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2021-12-31-accounts

Page
Trust Informadon
Strategle Report
Board Report
Statement ofComprehensive Income
Statemeat ofFlnanclal Position 15
Statement ofChanges in Reserves 16
Statcmeut ofCash Flows 17
Notes to the Financial Statements

Units of Number cf
accommodation resideuts
Lench's Close 64 66
Tanner's Close 24 25
William Lenoh Court 95 100
183 191

Notes 2021 2020
6 I
TURNOVER 2,250,075 2,134,444
Operating
expenditure		 (2,188)304) (2,111)91$)
OPERATING SURPLUS 61,771 22,526
Finance mcome 4 116,561 143,797
Interest and financing costs 6 (174,676) (195,267)
Surplus on disposal offixed assets 5 214,413 34,777
Change in fair value ofinvestments 12 222,028 42,461
TOTAL COMPREHENSIVE INCOME
FORTHE YEAR 440,097 4$,294

2021 Capital Iucome 2020
Total Fund Fund Total
Notes 5 I
TANGIBLE FIXEDASSETS
Housing properties —cost less depreciadon 10 15,203,971 15&203,971 15,496,529
Investment
properties		 11 11,272,291 11,272,291 11,234,963
Investments 12 3,788,900 3,244,667 544,233 3,365,828
Other property,
plant 8:equipment		 13 323,981 - 323,981 326,100
TOTAL FIXED ASSETS 30,589&143 14,516&958 16,072&185 30,423,420
CURRENT ASSETS
Investments
- cash deposits		 14 5,730,426 5,697,535 32&$91 6,260,980
Stock 124,875 - 124,$75 33,750
Debtors 15 334&576 334,576 202,141
Cash 162,475 162,475 195,181
6,352,352 5&697,535 654,817 6,692,052
CREDITORS:
AMOUNTS		 FALLING DUE
WITHIN ONE YEAR 16 (777,707) (777,707) (798,349)
NET CURRENT ASSETSI(LIABILITIES) 5&574,645 5,697,535 (122,$90) 5,893,703
TOTAL ASSETSLESSCURRENT
LIABILITIES 36&163&788 20&214&l93 I5&949&295 36&317&123
CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR 17 ($,313,470) (8,313,470) (8,906,902)
NET ASSETS 27,850,318 20,214,493 7,635,825 27,410,221
Revenue reserve 25,227&109 17,591,284 7&635&825 25,001,148
Permanent
endowment		 2&623&209 2,623,209 2,409,073
TOTALRESERVES 2,7,850,31$ 20,214,493 7,635,825 27,410,221
Revenue Permanent
reserve endowment Total
BALANCE AT I JANUARY 2021 25,001,148 2,409,073 27,410,221
Surplus from statement ofcomprehensive income 440,097 440,097
Transfer between reserves (214,136) 214,136
BALANCE AT 31DECEMBER 2021 25,227,109 2,623,209 27,850,318
Revenue Pertnanent
reserve endowment Total
BALANCE AT 1JANUARY 20'20 25,023,921 2,338,006 27,361,927
Surplus I'rom statement ofcoxnprehensive income 48,294 48,294
Transfer between reserves (71,067) 71,067
BALANCE AT 31DECEMBER 2020 25,001,148 2,409,073 27,410,221

LENCB'S TRUST LENCB'S TRUST LENCB'S TRUST
STATEMENT OF CASH II'LOWS
For the year ended 31December 2021
2021 2020
Notes 8 E
NET CASH (OUTFLOW)/INFLOW
FROM OPERATING ACTIVITIES (77,012) 270,806
CASH FI.OWS FROM FflqANCflqC
ACTIVITIES
Interest
received		 116,561 143,797
Interest paid (174,676) (195,267)
Housing loan (repaid)/
received		 (456,797) (434,746)
(514,912) (486,216)
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase
of housing
properties
(including		 (297,638) (581,767)
components)
Purchase
of
other
property,		 plant &
equipment (86,473) (35,495)
Sale
of
housing
properties		 (including
components) 177,364 64,521
Sale of other
assets
(including		 quoted 214,425 63,670
investments)
Sale oflnvesunent
Properties
Change in fair value ofinvestments 222&028 42,461
Purchase ofinvesunents (201,042) (101,948)
28,664 (548,558)
NET CHANGE
IN CASH		 AND CASH
EQUIVALENTS (563&260) (763,968)
Cash and cash equivalents
at		 the beginning
ofthe year 6,456,161 7,220, 129
Cash and cash equivalents
at		 the end of the
year 5,892,901 6,456,161
A)
RECONCILIATION
OF OPERATING SURPLUS TO NET		 CASH
INFLOW FROM OPERATING ACTIVITIES
2021 2020
E E
Operating
surplus
for the year		 61,771 22,526
Movement
in debtors		 (132,435) 52,101
Movement
in creditors		 (41,946) (40,725)
Movement
in steel&		 (91,125) (33,750)
Depreciation 464,082 428,446
Amortisation
ofGovernment		 grant (115,331) (115,331)
Change
in. fair value ofinvestments		 (222,028) (42,461)
Net cash (outflow)/inflow
&om		 operating (77,012) 270,806
activities

2021
Operating
Operating surplus/
Turnover costs (deficit)
Income and expenditure from lettlngs (note 3a) 1,815,146 (1,230,167) 584,979
Other income and expenditure
Care services 221,600 (392,966) (171,366)
Catering services 42,800 (86&031) (43,231)
Rents from investment properties 165&524 (91&891) 73,633
Management Charges 5,000 5,000
Donations 5 5
Other administrative costs (387,249) (387&249)
Total 2,250&075 (2,188,304) 61,771
2020
Operating
Operating surplus/
Tiunover costs (deficit)
5
Income and expenditure from lettings (note 3a) 1,771,139 (1,142,135) 629,004
Other income and expenditure
Care services 237,324 (402,508) (165,184)
Catering services 42,500 (90,790) (48,290)
Rents from investment properties 78,466 (26,323) 52,143
Management Charges 5,000 5,000
Donations 15 15
Other administrative costs (450,162) (450,162)
Total 2,134,444 (2,111,918) 22,526

2021 2020
E
fncomePom
ietdngs
Housing
contributions
receivable		 net ofvoids -rented 1,598,558 1,544,368
-shared ownership 51,057 61,900
Other housing
rent		 50,200 49,540
Amortisation
ofSHG		 115,331 115,331
Total income from lettings 1&815,146 1,771,139
Expenditure from iettings
Housing accommodation:
Services 139i352 124,585
Management 404,005 389,316
Depreciation ofhousing properties 436439 426,734
Repairs aud maintenance 250,471 201,500
Total housing
operating		 costs 1,230,167 1,142,135
Operating
surplus
from lettings		 584,979 629,004
Void losses for the year were E52,850 (2020i E47,392).
Included
within housing		 contributions receivable is service charge income ofE846,942 for the current year
(2020:E805,803)

2021 2020
investment income 75,771 72,556
Bank interest 40,790 71,241
116„561 143,797

5. SURPLUS ON DISPOSAL OF FIXEDASSETS
2021 2020
Smplus on sale ofquoted investments 225,175 66,968
Deficit on disposal ofother fixed assets (10,762) (32,191)
214,413 34,777
6, INTEREST AiVD FINANCING COSTS
2021 2020
Ban(& loans not wholly repayable within five years 174,676 195,267
SURPLUS ON ORDINARY ACTIVITIES
2021 2020
Smplus on ordinary
activities		 is stated after charging/(crediting)'.
Depreciatimi offixed assets 464,082 455,870
Amortisation
ofGovettunent		 grunts (115,331) (115,331)
Auditor's
remuneration:
In their capacity as auditor 10,050 9,600
Other services 6,655 4,310
8. STAFF COSTS
2021 2020
5
Salaries 865,719 872,275
Social security oosts 65,031 61,345
Other pension costs 659346 62,445
996,096 996,065
Average number offull time equivalent persons employed during the year:
Number Number
Office 7 7
Other scheme staff 12 12
Care team 14 16
Catering team 3 3
Total employees 36 38

CHIEF EX ECU TIVE'S EMOLUMENTS
2021 2020
f f.
Chief executive's emoluments 70,966 70,614
The emoluments ofchief executive disclosed above (excluding pension
contributions) include
amounts paid to:
The highest paid employee 70,966 70,614

Shared
Completed ownership Total
COST
At 1 January 2021 17,934,714 871,749 18,806,463
Additions 219,763 41,625 261,388
Re-purchase of ln Tranche 36,250 36,250
Shared ownership transfers 145,000 (145,000)
Disposals (198,030) (198,030)
At 31December 2021 18,101,447 804,624 18,906,071
Less:
DEPRECIATION
At I January 2021 3,159,601 150,333 3,309,934
Charge for year 399,012 13,819 412,831
Disposals (2,246) (18,419) (20,665)
At 31December 2021 3,556,367 145,733 3,702,100
NKT BOOI&VALUE
At 31December 2021 14,545,080 658,891 15,203,971
At 31December 2020 14,775,113 721,416 15,496,529

FIXED ASSETS —Investment land aud properties (Freehold)
2021 2020
8
COST ORNET BOOK VALUE
At 1 January 2021 11,234,963 11,227,498
Revaluation
Additions 37,328 7,465
At 31December 2021 11,272,291 11,234,963

2021 2020
LC
Cost;
At 1 January 2021 2,17Z,146 2,070,199
Additions 462,453 464&594
Disposals (261&409) (362,647)
At 31 Decetnber 2021 2,373,190 2,172,146
Cost Market value
2021 2020 2021 2020
British Government fixed interest
invesunents 21,500 29,176 22,155 32,217
Other listed investments 2,351&690 2,142,972 3,766,745 3,333,611
Total investments 2,373,190 2,172,148 3,788,900 3,365,828
2021 2020
Market Value:
At 1 January 2021 3,365,828 3,221,420
Add: Additions to investment at cost 462,453 464,594
Less; Disposals at carrying value (261,409) (362,647)
Add: Change in fair value of investments 222,0?8 42,461
At 31Deoember 2021 3,788,900 3,365,828
13. OTHER PR OPE RTY, PLANT dr EQ UIPME NT
Office and
Office accommodation Motor
premises equipment vehicles Total
COST 8 8
At I January 2021 238,714 533,865 19,305 791,884
Additions 49,145 49,145
Disposals (20,482) (20,482)
At 31December 2021 23$,714 562,528 19)305 820)547
DEPRECIATION
At I January 2021 19,645 426,834 19,305 465,784
Depreoiation for the year 4,774 46,477 51,251
Disposals (20,469) (20,469)
At 31December 2021 24,419 452,$42 19)305 496,566
NET BOOI&VALUE
At 31December 2021 214,295 109&686 323,981
At 31 December 2020 219,069 107,031 326,100
Depreciation rates 2% 20% 25%
14. CURRENT ASSETINVE&STMENTS
2021 2020
Charities
Deposit		 Fund and National Savings Bank Investment Account
redeemable within one year and funds held by Broker pending investment.
Capital fund 76,744 62,382
Income fund 5)653,6$2 6,198,598
5)730,426 6,260,980
15. DEBTORS
2021 2020
Inrun) efun)I 8
Trade debtors 226,250 83,228
Prepayments and other debtors 108,326 118,913
334,576 202,141

CREDITORS (AMOUNTS I'AL LING DUE WITHIN ONE YEAR)
Income fund 2021 2020
f.
Housing
loans		 479,030 457,726
Trade creditors 72,703 85,403
Taxation and social security 55,993 15,850
Accruals and deferred income 47&190 117,280
Other creditors 7,460 6,759
Government
grants (note 19)		 115,331 115,331
777,707 798,349
CREDITORS (AMOUNTS FALLING DUK& AFTER MORE THAN ONE YEAR)
2021 2020
Income fiend
Housing loans
Lloyds Bsnit loan 3,184,137 3,662,238
Total housing loans 3,184,137 3,662,238
Govenunent
grants (note 19)		 5,129,333 5,244,664
8,313&470 8,906,902
Analysis ofHousing loonsi
Atnounts
repayable by instalments,		 not wholly repayable within five years;
Repayable
within five years		 2,107,011 2,107,011
Repayable
after five years		 1,077,126 1,555,227
3,184,137 3,662,238
The carrying
values of		 the Company's Company's financial assets and financial assets and liabilities are summarised by category below:
2021 2020
Financial assets
Measured at fair value through Statement ofComprehensive Income
~
Listed investments		 (see note 12) 3,788,900 3,365,828
2021 2020
Financial ttabgtties
Measured
at amoitised		 cost
~
Loans payable		 (see notes 16 & 17) 3,663,167 4,119,964
Measured
at undiscounted		 amount payable 80,163 92,162
~
Trade snd other creditors (see note 16)
19. DEFERRED INCOME —GOVERNMENT GRANTS
2021
8		 2020I
At I January 2021 5,359,997 5,475,328
Grants receivable
Amortisafion
to statement		 of comprehensive income (115431) (115,331)
At 31December 2021 5,244,666 5,359,997
Due &1year 115,333 115,333
Due &Iyear 5,129,333 5,244,664
The cumulative
amount ofSHG received by		 the Tnist isf6,749,124.

At the ye ar end accommodation
in management
was as fo		 llows.
2021 2020
Number Number
Supported blousing (Extra Care) 84 84
Housing for older people 88 88
Shared ownership 11 ll
Total units owned and managed 183 183

The total fanon minimum
lease payments
under non-can		 cellable
operating
leasm are as follows:
2021 2020
8
Payments due:—
Within one year 16,971 16,971
Between one and five yeair, 35,800 46,613
52,771 63,585