| Page | ||||
|---|---|---|---|---|
| Chair's report | 1-2 | |||
| Trustees' report | 3-18 | |||
| Auditors' report |
19-21 | |||
| Consolidated statement |
ofcomprehensive | income | 22 | |
| Group and charity statement | offinancial | position | 23 | |
| Group and charity statement | ofchanges | in reserves | 24 | |
| Consolidated statement |
ofcash flows | 25 | ||
| Notes to the financial statements | 26-52 |
| its Business Plan, VFM Strateg |
y and t |
he HE Value for Money Standard and Me |
trics. |
|---|---|---|---|
| With regard to HE metrics th | e finding | s are: | Charity |
| Reinvestment% | 3.10% | ||
| New Supply Delivered | |||
| Gearing % | 7.45% | ||
| EBITDA MRI interest cover | 313.00% | ||
| Headline social housing cost | per unit | 614,995 | |
| Operating Margin %(social housing |
lettings) | 25.90% | |
| Operating Margin %(overall) |
1.90% | ||
| Return on capital employed | (ROCE) % | 0.9% |
SOUTHEND-ON-SEA YOUNG MEN'S CHRISTIAN ASSOCIATION (LIMITED BY GUARANTEE) AND SUBSIDIARIES INDEPENDENT AUDITORS REPORTTO THE MEMBERS Icontinued) FOR THE YEAR ENDED 31 AUGUST 2020 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on pages 17 to 18, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the d1CtOrS determine is necessary to enable the preparation of financial statements Ihat are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are sponSible for assessing the group'5 and the parent charity's abllity to continue as a going concern, disclosing, as applicable, matters related to going concern and usin8 the going concern basis of accounting unless the directors either intend to liquldate ihe group or the parent charity or to cease operatlons, or to have no realistic amernative but to do so. Audltor's responslbllltles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinlon. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect 8 material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they tould reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reporting Council's website at https:Ilwww.frc.org.uVOur-Work/Audit/Audit-and-assurance/Standards-and- guidancelstandards-and-guidance-for-auditors/Auditors-responsibilities-for-audil/De5cription-of-auditors- responsibilities-for-audit.aspx. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2CKJ6 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we a required to state 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 to anyone other than the charity and the charity's members a5 a body, for our audit work. for this report, or for the opinions we have form Ke Hllllard ACA FCCA CTA (Senior Statutory Auditor} for and on behalf of Stephenson Smart & Co Registered Auditor 36 Tyndall Court Commerce Road Lynthwood Peteiborough PE2 6LR Date: a4 2011 21-
| Year ended | Yearended | |||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||
| Note | E | 6 | ||||
| Turnover | 2 | 2,017,195 | 2,045,475 | |||
| Operating | expenditure | |||||
| Operating costs | 2 | (1,950,494) | (2,065,486) | |||
| Operating | surplus/(deficit) | 2 | 66,701 | (20,011) | ||
| Gain/(loss) on disposal ofproperty, |
plant and equipment | (16,050) | ||||
| Interest | receivable | 5 | 1,269 | 1,598 | ||
| Interest | payable | 6 | (19,675) | (22,545) | ||
| Surplus/(deficit) before tax |
48,295 | (57,008) | ||||
| Taxation | ||||||
| Surplus/(deficit) forthe year |
48,295 | (57,008) | ||||
| Actuarial | (loss)/ gain in respect ofpension schemes | (91,000) | (14,000) | |||
| Total comprehensive | (deRcit)/income | for the year | (42,705) | (71,008) |
| Group | Income and | Restricted | Restricted | Total | ||
|---|---|---|---|---|---|---|
| expenditure | reserve | fixed asset | ||||
| reserve | reserve | |||||
| 6 | 6 | 6 | g | |||
| Balance as at 1September 2018 | 947,710 | 902,910 | 2,030,924 | 3,881,544 | ||
| Total comprehensive | income for | the year | (71,008) | (71,008) | ||
| Transfer ofrestricted | expenditure | from | ||||
| unrestricted reserve |
478,473 | (453,730) | (24,743) | |||
| Balance at 31August | 2019 | 1,355,175 | 449,180 | 2,006,181 | 3,810,536 | |
| Total comprehensive | income for | the year | (42,705) | (42,705) | ||
| Transfer ofrestricted | expenditure | from | ||||
| unrestricted reserve |
42,617 | (9,525) | (33,092) | |||
| Balance at 31August | 2020 | 1,355,087 | 439,655 | 1,973,089 | 3,767,831 | |
| Charity | Income and | Restricted | Restricted | Total | ||
| expenditure | reserve | fixed asset | ||||
| reserve | reserve | |||||
| f | g | 6 | ||||
| Balance as at 1September 2018 | 941,387 | 502,136 | 1,443,523 | |||
| Total comprehensive | income for | the year | (50,014) | (50,014) | ||
| Transfer ofrestricted | expenditure | from | ||||
| unrestricted reserve |
454,953 | (454,953) | ||||
| Balance at 31August | 2019 | 1,346,326 | 47,183 | 1,393,509 | ||
| Total comprehensive | income for | the year | 2,754 | 2,754 | ||
| Transfer ofrestricted | expenditure | from | ||||
| unrestricted reserve |
(3,098) | 3,098 | ||||
| Balance at31August | 2020 | 1,345,982 | 50,281 | 1,396,263 |
| Group | ||||||
|---|---|---|---|---|---|---|
| 31.8.2020 | 31.8.2019 | |||||
| Note | 6 | |||||
| Net cash flow from operating | activities | 22 | 376,202 | 72,297 | ||
| 376,202 | 72,297 | |||||
| Cash flow from investing | activities | |||||
| Refurbishment oftangible |
fixed assets - housing | properties | (13,728) | |||
| Purchase oftangible fixed assets | (37,798) | (46,258) | ||||
| Proceeds from sale oftangible fixed assets | 192 | 21,266 | ||||
| Interest income | 1,269 | 1,598 | ||||
| ffet cash flow from investing | activities | (50,065) | (23,394) | |||
| Cash flow from financing | activities | |||||
| Interest paid |
(19,675) | (22,545) | ||||
| Repayment of long term loans |
(25,851) | (24,447) | ||||
| Net cash flow from financing | activities | (45,526) | (46,992) | |||
| Net increase in cash and | cash equivalents | 280,611 | 1,911 | |||
| Cash and cash equivalents | at | the beginning of | ||||
| the year | 1,018,282 | 1,016,371 | ||||
| Cash and cash equivalents | at | the end ofthe | ||||
| year | 1,298,893 | 1,018,282 | ||||
| Cash and cash equivalents | consists of: | |||||
| Cash at bank and in hand | 1,298,893 | 1,018,282 | ||||
| Cash and cash equivalents | at | the end ofthe year | 1,298,893 | 1,018,282 |
| Depreciation has been provided at the |
following rates: |
|---|---|
| Freehold buildings |
100years straight line |
| Fixtures and fittings | 20%/ 25%reducing balance |
| Music, sports and office equipment | 25%reducing balance |
| Computer equipment |
3years straight line |
| Motor vehicles | 25% reducing balance |
| Kitchen extension | 50years straight line |
| Music room extension | 6years straight line |
| 2.TURNOVER, EXPENDITURE, OPERATING COSTS AND OPERATING SURPLUS/(DEFICIT) | 2.TURNOVER, EXPENDITURE, OPERATING COSTS AND OPERATING SURPLUS/(DEFICIT) | 2.TURNOVER, EXPENDITURE, OPERATING COSTS AND OPERATING SURPLUS/(DEFICIT) | ||
|---|---|---|---|---|
| 2020f | 2019 | |||
| Income from Social Housing | Lettings | |||
| Rents receivable excluding service charges |
161,708 | 122,479 | ||
| Service charges receivable | 328,270 | 294,782 | ||
| Other social housing activities | 149,591 | 172,291 | ||
| Total | 639,569 | 589,552 | ||
| Activities other than social housing | ||||
| Income from Asylum Seeker properties | 48,578 | 40,560 | ||
| Voluntary income |
8,223 | |||
| Activities for generating funds |
49,394 | 18,593 | ||
| Training | 26,518 | 55,729 | ||
| Community Impact |
35,031 | 53,912 | ||
| Positive Activities | 307,052 | 311,521 | ||
| Economic Inclusion | 92,175 | |||
| Covid | 37,923 | |||
| 504,496 | 580,713 | |||
| Total Charity Income | 1,144,065 | 1,170,265 | ||
| Educational operations (South Essex Community |
School Limited) | |||
| DfE/ESFA grants | 517,873 | 526,767 | ||
| Other government grants |
65,093 | 23,069 | ||
| Other funding | 280,244 | 312,486 | ||
| Donations and capital grants |
8,641 | 10,365 | ||
| Other trading activities | 1,279 | 2,523 | ||
| Total Income for Group | 2,017,195 | 2,045,475 |
| URNOVER | , EXPENDITURE, OPERATING C | OSTS AND OPERATING SURPLU | S/(DEFICIT) (c | ontinued) | |
|---|---|---|---|---|---|
| Activities | |||||
| Social | other than | ||||
| housing | social | ||||
| activities | housing | 2020 | 2019 | ||
| E | E | E | E | ||
| Income | 639,569 | 1,377,626 | 2,017,195 | 2,045,475 | |
| Operating | expenditure | (617,835) | (1,332,659) | (1,950,494) | (2,065,486) |
| Operating | surplus | 21,734 | 44,967 | 66,701 | (20,011) |
| Group | Charity | |||||
|---|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | |||
| No ofunits | No ofunits | |||||
| Social housing | ||||||
| Non-social | housing | (asylum seekers) | 7 | 8 | 7 | 8 |
| Supported | housing | 34 | 34 | 34 | 34 | |
| Total owned | 41 | 42 | 41 | 42 |
| Group | Charity | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | ||||||
| E | E | E | E | ||||||
| Depreciation | on housing | properties | 17,872 | 18,414 | 17,872 | 18,414 | |||
| Depreciation | ofother tangible | fixed | assets | 77,522 | 69,745 | 25,011 | 18,775 | ||
| Profit/(Loss) | on disposal | of housing | properties | (16,050) | (16,050) | ||||
| Profit/(Loss) | on other tangible | assets | (274) | (274) | |||||
| Operating lease rentals: |
|||||||||
| office equipment | 24,390 | 13,285 | 20,462 | 10,750 | |||||
| Auditors' remuneration: |
|||||||||
| Fees payable | tothe Charity's | auditors: | |||||||
| forthe audit | ofthe financial statements | 10,000 | 9,250 | 10,000 | 9,250 | ||||
| for other services | 11,072 | 5,144 | 11,072 | 5,144 | |||||
| Fees payable | to the component | auditors: | |||||||
| Audit ofthe | accounts of | subsidiaries | 7,000 | 7,000 | |||||
| Total audit services | 28,072 | 21,394 | 21,072 | 14,394 | |||||
| 5.INTEREST RECEIVABLE | |||||||||
| Group | Charity | ||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||
| E | E | E | E | ||||||
| Interest received | 1,269 | 1,598 | 1,192 | 1,492 | |||||
| 1,269 | 1,598 | 1,192 | 1,492 | ||||||
| 6.INTEREST AND | FINANCING | COSTS | |||||||
| Group | Charity | ||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||
| E | E | E | E | ||||||
| Interest on bank loans | 19,675 | 22,545 | 19,675 | 22,545 | |||||
| 19,675 | 22,545 | 19,675 | 22,545 |
| 2020 | 2019 | ||
|---|---|---|---|
| E | E | ||
| Wages | and salaries | 940,156 | 1,010,543 |
| Social | security costs | 82,577 | 88,764 |
| Other | pension costs | 102,483 | 92,820 |
| 1,125,216 | 1,192,127 |
| working wee | k of37 hou | rs): | ||
|---|---|---|---|---|
| 2020 | 2019 | |||
| Housing and | support | 5 | ||
| Training | 2 | |||
| Community | impact | 2 | ||
| Positive activities | 3 | |||
| Economic inclusion | 2 | |||
| Management | and administration | 3 | 3 | |
| South Essex | Community | School | 18 | 19 |
| 36 | 36 |
| 36 | 36 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| The full time |
equivalent | number | of employees | receiving | annual | remuneration | excluding | employer | pension | ||
| contributions in |
excess of | E60,000are: | |||||||||
| E60,001to E70,000 | 2 | ||||||||||
| The emoluments | ofthe highest | paid | director, the chief executive was | as follows: | |||||||
| 2020 | 2019 | ||||||||||
| E | E | ||||||||||
| Salary (including | employers | national | insurance) | 67,091 | 64,963 | ||||||
| Payment in lieu |
ofannual | leave | (including | employers | national | insurance) | 5,353 | 2,847 | |||
| 72,444 | 67,810 |
| .TANGIBLE FIXEDASSETS - HOUSING PROPERTIES | ||
|---|---|---|
| Social | ||
| G~ds | housing properties |
Total housing properties |
| E | ||
| COST | ||
| At 1September 2019 | 1,640,063 | 1,640,063 |
| Additions | 49,728 | 49,728 |
| Disposals | (1,668) | (1,668) |
| At 31August 2020 | 1,688,123 | 1,688,123 |
| DEPRECIATION | ||
| At 1September 2019 | 65,918 | 65,918 |
| Charge | 17,872 | 17,872 |
| Disposals | (1,668) | (1,668) |
| At 31August 2020 | 82,122 | 82,122 |
| NET BOOK VALUE | ||
| At 31August 2020 | 1,606,001 | 1,606,001 |
| At 31August 2019 | 1,574,145 | 1,574,145 |
| 0.TANGIBLE FIXEDASSETS - O | THER | |||||
|---|---|---|---|---|---|---|
| Academy | Music, Sports | Fixtures, | ||||
| Land and | Trust Land | &Office | Fittings and | Motor | Total Fixed | |
| ~Grou | buildings | and Buildings | Equipment | Computer | Vehicles | Assets |
| E | E | E | E | E | E | |
| COST | ||||||
| At 1September 2019 | 626,839 | 2,124,365 | 80,970 | 388,316 | 135,991 | 3,356,481 |
| Additions | 2,764 | 35,034 | 37,798 | |||
| Disposals | (7,200) | (7,200) | ||||
| At 31August 2020 | 626,839 | 2,127,129 | 80,970 | 423,350 | 128,791 | 3,387,079 |
| DEPRECIATION | ||||||
| At 1September 2019 | 101,476 | 172,638 | 77,182 | 295,556 | 129,257 | 776,109 |
| Charge | 5,552 | 34,999 | 944 | 34,460 | 1,567 | 77,522 |
| Disposals | (6,734) | (6,734) | ||||
| At 31August 2020 | 107,028 | 207,637 | 78,126 | 330,016 | 124,090 | 846,897 |
| NET BOOK VALUE | ||||||
| At 31August 2020 | 519,811 | 1,919,492 | 2,844 | 93,334 | 4,701 | 2,540,182 |
| At 31August 2019 | 525,363 | 1,951,727 | 3,788 | 92,760 | 6,734 | 2,580,372 |
| Academy | Music, Sports | |||||
|---|---|---|---|---|---|---|
| ~charit | Land and | Trust Land | &Ofhce | Fixtures and | Motoi' | Total Fixed |
| buildings | and Buildings | Equipment | Fittings | Vehicles | Assets | |
| E | E | E | E | |||
| COST | ||||||
| At 1September 2019 | 626,839 | 80,970 | 204,249 | 135,991 | 1,048,049 | |
| Additions | 18,379 | 18,379 | ||||
| Disposals | (7,200) | (7,200) | ||||
| At 31August 2020 | 626,839 | 80,970 | 222,628 | 128,791 | 1,059,228 | |
| DEPRECIATION | ||||||
| At 1September 2019 | 101,476 | 77,182 | 165,943 | 129,257 | 473,858 | |
| Charge | 5,552 | 944 | 16,948 | 1,567 | 25,011 | |
| Disposals | (6,734) | (6,734) | ||||
| At 31August 2020 | 107,028 | 78,126 | 182,891 | 124,090 | 492,135 | |
| NET BOOK VALUE | ||||||
| At 31August 2020 | 519,811 | 2,844 | 39,737 | 4,701 | 567,093 | |
| At 31August 2019 | 525,363 | 3,788 | 38,306 | 6,734 | 574,191 |
| 11.DEBTORS - AMOUNTS | 11.DEBTORS - AMOUNTS | FALLING | DUE WITHIN ONE YEAR | DUE WITHIN ONE YEAR | DUE WITHIN ONE YEAR | ||
|---|---|---|---|---|---|---|---|
| 2020 | 2019 | ||||||
| Group | E | E | |||||
| Trade debtors | 26,694 | 436 | |||||
| Rent and service charges receivable | 22,508 | 33,134 | |||||
| Less provision | for bad | debts | (2,567) | (1,003) | |||
| Other debtors | 44,822 | 48,955 | |||||
| Prepayments | and accrued income | 48,018 | 46,986 | ||||
| 139,475 | 128,508 | ||||||
| 2020 | 2019 | ||||||
| Charity | E | ||||||
| Rent and service charges receivable | 22,508 | 33,134 | |||||
| Less provision | for bad | debts | (2,567) | (1,003) | |||
| Other debtors | 43,433 | 36,223 | |||||
| Amounts due |
from subsidiary | and | associated | undertakings | |||
| Prepayments | and accrued income | 46,418 | 43,786 | ||||
| 109,792 | 112,140 | ||||||
| 12.CREDITORS - AMOUNTS DUE FALLING WITHIN ONE YEAR | |||||||
| 2020 | 2019 | ||||||
| Group | E | E | |||||
| Bank loan | 27,746 | 24,792 | |||||
| Trade creditors | 57,107 | 65,409 | |||||
| Rent and service charges received | in advance | 2,439 | 8,234 | ||||
| YMCA pension | deficit | agreement | plan | 6,362 | 5,954 | ||
| Deferred capital grant | (note 15) | 3,738 | 2,838 | ||||
| Other taxation | and social security | 10,271 | |||||
| Other creditors | 115,028 | 83,648 | |||||
| Accruals and deferred | income | 319,144 | 119,665 | ||||
| 531,564 | 320,811 |
| 2020 | 2019 | |||||||
|---|---|---|---|---|---|---|---|---|
| Charity | E | E | ||||||
| Bank loan | 27,746 | 24,792 | ||||||
| Trade creditors | 52,682 | 65,409 | ||||||
| Rent and service charges received | in advance | 2,439 | 8,234 | |||||
| YMCA pension deficit agreement | plan | 6,362 | 5,954 | |||||
| Deferred capital grant (note | 15) | 3,738 | 2,838 | |||||
| Other taxation and social security | 10,271 | |||||||
| Other creditors | 67,957 | 18,468 | ||||||
| Accruals and deferred income |
285,470 | 97,805 | ||||||
| 446,394 | 233,771 | |||||||
| Group accruals and deferred | income includes | the following | deferred | income: | ||||
| 2020 | 2019 | |||||||
| Group and Charity | E | E | ||||||
| National Lottery Community |
Fund | (Reaching Communities) | 24,644 | |||||
| National Lottery Community |
Fund | (RC London | and South East Region) | 64,517 | ||||
| National Lottery Community |
Fund | (Coronavirus | Community | Support | Fund) | 92,061 | ||
| Co-operative Foundation/Big |
Lottery¹iwill | 11,667 | 11,667 | |||||
| Essex Community Foundation |
5,000 | |||||||
| Virtual School | 8,750 | |||||||
| Essex Police | 3,112 | |||||||
| Kids Inspire - Fammily Innovation |
Fund | 2,083 | 2,083 | |||||
| Southend Borough Council |
3,735 | |||||||
| Southend Borough Council young |
peoples homeless service | (Supporting | People) | 12,154 | 12,154 | |||
| 196,232 | 57,395 | |||||||
| REDITORS - AMOUNTS DUE | FALLING AFTER ONE YEAR | |||||||
| 2020 | 2019 | |||||||
| Group and Charity | E | E | ||||||
| Bank loan | 752,902 | 781,707 | ||||||
| YMCA pension deficit agreement | plan | 44,676 | 51,038 | |||||
| Deferred capital grant (note | 15) | 297,578 | 266,215 | |||||
| 1,095,156 | 1,098,960 |
| EBTANALYSIS | |||||
|---|---|---|---|---|---|
| Group | Charity | ||||
| 2020 | 2019 | 2020 | 2019 | ||
| E | E | E | |||
| Bank loan repayable | by instalments: | ||||
| Within one year | 27,746 | 24,792 | 27,746 | 24,792 | |
| After one year | 752,902 | 781,707 | 752,902 | 781,707 | |
| 780,648 | 806,499 | 780,648 | 806,499 |
| DEFERRED CAPITAL | GRANT | ||
|---|---|---|---|
| 2020 | 2019 | ||
| Group and Charity | E | E | |
| At 1September 2019 | 269,053 | 271,891 | |
| Grant received in the year |
36,000 | ||
| Released to income | in the year | (3,737) | (2,838) |
| At 31August 2020 | 301,316 | 269,053 |
| Total future minimum lease payments under non-cancellable as follows: |
operating leases for each ofthe following |
periods is |
|---|---|---|
| 2020 | 2019 | |
| Group | E | E |
| Within one year | 16,815 | 21,938 |
| Between one and five years | 26,518 | 47,210 |
| 43,333 | 69,148 | |
| 2020 | 2019 | |
| Charity | E | E |
| Within one year | 13,478 | 20,463 |
| Between one and five years | 23,102 | 44,260 |
| 36,580 | 64,723 |
| The amounts | recognised | in the balance sheet are as follows: | ||
|---|---|---|---|---|
| Degned benefit | ||||
| pension plans |
||||
| 2020 | 2019 | |||
| E | E | |||
| Present value offunded | obligations | (361,000) | (277,000) | |
| Fair value of | plan assets | 171,000 | 206,000 | |
| (190,000) | (71,000) | |||
| Deficit | (190,000) | (71,000) | ||
| The amounts | recognised | in the statement offinancial activities are: | ||
| Degned benegt | ||||
| pension plans |
||||
| 2020 | 2019 | |||
| E | ||||
| Current service cost | 49,000 | 36,000 | ||
| Past service cost | ||||
| Interest cost | 1,000 | |||
| 50,000 | 36,000 |
| Changes | in the | present value ofthe defined benefit obligation |
are as follows: | are as follows: |
|---|---|---|---|---|
| Defined benefit | ||||
| pension plans | ||||
| 2020 | 2019 | |||
| f | E | |||
| Opening | defined benefit obligation | (277,000) | (207,000) | |
| Current | service cost | (49,000) | (36,000) | |
| Interest | cost | (5,000) | (5,000) | |
| Contributions | by scheme participants | (7,000) | (6,000) | |
| Actuarial | losses/(gains) | (23,000) | (23,000) | |
| Closing | defined | benefit obligation | (361,000) | (277,000) |
| Changes | in t | he fair value ofthe share ofscheme assets: | ||
|---|---|---|---|---|
| Defined beneet | ||||
| pension plans |
||||
| 2020 | 2019 | |||
| E | E | |||
| Opening | fair | value ofscheme assets | (206,000) | (169,000) |
| Interest | income | (4,000) | (5,000) | |
| Contributions | by employer | (22,000) | (17,000) | |
| Contributions | by scheme participants | (7,000) | (6,000) | |
| Actuarial | losses/(gains) | 68,000 | (9,000) | |
| Closing fair value ofscheme assets | (171,000) | (206,000) |
| 2020 | 2019 | ||
|---|---|---|---|
| RPI increases | 3.1% | 3.3% | |
| CPI increases | 2.3% | 2.3% | |
| Future salary increases | 3.3% | 3.8% | |
| Future pension | increases | 2.3% | 2.3% |
| Discount rate | 1.6% | 1.8% |
| At 31August | |||
|---|---|---|---|
| 2020 | 2019 | ||
| Retiring | today | ||
| Males | 21.8 | 21.3 | |
| Females | 23.8 | 23.6 | |
| Retiring | in 20years | ||
| Males | 23.2 | 23.0 | |
| Females | 25.2 | 25.4 |
| The group's | shar | e ofthe assets in the scheme was: | ||
|---|---|---|---|---|
| Fair value at 31August | ||||
| 2020 | 2019 | |||
| E | 6 | |||
| Equities | 106,000 | 130,000 | ||
| Gilts | 7,000 | 11,000 | ||
| Corporate | bonds | 10,000 | 12,000 | |
| Property | 13,000 | 16,000 | ||
| Cash | 5,000 | 6,000 | ||
| Alternative | assets | 20,000 | 20,000 | |
| Other managed | funds | 10,000 | 11,000 | |
| Total market value ofassets | 171,000 | 206,000 |
| The Grou | p's financial instrume | nts may be |
analysed as follows: |
|||
|---|---|---|---|---|---|---|
| 2020 | 2019 | |||||
| E | E | |||||
| Financial | assets: | |||||
| Financial | assets that are debt | instruments | measure at amortised | cost | 1,390,350 | 1,099,804 |
| Financial | liabilities: | |||||
| Financial | liabilities measured | at amorlised | cost | 955,222 | 974,061 |
| MOVEMENT IN |
R | ESTRI | CT | ED RESE | RVES | |||
|---|---|---|---|---|---|---|---|---|
| As at 1 | Movement in |
As at 31 | ||||||
| September 2019 |
the year | August 2020 | ||||||
| E | ||||||||
| Residents fund | 8,147 | 8,147 | ||||||
| The National Lottery Community |
Fund - RC London and South East | |||||||
| Region | 22,579 | 22,579 | ||||||
| YMCA - TYP | 19,978 | (19,978) | ||||||
| Better Start | 8,368 | (2,879) | 5,489 | |||||
| Co-op Foundation/Big | Lottery Fund ¹iwillfund Grant | 10,690 | (2,191) | 8,499 | ||||
| Family Innovation | Fund | 5,567 | 5,567 | |||||
| South Essex Community | School: | |||||||
| Commissioning | Fund | 452,971 | 113,013 | 565,984 | ||||
| Special Education | Projects | 3,845 | (936) | 2,909 | ||||
| Other grants | 16,181 | (5,700) | 10,481 | |||||
| Pension | (71,000) | (119,000) | (190,000) | |||||
| Restricted fixed | assets | funds | 2,006,181 | (33,092) | 1,973,089 | |||
| Total Restricted | Reserves | 2,455,361 | (42,617) | 2,412,744 |
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| E | ||||||
| Incoming resources from charitable | activities - Educational | operations | 863,210 | 862,322 | ||
| Incoming resources from charitable | activities - Other income | 9,997 | 12,994 | |||
| Resources expended | (918,666) | (896,312) | ||||
| (45,459) | (20,996) | |||||
| The aggregate ofthe assets, liabilities | and reserves were: | |||||
| 2020 | 2019 | |||||
| E | E | |||||
| Fixed Assets | 1,973,089 | 2,006,181 | ||||
| Current Assets | 673,649 | 568,886 | ||||
| Current Liabilities |
(275,178) | (158,047) | ||||
| 2,371,560 | 2,417,020 | |||||
| ECONCIUATION OF |
NET MOVEMENT | IN RESERVESTO NET CASH FLOW FROM OPERATING ACTIVITES | ||||
| Group | ||||||
| 2020 | 2019 | |||||
| E | E | |||||
| Surplus/(Deficit) for |
the year | (42,705) | (71,008) | |||
| Depreciation ofhousing properties |
17,872 | 18,414 | ||||
| Depreciation ofother fixed assets |
77,522 | 69,744 | ||||
| Loss on sale of housing property | 16,050 | |||||
| Loss on sale ofother | fixed assets | 274 | ||||
| Interest payable | 19,675 | 22,545 | ||||
| Interest received | (1,269) | (1,598) | ||||
| Capital grant | (36,000) | |||||
| Decrease/(Increase) | in debtors | (10,967) | 21,818 | |||
| (Decrease) in creditors | 351,800 | (3,668) | ||||
| Net cash generated | from operating | activities | 376,202 | 72,297 |
| 23.ANALYSIS OF | CHANGES | IN NET DEBT | |||||
|---|---|---|---|---|---|---|---|
| As at 1 | Other non- | ||||||
| September | cash | As at31 | |||||
| 2019 | Cash | flows | movements | August 2020 | |||
| Cash | 1,018,282 | 280,611 | 1,298,893 | ||||
| Loans due within one year | (24,792) | 25,851 | (28,805) | (27,746) | |||
| Loans due after one year | (781,707) | 28,805 | (752,902) | ||||
| 211,783 | 306,462 | 518,245 | |||||
| 24.CAPITAL COMMITMENTS | |||||||
| Group | Charity | ||||||
| 2020 | 2019 | 2020 | 2019 | ||||
| E | E | E | |||||
| Capital expenditure | |||||||
| Expenditure | authorised | by the board, but not | |||||
| contracted | 53,856 | 53,856 | |||||
| 53,856 | 53,856 |
| capital and, in accordance with the Memorandum ofAssoci in the event ofthe company being wound up. |
ation; every member is liable to contribute a |
sum ofE1 |
|---|---|---|
| 2020 | 2019 | |
| Number ofmembers | No | No |
| At 1September | 8 | 8 |
| Joining during the year | 1 | 1 |
| Leaving during the year | (2) | (1) |
| At 31August | 7 | 8 |