustees considered a report evaluating the efficacy of installing solar panels on all the buildings wthin the control of the Group and authorised a pilot installation of solar panels at Yardley Grange Nuising Home and Yardley Gardens during 2021 before consid8ring a wider roll out in subsequent years. During 2021 il is intended, subject to coronavirus pandemic restriotions, that.. Solar panels will be installed at Yardley Grange Nursing Home and Yardley Gardens.. Electrical wiring inspection and remedial work will be carried out at Carrs Lane Gardens and Greswold Gardens lo complete the programme., Repainting will be carried out at Carrs Lane Gardens., Signage will be renewed al all schemes A small number of Kitchen units will be replaced depending on condition, and some need reconfiguring,. Boundary fence repainting wll be car¥ied out at Old Brookside., Fire prevention works will be carried out al Carrs Lane Gardens and Old Brookside., Heating reconfiguralion works will be carried out al Carrs Lane Gardens., Roof tile replacement will be carried out al Carrs Lane Gardens and Old Brookslde., Mine accessible showers wtll be replaced according lo need and the estimated cost of th8 work will be around £360,000. Page 12
The Yardley Great Trust Group IA company Ilmited by guarantee) Trusteg5' report (continued) Forthe year ended 31 December 2020 ObJectlve8. activltlos and achlovoment$ Icontlnued) Value for mone metri Yardley Great Trust's performance against th8 Value for Money metrics prescribed in the Value ft)r Money standard are shown below". Value f(r Mongymetric8 P&'fiv&menl New supply ddlvwwj (knring F3rningsbefore int&e8t,tax, deprlation, amortitIon, major repairsincluda intw&%l co dIlne¢121 hou9ng cost w unit Ung Ings Ing rgin (all c¥81•ng rgin Pdurn on caFYtal anplop 2020 0.4% O.CP/o S./0 2019 O.(P/o 6.1Yo 1716.4¥0 5,112 5.835 8.8D/o -1.3% Greswold House Care Home Greswold House provides residential care for up to 29 older people who are unable to live independentty without support. The home provides services thal are regulated under the Health and Social Care Act and is subject to inspectlon by the Care Quality Commission ICQCI. CQC last visited the home in February 2019 and Judged the home lo be good overall but requiring improvement with some papeOrk. As with the other care homes managed by the group, Greswold House was closed lo visitors in advance of the national lockdown imposed by the Government in March. Residents were assisted lo keep in touch with loved ones through phone calls and video calls and membership of a Facebook group bul there can be no doubt that this is a poor sub51itule for face to face contact. When the lockdown was lrfled, arrangements were made for visits in the garden and at a window to the reception area and these We well weived, bul very much weather dependent. When liers of restrictions were introduced in October 2020, the area of Birmingham ft)und its way into the most restrictive tier and visits in the garden or at the window were suspended. Regrettably, all the restrictions did not prevent the virus taking hold in the home in November 2020, causing acute staffing difficultie5, but it wa5 possible with the help of agency staff, particularly from the home's rnain provider Fairway, and support from the Enhanced Health in Care Homes team. lo get through the diffioutties wilhoul compromising the safety of residents. The Trustees are especially grateful to Elaine Jones, appointed in 2019 as Quality and Compliance Officer for the Group. for stepping into the shoes of the manager while she isolated after a positive test for Covid-19. Very sadly, Ihfee residents died during this difficult period. eGr Gables Trust- Gre Gables Residenlial Care Home The Grey Gables Trust Joined the Yardley Great Trust Group in March 2019. The main functson ot the Trust is to operate the Grey Gables Resident*al Care Home in Acocks Green, Birmingham. Deputy Manager Vicky Sheridan look on the reins from Manager Claire Bracey. who started maternity leave in August 2020, and Senior Care Assistant Claire Leahey stepped into the Deputy Manager role. Truslees are grateful to them both for tasang on the extra responsibility during such a diflicull time. Page 13
The Yardloy Great Trust Group IA company limlted by guarantee) Trustees. report (contlnued) For the year ended 31 December 2020 Objectives. actlvltles and a¢hl¢vgmgnts {continuedl As with the kn other homes, Grey Gables look eady action lo reduce the risk of coronavirus entering the home by closing to visitors in advarnce of the national lockdown in March 2020. Staff were reqUId to wear appropriate protective equipment in accordance with guidance form Public Health England, and this mainty consisted of surgical face masks, disposable gloves and aprons, in addition to appropriate hancl hygiene. Staff helped residents to keep in touGh with triends and relatives via phone and video calls. Changes to use of rooms resulted in social distancing being easier to achieve and regular lests'ng for the virus in accordance with government requirements helped ensure that there were no outbreaks until late December 2020, when a serious outbreak started, or at least was made much worse, by delays in positive test results being received. Ironically, the reason for the delay was a coronavirus outbreak al the testing ntre. Garden visits were enabled but of course these were w8alher dependent and were suspended when the city was designated as tier 4 under coronavirus regulations. A dedicated post was created lo ensure that acb'viliès were increased for residents to ameliorate the lack of visiting, but despite this the acting manager noted a marked delerioralion in mental heakh due to the necessary lack of social iriteraGts'on, Care servlces duttn 2020 and earl 2021 The extreme difficulties experienced in malntaining services at Greswold House during a Covid-19 outbreak were also experienced al Grey Gables during January 2021 and at Yardley Grange during February 2021. Trustees are sincerely grateful 10 5tsff at the homes for working through the difficulties, knowing that they were at risk of serious illness and passing the infection on lo their loved ones. Many staff tested positive for the virus and were required to self isolate in accordance with government requirements. Thankfully, most of the affected staff did not SLffer serious or long lemi symptoms, bul a small number did and the trustees hope that everyone is restored to good health eventually. Managers at all the homes were supported during the outbreaks by the local incident management team, consisting of representatives form Public Health, Birmingham Community Health Trust, Bimiingham Council and Birmingham and Solihull Clinlcal Commissioning Group. Practical support was provided by the Enhanced Health in Care Homes team, who arranged visiting by nurses to oversee care provision. The fact that outbreaks look hold In spite of all the precauliDns taken in accordance with guidance might add more weight to recent suggestions that surgical face masks are Inadequate to prevent virus transmission. Services rovided b Colehaven Trust- Colehaven otta The Colehaven Trust joined the Yardley Great TrLSt Group on 1 March 2019, following a short period in which four of the trustees managed the charity while arrangements were made for the Group to lake on the charity. The charity was started by John Sumner, who made money importing and selling tea under the well known brand name Typhoo. The charity macle provision for the building and equipping of homes for the free use and benefit of 'indigent Gentlewomen" and providing them with pensions or allowances. Eleven bungalows, known as Colehaven Cottages, and a residents, lounge were built either side of Sumner Road in Coleshill, and the bLsngalows still prtsvide comfortable accommodation in an attractive selling for local older people today. The objects of the charity have been updated to remove outdated and inappropriate reslriclions on letting vacancies and ensure Ihal all local people in need can be consider8d as potential occupants of the bungalows. As soon as the charity came under the auspices of the Group, a scheme manager was allocated lo support the residents. Her regular visits and the local presence of the Group are much appreciated by the residents. The 2020 occupanty rate of 90.4Yo Was rather low but of the three vacancies that occurred during the year coincided with the first lockdown, which delayed reletting of the vacancies. Any vacancies that occur in fvture are expected to be filled much quicker. All repalrs ordered during 2020 were Completed within target times¢ale5. Page 14
Thg Yardley Great Trust Group IA company limited by guarantee) Trustees, report (continued) Forthe year ended 31 December 2020 ObJeGtlve8, actlvltles and achl8vomonts {¢ontlnuedl There were pSans to fund the replacement of some baths with accessible showers and the lining of kitchen walls during 2020 bul this work was delayed due lo the coronavirus pandemic. It is intended lo carry out the work dtjring 2021. subject to pandemic restrictions, as well as other remedial works lo stone work and roof liles, which are eslimaled will cost around £35.000. Workin with others The Almshousg Association The Group remains an active member of the Almshouse Association through Yardley Great Trust. Supportlng smaller 8lmshouse charities As a laTger almshouse charity employing professional staff, the Group is able and willing to take on the management or trusteeship of other almshouse charities where appropriate, perhaps where there are dwficuhies in providing efficient services for residents or in recruiting trustees. Y8nlley Educational Foundation Following the retirement of the Clerk to the Trustees of Yardley Educational Foundats'on in April 2018, Yardley Great Trust has provided clerking services for the charity. Both charities will remain as separate entities, each with its own Board of Trustees, but closer links between the charities could enable more collaborative and strategic grant making for the area. Residents Scrutiny P8n&l The Group ha5 joined forces with local almshouse ¢hadties Len¢h's TrusL Harbome Parish Lands Charity and Sir Josiah Mason Trust to support a joint residents, scrubny panel, under which volunteer residents from each charity compare and contrast seNice provision and reMMend improvements where possible. The charities have joint funded an advlser to help the residents through the process and were pleased lo receive in 2019 the panel's first report, relating to complaints procedures and policies. which was extremely usefL*l. The report was considered by the Group's Care and Housing Committee, following which the Group's complaints policy and procedures were rewritten to take into account the panels, recommendations. The Panel chose resident Involvement as their next topic for scrutiny during 2020, bul were not able to meet during the year because of the pandemic. d, Complalnts The Ghgrity aims to be open and Irarisparent and to welcome complaints as opportunities to leam and improve. A Gornpletely new complaints policy (incorporating concerns and compliments} was lntuCed in 2019 following thorough review by the residents, Scfutiny panel Isee above for further informatlon about the scrutiny panel). During 2020, five expressions of concern and five complaints were registered. In each case, the service manager responsible responded to the concern 0¢ complaint and none proceeded to the appeal stage. On the other hand, twenty sti comp5imenls were received. Flnancial review a. Golng concem Under the govemance requirements, the Trustees confirm that after makino enquiries they have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable ftjlure. Accordingly they contlnue lo adopt the going concem basis in preparing the accounts. Page 15
Tho Yardley Great Trust Group IA company limited by guarantee) Trustees. report (continued) For the year ended 31 December 2020 Financlal revlew (¢ontinuedl b. Revlew of tho yoar P9rsonn81 Dtje to the pandemic, the Group's annual general meeting in 2020 was delayed until September 2020, when il was held online. Robert Jones was re-elected as Chairperson of the Group and Joy Holl was re-elected as Deputy Chairperson at the meeting. There were no changes to Trustees or senior staff at the Group during the year. Fin8nci81 results andposition Overall turnover increased in 2020 by 4.9% compared to 2019. Total costs increased in 2020 by 1.2% compared to 2019. There was a healthy operating SUluS and surplus overall of £630,176 for the y8ar (2019 - £2,005,062), which included a surplus of £51,355 for Charity of Job Marston12019 - £103,443>, a surplus of £22,190 for Colehaven Trusl12019 - £31,579), a surpl(Js of £3,70CI for The Y8rdley Great Trust Group 12019 £76,475), a surplus of £516,094 for The Yardley Great Trusl12019 - £747,403), a surplus of £36,838 for The Grey Gable5 Trusl12019 deficit of £17,934), and assets ol £Nil 12019 £1,064,296) transferred into the Group from the Grey Gables Trust. The Grotjp's net overall worth Increased to £14.0 million. The Group remains financially strong and well resourced. . Rgserrfes pollcy 11 is the policy of the Trustees to maintain resetve funds.. lo ensure that dwellings owned by the Group can be maintained in go1 condition well Into the future and continuè lo provide high quality accommodation that is fit for purpose.. and th81 re5idenls' lounge5 in the sheltered housing Gan be refurbished al appropriate intervals. The charity is required by a Charity Commission SGheme lo fund a reserve for the long term maintenance of the almshouses. The amount to be held in the Extraordinary Repair Fund - Almshouses is calculated by reference to an annually reviewed plan that shows when the almshouse buildings can be expected lo require major reftjrbishmenl and maintenance. A further reserve (the Extraordinary Repair Fund - Other Buildings) has been established by the Trustees lo fund major refurbishme1 and replacement of equipment In the other buildings managed by the Trust. The amount Is similarly calculated by reference lo an annually reviewed plan of expenditure.. lo fund new developments., to provide a contingency reserve to allow for expenditure that ha5 not been foreseen. The aim is for the amount held in the contingency reserve lo represent up to four months, expenditure. Page 16
The Yardley Great Trust Group {A company limited by guarantee) Trusteo¥' rnport {contlnued} For the ygar ended 31 December 2020 Investment policy and perfomiance The Group's Flnance and General Purposes Committee receives regular reports from the investment manager on the performance of the Group's investment portfolio. The portfolio perfomied relatively well again during 2020, comfortably oulperformlng tt)e benchmark for total return. Trustees will continue where possible to make a small number of posillve inveslmenls as long as the investment manager advises that the risk is aGGeptable. During the year, the Group was informed that the investment managers had merged with another company but this has made no discernible difference to the service or investment performance. Overall. the value of the Group's investments increased by 5.3% duiing the year and the ratio of value to C05t increased from 151.80kn in 2019 to 155.1Yo in 2020. b. Stalement of Investment prlnclples The Trustees have prepared this statement after consultation with. and receiving advice from, the investment manager, having regard to the Trustee Act 2000 and in accordance with guidelines issued by the Charity Commissioners. The lmate power and responsibility for Ihe present policy rests with the Trustees. The investrment objectives are.. the creation of a sufficient financial return to enable the Trust to carry out its purposes effectively and without interruption., the maintenance and, if possible, enhancement of the investment ftjnds whilst they are invested,. to obtsin a reasonable balance bee8 capital growih and Income so that the Trust can meet future as well as current needs., to avoid investments that.. are unduty risky., are incompab'ble with the aims of the charity,. might result in a reduction In support for the charity. The Trustees, policy is to invest In an appropriate mix of assets i.e. equities, propety and monetary assets. Trustees recognise that the returna on equities, while expected to be greater over the longer-lerm than those of fixed interest and monetary assets, are likely to be more volatile. Investment in a mix of asset classes should nevertheless provide the levels of luM qllIred and mltigate volalilily for the Trust to achieve its objectives. Page 17
The Yardley Great Trust Group IA company limited by guarantee) Trustees. report {continuedl Forthe year ended 31 DgcembBr2020 Flnanclal revlew Icontlnued) The invesknent policy pursued durlng the year ended 31 December 2020 aimed to achieve stsadily growing income and capital growth from within the market, During the reporting period, the Trust, ag8insl a background of highly volatile bond and eqully markets, continued to pursue a medium risk strategy that should protect and grow the charity's income and capital value over the medium term. The Trustees have delegated their investment powers to an appointed investment manager. The investment manager is responsible for carrying out all day-lo-day investment decisions including acquisition and realisalion of investments. The investrnenl manager is required to exercise the power to give effect lo the principles as contained in thi5 Statement and, in particular, must have regard to the need for diversificatlon and suitability of investments selected. The Trustees have granted the investment manager dis¢retion to invest in overseas investments. Due lo changing investment practice. the investment manager is appointed on a discretionary basis. Whilst the Trustees are not involved in the day-lo-day operation of the investment portfolio and cannot directly influence atlainrnent of a performance target, they will assess performance on an annual basi5. Measurable targets have been developed for the investment manager consislenl with the achievemenl of the objectives set out above and an acceptable level of risk with no holding in a single equity or pooled vehicle having a value that is more than 12°k of the total equity portfolio The Trustees do not wish lo participate in any underwriting arrangement or hold direct investments quoted on the market. The appointment of the investment manager is reviewed from time to lime by the Trustees, based upon the resu115 of their monitoring of performance, investment process and the manager's compliance with the requirements of the Trustee Act 2000 and guidance of the Charity Commissioners, The investment manager will continL*e to meet the Trust's Flnan¢e & General Purposes Committee tsvice per year to review performance over the preceding half year and to discuss and agree the strate9y to be adopted. Although generally the interests of 8 Charit15 beneficiaries are best served by seeking lo obtain a sound rinancial return from a suitably diverse portfolio of inveslmenls, the investment manager will have due regard to those areas which could be detrtmental to the objeGlives and aims of the Trust. Having previously pursued an ethical investment remit that precluded direct investment in a number of sectors. the Trustees decided during 2016 to extend its coverage to the use of Collective funds. After discussion with the investment manager, the Trusl8es concluded that the Charity's best interests were served by pursuing a policy that precludes inveslmenl in.. companies that derive more than 10'/o of turnover from POTnographyladL+It entertainment servrEs,' tobacco production,. alcohol Production,. strategic military (including weapon systems. nuclear weapon systems, anti-peisonnel landmlnes and cluster munilionsl., gambling or high intere8t rale lending., funds that Contain holding5 In the above. The Trustees also wish to invest positively and will make a small proportion of investmenls accordlngly In areas such as health promotion or the provision of social housing, after taking advice from Ihe investment manager. Page 18
The Yardley Great Trust Group (A company limitod by guarantee) Trustees. report {¢ontlnued) For the year ended 31 Docgmber 2020 statement of Trugtees. responslbillties The Trustees (who are also the directors of the Group for the purposes of company lawl are responsible for preparing the Trustees, report and the financial slalements in accordance with appliGable law and United Kingdom Accounting Standards IUnf(ed Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees lo prepare financial statements for each financial year. Under company law, the TTuslees must not approve the financial stalemersls unless they are satisfied that they give a true and fair view of the state of affairs of the Group and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statemenls, the Tiuslees are required to.. select suitable aGcounts'ng policies and then apply them consistently., observe the methods and principles of the Ch2rities SORP IFRS 102)., make judgements and accounting esb'mates that are reasonable and prudent., slate whether applicable UK Accounting Standards {FRS 102) have been followed. subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufFicient to show and explain the Group's transactions and dlsclose with reasonable accuracy al any lime the financial position of the Group and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the asse15 of the Group and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularrties. Dlsclosuro of Informatlon to auditors Each of the persons who are TrLStees at the time when this Trustees, report is approved has conflm)ed that.. so far as thal TrLStee is aware, there 1$ no revant audit information of which the charity5 auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be awa of any relevant audit information and to establish that the charitys auditors are aware of that information. Auditors The auditors, Dains LLP, have indicated their wlllingness to continue in office. The designated Trustees will propose a motion reappointing the aLtditors at a meeting of the Tfuslees. Approved by order of the members of the board of Trustees on 17 June 2021 and sTrgned on their behalf by.. Mr R Jones Chairperson MrsJOKHolt Deputy Chairperson Page 19
The Yardley Great Trust Group IA company limited by guarantègl Independent audltors, report to the Members of The Yardley Great Trust Group Opinion We have audited the financial statements of The Yardley Great Trust Group (the 'group'l for the year ended 31 December 2020 which comprise the Statement of financial aclivilies, the Balance sheet, the Statement of cash ows and the related notes, including a summary of significant accounts'ng policies, The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporttng Standard 102 'The Financial Reporting Stan(lard applicable in the UK and Republic of Ireland, (United Kingdom Generally AcpIed Accounting Pracb'Gel. In our opinion the financial statements.. give a true and falr view of the stste of the charitable companls affairs as at 31 December 2020 and of its incoming resources and applicatson of resourc8s, including Its Income and expenditure for the year then ended., have been properW ppared in accordance with United ngdorn Generalw Accepted AGwunting Pr2cllce', and have been prepared in a¢¢ordance with the requirements of the Companies Act 2006. Basls for opinlon We conducted our audit in aGGordance with Internatronal Stanclards on Auditing IUKI IISAS (UK>I and applicable law. Our responsibilib'es under those standards are further described in the Auotilors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in a¢cordance wlth the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, Ineluding the Financial Reporting Council's Ethical Standard, and we have fulfi'lled our other ethical responsibilits'es in accordance with these requiiemenls. We believe that the audit evidence we have obtained is suffScient and appropriate lo provide a basis for our opinion. Conclusion8 relatlng to going concern In auditing the financial stalemenls, we have concluded that the Trustees, use of the going concern basis Df accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncerlainlies relating lo evonts or condikn'ons that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as 8 going concern for a period of al least twelve months from when the financial statements are aL+lhorised for issue. Our responsibllities and the respon8ibili1Ses of the Trustees wllh respect lo going concem are described in the relevant se¢tions of this report. Page 20
The Yardley Great Trust Group {A company Ilmited by guaranteel Independent audltors. report to the Memb8rs of The Yardloy Great Trust Group (continupdl Other infomiation The Trustees are responsible for the other information. The other informab'on comprises the information included in the Annual report, other than the linancial statements and ovr Aud(fors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. In connectlon with ou¥ audit of the financlal slalements, our responsibility is to read the other information and, In doing so, ¢onsider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audr£ or otheise appears to be materially misstated. If we identify such material inconsistencies or apparent material misststemenls, we are required to determine whether there is a material misslalement in the linanclal statements or a material misstatement of the other information. If, based on the work we have performed, we ¢onclude that there is a material misslatemenl of this other Information, we are required to report that fact. We have nothing to report in Ihls regard. Opinlon on other matters prescrlbgd by the Companles Act 2008 In our opinion, based on the work undertaken Sn the course of the audit.. the information given in the Trustees. report for the financial year for which the financial statements are prepared is consistenl with the financial statements. the Trustees. report has been prepared in accordance with applicable legal requirements. Matterd on whlctt we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained sn the course of the audit, we have not identified material misstalemenls in the Trustees, report. We have nothing to report in respect of the following matters in relation to whiGh Companies Act 2006 require5 us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreomenl with the a¢¢ounting records and returns,. or certain disclosreS of Trustees, remuneralioTr specified by law are not made., 01 we have not received all the information and explanations we require for our audit. Rosponolbilltles of trustoes As explained more fully in the TNstees' responsibilities statement, the Trustees {who are also the directors ol the charitable Company for the purposes of company lawl are responsible for the Pfeparalion of the financial statements and for bein9 satisfied that they give a true and fair view. and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatemenL whether due to fraud or error. In preparing the financlal statements, the Trustees are responsible for assessing the char'rtable companls ability to continue as a going concern, disclosing, as applicable, matters reSated to going concern and using the going concern basis of attcounling unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but lo do so. Page 21
The Yardley Great Trust Group {A company Ilmited by guarantee) Indop¢ndgnt audltors. report to the Members of The Yardley Great Trust Group Icontinugdl Audltors. responsibilities for the audit of thg financial statements Our obje¢lives are lo obtain reasonable assurance about whether the finar¢cial statements as a whole arg free from material mi5Stalement, whether due lo fraud or error, and to issue an Auditors, report that include5 our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit GonduGted in accordance with ISAS (UK) will always delect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions ot users taken on the basis of these financial stalemenls. Irregularits, including fraud, are instances of non-compliance with laws and regulation5. We design procedures in line wlh our responsibilities, outlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below.. Enquiry of management around actual and potential litigation and claims., Enquiry of management to identify any instances of non-compliance with laws and regulations., Reviewing minutes of meetings of those charged with governance., Reviewing internal audit reports,. Reviewing financial slalemenl disclosL*res and testing to supporting do¢umentalion to assess compliance with appliGable laws and regulations. Perfomiing audit work over the risk of management override of controls, including lesb'ng of joumal entries and other adjustments for appropri2teness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will nol delecl all irregLtlarities, incltjding those leading lo a material misstatement in the financial slalements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibili e5. This description forms part of our ALtditors' report. U8e of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies A¢t 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are requifed to slate to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and its members, as a body, for our audit work. for this report, or for the opinions we have form8d. Andrew Morrls FCA (Senior statutory auditor) for and on behalf of Dalns LLP Slatulory Auditor Chartered Accountants 17June2021 Page 22
The Yardley Great Trust Group {A company limited by guarantee) statement of flnaTrGlal activitle8 Ilncorporatlng Income and expendituro ac¢ountl For the year ended 31 December 2020 As reststed Total funds 2019 Unrestrlcted funds 2020 Restricted funds 2020 Endowment funds 2020 Total fund8 2020 Noto Income and endowments from: Donations and legaG+es Charitable activities Investments Other income 254,828 5,285,271 133,114 31,131 254,828 5,285,271 133,114 31,431 21,631 5,084,648 143.886 27,647 Total Income and endowments Expgnditurg on- Chalitable activities Other expenditure 5,704,344 5,704,344 5,277,812 5,185,405 S,OlXI 32,365 144,360 5,362,130 5,000 5,134,720 6,000 Total expgndituro 5,190A05 32,365 144,360 5,367,130 5.140,720 Net incomo 1 {expenditurel before not gains on investments 513,939 (32,365 {144,360) 337,214 137,092 Net gains on investments 283,607 51,355 334,962 801,674 Net (ncome I (oxpenditure) Transfers beeen funds External transfers 797,546 132,365) {93,005 672,176 938,766 25 1290,059) 74,363 215,696 1,064,296 Total transfers 1290.OS91 74,363 215,696 1,064,296 Net movoment in funds bgforg other recognisgd {lossesllgains Other recognlsed {los8e8} I galns: Actuarial Ilossesllgalns on defined benefit pension schemes 307,487 41,998 122,691 672,176 2,003,062 142,000) {42,0001 2,000 Net movemgnt in funds 465,487 41,998 122,691 630.176 2,005,062 Page 23
The Yardl¢y Great Trust Group (A Company limited by guarantee) Statomont of flnanclal actlvlties lincorporatlng Income and expenditure account) (continued) For the year ended 31 December 2020 As restated Total funds 2019 Unrestrlcted funds 2020 Restricted Endowment funds fund$ 2020 2020 Total funds 2020 Reconclllatlon of funds: Total funds brought forw?rd as previously staled Prior year adiuslment 4,855,159 375,104 7,$52,875 565.267 12,783,138 565,267 11,343,343 24 Total funds brought fomard as restated Net movement in funds 4,855,159 375,104 8,118,142 13,348,405 11.343,343 465,487 41,998 122,691 630,176 2,005,062 Total funds carrled forward 6,320,646 417,102 8,240,833 13,978,581 13,348,405 The notes on pages 28 to 64 form part of these financial Statements. Page 24
The Yardley Great Tru8t Group IA company limitgd by guaranteel 8alance sheet For the year ended 31 Decembèr 2020 As restated 2019 2020 Note Flxed ass8ts Housing prOpertS Other tangible assets Investments Investment propety 14 16 18 8,020,341 252,120 6,208,754 297,500 8,137.014 302,060 5,896,103 297,500 17 14,778,71S 14,632,677 Current assets Stocks Debtors Cash at bank and in hand 19 20 1,278 302,769 2,S82,061 1.278 371,884 2,059,773 2,886,108 2,432,935 Creditors.. amounts falling due wthin one year 21 (547,632} {544,905) Net current assets 2,338,476 1.888,030 Total assgts less curvent liabllities 17,117,191 16,520,707 Creditors.. amounts falling due after more than one year 22 12,989,610) {3.047,302} Net assets excludSng penslon Ilablllty Defined benefit pension scheme liability 14,127,581 1149.0001 13,473,405 1125,000) 30 Total net assgts 13,978,581 13,348,405 Charlty funds Endowment funds Restricted funds Unrestricted funds 25 25 8,240,833 417,102 S,320,646 8.118.142 375,104 4,855,159 25 Total funds 13,978,581 13,348,405 Page 25
The Yardley Great Trust Group (A company limited by guarantee) 8alance sheet (continued) Forthe year ended 31 December2020 The Trustees acknowledge their responsibiliues for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees on 17 June 2021 and signed on their behalf by.. Mr R Jongs Chairperson MrsJOKHolt Deputy Chairperson The notes on pages 28 10 64 foTm part of these financial statements. Page 26
The Yardley Great Trust Group IA company Ilmlted by guardnte8) Slatement of ca8h flow8 For the year ended 31 December 2020 A8 restated 2019 2020 Noto Cash flows from operating activities Net cash used in operating activities 27 491,624 299,619 Cash Ilows from Investlng activities Dividends, interests and rents from investments Purchase of tsngible fixed assets Proceeds from sale of investments PurGhase of investments 133,114 143,886 187,923) {115,7361 356.041 468,627 1446,7131 1498,0241 Net cash used In Investlng a¢tlvltles 145,481) 11,247) Cash flows from flnancln9 activitips Repayments ol borrowing (18,842) 126,5351 Nèt cash used In flnanclng actlvltles {18,8421 126,5351 Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year Cash transf8rred in 427.301 271,837 2,254,410 1,929,612 52,961 Cash and cash equlvalents at the end ofthe yoar 28 2,681,711 2,254,410 The notes on pages 28 to 64 form part of these financial slalements Page 27
The Yardley Great Trust Group IA company limlted by guarantee) Notè$ lo the flnanclal statements Forth¢ year ended 31 December 2020 General Information The Yardley Great Trust Group is a charitable company. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity Infomiation on page 1 of these financial Statements. The nature of the charity's operations are the lIef and care of the elderly andlor disabled persons including but not exclusively by the prowsion of care services including day care and outreach services and the maintenance and management of nursing homes in the Wesl Midlands area, the provision of and managoment of almshouses, the lIttf of hardship or distress and the management of allotment land. Accountlng pollcSe8 2.1 Basis of preparatlon of flnancial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 Accounting and Reporting by Charilie5.' Statement of Recommended Practice applicable to ¢harilies preparing their financial statements in accordance with the Financial Reporting Slandarol applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Slanda¥d applicable in the UK and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounb'ng Practlce. The Yardley Great Twst Group meets the definition of a public benefi't entity under FRS 102. The financial statements are prepared on 8 going ¢on¢ern basis under the historical cost convention, modified to include certain items at fair value. The flnancial statements are presented In steding which is the functional Gurrency of the charity and rounded lo the nearest £. The significant acttounling polic8 applied in the preparation of these financial stslemenls are sel out below. These policies have been con$islenUy applied lo all years presented unless otherwise stated. 2.2 Company status The charitable company is a company limited by guarantee. The members of the company are the Trustees names on page 1. In the event ol the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per meTnber of the charitable company. 2.3 Income All income 15 recognisecs once the Group has enlittement to the income, il is probable that Ihe income wll be received and the amount of income re1vable can be rneasured reliably. Grants are included in the Statement of financial actwilies on ? receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entillemenl of receipt, its recognition is deferred and included in creditors as deferred income, Where enb'llement o¢¢urs before income is received, the income is acctued. Page 28
The Yardley Great Trust Group {A company limlted by guarantee) Notes to the financlal statements For the year ended 31 December 2020 Accounting pollcles (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or constrL>Ctive obligation to transfer economic benefit to a third paty, it 1$ probable that a transfer of economic benefits will be required in settlement and the amount of the obligatson can be measured reliably. Expenditure 15 classrfied by activity. Expenditure on charitable activities is incurred on directly undertaking the aGtlvitSes which further thg GTOUP'S objectives, as well as any associated SLJPPOrt costs. Expenditure on governance is incurred in connection with administration of the Group and compliance with eonslitulional and statutory requirements. Grants payable a charged in the year when the offer Is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the condits'ons attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted a5 a commitment, bul not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest recelvable Interest on funds held on deposit is included when receivable and the amount Gan be measured reliably by the Group., this is normally upon notlfication of the interest paid or payable by th8 institution with whom the funds are deposited. Page 29
Tho Yardley Great Trust Group {A company lirnlted by guarantee) Notes to the financlal statements For the year ended 31 D8c8mber 2020 Accounting policies {continued} 2.6 Houslng proporti9S Housing properties are staled al cost less any provision for impairment (representing a diminution in the recoverzble service potential of the 8sset below its carrying value in the balance sheell less depreciation. Cost includes the cost of a¢quiring land and buildings, development costs. interest charges incurred csuring the development and expenditure incurred in respect of improvements. Land held separately lo the housing properties is Included at valuation. Improvements are works to existing properties which result in an increase in the nel rental income, including a reduction in maintenance costs, or result in a signiticant extension of the useful economic life of the property. Tangible fixed assets are staled al cost or valuation less depreciation. Depreciation on housing properties is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases.. Main fabric Roof structure and covedng Windows and external doors Gas boilers Kitchen Bathroom and Wcs Mechanical sy5terns Electrics - 10CI years 70 years - 30 years 15 years - 20 years - 30 years - 30 years - 40 years Impalrment All properties are considered for impairment annually and detailed reviews of assets for Impairment are carried out if there is an indication that impairment has occurred or if they are not being depreciated. Works to existing propgrties Expenditure on housing properties which results in an enhancement of the e¢onomiG benefits of the propety is capitalised. Soclal Housing Grant {SHGI and other grants Grants for capital expenditure are recnIsed as deferred income and released to the Statement of financial activities annu811y over the Ilfe of the main fabric of the propety they relate to. SHG is repayable under certain circumstances. primarily following sale of a property, bul will normally be reslricled lo nel proceeds of the sa. Grants received in advance of the relevant expenditure are inGluded in short-temi creditors and present amounts lo be utilised In the next accounting period. Page 30
The Yardley Great Trust Group {A company limited by guarantee) Notes to the ftnanclal Statements For the year ended 31 December 2020 Accounting policigs Icontinuedl 2.7 Other tangible fixed assgts and depreclatlon Other tangible fixed assets costing £500 or more are capitali5ed and recognised whers future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed 2S8ets are inits'alty recognlsed at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less aGcumu18ted depreciation and any accumulated impairment losses. All costs incurred lo bring a langlble fixed asset into its intended working condition should be included in the measurement of cost. At each reporting dale the Group assesses whether there Is any Indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and ils value in use. An impairment loss is recognlsed where the carrying amount exceeds the recoverable amount. Depreciallon is charged so as to allocate the Cost of tangible fixed assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis, Depreciation 15 provided on Ihe following bases: Freehold property Motor vehicles Trust, GHS & YGNH equipment - Fixtures and office equlpm8nt 2% slrai9hl line 250A reducing balance 200A reducing balance 100A slraighl line Freehold land 18 not depreciated. 2 Investments Fixed asset Investments are a foTh of finan¢ial instrument and are initially recognised at their transaction Gosl and subseguently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured al cost less impairment Investment gains and losses, whether realised or unrealised, are combined and presented as 'net gains on investments, in the Statement of financial activitie5. 2.9 Inv6stm8nt ploperty Investment property is carried at fair value determined annually and derived from the CLsrrent market rents and investment property yields for comparable real estate. adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of financial activities. 2.10Stocks stocks are valued at the lower of cost and nel realisable value after making due allowance for obsolete and slow-moving stocks. 2.11 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of arsy trade discounls due. Page 31
The Yardley Great Trust Group IA company limlted by guarantee) Notes to the financlal statements For the year ended 31 December 2020 Accountlng policies Icontinugdl 2.12 Cash at bank and in hand Cash at bank and in hand includes cash anos shorl-term highly liquid investments with a short maturity of three months or less from the date of aulSItion or opening of the dep0511 or similar account 2.13 Llabllltles Liabilities and provisions are recognised when there is an oblig8tion at the Balance sheet datè as result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the selllement Gan be estimated reliably. Liabilities are recognised at the amount that the Group antscipates it wtll pay to settle the debt or the amount il has received as advanced payments for the goods or seNi¢es il must provide. Provisions are measured at the best estimate of the amounts reqUId to sellle the obligation. Where the effect of the lime value of money is material, the provision is based on the present valL*e of those amounts, discounted al the pre-tax discount rate th8t reflects the risks specific lo the liability. The nwinding of the discount is recognised in the Statement of financial activities as a linance cost. 2.14 Financlal Instruments The Group only ha5 financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al trans8Ction value and subsequently measured at their sethement value with the exception of bank and other loans which are subsequenuy measured at amortised cost using Ihe effective interest method. 2.15 Operatlng lèases Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term. 2.16 Penslon$ The Group oporates defined contribution employer sponsored pension 5ohemes and the pension charge represents the amounts payable by the Group to the funds in respect of the yeai. The Grotjp participates in the Social Hovsing Pension Scheme (the Scheme), a multi-employer scheme which provides benefits lo some 500 non-associated employers. The Scheme is a defined benefit scheme in the UK. The pension eharge is based on tsvo actuarial valuations carried out with effective dales of 31 March 2018 and 30 September 2018. Page 32
The Yardley Great Trust Group IA company Ilmlted by guarantee) Notes to the flnanclal statements Forthe year ended 31 December 2020 Accountlng policies (continued) 2.17 Fund accountlng General funds are unrestricted funds whlch are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes, Designated funds comprise unrestricted fvnds that have been Sel aside by Ihe Trustees for particular purposes. The alm and use of each deslgnated ftjnd is set out in the notes to the financial statements. Restricted funds are ftjnds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The c0515 01 raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out In the notes to the financial ststements. Investment income, galns and losses are allocated to the appropriate fund. The endowment fund comp¥ises property of the Group which the Trustees may not spend as if it were income. It must be held permanently. but Gan be used in furthering the Group's purposes or to produGe an income for the Group. Investment income, gains and losses are allocated to the appropriate fund. Incomg from donatlon8 and legacl05 Unrestrlcted funds 2020 Total funds 2020 Donatlons Government grants 1,164 253,664 1,164 253,664 Total 2020 254,828 254,828 The Group has been eligible to claim from the govemment support schemes In response to the Covid-19 outbreak. UnrestriGtgd funds 2019 Tolal funds 2019 Donations 21,631 21,631 Total 2019 21,631 21,631 Page 33
Thg Yardley Great Trust Group IA company Ilmitgd by guaranteel Note8 to the flnancial statements For the year ended 31 December 2020 Income from charitable actlvitigs Unrestricted funds 2020 Total funds 2020 So¢ial Housing Residentl81 Care Management Charges 1,262,507 3,856,372 166,392 1,262,507 3,856,372 186,392 Total 2020 5,285,271 5.285,271 Unrestricted funds 2019 Total funds 2019 Social Housin9 Re5idents'al Care Home Care Management Charges 1,243,162 3,583,044 90.400 168,042 1,243,162 3,583,044 90,400 168,042 Total 2019 5,084,648 5,084,648 Unlts in management 2020 2019 Housing units Care home L¢nits Nursing home units Scheme managers, hoLtses 206 69 206 69 45 323 322 Page 34
The Yardley Great Trust Group (A company limited by guarantee) Notes to the flnanclal statements For tho year ended 31 December 2020 Investmenl Income Unrestrictod funds 2020 Total fundg 2020 Rents receivable Dividends and interest receivable Bank interest receivable 19,882 112,135 1,097 19,882 112,133 1,097 Tolal 2020 133,114 133,114 Unrestricted funds 2019 Total fvnds 2019 Rents receivable Dividends and interest receivable Bank interest receivab 19,145 123,512 1,229 19,145 123,512 1,229 Total 2019 143,886 143,886 Page 35
The Yardley Great Trust Group {A company Ilmlted by guarantee) Notes to the flnanelal statements For the year ended 31 December 2020 Analysis of expenditurg on charitable actlvltles Summary by fund typo Unrestricted Restrlcted Endowment funds funds funds 2020 2020 2020 Total funds 2020 Yardley Grange Nursing Home Yardley Great Trust Charity of Job Marsto Grey Gables Colehaven Trust 2,157,089 1,864,663 3,082 1.104,872 55,699 2,157,089 1,977.894 3,082 1,163,568 80,497 32,365 80,866 58,696 4,798 Total 2020 5,185,405 32,365 144,360 5,362,130 Unrestrlctèd Rgstrlcted Endowment fund5 funds funds 2019 2019 2019 Total funds 2019 Yardley Grange Nursing Home Yardley Great Trust Charity of Job Marston Grey Gables Colehaven Trust 1,949,322 2,164.557 3,585 892,542 54,580 1.949,322 2,224,785 3,585 892.542 64.486 60,228 9,906 Total 2019 5,064,586 60,228 9,906 5,134,720 Page 36
The Yardley Great Trust Group {A company limlted by guarantee Notgs to thg financlal statements For the ygar onded 310ecember 2020 Other expendlture Unrestrlcted funds 2020 Total funds 2020 Social Housing Pension Scheme Costs 5,000 5,000 Unrestrictgd funds 2019 Total funds 2019 Social Housing Pension Scheme costs 6,000 6.000 Page 37
The Yardley Great Trust Group IA company limitod by guarante8) Notes to the financial statements For the year ended 31 December 2020 Analysls of expenditure by actlvltles Activitle8 undertaken directly 2020 Grant fundlng of activities 2020 Support costs 2020 Total funds 2020 Y2rdley Grange Nursing Home Yardley Great Trust Charity of Job Marston Grey Gables Colehaven Trust 1,853,417 1,603,774 81,095 222,577 374,121 3,082 78,191 18,675 2,157,089 1,977,895 3.082 1,163,568 60,496 1,085,377 41,821 Total 2020 4,584,389 81,095 696,646 5,362,130 Activitles undertaken directly 2019 Grant lundlng of actlvities 2019 Support costs 2019 Total funds 2019 Yardley Grange Nursing Home Yardley Great Trust charity of Job Marslon Grey Gables Colehaven Trust 1,681,440 1,896,855 89,189 178,693 327,929 3,585 65,846 24,536 1.949,322 2,224,784 3,585 892,542 64,487 826,696 39,951 Total 2019 4,444.942 89,189 600,589 5,134,720 Page 38
The Yardley Great Trust Group IA Company Ilmited by guarantee) Notes to the flnanclal statements Fortho yèar ended 31 Decombor 2020 Anatysls of expendituro by activltles {continuedl Analysi$ of dlrect costs Yardley Grange Nursing Yardley Home Great Trust Grey Gables 2020 2020 2020 Colehaven Trust 2020 Total funds 2020 staff costs Depreciation Catering Hygiene and medlcal costs Cleaning, laundry and waste disposal Sundry expenses Management charges Repairs and maintenance Agency costs Gardening and ground5 maintenance EquSpment hire Clothing and uniforms Training Health and safety Loss on disposal of fixed assets Motor and travel Registration fees Amortisation of soclal housing grant 1,369,748 13,649 75,558 64.628 1,048,049 171,824 44.967 46,056 820,939 58,696 52,744 5,960 3,238,736 248,967 173,269 116,644 4,798 41,502 10,234 2,680 49,905 8,330 101,641 17,689 50,050 306,148 202,037 6,189 6,600 22.547 43,450 56,738 112,916 199,012 51,133 27,851 37,988 4,561 9,284 2,070 6,691 39,607 37,243 1,220 1,505 11,509 11,948 3,885 1,134 225 2,682 10,125 44,486 20,629 3,575 21.317 56,681 5,572 2,516 13,282 3.117 5,126 1,687 321 12,204 1,061 853 (38,8501 {38,850) Total 2020 1,853,417 1,603,774 1,085.377 41,821 4,584.389 Page 39
The Yardley Great Trust Group IA company lirnited by guarantee) Notes to the flnanclal statements For the year ended 31 December 2020 Analysis of expenditure by activities {continued} Analysis of dlrect costs {continued} Yardley Grange Nurslng Yardley Home Great Trust Grey Gables 2019 2019 2019 Colehavon Trust 2019 Total funds 2019 Staff costs Depreciation Catering Hygiene and medical costs Cleaning, laundry and waste disposa Sundry expenses Management charges Repairs and maintenan Agency costs Gardening and grounds maintenance Equipment hire Clothing and unifomis Training Health and safely Loss on clisposal of fixed assets Motor and travel Registration lees Amortisation of social housing grant 1,202,431 14,560 68,684 59.983 1,192.138 213,056 53,914 40,736 600,105 30,806 46,015 5,417 2,994,674 268.328 168,613 106,136 9,906 43,945 12,726 13.543 21,348 13,285 go 8.317 6,600 14,339 78.109 35,145 50,050 404,298 240,302 43,450 44,530 169,871 307,367 30,693 38,C62 39,738 4,960 12,028 1,940 5,334 2.248 39,511 912 1,171 10,114 8,310 1,297 1,705 8,512 2,899 8,166 47,370 21,106 3,111 19,698 15,650 1,297 3,483 26.422 4.250 4,393 699 280 1,498 10,714 7,196 138,8501 {38.8501 Total 2019 1,681,440 1,896.855 826,696 39,951 4.444,942 Page 40
The Yardley Great Trust Group {A cornpany Ilmitod by guaranteel Notgs to the flnancial statements For the year ended 31 December 2020 Anaty816 of expendlturo by actlvltles Icontlnued) Analys18 of support Costs Yardley Grange Yardley Nursing Home Great Trust 2020 2020 Charlty of Job Marston 2020 Grèy Gables 2020 Investrnent managers fees Sundry costs Insurance Heal and light IT costs Bank charges Audit and accountancy fees Legal and professional fees Postage, talephone and stationery Rent and rates Loan interest 22,311 3,171 8,421 118.631 22.693 4,722 3,840 26,865 38,747 89.938 34,782 3,082 11,619 3.155 42,390 1,434 4,977 39,727 32 516 5,960 3,931 12,965 8,681 28.403 10,261 126,717 Total 2020 222,577 374,121 3,082 78,191 Colehaven Trust 2020 Total funds 2020 Investment managers fees Sundry costs Insurance Heat and light IT costs Bank charges Audlt and accountancy fee5 Legal and professional fees Postage, telephone and stationery Rent and rates Loan interest 26,393 16,224 17,761 217.870 23,038 5.270 9,800 59,199 61,973 225,336 34,782 1,208 17,122 345 Total 2020 18,675 696,646 Page 41
The Yardley Great Trust Group IA company limited by guarantgel Notes to the financlal statements For lh8 year 8nded 31 December 2020 Analysis of expendlture by activitios Icontlnuedl Analysis of support cost$ {continuod Charlty ol Job Marston Grey Gables 2019 2019 Yordley Grange Yardley Nursing Home Great Trust 2019 2019 Investment managerfs fees Sundry costs Insurance Heal and light IT costs Bank charges Audit and accountancy fees Legal and professional fee8 Postage, telephone and stationery Rent and rates Loan interest 22,025 4,093 19,207 81,024 10.033 4,854 14.970 2e,533 30,996 77,805 36,389 2,935 3,653 5,670 30,916 1,951 6,657 32,057 30 843 4,085 5.379 8,899 5,975 650 973 11,966 125.485 Total 2019 178,693 327,929 3,585 65,846 Colehaven Trust 2019 Total funds 2019 Investrnenl managers fees Sunclry costs Insurance Heat and light IT costs Bank charges Audrt and accountancy fees Legal and professional fees Postage, telephone and stationery Rent and rates Loan inleresl 24,960 9,697 32,778 166,305 10,033 5,741 18,805 34,755 51,861 209,265 36.389 1,244 22,308 14 19001 1,870 Total 2019 24,536 600.589 Page 42
The Yardley Great Trust Group (A company limited by guarantee) Notes to the financial statements For the year ended 31 December 2020 10. Grants paid by Yardley Great Trust during 2020 2020 Springfield Project. to help wrth the ¢osls of debt and money management advice sessions Job Marslon Centre.. to help with the costs of providlng debt advice Acocks Green Foodbank.. to help with the costs of providing food for disadvantaged people st Richards Church.. to help with the costs of facilities for the community Immanuel Church.. to help with the costs of facilits'es for the communrty Birmingham and Solihull Women's Aid.. to help wlh the costs of providing refuge for people who have suffered domestiG abuse Summerfield Stables.. lo help with the costs of maintaining facilf(ies to enable riding lessons for young people with disabilits'es House of Play and Education.. to help with the costs of providing services for disadvantaged families Narthex Sporkhill Foodbank.. lo help with the costs of providing food for dlsadvantaged people stechford Baptist Church.. lo help with feasibility costs for a new community building Highteis Heath School.. to help disadvantaged families 7,486 5,000 5,000 5,000 4.000 4,000 3,820 2,620 1,000 1,000 849 Grants to organl$atlon8 39,775 Moielies.. money distributed on behalf of trustees Grants to familieslindividuals 7,050 29,193 Total grants paid In 2020 76,018 The totsl above does not include grants to the value of £4,549 that were awarded but not paid out at 31 December 202012019- £17,127). 11. Auditovs remuneratlon 2020 2019 Fees payable to the Group's auditor fr)r the audit of the Group's annual account5 17,112 16,869 Page 43
The Yardley Great Trust Group {A company Ilmlted by guarantee) Notes to the Ilnanclal statoments For the year ended 31 December 2020 12. Staff costs 2020 2019 Wages and salaries Social security costs Pension costs 2,968,495 182,178 88,063 2,761,064 155,597 78,013 3,238,736 2,994,674 The average number of peOnS employed by the Group dLtring the year was as follows.. 2020 No. 2019 No. Scheme manager, care and maintenance Care home staff Warden Other staff 63 112 65 112 180 185 No employee received remuneration amounting lo more than £60.000 in either year. Key management remuneration paKI in the year by the Group tolalled £86,23812019 - £82,460} 13. Tru8tees' remuneration and expenses During the year, no Trustees received any remuneration or other benefils12019 - £NILI. Ouring the year ended 31 December 2020, no Trustee expenses have been incurred12019 - £Nill. P8ge 44
The Yardley Great Trust Group {A company Ilmited by guarantee) Notes to the flnancial statements For the year ended 31 December 2020 14. Houslng properties Housing propertles Cost Al 1 January 2020 las previousty staled) Prior Year Adjustm8nl 10,924,7 14,249 At 1 January 2020 (a8 restated) Additions Disposals 10,939,026 42,845 115,4141 Al 31 December 2020 10,966,457 Amortisatlon At 1 January 2020 (as previously stated) Prior Year Adjustment 3,265,735 {463,722) At 1 January 2020 (as restaledl Charge for the yoar On disposals 2,802,013 153,945 (9,8421 At 31 December 2020 2,946,116 Net book valuo At 31 December 2020 8,020,341 At 31 De¢ember 2019 (as restated} 8,137,013 Page 45
The Yardley Great Trust Group IA company lim5ted by guarantee) Noles to the financlal statements For the year ended 31 December 2020 15. Housing property units The housing properties inclL+de the following properties.. 2020 2019 Carrs Lane Gardens Old Brookside Yardley Gardens Greswold Hous8 47 67 10 29 47 67 10 2g L li Cotlrells Close Foliol Fields Greswold Gardens Yardley Grange Nursing Home Grey Gables ca Home Colehaven Cottage5 Scheme managers, house5 10 31 10 31 30 30 46 40 11 45 40 11 323 322 Page 46
The Yardley Great Trust Group (A company limlled by guarantee Notes to the financlal statements Forthe year ended 31 December 2020 16. Other tanglble flxed assets Freehold land and bulldlngs Tru$t, GHS Flxtures and & YGNH offlce equlpment gqulpment Motor vehlcles Total C05t Al 1 January 2020 Additions 129.933 25,250 479,916 8,S35 fj,107,920 36,543 1,743.019 45,078 At 31 December 2020 129.933 25,250 488,451 1,144N63 1,78B.097 Depreciation At 1 January 2020 Charge for the yeai 46,141 1,759 15,727 2,381 444,343 9,800 934,748 81,078 1,440,959 95,018 Al 31 December 2020 47,900 18,108 454,143 1.015,826 1,535,977 Net book value At 31 December 2020 82,033 7,142 34,308 128,637 252,120 Al 31 December 2019 83,792 9,523 35.573 173,172 302.060 Included within freehold land and buildings is 7.9 acres of land at Springfield Road, whKh is not depreciated. The original cost of the land is unknown. The land was 5881 formally valued al £42,000 on 31 December 2017 by Lynette Somers MRICS of Bridgehouse Valuation SeNices on the basis of open market value. Page 47
The Yardley Great Trust Group IA company limited by guarantee) Notes to the fln8ncl81 ststements For the year ended 31 Deeembor 2020 17. Invostment property Freehold investment property Valuatlon At 1 January 2020 la8 restaledl 297,500 At 31 December 2020 297.500 The 2017 valuations of £115,000 were made by Bridgehouse Property Consullanls in DecembeT 2017, on an open market for existing use basis. The 2020 valuations of £182,500 wefft made by Pinders Professional and Consultancy Services in September 2020, on an open market for exi51ing use basis. 18. Fixed a8S¢t Inv¢stments 2020 2019 Valuitlon At 1 January 2020 Addit$ Disposals Revaluations 5,896,103 4.973,289 446,713 498,024 1317,7571 (365,1671 84,045 595,321 6,109.104 5,701,467 Cash held by investment managers 99.650 194,636 At 31 December 2020 6,208,754 5,896,103 2020 2019 Historical cost 3,939.784 3,756,991 Page 48
The Yardley Great Trust Group IA Gompany Ilmlted by guaranteg) Nolgs to the flnanclal statements For th9 year ended 31 December 2020 19. Stocks 2020 2019 Materials and consumables 1,278 1,278 20. Debtors 2020 2019 Trade debtors Amounts owed by linked charities Other debtors Prepayments and accrued income 147,348 61,451 4,424 89,$46 85,999 148,517 25,039 112,329 302.769 371,884 Page 49
The Yardley Great Trust Group IA company limlted by guarantee) Notes to the financial stotements For the year ended 31 December 2020 21. Creditors.. Amounts falllng duo wlthln ono year 2020 2019 Houslng loans Trade creditors Amounts owed to linked charities other taxation and social security Other creditors Accwals and deferred income 18,139 204,092 61,451 45,827 30,673 187,450 26,014 134.526 148,517 48,384 24,487 162,977 647,632 544,905 2020 2019 Oeferred income Deferred income al 1 January 2020 Resources deferred during the year Amounts le88ed from previous periods 56,435 75,124 15fj,435) 45,431 56.435 145.4311 75.124 56.435 Income has been deferred as it lateS to income recelved in advance. Deferred income also includes social housing grants whioh are to be recognised over the life of each propety to which the grants relate Page 50
The Yardley Great Trust Group IA company Ilmited by guarantee) Notes to the flnancial 8tatements For the year ended 31 December 2020 22. Creditors: Amounts falling due after more than one year 2020 2019 Houslng loans Accrua15 and deferred income 470,550 2,519,060 489,392 2,557,910 2,989,610 3,047,302 The aggregate amount ol liabilities repayable wholly or In part or lo be released to income in more than five years after the reporbng date is.. 2020 2019 Payable or repayable by instalments Releasable to income 399.644 2,363,660 418.486 2,402.510 2,763,304 2.820,996 The Nationwide and Orchardbrook loans, inGluded in housing loans above. are made in respect of, and secured on, the housing properties of the Group's Housing Activities. as shown in note 14. The loans are repayable by Instalments - interest payable on the Nationwide Building Society loan is at a variable rate and interest on the Orchardbrook loan is fixed between 14.5% and 10.75Yo. The Almshouse Associatlon loans are unsecured. interest free and repayable over a ten year and four year period respectively. Page 51
The Yardley Great Trust Group {A company limited by guarantee) Notes to the financlal Statements For the ygar ended 31 December 2020 23. Flnanclal instrumgnts 2020 2019 Financlal assets Financial assets measured at undiscounted amounts receivable 213.223 259,555 2020 2019 Flnanclal liabilities Fin8ncial liabilities measured at amorb'sed cost Financial liabilities measured at undiscounted amounts payable (488,6891 1515,406) 1408,542) 1414,0721 1897,231} {929.4781 Financial assets measured at undiscounled amounts receivable Gomprise trade debtors, other debtors and amounts owed by linked Charities. Financial liabilities measured aè amortised cost comprise housing108llS. Financial liabilities measured at undiscounled amounts payable comprise trade creditors, amounts owed to linked charities, other creditors and accruals. 24. Prior year adjustments A prior year adjustment has been processed due to a professional valuation report being made available for the properties held by The Grey Gables Trust. The properbes were previously transferred into the Group in 2019 at thelr book value in the absence of a reliable valuation. The adjustment has increased the value of investment property transferred into the Group in 2019 by £87.296 and housing properties transferred in by £478,172. The increase in value of the housing property has resulted in an additional £201 of depreciation being charged in 2019, therefore resulting in an overall net increase to Grey Gable's funds al 31 December 2019 of £565,267. Page 52
The Yardley Great Trust Group {A company Ilmlted by guaranteo) Notes to the flnanclal statements For the year ended 31 December 2020 25. Statement of funds Stat8mgnt of fvnds- current year As re9tated Balance at 1 January 2020 Balance at 31 Galnsl Decembèr (Losses) 2020 TransfeTS inlout Income Expendlture Unrestrlcted funds Deslgnated funds Yardley Great Trust- Contingency fund Yardley Great Trust - Extraordinary repair fund - other buildings Yardley Great Trust- Devebpment fund Yardley Great Trust Group- Furniture and equipment fund Colehaven Trust- Residents, leisure fund 714,575 714,575 34,500 11,404) 21,904 65,000 3,149,569 3,149,569 8,964 32,336 41,290 3,626 3,626 3,911,224 11,4041 54,240 3,964,060 General funds Charity of Job Marston Colehaven Trust 8,158 18,158) 126,7S4 77,116 155,698} (59,1531 1,200.40S 11,104,872) 484,259 2,338,971 {1,944,2791 {309,849) (2,114 5,570 151,628 36,380 805,139 Grey Gables Yardley Great Trust Yardley Great Trust- Revaluation reserve Yardley Great Trust Group 236,037 42,000 42,000 350,075 2,079,694 12,075,994) {32,3361 321 N39 943,935 5,704,344 15,189,001) 1344,2991 241,607 1,356,586 Total Unrestrlcted funds 4,855,159 5,704,344 {5,190,4051 {290,059) 241,607 5,320,646 Page 53
The Yardley Great Trust Group IA company Ilmited by guaranteè) Notes to the flnanclal statements For tho year ended 31 December 2020 25. Statement of funds Icontlnued) As restated Balance at I January 2020 Balance at 31 Gainsl December {Lossesl 2020 Transfors inlout Income Expendlture Endowrnont funds Charity of Job Marslon Colehaven Trust Grey Gables - Bailey- Cox memorial fund Yardley Great Trust 722.888 630,094 51,355 774,243 627,410 (4,798) 2,114 992,511 ,772,649 (58,696) 180,8661 933.815 5,905,365 213.582 8,118,142 {144,3601 215,696 51,355 8,240,833 As restated Balance at 1 January 2020 Balance at 31 Gainsl Oecgmber (Losses) 2020 Trnnsfers inlout Income Expendlture Restrictgd fuTrds Grey Gables - Ellen Stanley Coleman Rhodes fund 59,561 59,561 Grey Gables- Residents fund Y8rdley Great Trust- Extraordinary repair fund - Almshouses 63,243 53,243 262,300 (32,365) 74,363 304,298 375,104 (32,365) 74,363 417,102 Total of funds 13,348rt05 5,704,344 {5,367.1301 292,962 13,978,$81 Page 54
The Yardley Great Trust Group IA company Ilmited by guarantee) Notes to the flnanclal statements For the yearended 31 December 2020 25. Statement of funds (continued) Statement of funds - prior year As restated Balance at As restated 31 Transfer8 Galn81 Decemb8r inlout ILos88s) 2019 Balance at 1 January 2019 Income Expendituro Unrostricted funds Deslgnated funds Yardley Great Trust- Contingency fund Yardley Great Trust- Extraordinary repair lund other buildings Yardley Great Trust- Development fund Yardley Great Trust Group - Furniture and equipment fund Colehaven Trust- Residents, leisure fund 614,576 100,000 714,575 16,164 13,020) 21,356 34,500 2,949,569 200,000 3,149.569 23,366 {14,412) 8,954 3,628 3,626 3,607,300 {3,0201 306,944 3,911,224 As restated Balan¢e at 31 Galnsl Decembor ILos8e81 2019 Balance at 1 January 2019 AS re8tated Transler8 inlout Income Expendhure Ggneral funds Charity of Job Marslon Colehaven Trust Grey Gables Yardley Great TrLtst Yardley Great Trust- Revaluation reserve Yardley Great Trust Group 8,986 (8,9861 82,848 154,5811 874,407 {892,340} 141,2201 98,853 2,374,962 (2,251,325> {425,244} 85,269 13.218 126,754 (59,1531 484,259 687,013 42,000 42,000 259,187 1,936,608 11,860,133) 14,413 350,075 485,309 5.277.811 15,067,365) 1452,0511 700,231 943,935 Total Unrgstrictéd funds 4,092.609 5,277,811 {5.070,385) 1145,107) 700,231 4,855,1 $9 Page 55
The Yardley Great Trust Group {A company limitsd by guarantee) Notes to thè financlal statements For the yoar ended 31 Decembor 2020 25. Statement of funds Icontinuedl As restated Balance at 31 December 2019 Balance at 1 January 2019 A8 restated Transfers Inlout Gains1 (Losses) In¢ome ExpendSture Endowment funds Charty ofJob Marston Colehaven Trust Grey Gables- Bailey- Cox memorial fund Yardley Great Trust 619,445 640.000 103.443 722,888 630,094 19,906) 992,511 44,735 992,511 5,772,649 5,727,914 6,987,359 (9.906} 1.037,246 103,443 8.118,142 A5 restatod Balance at 31 Galnsl December {Lse$l 2019 Balance at 1 January 2019 AS restated Transfer8 Inlout Income Expendlture Restrlcted fund8 Grey Gables- Ellen Stanley Coleman Rhodes fund Grey Gables - Residents fund Yardley Great Trust Extraordinary repair fund - Almshouse5 59,561 59,561 53,243 53,243 263,375 160.228} 5g,153 262.300 263,375 {60,2281 171,957 375,104 Total of funds 11,343,343 5.277,811 {5,140,5191 1.064,096 803,674 13,348,405 Page 56
The Yardley Great Trust Group (A ¢ompany Ilmited by guarantee) Notes to the flnanclal 8tatemonts For the year ended 31 December 2020 Statement of funds Icontinuedl Dosignated reserve8 Designaled reseNes have been set aside for the following purpose8'. Contingency fund The Trustees consider that they need to hold at least four months, expendlture as a contingency reserve. Extraordlnary ropalr fund - other bulldlng8 The amount to be held is calculated by rèference to a plan that shows when bullding components and equipment cars be expected to require plaCement. The plan is updated annually. Development fund A development fund has been set aside by the Tnjslees to contribute towards tho Gosl of new housing evelopmenllsl as and when opportunities arise. Fumlture and Equlpment fund The furniture and equipmenl fund has been established lo ensure there are sufficient funds availab18 to Servce the Furniture and Equipment plan. The amount to be held is calculated by reference lo a plan that shows when building components and equipment can be expected to requife replacement. This plan is upd8ted annually. Resldents. 1818ure fund This fund has been sel LSP With the object of using the income from the fund for the benefit of the home's residents. Endowm¢nt fund$ The endcwment funds ¢omprise property of the Group li.e. land, buildings, investments OT cash) which the Trustees may not spend as if it were income. 11 musl be held permanently, bul can be used in furthering the Group's purposes or to produce an income for the Trust. Restrlcted resorves Ellen Stanley Coleman Rhodes fund This fund has been set up with the object of using the income from the funé for the benefit of the home's residents. Residents fund This fund has been set up with the object of using the income trom the fund for the benefit of the home's residents and staff. Extraordinary repairfund - almshouses The amount to be held is calculated by reference to a plan that shows when building components and equipment can be expected to require replaMent. The plan is updated annually. The Charity Commission Scheme for Yardley Great Trust provides that each year a transfer Should be made from unrestricted income lo the restricted Extraordinary Repair Fund and the amount is to be determined by the Truslees in light of the demands whlch may be made upon the funds. Page 57
Th8 Yardloy Great Tru8t Group IA company limlted by guarantee) Notes to th8 flnanclal statements For the yoar ended 31 De¢embBr 2020 26. Analysis of net assets between funds Analysis of net assets between funds - current perlod Unrestrlcted Rostricted Endowment funds funds funds 2020 2020 2020 Total funds 2020 Tangible fixed assets Intangible fixed asset5 Fixed asset investments Inveslm8nl property Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges 204,453 3,762,449 1.794,575 47,667 252,120 4,257,892 8,020,341 4,109.881 6,208,754 297,500 297,500 16,582 2,886,107 {18,1391 1547,6311 {470,5501 12,989,610) 1149,000) 304,298 2,756,721 1529,492) 12,519,060} 1149,0001 112,804 Total 5,320,646 417,102 8,240,833 13,978,581 Analysls of net assets bgtwegn funds - prlor perlod A8 restated As reststed Unio$trictgd Restrlcted Endowment Totsl funds funds funds funds 2019 2019 2019 2019 Tangible fixed assets Intangible fixed assets Fixed asset investments Investment propety Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charge8 213,646 3,792,647 1,754,992 88,414 302,060 4,344.366 8,137,013 3.878,811 5,8g6,103 297,500 297,500 16,582 2,432,935 118.1391 (544,9051 (489,392) {3,047,3021 {125,0001 262.300 2,303,549 (526.7661 12,557,910) (125.QOOI 112,81)4 Total A8 reststed 4,855,158 375,104 8,118,142 13,348,404 Page 58
The Yardley Great Trust Group IA company Ilmlted by guarantee) Notes to Ihe financlal statem8nt6 For the year ended 31 DoGember 2020 27. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvities As restated 2019 2020 Net income for the period las per Statement of Financial Actwiliesl 672,176 938,766 Adbustments for. Depreciation charges Amortisation charges (Gainsylosses on investments Dividends, interests and rents trom investments Loss on the sale of fixed assets Increase in stoeks Increase in debtors Inorease in creditors Defined benefft pension scheme adjustment 248,960 268,323 138,850) 138,850) {334,962) (801,6741 {133,114) {143,8861 6,572 1,297 11,2781 12S,6081 116.529 (14,0001 {97,2761 169,118 Net cash provldod by operatlng a¢tlvltles 491,624 299,619 28. Analysls of cash and ¢a$h equlvalents 2020 2019 Cash in hand Cash held by investment rnanagers 2,582,061 99,650 2,059,774 194,636 Total t•sh and cash oqulval8nts 2,681,711 2,254,410 29. Analy318 of changes in net dobt Atl January 2020 Cash flows At31 December 2020 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 2,059,774 (26,0141 {489,392 522,287 7,875 18,842 2,582,061 118,1391 {470,5501 1,544,368 549,004 2,093,372 Page 59
The Yardley Great Trust Group IA company limlt8d by guarantee} Notes to the financlal statements For th¢ year ended 31 December 2020 30. PensSon commitments The Group conlribule5 to defined contribution employer sponsored pension plans, managed and administered by Aviva and Zurich insurance. The asset5 of the plans are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £88,06312019 - £40,595). Contributions amounting 10 £12,511 12019 £7,596) were payable to the ftjnds al the balance sheet date and are included in creditors. The Group operates a defined benefit pension scheme. The Scheme is subject lo the funding legislation oullinecj in the Pensions Act 2004 which came into force on 30 December 2005. This, togett)er with documents issued by the Pensions Regulator and Technical Actuarial Slandarcls issued by the Financial Reporting Council, sel OL*1 the fffjmework for funding defined benefit occupational pension schemes In the UK. The last triennial valuation of the scheme for funding purposes was c8rried out as at 30 September 2017. This valuation revealed a deficit of £1,522m. A Recovery Plan has been put in place with the aim of removing this deficit by 30 September 2026. The Scheme is classified as a 'last-man standing arrangement,. Therefore the Group is potentially liable for other participating employers, obligations if those employers are unable to meet their Share of the scheme deficit following wlhdrawal from the Scheme. Participating employers are legally required to meet Iheii share of the Scheme deficit on an annuity purchase basis on withdrawal from the Scheme. For financi81 years ending on or befor8 28 February 2019, it has not been possible for the Group to obtain sufficient information to enable il lo account for the Scheme as a defined benefit scheme, therefore the Group has accounted for the Scheme as a defined contribulioii sGhemo. For financial years ending on or after 31 March 2019, il 15 Possible to obtain sufficient information to enable the Group to account lor the Scheme as a defined benefit s¢hem8. For accounting purposes, Iwo actuarial valuations for the scheme were carried out with effeclwe dales of 31 March 2018 and 30 September 2018. The liability figures from each valuation are rolled fotward to the relevant acoDunling dales, if applicable, and are used in conjunction with the Group's fair share of the Scheme's total assets to calculate the Group's net deflcil or surplus at the accounting period start and end dates. Principal actuarial assumptsons at the Balance sheet date (expressed as weighted averages).. At31 December 2020 At31 December 2019 Discount rale 1.31 3.47 3.03 2.47 1.93 3.06 3.06 2.06 Future salary increases Inflation assumption {RPII Inflation assumption ICPII Page 60
The Yardley Great Trust Group (A Company Ilmlted by guarantee) Notgs to tho financlal statements Forthg year onded 31 Dècember 2020 30. Penslon commltment8 Icontinued) At31 Oecornber 2020 Years At31 Dpcgmber 2019 Ygars Mortality rates {in years) - for a male aged 65 now - at65 for a male aged 45 now - for a female aged 65 now - at 65 for a female aged 45 now 21.5 22.9 23.3 21.8 23.2 23.5 24.7 The Group's share of the assets in the scheme was.. At31 Decembor 2020 At31 December 2019 Global Equity Absolute Rern Infrastructure Corporate Bond Fund Alternative Risk Premia Secured Income Emerging Markets Debt Risk Sharing Liability Driven Investment Other Investments 138 41 53 so 30 29 138 33 48 33 45 22 36 31 25 22 255 203 208 109 Total fair value of assets 866 683 The athal return on scheme assets was £162,00012019- £63,000). The amounts recognised in the Stalemenl of financial activities are as follows.. 2020 2019 Interest income Interest cost Administrative expenses 13 16 1201 121 {2} Total amount recognised in tho Ststement of financlal actlvftles 15) 16) Pa9e 61
The Yardley Great Trust Group {A company limited by guarantee) Notes to the financial statements For the year ended 31 Dgcember 2020 30. Pen61on commltments {contlnued) Movements in the present value of the Llefined benefbt obligation were as follows.. 2020 Opening defined benefit obligation Benefits paid Interest expense Administrative expenses Actuarial losses 808 121 16 191 Closlng defined benorrt obligation 1,015 Movements in the fair value of the Group's share of scheme assets were as follows: 2020 Opening fair value of scheme assets Interest income Benefits paid Contributions by employer A¢tuarial gains 683 13 12) 23 149 Closing falr value of schème a55ots 866 31. Operating leaso commitments At 31 Decemb8r 2020 the Group had commitments to rnake future minimum lease payments under non- eancellable op8raling leases as follows: 2020 2019 Not later than 1 year Later than 1 year and not later than 5 years 624 104 728 728 1,592 Page 62
The Yardley Great Trust Group {A company limited by guarantee) Notes to the financial statements Forthe year ended 31 December 2020 32. Relaled party transactions During the year, Yaidley Great Trust entered into the followin9 transactions with other linked charllles.. 2020 2019 Yardl•y Great Trust Group Rent Management charge Recharge of expenses 116,342 43,450 22,195 116.342 43,450 22.423 181,987 182,215 The Golehaven TTUSt Management charge Recharge of expenses 6.600 17,413 6,600 24,013 6,600 Grey Gables Recharge of expense8 13,665 10,491 During the year, Yardley Great Trust Group entered into the following transactions with other Ilnked charities in the Group.. 2020 2019 Grey Gables Recharge of expenses 6,779 5,779 Page 63
Thg Yardloy Great Trust Group IA company limited by guarantee) Notos to the linanclal stat8m8nts For the year ended 31 December 2020 32. Related party tTan5actions (contlnuedl At the year end, the following amounts were due beeen linkecl charities in the Group.. 2020 2019 Balan¢o5 due to the Yardley Great Trust The Yardley Great Trust Group The Charity of Job Marslon The Colehaven Trust Grey Gables 350 18,067 4,051 9,129 111,491 30,718 31,068 142,738 Balances dug to The Colèhaven Tnt Yardley Great Trust 18,825 18.825 Balances due to Yardley Great Trust Group Grey Gables The Yardley Great Trust Group 11,658 5,779 61,451 148,517 During the year the Group received Income of £20,170 (2019 £18,750} from Yardley Educational Foundation, which has one Twslee in common with the Group. 33. Conlrolllng party The ullim8ts Controlling paty is the Board of Trustees. Page 64