2021-06-30-accounts

_ Company Registration No. 6801953 Registered Social Landlord No. A2948 Charity No, 1127772.(England and Wales)

THE SKINNERS’ ALMSHOUSE CHARITY DIRECTORS’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2021

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THE SKINNERS’ ALMSHOUSE CHARITY

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|||| |---|---|---| |evSO| |CONTENTS|Page| |Directors’|report and accounts.|1-6| |Independent auditors’|report|7-10| |Statement|of financial activities|11| |Balance sheet|12| |Statement of|cash flows|13| |Notes|to the accounts|14-29|

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THE SKINNERS’ ALMSHOUSE CHARITY

DIRECTORS’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 30JUNE 2021

BOARD OF DIRECTORS Miss.M C Stallebrass (Chairman) MrC JD Emms (resigned 5 Novertiber 2020) Dr C Anderson Miss C F Attenborough (resigned 5 November 2020) Cimdr James Cohen Mrs K.J Coleman. Mr A1B Lloyd (resigned 4 November 2021) Mrs L Lodge Mr'N F Maltby (resigned 5 Noyember 2020) Mr B Peat (appointed 4 November 2021) MrE DL Price Mr EHO Price {resigned 5 November 2020) Dr CM Roe Mrii A C Tidbury BANKERS AND PROFESSIONAL ADVISERS Bankers Royal Bank of Scotland PLC 62/63 Threadneedle Street London EC2R 8LA

Investment managers

Cazenove Capital 1 London Wall Place London EC2Y 5AU CCLA

1. Queen Street London EC4V 4ET Sarasin & Partners 100 St Paul’s Churchyard London EC4M 8BU

Surveyors and property advisers Gerald Eve ELP 46 Bow Lane London EC4M SDE Solicitors Farrer66 Lincoln’s & Co InnLLPFields~ London WC2A 3LH Independent Auditors Saffery Champness LLP 71 Queen Victoria Street London. EC4V 4BE Insurance brokers Marsh Brokers Limited 1-5 Perrymount Road Haywards Heath. West Sussex RHL6 3SY Scheme management Anchor Hanover Group (to 3] March 2021) 22-24 Torvington Place London WC1E 7H} .

Solicitors

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THE SKINNERS’ ALMSHOUSE CHARITY | DIRECTORS’ REPORT AND ACCOUNTS (continued) , FOR THE YEAR ENDED 30 JUNE 2021

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a INTRODUCTION AND HISTORY

Skinners’ almshouses have been in existence since the mid-sixteenth century, having been founded by the Skinners’. Company, one of the Great Twelve Livery Companies. First iocated in Great St Helen's in the City of London, they have developed in size and scope, thanks to the generosity of Skinners’ Company benefactors as well as the prudent husbandry of successive generations of Trustees. The almshouses have re-located twice in their history, from the City to Mile End arid thence to Palmers Green in North London, The Palmers Green site has-been completely rebuilt three times, most recently in 2007, and is now named Skinners Court, while Percy Bilton Court, a sheltered housing scheme, was added in Hounslow in West London: in the. early 1980's and substantially miodernised in 2018.

CONSTITUTION

The Skinners’ Almshouse Charity (“the Charity”) which was incorporated as a eémpahy by Companies House in January 2009 (company: number 6801953) is a registered charity (Charity number 1127772) and is governed by a scheme of the Charity Commission dated. 12 October 2009. The Skinners” Company is sole member of the incorporated Charity.

The endowment of the. housing operation is held by two subsidiary charities ~ the Skinners’ Almshouse Foundation (Charity number 210774-1) and the Percy Bilton Fund (Charity number 210774-8}: These aré both unincorporated charities whose sole trustee is the Skinners’ Almshouse Charity and are accounted for here under a uniting direction from the Charity Commission. The principal activity of the Skinners” Almshouse Foundation is to retain the. Skinners’ Almshouse Charity’s assetsin trust for the benefit of current aid future residents. The Perey Bilton Fund is applied exclusively for the benefit of maintaining Percy Bilton Court and for the benefit 6f its residents.

The Charity is a Registered Social Landlord (no A2948) with Hones England. The Charity’s address and registered office is Skinners’ Hall, 8 Dowgate Hill, London, EC4R 28P.

OBJECTIVES AND ACTIVITIES

The Charity’s object[is][the][ relief][ of][poverty] by[ the][ provision][of][ almshouse] a¢commodation[to][persons][in][ need.] It a)may appoint' Freemen residents andin:Freewomen the following of the orderSkinners’ ofpreference:Company and their widows and widowers; b) Dependents or former dependents of the said Freemen and Freewomen; c) Any other such persoti in need. . Currently all residents. are members. of the third category above and none are incmbers.of The Skinners’ Company. Enfield and Hounslow local authorities have nomination rights to fill 75% and 50% of the’ flats respectivelywith the balance being identified.by the Charity through various alder person support agencies.

The Charity’s housing comprisestwo schemes. Percy Bilton Couit provides 38 one-bedroom sheltered housing flats in Hounslow, West London. Skinners Court is an Extra Care scheme in Palmers Green, North London and offers 37 one-bedroom and 12 two-bedroom flats and an array of communal facilities for frailer older people. The Charity provides a full housing management service with care and support services being.available through external providers. It aims to support older people to be as indepéndent as: possible through the provision of accessible accommodation.

GOVERNANCE AND MANAGEMENT

The Charity is governed by its Board of Directors. The Skinners’ Company,.as sole member of the-Charity, may elect-or remove: Directors.

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THE SKINNERS’ ALMSHOUSE CHARITY DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2621

Key management personnel and remuneration The Skinners’ Company Clerk leads on the strategic and operational activities of the Charity under the guidance of its Board of Directors. The Directors give their time freely and received no remuneration in the year. Those working ‘on behalf of the Charity are all employees of the Skinners’ Company (the sole member) whose employment costs are charged to the Charity under a paymaster arrangement. The Charity does not have any direct employees.

In-April 2018-the charity entered into a contract with Hanover Housing Association, now.Anchor Hanover (AH), for the full management of Skinners Court, including property maintenance and estate. management. This arrangementMarch has not proved satisfactory due to poor performanceby AH and the contract was terminated as.at 31 2021. ‘Transition costs associated with the handover period are reflected in these accounts. All iganagement is now undertaken in-house. , Recruitment and trainingof Directors ‘

Directors are. appointed by the Skinners’ Company and-shall hold office as specified by the Company on appointment, Directors hold office for a term of four years but are eligible for-re-appointment following the expiration of one term. As part-of the selection. process, due consideration is given to the individual’s personal and professional knowledge and the experience they bring to the Board. New Directors are inducted into’ the workings of the Charity via an organised programme.

Organisational management

The Directors, as Trustees of the Charity, are legally responsible for the overall management and control of the Charity. They meet a minimum offour times per year to determine and monitor the Charity’s performance and strategicCommitteedirection. Sub-Committees of the Boardof Directors include Property and Finance. The Finance Subcharges to residentsreviews thebefore Charity’s they are framework presented forto the financial Board, accountabilityas well 2s ensuring and its thetasks includeCharity compliesdetailed scrutinywith relevant of finaneial regulations and good practice. This includes an annual meeting with the auditor prior to considering. statutory accounts. Oversight ofmonitoring and planning for the maintenance of the two schemes is delegated to. daythe Property management Sub-Committee.of the CharityTheand Charityits two hasAlmshouses, an AlmshouseTheCharity Mariager-and Manageradditional whois responsiblesupport services, for the day-to-such as administration, secretarial, finance, HR and IT, are supplied by the Skinners’ Company. The Board has delegated theThe managementInvestment Committeeof the Charity’sreportsinvestmenton -performance,portfolio toits thefindings Investmentand recommendationsCommitteeof the Skinners’to the FinanceCompany.SubCommittee and the Board. ACHIEVEMENTS AND PERFORMANCE The Charity achieved a satisfactory operating surplus in the year, which will allow it to contitiue to slipport beneficiaries inthe future. The Charity is proud to have continuedto meet the costs of full time Estate managers. at each of the schemes:and Almshouse support staff based at Skinners’ Hall. This is despite the current cost highersaving trendvoids acrossthan usualthe sectorduringofthe reducingyear.. staffThis presencewas due onto site.a combinationIncome frommof Covidlicence.restrictionsfees has sufferedand a lackdue ofto nominations for vacancies being put forward. New trustees undergo a thorough induction programme, all trustees have the opportunity to attend training seininars throughout the yéar and can access information and advice via the charity’s membership of the Almshouse Association. Newsletiers from each scheme are circulated to trustees on a monthly basis atid resident feedback and consultation is used to inform trustee decision making. Social events during the year which facilitate. engagement between Skinners ‘and residents have beén scverely limited due to. restrictions on social beengatherings, as a result of Covid-19. Reviewing the risk of Covid-19 and its impact.on alishouse residents:has of prime importance to trustees, Board meetings have focused on measuring-the impact of the pandemic on residents. and working with local authorities and other statutory and voluntary. sector partners to. mitigate the impact on our beneficiaries, The charity wiil continue to adliere to government guidelines on how to best manage the covid-19 situation in order to enstire that our résidents and staff feel safe and valued

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| THE SKINNERS’ ALMSHOUSE CHARITY DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2021

The chatity continues to monitor the effect. of the pandemic on its beneficiaries and the risk it poses to the charity’s operations.

A new ‘lat was developed in the year by repurposing existing internal space. This was undertaken with the aid of a grant from GLA of£70,000 and the cost is shown in note 9.

Financial review . The Directors present their report and aécounts for the year ended.30 June 2021. These have been prepared on a going concern ‘basis in accordance with the accounting policies set. out in note 1 to the accounts. In preparing these accounts the’ Directors. have complied with the Financial Reporting Standard applicable in the United Kingdom and Republic ofIreland, (FIRS. 102} and the second edition of the Statement of Recommeided Practice for Charities.

The finds under the Directors’ control consist of:

Unrestricted funds: The funds available to the Directors for thé general purposes of the Charity.

Designated funds: ® The Almshouse Development Fund. A sum is set aside annually if surplus permits in order[to][fund][future] redevelopmentof the properties. + Repairs Reserves. This is the net accumulation of reserves designated for future repairs and replacements. at eich ofthe properties and are detailed in note 21.

Restricted funds: The Percy Bilton Court Fund. Accumulation of‘net income relatingto this Scheme.

Endowment funds: The permanent endowment ofthe Charity.

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||||||||| |---|---|---|---|---|---|---|---| |The Statement|ofFinancial Activities|demonstrates|that the|objectives|have been met-and|is summarised below.| |2021|2020| |Available income for the year|£|£| |Income from|licence: fees|955,170|1,033,535| |Grants|and donations|70,506|1,576| |Investment income|140,689|135,948| |1,166,365|1,171,059| |Housing costs|(863,463)|(749,202)| |Support costs|166,459|177,961| |Net||incoming|resources|for|the|year before transfers and gains|(1,029,922)136,443|(927,163)243,896|

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The Directors confirm that the assets of the various funds aré available and ‘adequate to fulfil the relevant obligations.

Value for money

The Regulator of Social Housing requires all registered providers to calculate value. for money (VIM) metrics. The results are as follows: Reinvestment; Investmént in housing supply as a:percentageof total housing property held: 5.4% (2020 nil). New Housing Supply: New housing delivered as a.percentage ofhousing stock held: 5.4% (2020 nil). Gearing: Proportion of borrowing in relation to housing assets: 5.4% (2020 9%). EBITDA: Earnings before interest, tax, depreciation and amortisation: interest cover.38 (2020 32 times). Headline Social Housing cost: £9,925 per unit (2020 £8,711 per unit). Operating: Margin Social Housing Lettings: demonstrates.the surplus compared to turnover: 9.6% (2020 27.5%). Operating Margin Overall: Operating surplus compared to overall turnover: 8.2% (2020 20.8%). Return on Capital Employed: Gperating surplus‘compared to current net assets: 0.7% (2020.2.2%).

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THE SKINNERS’ ALMSHOUSE CHARITY. DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2021

Future plans

The charity will continue to meet its aims and objectives by supporting elderly people in poor health and with limited resources to access high quality housing in a community setting. We aim to work with our residents to ensure that they have access to’ services and activities that will contribute towards enhancing their quality oflife and reducing their social isolation. We anticipate a downtum. in our finances and other resources during: the financialCourt. year2021/22 as a result of void properties and renovation work anticipated in the yearat Skinners review. The Board is also aware of developments in the energy market. and. will. be keeping the matter under The. Directors/Trustees will continue to regularly monitor and reyiew the risks facing the charity and ‘ensure that appropriate plans and policies are itt place:

RESERVES POLICY

The Directors monitor and review the reserves policy annually. The Chatity’s sheltered and extra care housing Operates in a highly regulated environment, which controls in particular the charges which may be levied in respect of residents. These charges represent the entire housing income. The most substantial costs to be met from this income are the upkeep of buildings and payment of staéf costs via the paymaster arrangement.

The Charity maintains a repairs reserve to’ which. annual transfers are made. for inaintenance, cyclical and ‘extraordinary repairswill of the housing properties, as recommended‘by the Aimshouse Association. These reserves be expended over the terms of the maintenance and repairs schedules. The Charity also maintains aredevelopment reserve, which is the Charity’s contribution to.the redevelopment of housing properties in thé future and is not-regarded as distributable reserves. The current reserves policy is that £35,000 be transferred ftom revenue reserves to-this fund each year subjectto affordability.

The Perey Bilton Fund supports only the sheltered housing at Percy Bilton Court, Hounslow. The financial position ofPercy Bilton Court is stable and can be supported by revenue reserves ifnecessary.

The undesignated reserves of £814,257 are used to. support the operating activities ofthe Charity.

FUNDRAISING.

The Trustees take their responsibilities under the Charities. (Protection and Social Investment) Act 2016 seriously and have considered the: implications on their fundraising activities. The charity undertakes specific fundraising activity to support the development of its work but is mainly focused-on receivirig such donations from grant giving trusts and Skinners’ as. opposed to the general public. During the year to 30 June 2021, the charity received no compiaints.ia relation to fundraising. ,

INVESTMENT POLICY AND PERFORMANCE

On 14 January 2014 the Board passed a resolution under s104(B). of the Charities Act 2011 to.adopt a fotal return policy. for the permanently endowed portion of the managed portfolio, having caleulaicd the unapplied total return on thosé assets. at that date of £142,766. Ali returns (both capital and income) on these investments subsequent to the resolution are credited to the Endowment Fund, The Board, in consultation with the Skinners’ Company Investment Committee, has decided to transfer 2.5% of the asset value to unrestricted funds for application, and-this is. reviewed annually.

The managed portfolio was divided equally between Cazenove Capital, and Heartwood, During the year Heartwood was replaced with CCLA and Sarasin and by the year end all assets previously held with Heartwood had been realised, The Charity's revised investment objective is to maintain the real value of the endowment and to achieve a totalwith return of RPI + 3.5% p.a. over the mediumto long-term, The performance of tlie managed portfolio, together the property unit trust portfolio, in the year was closély monitored by the Skinners’ Company: Investment Comunittee, which reports regularly to the Board. The portfolio however is invested for the Jong term and. the Investment Committee does not place undue weight on a single year’s performance. The overall long term performance remains satisfactory and a recovery has taken place since the year end which it is hoped will be sustained.

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t i 5 3 : THE SKINNERS’ ALMSHOUSE CHARITY . DIRECTORS’ REPORT AND ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2021

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RISK MANAGEMENT . The Directors have sought to identify the major risks to which the Charity is exposed and. have established. systems to ensure that these risks are reviewed and are minimised as far as possible. The Board closely. monitors its risks under health and safety legislation. A full risk assessment of the impact of the Covid-19 pandemic is in place and is subject to regular review, Following strong representations made by the Almshouse Associationon behalf of its members, the Minister of State for Work & Pensions announced. that almshouse charities that are registered providers will be.exempt from the proposal to reduce Target Rent by: 1% per annum over four years, and has deferred the transfer to LHA rates. The Board will continue to monitor housing policy developments very closely andin particularthe impact of any income restrictions that may be placed on almshouses in.the future.

PUBLIC BENEFIT

PUBLIC BENEFIT | The Directors have complied with the dutyin section 4 of the- Charities Act 2011 fo have due regard to all guidance published by the Charity Commission.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

“The Directors (who are also the Trustees of The Skinners” Almshouse Charity for the purposes of.company law) are respotisible for preparing the Directors’ Report and the financial. statements in accordance with applicable law and United Kingdom Auditing Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors te prepare financial statements for each financial year, which give a true.and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these. financial statements the directors are required to: — selectsuitable accounting policies and then apply them consistently;

• observe the methods-and principles of the Charities’ SORP;

— .makejudgements’and estimates that are reasonable and prudent;

— state whether applicable accounting standards have been followed, subject: to any material departures ‘disclosed and explained-within the financial statements; — ‘pfepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business..

The Directors are.responsible for keeping proper accounting records tliat disclose with reasonable accuracy at any ‘time the firancial position of the charitable company and enable them to ensure that the finaricial statements: comply with the Companies Act 2006.. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prévention and detection of fraud and other irregularities.

Insofar as the Directors are’ aware there. is no relevant audit information of which the charitable. company’s. auditor is unaware and the’Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information andto establish that the auditor is aware of that information.

This report has. been prepared in accordance with the special provisions of Part 15. of the Companies Act 2006 relating to small companies.

Approved by the Board on 4 November 2021 and signed on behalf of the Directors by

MEEeer... Mary[Stallebrass]

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THE SKINNERS’ ALMSHOUSE CHARITY INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS. FOR THE YEAR ENDED 30 JUNE 2021. ig te

‘Opinion

We have audiied the financial statements of The Skinnérs’ Almshouse- Charity for the year ended 30 June 2021 which comprise the statement of financial activities, the balance sheet, the cash flow statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice),

In our opinion the financial statements:

• ° resourcesgive a trueand and application fair view ofof theresources,charitableincludingcompany’sits stateincome ofand affairsexpenditure,as at 30 Junefor the2021 yearand thenof ended;itsincoming

• « have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• ° have been prepared in accordance with the Companies Act 2006.

Basis for opinion.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. Weare independent’of the charitable company in accordance with the ethical requirements. that are relevant to our audit of the finaricial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a ‘basis for Gur opinion.

Conclusions relating to going concera

In auditing the financial statements, we have ‘concluded that the Directors’ use of the going concern basis of accounting in the preparation’of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions. that, individually or collectively, may cast significant doubt on the charitable company's ability’ to continue as a going concern for a period of at least twelve months fram when the financial statements are authorisedfor issue..

Our responsibilities and the responsibilities of the Directors with réspect to going concern are described in the relevant sections of this report. .

Other information

The: Directors are responsible for the: other information. The other information comprises the information included in the annual report, other than the financial statements and our auditer’s report thereon. Our opinion on the financial statements does not cover tite other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise. appears to be materially misstated, If we identify such material inconsistencies or apparent material misstatements, we are required to detetmine whether this gives rise to a material misstatement in the financial ‘Statements themselves. If, based on the work we: have. performed, we conclude that there is a material tnisstatement of this other information we are required to report that fact.

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i | THE SKINNERS’ ALMSHOUSE CHARITY | , INDEPENDENT AUDITORS’ REPORTTO THE.DIRECTORS FOR THE YEAR ENDED 30. JUNE 2021

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We have tothing to report inthis regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• e the information giveti in the Directors Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• « the Directors’ Report has been prepared. in accordance with applicable legal requirements.

Matters on which we are required te report by exception

In the light ofthe knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified matérial misstatements in the Directors’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires 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 agreement with the accounting records and returns; or

• . certain disclosuresof Directors’ remuneration specified by law are not made; or * we have not received allthe information and explanations we require for our audit; or

• ° the triisteés were noi entitled to prepare the financial statements in accordance with the small companies regime-and to take advantage of the small companies exemption in preparingthe Directors’ Report.

-Responsibilities of Directors

As explained more fully in the Directors’ Responsibilities Statement sect out on page 6, the Directors {who are also Trustees of the. charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a trué and fait view, and for such intérmal control.as. the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concernoperations,basisor haveof acc n o untingrealisticunlessalternative the Directorsto do so.either intend to liquidate the charitable company or to cease Auditor’s responsibilitiesfor the audit of the financial statements

We. have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations tmade under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statementsas a whole are free from maferial misstatement, whether due to. fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a-high level of assurance, but is not a guarantee that an audit conducted[in][ accordance] with ISAs (UK) will always detect a material misstatement when it/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 of users taken on the basis ofthese financial statements.

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THE SKINNERS’ ALMSHOUSE CHARITY

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2021

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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities: We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the Directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with Directors and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, guidance issued by the Charity Commission for England and Wales and the Accounts Direction for Social Housing (so far as it applies to this entity). Further, the charitable company is subject to other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements; through a significant fine, litigation or restrictions on the charitable company’s operations. We identified the most significant of such laws and regulations to be those issued by The Regulator of Social Housing. Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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THE SKINNERS’ ALMSHOUSE CHARITY

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INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS FOR THE YEAR ENDED 30 JUNE 2021

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‘Use of our report

This report is made. solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might.state to the charitable company’s members thése matters we are required to state. to them in an auditor’s: report and for no other purpose, To the fullest extent permittedby law, we do not.accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Cara Turtington (Senior Statutoty Auditor) for and on behalf of Saffery Champness LLP

Chartered Accountants Statutory Auditors

7 Queen Victoria Street London EC4V 4BE

Date |6 Decunber 20?8|

Saffery Champness LLPis eligible-to act as an auditor in terms of section 1212 of the Companies Act 2006

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THE SKINNERS’ ALMSHOUSE CHARITY

!

|

|

BALANCE SHEET

AS AT 30 JUNE 2021

BALANCE SHEET AS ATAT 30 JUNEJUNE 2021	BALANCE SHEET AS ATAT 30 JUNEJUNE 2021	BALANCE SHEET AS ATAT 30 JUNEJUNE 2021	BALANCE SHEET AS ATAT 30 JUNEJUNE 2021	BALANCE SHEET AS ATAT 30 JUNEJUNE 2021	BALANCE SHEET AS ATAT 30 JUNEJUNE 2021	BALANCE SHEET AS ATAT 30 JUNEJUNE 2021	BALANCE SHEET AS ATAT 30 JUNEJUNE 2021
sgeS i ee i
				30June	2021	30	June2020
		Notes		£	£	£	£
Fixed assets
Frechold housing properties, atcost less depreciation		9		3,498,322		3,383,555
Equipment		10		-		-
Freehold investment properties at valuation		11		347,000		318,000
Investments at valuation		12		6,528,878		5,0 74,227
Cash in transit for investment				-		287,916
			«10,374,200			02~C~C~~~“‘i=~CSt*é	9,563,698
Current assets
Debtors Cash		15		84,491 1,618,136		435,507 1,446,766
				1,702,627		1,882,273
Creditors
Amounts falling due within oneyear		16	~— (171,618)			_(352,607)
Net current assets					1,531,009		1,529,666
Totalassetslesscurrent liabilities					~ 11,835,209
Creditors
Amounts falling due aftermore thanoneyear Total net assets		17			(224,955) 11,680,254		(231,028) 10,862,336
Thefundsof thecharity General Endowment Capital PercyBilton Fund		19			9,021,947 698,509		8,478,263 690,658
Designated reserve - Almshouse Development Designated reserve - Repairs Revenue reserve		21			105,000 1,040,541 814,257		70,000 926,874 696,541
Total charityfunds					11,680,254		10,862,336
Approvedbythe Directorson
MsM	Stallebrass				MrHAC Tidbury
Director					Director
The noteson pages 13 to 26 form partofthese			financial statements.
Companynumber6801953

a Page 12

THE SKINNERS’ ALMSHOUSE CHARITY

eeee=t

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Note|2025|2020| |Cash flows|from|operating. activities| |Net cash provided by (used in) operating|activities|25|341,136|73,266| |Cash flows from|investing|activities| |Dividends,|interest and rents from investments|140,689|135,948| |Proceeds|from the sale ofproperty|.| |Purchase|-|106,846| |ProceedsPurchase|offromproperty saleof plant investments and equipment|1,549,563(221,794)|3,350,793(8,947)| |of investments|1,563,823|3,322,863| |Net cash provided by (used|in) investing activities|(95,365)|255,777| |Cash flows|from financing|activities| |Repayment-of borrowing| |New|borrowing.|-|=| |Net cash|provided|by (used|in) financing|activities|(74,401)|(92,216)| |Change in cash and|cash equivalents|in the|reporting|period|171,370|236,827| |Cash|and|cash equivalents|at the beginning of|the'reporting period|1,446,766|1,209,939| |Cash and cash|equivalents|at the|end|of the reporting period|1,618,136|1,446,766|

----- End of picture text -----

TS

EE Ai

Page 13

| : THE SKINNERS’ SKINNERS’ ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS. FOR THE YEAR ENDED 30 JUNE 2021 : ‘ 1. Accounting policies. . 1.1 Accounting basis The financial statements. have have been revaluation of certain fixed-assets and certain fixed-assets and fixed-assets and and investments and articles of association. association. The financial statements statements have been prepared Companies Act 2006, the Charities Act : Recommended Practice-applicableto Practice-applicabletoto ofthe Financial Reporting Standard Financial Reporting Standard Reporting Standard Standard applicable in Reporting Standard applicable applicable in the United the United United Kingdom and Republic of Ireland (FRS is followed throughout. throughout. The Charity constitutes‘a Charity constitutes‘a constitutes‘a public benefit ; The financial statementsare prepared statementsare preparedare prepared prepared in sterling, which amounts in these financial statements are rounded 1.2 Going cencern In March 2020 the the World Health pandemic on. the the charity has been on the : Investment: values have recovered, but

THE SKINNERS’ SKINNERS’ ALMSHOUSE CHARITY

,

; ; : .

TS

1.1 Accounting basis The financial statements. have have been prepared under the histofical cost convention, as modified by the revaluation of certain fixed-assets and certain fixed-assets and fixed-assets and and investments (detailed below), and in accordance with the memorandim and articles of association. association.

The financial statements statements have been prepared in accordance with the accounting policies set out below, the Companies Act 2006, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice-applicableto Practice-applicabletoto charities preparing their accountsin accordance with the second edition ofthe Financial Reporting Standard Financial Reporting Standard Reporting Standard Standard applicable in the UK and Republicof Ireland (FRS102) and the Financial Reporting Standard applicable applicable in the United the United United Kingdom and Republic of Ireland (FRS 102}. The aceruals basts is followed throughout. throughout.

The Charity constitutes‘a Charity constitutes‘a constitutes‘a public benefit entity as-defined.by FRS102.

The financial statementsare prepared statementsare preparedare prepared prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going cencern _ In March 2020 the the World Health Organisation declared COVID-19 a pandemic. The main impact of the pandemic on. the the charity has been on the investment valuations ‘and on expected future.investment income. Investment: values have recovered, but the impact on. investment income into. the future is. moré uncertain... After reviewing the Charity’s forecastsand projections, the Directors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foresecable future. The Charity therefore:continues 16 adopt the going concern basis in preparing its accounts. 1.3 Investments Securities held as investments are stated at market value at the year end. Investment property, in which the Charity has a freehold interest, is stated in the accounts.at market-value. The valuation of the commercial. property was undertaken by Gerald Eve, Chartered Surveyors, in accordance with the Appraisal and Valuation Standards publishedby the Royal Institution ofChartered Surveyors. Profit and loss on disposals is calculated as the difference between the sales proceeds and the market value at the beginning of the year (purchase,date if later).

1.4 Income

Donations and legacies are accounted for as and when entitlement arises, the amount can. be reliably quantified and the economic benefitto the charity-is considered probable.

Property rentals and interest on short term deposits are récogniséd when they arise. Dividends and interest on investments are recognised when ‘they become due.and payable.

1.5 Expenditure . Expenditureis accrued as soon as a liability is considered probable.

1.6 Housing land and buildings and depreciation Percy Bilton Court, Hounslow, is included in the accounts at net book value: transferred from Hunt and. Almshouse Charity plus additions at cost. The land wasoriginally donatedby the Percy Bilton Charity and its market value at the date of acquisition is treated as cost.

Skinners Court is. shown in the accounts at net book vallic: at date oftransfer from the Hunt and Almshouse Charity. i

Page 14

:

THE SKINNERS’ ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 30 JUNE 2024

Fa Housing properties aré depreciated on a straight jin¢-basis over the estimated useful economic lives of: comportient categories. The minibus is fully depreciated, Usefirl economic lives for component categories for identified components are as follows:

Structure: 75 years Roof 40 years Bathrooms & mechanical 30 years Windows 25 years Lifts & additions at PBC 25 years Painting and fascias 25 years. Kitchens 20 years Boilers 15 years

• 1.7 Charitable activities

Costs of charitable activities comprise direct costs attributable to each activity which include provision of housing and directly attributable overhead and support costs, including governance cosis, as shown in Note 7,

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits at call with banks and bank.overdratts,

1.9 Financial instruments

The Charitable Fund only has financial assets and financial liabilities of a kind thet ‘qualify as basic financial instruments. Basic financial instruments are. initially recognised at transaction valué. and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured, at amortised11 cost using the effective interest metlicd. The charity has selected to apply the provisions.of Section ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues! of FRS, 102.to all of its financial instruments.

1.10 Unrestricted funds: Thefunds available to the Directots for the genera! purposes of the Charity.

• 1.10 Restricted fund: The Percy Bilton Fund: Accumulation of net income relating to the Scheme at Hounslow.

• 1.11. DesignatedThe Almshouse Development funds; Fund. A| sum is set aside annually if surplus-permits in order to fund future redevelopment ofthe properties. a

• ) Repairs Reserves, ‘This is the net acoumuiation of reserves designated for future repairs and. replacements at each of the properties and are detailed in note 21.

LEZ Endowment funds: The permanent endowmentof the Charity:

----- Start of picture text -----
‘2. Income from lettings 2021 2020
Licence £ £
LossesService chargesfees and utilities 370,334636,810 409,019632,775
from void licence fées (51,974) (8,259)
955,170 1,033,535
----- End of picture text -----

eee

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i

| THE SKINNERS’ ALMSHOUSE.CHARITY NOTES.TO THE ACCOUNTS (Continued) ' FOR THE YEAR ENDED 30 JUNE 2021 : 3. Staff costs costs

: ,

;

) ;

;

:

• NN 3. Staff costs costs The average headcount.ofpersons employed by the Charity during the year was nil (2020: nil), Those working on bebalf of the Charity are employed by The Skinners’ Company and[thé.costs-are recharged][to] the Charity at.cost under a paymiaster arrangement (and by Anchor Hanover during the period to 31 March 2021). The Charity bore. a sharé of overall employment. costs in this manner. of £198,349 (2020:£228,456) shown under staff costs and £161,323 (2020;£52,800) shown under management costs & fees.:

The Company contributes towards pension arrangements for employees by way of a group personal. pension plan, managed by Standard Life. The employer contributes 15% of gross anaual salary and the employee 3%. Directors. receive no remuneration, nor does the Member. No share of paymaster salary recharged to the Charity exceeded £60,000.

:

• 4, Auditors’ remuneration

----- Start of picture text -----
|||||| |---|---|---|---|---| |2021|2820| |£|£| |Audit|9,840|10,800| |5,|Investment income|2021|2620| |income from investinent properties|£|£| |Rental income|200|200| |Management and legal costs|(5,283)|(9,483)| |Net income|(5,083)|(9,283)| |Property|unit|trust income|66,969|66,407| |Investment inedme|62,330|63,179| |Deposit interest.|4,324|3,648| |128,540|123,951| |Percy Bilton Fund Investment income|12,149|11,997| |140,689|135,948|

----- End of picture text -----

1. Interest payable Interest of £24,008 (2020:£29,938), was payabic in respect of the loans from Fresh ple (formerly ‘Orchardbrook Limited) and Allied Irish Bank (see-note ['8).

7. Charitable activities

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Other charitable|support|Housing| |and|governance|Activities| |2021|2020.|2021|2020| |Resident Welfare and support|16,096|32,838:|1,453|-| |Staff costs|99,773|97,884|98,576|130,572,| |Building cepairs|-|-|203,624|203,128| |Garden|and|equipmnent|-|-|23,056|25,578| |Utilities|-|-|92,950|67,985| |Cleaning|-|-|49.613|36,086| |Administration (incl. professional|fees)|37,124|32,492|12,749|4,998| |Scheme management staff costs and fees|-|-|234,673|(27,175| |‘Insurance|3,625|3,947|15,734|16,715| |Depreciation|oo|-|107,027|107,027| |Audit|9,840|10,800|-|~| |Interest|“|-|24.608|29,938:| |Total|charitable costs|166,459|177,961|863,463|749,202.|

----- End of picture text -----

pL

Page 16

THE SKINNERS’ ALMSHOUSE CHARITY NOTES TO THE ACCOUNTS FOR THE: YEAR ENDED 30 JUNE 2021

ee

8. Allocation ofsurplus foryear	year
	Percy	Almshouse
	Bilton Fund	Development Fund	Repairs ~—=_—-Reserves	Endowment Fund	Revenue Reserves		Total
2021	£	£	£	£	£		£
Housing:activities: Surplus Non-housing activities:	41,329	-	-	-	50,378,		1,707
Resident welfare, Otheroperating costs*. Fundraising. Income from.property units Investmentincomenetofcosts Donations received Realisedgainon investments Unreatised gainoninvestments Unrealisedgainon inv, property Transfers to Repairs Reserve:	(9,095) (37,591) - - 12,149 - 24,444 76,358 ~	- = - - = “ - - -	- = - - - zs - - s	- - + = 59,311 - 119,344 432,329 29,000	(7,001) (112,772) ™ 66,969 2,260 70,506 - - -	(16,096) (150,363) , 66,969 73,720 79,506 143,788 508,687 29,000
Renewalsreserve Cyclicalrepairs _ Extraordinaryrepairs ‘Transfér to-developmentfund	(16,177) (20,642) {62,924} -	- : - 35,000	13,039 7,604 93,024 -	, . - -	(3,138) 13,038 (30,160) (35,000)		“ : - -
	7,851	35,000	113,667	639,984	TLA16.	817,918
2020
Housing activities: Surplus Non-housingactivities:	93,215	-	:		191,118		284,333
Resident welfare Other operatingcosts* Fundraising	. (13,434) (36,281) =	2 - -	- “ F	- - -	(19,404) (108,842) -	(32,838) (145,123) -
Income fromproperty units Investmentincome	- 11,997	* -	“ -	. 58,573	66,407 (1,029)		66,407 69,541
Donations recetved Realisedgain on investments Unrealised gain oninvestments Transférs to Repairs Reserve:	ot 30,602 (46,152)	- - “	” - m	- 250,258 (3315207)	1,576 - =	1,576 280,860 (377,359)
Renewats reserve Cyclical-repairs	(9,164) (22,780)	- -	26,598 14,520	-	(17,434) 8,260		- :
_ Extraordinary repairs Transferto.developmentfund.	(40,558} ~	- 35,000"	69,858 -	- -	(29,300) (35,000)		- <
	(32,555)	35,000	110,976	(22,376)	56,352		147,307

• 25% of operating costs are associated with Percy Bilton Court

|

ee Page 17

THE SKINNERS’ ALMSHOUSE CHARITY

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. .

;

NOTES TO THE ACCOUNTS (Continued) FOR THE YEAR ENDED 30 JUNE 2021

cee

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |9,|Freehold|housing properties.| |Sheltered|and|Extra|Care|Elousing| |Skinners Court|Percy Bilton| |Palmers Green|Court Hounslow|Total| |£|£|£| |Cost.brought|forward|1 July 2020|2,427,974|1,653,302|4,081,276| |Additions|221,794|z|221,794| |Gross costat 30 June 2021|2,649,768|1,653,302|4,303,070| |Analysis|of cost|—_| |Buildings|2,649,768|1,503,302|4,153,070| |Freehold land|-|150,000|150,000| |2,649,768.|1,653,302.|4,303,070| |Depreciation|.| |Accumulated depreciation|at|1|Fuly 20320|532,696|165,025|697,721| |Charge for -year|49,553|57,474|107,027| |Accumulated|depreciation|at 30 June 2021|582,249:|222,499|804,748| |Net book value at 30 June 2021|2,067,519|1,430,803|3,498|322| |Net hook|value|at|3¢ June2020|1,895,278|1,488,277|3,383,555| |The number|of units of|accommodation| |in management at 30 June 2021|was:| |-|accommodationlet.at|market rent|49|38|87|

----- End of picture text -----

The freehold -valué of Percy Bilton. Court is considered to be in excessof the book cost disclosed above. ‘The value of the freehold land at Skinners Court is not included on the balance sheet. An additional-flat was developed in the year at Skinners Court by repurposing existing internal space. A grant was received from GLA of £70,000 shown on page 11.

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |10, Equipment|5| |Cost at|30.|June 2020|29,805|29,805| |Cost|af 30 June|2021.|29,805|29,805| |Acéurnulated Depreciationat|30 June 2020|29.805|29,805| |Depreciation|- charge|for year|'|=| |Aceumulated|Depreciation|at 34 June 2021.|29,805|29,805| |Net|Book|Value|30 June 2020|.|-| |Net Book Value 30 June|2021|.|i:|

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.
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a

Page 18

THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THEACCOUNTS (Continued) FOR THE YEAR ENDED 30 JUNE 2021

aeee 1. Freehold investment properties

1. Freehold investment propertiesinvestment propertiesproperties
	2021	2020
	£	£.
Valuation 1 July2020 Increase invalue	318,000 29,000	318,000 .
Valuation30Juné.2021	347,000	318,600

This investment relates to the frechold interest in two blocks offlats in Peltipat Close, Palmers Green. The freehold interest was valued at 30 June 2021 by Gerald Eve. Theré were no leases extended during, the year (2020 net disposal proceeds £100,845 shown in note 20 under investment returns).

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Page 19

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‘THE SKINNERS’ ALMSHOUSE CHARITY

NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 30 JUNE 2021

| :

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13, Material Investments

As at 30 June.2021 the Charity held three material investments. These were: . © The Charities Property Fund with a market value of £853,382 (2020: £830,070). « Sarasin Climate Active Endowments Fund £1,386,879 (2020: £584,198) » CCLA accumulation units £1 ,225,721 (2020: £585,307)

The Directors consider material for these purposes to be investments valued over £653,000, being in excess of 10% of the value of the portfolio.

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|||||||| |---|---|---|---|---|---|---| |14,|Realised gain on investments|General|Percy Bilton|2021| |fund|fund|Total| |£|£|£| |Historic|costgainrealised||in year|119,344|24.444|143,788| |Adjustment for gain recognised|in previous|years|(85,834)|(17;581)|(103,415)| |Gain recognised|in|year|33,510|6,863|40,373| |||—|2020| |Historic-cost gain realised|in. year|149,4]3|30,602|180,015| |Adjustment for gain recognised inprevious years|(208,788)|(42,764)|(254,552)| |Loss recognised in prior year|(59,375)|(12,162)|(71,537)| |15, Debtors| |2021|2020| |£|£| |Arrears|of residents’|rent|31,876|26,195| |Accrued|irivestment|income|and|interest|14,795|16,401| |Trade debtors and prepayments|37,820|392,911| |84,49]|435,507| |16.|CreditorsAmdéunts falling—|due|within one year|2021|2020| |£|£| |Audit|9,840|9,600| |Trade|creditors,etc|155,705|268,606| |Loans|(note|18).|6,073|74,401| |171,618|352,607| |17.|Creditors:| |Amounts|falling|due|after more than|one year| |2021|2020| |||a|_|#| |Loans (note 18)|224,955.|231,028|

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a

Page 22

THE SKINNERS’ ALMSHOUSE CHARITY

NOTESFOR THETOYEAR ENDED THE ACCOUNTS30 JUNE (continued)2021

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18. Loans

		(1*)	(2*)	(3*)	Total
Broughtforward1July2019		£ 206,929	£ 155,016	£ 35,700	£ 397,645
New loan drawn		-	-	-	-
Loanrepaid during period		(1,516)	(86,500)	(4,200)	(92,216)
Totalcreditors36 June 2020		205,413	68,516	31,500	305,429
New loandrawn		-	-	-	-
Loanrepaid during period	)	(1,685)	(68,516)	(4,200)	(74,401
Totalcreditors30June2021		203,728.	-	27,300	231,028
Duewithin1year		1,873	-	4200	6,073
Dueafter1year		201,855	-	23,100	224,955

• (1*) This loan, originally from.the Housing Corporation, was assigned by the Corporation to Fresh ple. (formerly Orchardbrook Ltd) on 26 March 1997, The terms.are unchanged. The loan is repayable byproperty instalments over 60 years from July 1985 andis secured by a charge on freehold housing loan carriedat Hounslow.interest duringThe amount the periodrepayable-inat 10.875%the per period annum, to 30 June 2021 will be £1,685. The

• (2*) This loan from Allied Irish Bank was to fund ‘thedevelopment ofSkinners Court. The balance was paid off in-full during the year.

• {3*) This loan is from the Almshouse Association to help fund major refurbishment at Percy Bilton Court, Itis interest free and repayable over 10 years.

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THE SKINNERS’ ALMSHOUSE CHARITY NOTESFOR THETO YEAR THE ACCOUNTS ENDED.30 JUNE (continued)2021

a

23. Related party transactions

During the course of the period £26,231 (2020:£41,625) excluding VAT was paid to Pellipar Services Companyother Limited, a company wholly owned by the sole member, iri respect of techargesfor rent and costs. All such récharges were made on an arm's length basis.

24. Taxation

The Skinners’ Almshouse Charity is a registered charity and its income is not liable to direct taxation as it is applied to whoily charitablé purposes.

25. Reconciliation ofnetmovementinfundstonet cash flow fromoperatingactivities 2021	25. Reconciliation ofnetmovementinfundstonet cash flow fromoperatingactivities 2021	2020
	£	£
. ‘Netincomeforthe.reporting period(asperSOFA) Adjustments for:	$17,918	147,397
Depreciation charges (Gains)/lossesoninvestments Dividends, interest andrentsfrominvestments Decrease/(Increase) indebtors (Decrease)/Increase increditors Netcashprovided byoperatingactivities	107,027 (681,475) (140,689) 351,016 (112,661) 341,136	107,027 96,499 (135,948) (197,617) 55,908 73,266

26. Analysis of changes in net debt

|Loans falling duewithin 1
year
Loansfalling dueaftermorethan I
year|2020
1,446,766.
74,401
231,628|movements
171,370[|
74,401
6,073)
|
-|
608 ||2021
1,618,136
6,073
224,955’| |---|---|---|---| |ToulSCS|||ST||

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