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|||||Page|
|---|---|---|---|---|
|Governors'
Report||||1-6|
|Independent
Auditor's|Report|||7-9|
|Statement of Financial|Activities (Incorporating|the Income and Expenditure|Account)|10|
|Balance Sheet|||||
|Statement ofCash Flows||||12|
|Notes to the Financial|Statements|||13—27|
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|Year Ended 30Jun|Year Ended 30Jun|e 2021|e 2021|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Charity registration||number||1146710||||||||
|Company|registration||number|07890553||||||||
|Registered|office|||Temple House||||||||
|||||Temple Balsall||||||||
|||||Knowle||||||||
|||||Solihull||||||||
|||||B93OAN||||||||
|Auditor||||Dafferns
LLP||||||||
|||||Chartered
Accountants|||and Statutory|||Auditor||
|||||One Eastwood||||||||
|||||Harry Weston Road||||||||
|||||Binley Business|Park|||||||
|||||Coventry||||||||
|||||CV3 2UB||||||||
|Bankers||||HSBC Bank pic||||||||
|||||130New Street||||||||
|||||Birmingham||||||||
|||||B24JU||||||||
|Solicitors||||Wright Hassall|LLP|||||||
|||||Olympus
Avenue||||||||
|||||Leamington
Spa||||||||
|||||Warwickshire||||||||
|||||CV34 6BF||||||||
|Investment|managers|||Sarasin 8 Partners||LLP||||||
|||||Juxon House||||||||
|||||100St. Paul's Churchyard||||||||
|||||London||||||||
|||||EC4M 8BU||||||||
|||||Property
Income Trust for Charities||||||||
|||||Mayfair Capital|Investment|||Management|||Limited|
|||||55Wells Street||||||||
|||||London||||||||
|||||WIT 3PT||||||||
|||||Charities
Property||Fund||||||
|||||Savills investment||Management||||||
|||||33Margaret Street||||||||
|||||London||||||||
|||||WIG OJD||||||||
|||||CCLA Investment||Management|||Limited|||
|||||Senator House||||||||
|||||85Queen Victoria||Street||||||
|||||London||||||||
|||||EC4V4ET||||||||
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|||||||Total|Total|
|---|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Endowment|funds|funds|
||||funds|funds|funds|2021|2020|
|||Note||F|F||F|
|Income from:||||||||
|Donations
and legacies|||20|12,851||12,871|9,601|
|Charitable
activities|||1,547,861|||1,547,861|1,398,458|
|Other trading
activities|||36|||36|1,888|
|Investments|||174,596||129,965|304,561|304,356|
|Other income|||110,324|||110,324|7,686|
|Allocated to income|from|||||||
|unapplied
total return|||129,965||(129,965)|||
|Total income|||1,962,802|12,851||1,975,653|1,721,989|
|Expenditure
on:||||||||
|Raising funds —property||||||||
|management||10|(180,195)|(1,800)||(181,995)|(180,496)|
|Charitable
activities||11|(1,385,496)|(3,645)||(1,389,141)|(1,254,193)|
|Total expenditure|||(1,565,691)|(5,445)||(1,571,136)|(1,434,689)|
|Net Income l(expenditure)|||397,111|7,406||404,517|287,300|
|before investment|gains|||||||
|and losses||||||||
|Net gains/(losses)
on||19,||||||
|investments||20|159,715||3,467,281|3,626,996|112,801|
|Net income after gains on|||556,826|7,406|3,467,281|4,031,513|400,101|
|investments||||||||
|Transfers
between|funds||2,035|(2,035)||||
|Net movement
in funds||25|558,861|5,371|3,467,281|4,031,513|400,101|
|Reconciliation
offunds:||||||||
|Total funds brought|forward|25|2,768,223|21,150|15,265,677|18,055,050|17,654,949|
|Total funds carried
forward||25|3,327,084|26,521|18,732,958|22,086,563|18,055,050|
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||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|
|||||||Note|||
|Fixed assets|||||||||
|Tangible assets||||||18|4,136,991|4,111,577|
|Investments||||||19|16,104,543|12,502,733|
||||||||20,241,534|16,614,310|
|Current assets|||||||||
|Investments||||||20|877,354|652,168|
|Stocks||||||21|1,630|2,490|
|Debtors||||||22|85,124|77,397|
|Cash at bank and|||in hand||||1,345,960|1,126,984|
||||||||2,310,068|1,859,039|
|Creditors:|amounts|||falling|due||||
|within one|year|||||23|(465,039)|(418,299)|
|Net current assets|||||||1,845,029|1,440,740|
|Net assets|||||||22,086,563|18,055,050|
|Charity funds|||||||||
|Permanent|endowment|||||26|18,732,958|15,265,677|
|Restricted|funds|||||25|26,521|21,150|
|Unrestricted|funds:||||||||
|-Income|and|expenditure|||fund|25|1,919,411|1,423,809|
|- Designated||funds||||25|1,407,673|1,344,414|
||||||||3,327,084|2,768,223|
||||||||22,086,563|18,055,050|
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|||||2021|2020|
|---|---|---|---|---|---|
||||Note|||
|Cash flow from operating|activities||27|189,547|110,121|
|Net cash flow from operating||activities||189,547|110,121|
|Cash flow from investing|activities|||||
|Tangible fixed assets acquired||||(75,132)|(27,150)|
|Investments
acquired||||(425,306)||
|Investments
sold||||225,306||
|Interest received||||199|4,150|
|Dividends
received||||167,686|169,566|
|Rents received from investment||properties||136,676|130,640|
|Net cash flow from investing||activities||29,429|277,206|
|Net increase
in cash and|cash equivalents|||218,976|387,327|
|Cash and cash equivalents|at|1July 2020||1,126,984|739,657|
|Cash and cash equivalents|at|30 June 2021||1,345,960|1,126,984|
|Cash and cash equivalents|consist of."|||||
|Cash at bank and
in hand||||1,345,960|1,126,984|
|Cash and cash equivalents|at|30June 2021||1,345,960|1,126,984|
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|Income from donations
and legacies|||
|---|---|---|
||2021|2020|
||R||
|Donations|12,871|9,601|
|Legacies|||
||12,871|9,601|
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|||2021|2020|
|---|---|---|---|
|Residential|care|1,400,191|1,159,046|
|Sheltered|accommodation|80,899|86,392|
|Respite care||43,648|131,293|
|Domiciliary|care|20,071|17,411|
|Other income||3,053|4,317|
|||1,547,861|1,398,458|
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|||2021|2020|
|---|---|---|---|
|Dividend|and interest income|167,885|173,716|
|Rental income||136,676|130,640|
|||304,561|304,356|
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|||||||||Endowment|Unapplied|Permanent|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||for|total|endowment|
|||||||||investment|return|investments|
|||||||||||f|
|At 1 July 2020||||||||2,221,238|1,702,939|3,924,177|
|Movements|||||||||||
|Investment|income||||||||129,965|129,965|
|Gains I(losses)|||||||||422,281|422,281|
||||||||||552,246|552,246|
|Unapplied|total|return allocated||to income|||||(129,965)|(129,965)|
|Unapplied|total|return allocated||to investment||to|||||
|maintain
capital||value||||||55,224|(55,224)||
|Net movement||in the reporting||period||||55,224|(185,189)|(129,965)|
|Total value|of permanent||endowment||investments||at||||
|30June 2021||||||||2,276,462|2,069,996|4,346,458|
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|nalysis|ofexpenditure
on cha|ritable
activities||||
|---|---|---|---|---|---|
|||Activities||||
|||undertaken|Support|Total|Total|
|||directly|costs|2021|2020|
||||||f.|
|Care home||||||
|Provision|ofcare services|1,149,122|111,526|1,260,648|1,125,937|
|Routine maintenance||64,167||64,167|72,890|
|Major repairs||12,632||12,632|17,662|
|||1,225,922|111,526|1,337,448|1,216,489|
|St Mary's|Church
8 Lady|||||
|Katherine|Leveson School|||||
|support||51,693||51,693|37,704|
|||1,277,614|111,526|1,389,141|1,254,193|
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|upport cost|s||||
|---|---|---|---|---|
||||2021|2020|
|Master's salary (part)|||13,294|12,813|
|Management|||44,559|36,156|
|Administration|||10,462|10,783|
|Insurance|||20,800|14,797|
|Governance|(see|note 13)|22,411|18,434|
||||111,526|92,983|
|overnance|costs||||
||||2021|2020|
|Audit and accountancy|||14,100|14,260|
|Property
valuation||fees|4,500||
|Bailiffs salary (part)|||3,811|4,174|
||||22,411|18,434|
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|||Properties||Other||
|---|---|---|---|---|---|
|||and|Care home|charitable||
|||investments|activities|activities|Total|
|||||E||
|Income:||||||
|Donations
and legacies||1,800|8,071|3,000|12,871|
|Rental and other||||||
|investment
income||304,597|||304,597|
|Charitable
activities|||1,547,861||1,547,861|
|Other income||2,284|108,040||110,324|
|Total income||308,681|1,663,972|3,000|1,975,653|
|Expenditure:||||||
|Raising funds —property||||||
|management||(181,995)|||(181,995)|
|Charitable
activities||||||
|Total expenditure||(181,995)|(1,337,448)|(51,693)|(1,571,136)|
|Net income||126,686|326,524|(48,693)|404,517|
|Notional
rent payable|by|||||
|care home||207,090|(207,090)|||
|Total||333,776|119,434|(48,693)|404,517|
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|The average
mo|nthly
nu|mber
of|employees
during
the ye|ar was as fo|llows:|||
|---|---|---|---|---|---|---|---|
||||||2021||2020|
|Bailiff, Master and Care||Manager||||3|3|
|Care assistants,|kitchen,|manual|and other administration|staff||45|42|
|||||||48|45|
|Total staff costs and employee
benefits were as|follows:||
|---|---|---|
||2021|2020|
|Wages and salaries|961,196|873,002|
|Social security costs|48,726|43,334|
|Pension costs|15,093|13,449|
||1,025,015|929,785|
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||||Permanent|Permanent|Unrestricted||
|---|---|---|---|---|---|---|
||||endowment|endowment|fund||
||||properties|investments|investments|Total|
|Valuation|||||||
|At 1 July 2020|||7,416,500|3,924,177|1,162,056|12,502,733|
|Additions|||||||
|Disposals|||||||
|Revaluation|||3,045,000|||3,045,000|
|Change
in|market|value||422,281|134,529|556,810|
|At 30June|2021||10,461,500|4,346,458|1,296,585|16,104,543|
|Investments|at fair|value|comprise:||||
||||||2021|2020|
||||||E||
|Investment|properties||||10,461,500|7,416,500|
|Property trusts|||||371,717|361,453|
|Income and|growth|funds|||5,271,325|4,724,780|
||||||16,104,543|12,502,733|
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|At 1 July|2020|652,168|
|---|---|---|
|Additions||425,306|
|Disposals||(225,306)|
|Change|in market value|2,048|
|Profit on|sale of investments|23,138|
|At 30June 2021||877,354|
|Cost||776,111|
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|||||2021f|2020|
|---|---|---|---|---|---|
|Food,|cleaning|and|laundry|1,630|2,490|
|||||1,630|2,490|
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|Debtors|||||
|---|---|---|---|---|
||||2021|2020|
|Residents'
contribution||arrears|8,092|10,822|
|Rent arrears|||21,034|25,643|
|Prepayments
Other debtors|and accrued income||35,966
20,032|23,182
17,750|
||||85,124|77,397|
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|||2021|2020|
|---|---|---|---|
|Trade creditors||70,054|70,917|
|Other tax and social security||4,916|8,411|
|Accruals||196,116|160,989|
|Other creditors||127,215|113,564|
|Residents'
contribution|in advance|63,024|61,040|
|Related
party creditor|(see note 31)|3,714|3,378|
|||465,039|418,299|
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|Total future
minimum
lease payments
under non-cancellable|operating
leases are as follo|ws:|
|---|---|---|
||2021|2020|
||f.||
|Not later than one year|5,660|3,980|
|Later than one and not later than five years|20,852|2,608|
|Later than five years|13,860||
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|Restricte|d funds|||||||
|---|---|---|---|---|---|---|---|
|||Balance||||||
|||at 1 July||||Gains I|Balance at|
|||2020|income|Expenditure|Transfers|(losses)|30June 2021|
|||F|F|||||
|Donation|reserve|21,150|12,851|(5,445)|(2,035)||26,521|
|||21,150|12,851|(5,445)|(2,035)||26,521|
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|Unrestricted|funds|||||||
|---|---|---|---|---|---|---|---|
|||Balance|||||Balance at|
|||at 1July||||Gains I|30June|
|||2020|Income|Expenditure|Transfers|(losses)|2021|
|||E|||F|||
|Income and||||||||
|expenditure|fund|1,423,809|1,962,802|(1,550,691)|(197,965)|811,456|1,719,411|
|Designated:||||||||
|Property||||||||
|improvements||650,000|||200,000||850,000|
|Lady Cadbury||||||||
|bequest||301,067||||34,818|335,885|
|Barbara Leonard||||||||
|bequest||191,179||(15,000)||18,255|194,434|
|Major repair|reserve|202,168||||25,186|227,354|
|||2,768,223|1,962,802|(1,565,691)|2,035|159,715|3,327,084|
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|Analysis|of net asse|ts between funds||||
|---|---|---|---|---|---|
|||Permanent|Restricted|Unrestricted||
|||endowment|funds|funds|Total|
||||||E|
|Fixed assets||3,925,000||211,991|4,136,991|
|Investments||14,807,958||1,296,585|16,104,543|
|Current|assets||26,521|2,283,547|2,310,068|
|Current|liabilities|||(465,039)|(465,039)|
|Total||18,732,958|26,521|3327 084|22,086,563|
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|Reconciliation
of|net incom|e to net ca|sh flow from operatin|g
activities||
|---|---|---|---|---|---|
|||||2021|2020|
|Net income for year
Dividends
received||||4,031,513
(167,686)|400,101
(169,566)|
|Interest receivable||||(199)|(4,150)|
|Rental income||||(136,676)|(130,640)|
|Depreciation
and impairment
oftangible
(Gains)/losses
on investments|||fixed assets|47,158
(581,996)|49,377
(112,801)|
|Revaluation
of investments||||(3,045,000)||
|Loss on disposal of|tangible|fixed assets||2,560|325|
|(Increase)/decrease
(Increase)/decrease|in stock
in debtors|||860
(7,727)|(260)
15,115|
|Increase/(decrease)|in creditors|||46,740|62,620|
|Net cash flow from|operating|activities||189,547|110,121|
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