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