| Page | ||||
|---|---|---|---|---|
| Governors' Report |
1-7 | |||
| Independent Auditor's |
Report | |||
| Statement of Financial | Activities (Incorporating | the Income and Expenditure | Account) | 12 |
| Balance Sheet | ||||
| Statement ofCash Flows | ||||
| Notes to the Financial | Statements | 15—29 |
| Elected governors | Elected governors | The Rt Hon the Earl ofAylesford | (Chairman) | |
|---|---|---|---|---|
| The Rt Hon Viscount Daventry | ||||
| Sir William Dugdale Bt |
||||
| J Evans OBE | ||||
| M C Fetherston-Dilke | ||||
| Mrs N Hammett (appointed 23 May 2022) |
||||
| Mrs C Hopkinson | ||||
| R Macpherson (appointed 20 July 2022) |
||||
| Mrs C Matthews (appointed 25 |
January 2022) | |||
| Mrs C Sawdon JP (resigned 2 November 2022) | ||||
| Ex-officio | governor | The Rt Revd The Lord Bishop of Birmingham | (retired 18October 2022) | |
| Governors | nominated | M Adlington (retired 20 July 2022) |
||
| by Solihull | MBC | D Bell | ||
| Councillor A Burrow (appointed | 17May 2022) | |||
| Master | The Revd K Lloyd-Roberts (retired 30September 2022) |
|||
| Bailiff | Mrs SWoodman ACA |
|||
| Care Manager | Mrs P Johal (until 24 December | 2021) | ||
| Mr S Blancaflor |
| Year Ended 30Ju | Year Ended 30Ju | ne 2022 | ne 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Charity registration | number | 1146710 | |||||||||
| Company | registration | number | 07890553 | ||||||||
| Registered | oNce | 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 & Partners | LLP | ||||||||
| Juxon House | |||||||||||
| 100St. Paul's Churchyard | |||||||||||
| London | |||||||||||
| EC4M 8BU | |||||||||||
| Property Income Trust for Charities |
|||||||||||
| Mayfair Capital | investment | Management | Limited | ||||||||
| 55 Wells Street | |||||||||||
| London | |||||||||||
| WIT 3PT | |||||||||||
| Charities Property |
Fund | ||||||||||
| Savills Investment | Management | ||||||||||
| 33 Margaret Street | |||||||||||
| London | |||||||||||
| WIG OJD | |||||||||||
| CCLA Investment | Management | Limited | |||||||||
| Senator House | |||||||||||
| 85Queen Victoria | Street | ||||||||||
| London | |||||||||||
| EC4V4ET |
| Year Ended 30J | u | ne 202 | 2 | |||||
|---|---|---|---|---|---|---|---|---|
| Total | Total | |||||||
| Unrestricted | Restricted | Endowment | funds | funds | ||||
| Note | funds | fundsf | funds | 2022 | 2021 | |||
| Income from: | ||||||||
| Donations and legacies |
25,676 | 12,999 | 38,675 | 12,871 | ||||
| Charitable activities |
1,333,187 | 1,333,187 | 1,547,861 | |||||
| Other trading activities |
1,085 | 1,085 | 36 | |||||
| Investments | 190,473 | 123,608 | 314,081 | 304,561 | ||||
| Other income | 96,658 | 96,658 | 110,324 | |||||
| Allocated to income | from | |||||||
| unapplied total return |
123,608 | (123,608) | ||||||
| Total income | 1,770,687 | 12,999 | 1,783,686 | 1,975,653 | ||||
| Expenditure on: |
||||||||
| Raising funds —property | ||||||||
| management | 10 | (214,939) | (1,800) | (216,739) | (181,995) | |||
| Charitable activities |
11 | (1,448,407) | (3,861) | (1,452,268) | (1,389,141) | |||
| Total expenditure | (1,663,346) | (5,661) | (1,669,007) | (1,571,136) | ||||
| Net income/(expenditure) | ||||||||
| before investment | gains | 107,341 | 7.338 | 114,679 | 404,517 | |||
| and losses | ||||||||
| Net gains/(losses) | on | 19, | ||||||
| investments | 20 | (113,941) | (231,886) | (345,827) | 3,626,996 | |||
| Net income/(expenditure) after losses on |
(6,600) | 7,338 | (231,886) | (231,148) | 4,031,513 | |||
| investments | ||||||||
| Transfers between |
funds | 12,095 | (12,095) | |||||
| Net movement in |
funds | 25 | 5,495 | (4,757) | (231,886) | (231,148) | 4,031,513 | |
| Reconciliation of |
funds: | |||||||
| Total funds brought | forward | 25 | 3,327,084 | 26,521 | 18,732,958 | 22,086,563 | 18,055,050 | |
| Total funds carried | 25 | 3,332,579 | 21,764 | 18,501,072 | 21,855,415 | 22,086,563 | ||
| forward |
| Note | 2022 | 2021f | |||
|---|---|---|---|---|---|
| Cash flow from operating | activities | 27 | (238,949) | 189,547 | |
| Net cash flow from operating | activities | (238,949) | 189,547 | ||
| Cash flow from investing | activities | ||||
| Tangible fixed assets acquired | (68,430) | (75,132) | |||
| Investments acquired |
(425,306) | ||||
| Investments sold |
225,306 | ||||
| Interest received | 2,133 | 199 | |||
| Dividends received |
163,877 | 167,686 | |||
| Rents received from investment | properties | 148,071 | 136,676 | ||
| Net cash flow from investing | activities | 245,651 | 29,429 | ||
| Net increase in cash and cash equivalents |
6,702 | 218,976 | |||
| Cash and cash equivalents | at | 1 July 2021 | 1,345,960 | 1,126,984 | |
| Cash and cash equivalents | at | 30June 2022 | 1,352,662 | 1,345,960 | |
| Cash a.nd cash equivalents | consist of: | ||||
| Cash at bank and in hand |
1,352,662 | 1,345,960 | |||
| Cash and cash equivalents | at | 30June 2022 | 1,352,662 | 1,345,960 |
| 2022 | 2021 | ||
|---|---|---|---|
| Residential | care | 1,196,476 | 1,400,191 |
| Sheltered | accommodation | 64,276 | 80,899 |
| Respite care | 62,551 | 43,648 | |
| Domiciliary | care | 6,638 | 20,071 |
| Other income | 3,246 | 3,053 | |
| 1,333,187 | 1,547,861 |
| 2022 | 2021 | ||
|---|---|---|---|
| Dividend | and interest income | 166,010 | 167,885 |
| Rental income | 148,071 | 136,676 | |
| 314,081 | 304,561 |
| Endowment | Unapplied | Permanent | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| for | total | endowment | ||||||||
| investment | return | investments | ||||||||
| E | f. | |||||||||
| At 1 July 2021 | 2,276,462 | 2,069,996 | 4,346,458 | |||||||
| Movements | ||||||||||
| Investment | income | 123,608 | 123,608 | |||||||
| Gains / (losses) |
(231,886) | (231,886) | ||||||||
| (108,278) | (106,873) | |||||||||
| Unapplied | total | return allocated | to income | (123,608) | (123,608) | |||||
| Unapplied | total | return allocated | to investment | to | ||||||
| maintain capital |
value | 75,000 | (75,000) | |||||||
| Net movement | in the reporting | period | 75,000 | (306,886) | (231,886) | |||||
| Total value | of permanent | endowment | investments | at | ||||||
| 30June 2022 | 2,351,462 | 1,763,110 | 4,114,572 |
| nalysis ofexp | enditure on charita |
ble activities |
|||
|---|---|---|---|---|---|
| Activities | |||||
| undertaken | Support | Total | Total | ||
| directly | costs | 2022 | 2021 | ||
| f. | f, | ||||
| Care home | |||||
| Provision ofcare services | 1,209,003 | 124,379 | 1,333,382 | 1,260,649 | |
| Routine maintenance | 66,016 | 66,016 | 64,167 | ||
| Major repairs | 8,580 | 8,580 | 12,632 | ||
| 1,283,600 | 124,379 | 1,407,978 | 1,337,448 | ||
| Support for: | |||||
| St Mary's Church | 32,909 | 32,909 | 38,065 | ||
| Lady Katherine | Leveson School | 11,381 | 11,381 | 13,628 | |
| 1,327,889 | 124,379 | 1,452,268 | 1,389,141 |
| upport c | osts | ||
|---|---|---|---|
| 2022 | 2021 | ||
| E | |||
| Master's | salary (part) | 13,828 | 13,294 |
| Management | 54,706 | 44,559 | |
| Administration | 8,728 | 10,462 | |
| Insurance | 26,513 | 20,800 | |
| Governance (see note 13) | 20,604 | 22,411 | |
| 124,379 | 111,526 | ||
| overnanc | e costs | ||
| 2022 | 2021 | ||
| Audit and | accountancy | 14,100 | 14,100 |
| Property | valuation fees | 4,500 | |
| Bailiff's salary (part) | 6,504 | 3,811 | |
| 20,604 | 22,411 |
| Properties | Other | ||||
|---|---|---|---|---|---|
| and | Care home | charitable | |||
| investments | activities | activities f |
Total | ||
| Income: | |||||
| Donations and legacies |
1,800 | 8,049 | 28,826 | 38,675 | |
| Rental and other | |||||
| investment income |
314,081 | 314,081 | |||
| Charitable activities |
1,333,187 | 1,333,187 | |||
| Other income | 4,635 | 93,108 | 97,743 | ||
| Total income | 320,516 | 1,434,345 | 28,826 | 1,783,686 | |
| Expenditure: | |||||
| Raising funds —property | |||||
| management | (216,739) | (216,739) | |||
| Charitable activities |
1,407,978 | ||||
| Total expenditure | (216,739) | (1,407,978) | (44,290) | (1,669,007) | |
| Net income | 103,777 | 26,366 | (15,464) | 114,679 | |
| Notional rent payable |
by | ||||
| care home | 216,409 | (216,409) | |||
| Total | 320,186 | (190,043) | (15,464) | 114,679 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Bailiff, Master and Care | Manager | 3 | 3 | |||||
| Care assistants, | kitchen, | manual | and other administration | staff | 41 | 45 | ||
| 44 | 48 |
| Total staff costs and employee benefits were as |
follows: | |
|---|---|---|
| 2022 | 2021 | |
| P | ||
| Wages and salaries | 976,545 | 961,196 |
| Social security costs | 54,102 | 48,726 |
| Pension costs | 18,011 | 15,093 |
| 1,048,658 | 1,025,015 |
| Tangible fixed assets | ||||
|---|---|---|---|---|
| Care home | Fixtures | |||
| and related | and | Motor | ||
| buildings | fittings | vehicles | Total | |
| Cost or valuation: | ||||
| At 1 July 2021 | 3,925,000 | 681,406 | 25,000 | 4,631,406 |
| Additions Disposals |
68,430 (37,688) |
68,430 ~37,888) |
||
| At 30June 2022 | 3,925,000 | 712,148 | 25,000 | 4,662,148 |
| Depreciation: | ||||
| At 1 July 2021 | 469,415 | 25,000 | 494,415 | |
| Charge for the year | 53,792 | 53,792 | ||
| Eliminated on disposals |
(36,394) | (36,394) | ||
| At 30June 2022 | 486,813 | 25,000 | 511,813 | |
| Net book value: | ||||
| At 30June 2022 | 3,925,000 | 225,335 | 4,150,335 | |
| At 30June 2021 | 3,925,000 | 211,991 | 4,136,991 |
| Fixed a | sse | t investments | ||||
|---|---|---|---|---|---|---|
| Permanent | Permanent | Unrestricted | ||||
| endowment | endowment | fund | ||||
| properties | investments | investments | Total | |||
| f. | ||||||
| Valuation | ||||||
| At 1 July | 2021 | 10,461,500 | 4,346,458 | 1,296,585 | 16,104,543 | |
| Additions | ||||||
| Disposals | ||||||
| Revaluation | ||||||
| Change | in | market value | (231,886) | (97,120) | (329,006) | |
| At 30June | 2022 | 10,461,500 | 4,114,572 | 1,199,465 | 15,775,537 | |
| Investments | at fair value | comprise: | ||||
| 2022 | 2021 | |||||
| f. | ||||||
| Investment | properties | 10,461,500 | 10,461,500 | |||
| Property | trusts | 438,197 | 371,717 | |||
| Income | and growth funds | 4,875,840 | 5,271,325 | |||
| 15,775,537 | 16,104,543 |
| 21 | Stocks | |||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Food, cleaning | and laundry | 1,854 | 1,630 | |||
| 1,854 | 1,630 | |||||
| 22 | Debtors | |||||
| 2022 | 2021 | |||||
| 'E | ||||||
| Residents' | contribution | arrears | 9,330 | 8,092 | ||
| Rent arrears | 43,938 | 21,034 | ||||
| Prepayments | and accrued income | 46,935 | 35,966 | |||
| Other debtors | 19,142 | 20,032 | ||||
| 119,345 | 85,124 | |||||
| 23 | Creditors: | amounts | falling due within one year |
| Creditors: amounts |
falling due within one year | ||
|---|---|---|---|
| 2022 | 2021 | ||
| Trade creditors | 61,574 | 70,917 | |
| Other tax and social security | 16,964 | 4,916 | |
| Accruals | 156,109 | 196,116 | |
| Other creditors | 108,433 | 127,215 | |
| Residents' contribution |
in advance | 57,839 | 63,024 |
| Related party creditor |
(see note 31) | 3,930 | 3,714 |
| 404,849 | 465,039 |
| 2022 | 2021 | |
|---|---|---|
| Not later than one year | 5,515 | 5,660 |
| Later than one and not later than five years | 20,089 | 20,852 |
| Later than five years | 9,108 | 13,860 |
| Fund reco Restricted |
nciliation funds |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance | ||||||||||||
| at1 July | Gains I | Balance at | ||||||||||
| 2021 Income |
Expenditure | Transfers | (losses) | 30June 2022 | ||||||||
| Donation reserve | 26,521 | 12,999 | (5,661) | (12,095) | 21,764 | |||||||
| 26,521 | 12,999 | (5,661) | (12,095) | 21,764 | ||||||||
| Donations | reserve - represents donations |
received | less expenditure | incurred | in line | with donors' | wishes. | |||||
| Unrestricted | funds | |||||||||||
| Balance | Balance at | |||||||||||
| at 1 July | Unrealised | 30 | June | |||||||||
| 2021 Income |
Expenditure | Transfers | Gains l | 2022 | ||||||||
| F | (losses) | |||||||||||
| F | ||||||||||||
| Income and | ||||||||||||
| expenditure | fund | 1,719,411 | 1,770,687 | (1,662,846) | 12,095 | (58,788) | 1,780,559 | |||||
| Designated: | ||||||||||||
| Property | ||||||||||||
| improvements | 850,000 | 850,000 | ||||||||||
| Lady Cadbury | ||||||||||||
| bequest | 335,885 | (25,156) | 310,729 | |||||||||
| Barbara Leonard | ||||||||||||
| bequest | 194,434 | (500) | (13,174) | 180,760 | ||||||||
| Major repair | reserve | 227,354 | (16,823) | 210,531 | ||||||||
| 3,327,084 | 1,770,687 | (1,663,346) | 12,095 | (113,942) | 3,332,579 |
| Allocated to | ||||||||
|---|---|---|---|---|---|---|---|---|
| Balance at | income from | |||||||
| 1July | unapplied | Gains / |
Balance at | |||||
| 2021f | Income | total return | (losses) | 30June 2022 f. |
||||
| Endowment | Funds | 18,732,958 | 123,608 | (123,608) | (231,886) | 18,501,072 | ||
| 18,732,958 | 123,608 | (123,608) | (231,886) | 18,501,072 | ||||
| Analysis | of net | assets between | funds | |||||
| Permanent | Restricted | Unrestricted | ||||||
| endowment | funds | funds | Total | |||||
| Fixed assets | 3,925,000 | 225,335 | 4,150,335 | |||||
| Investments | 14,576,072 | 1,199,465 | 15,775,537 | |||||
| Current | assets | 21,764 | 2,312,628 | 2,334,392 | ||||
| Current | liabilities | (404,849) | (404,849) | |||||
| Total | 18,501,072 | 21,764 | 3,332,579 | 21,855,415 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Net income for year | (231,148) | 4,031,513 | ||
| Dividends received |
(163,877) | (167,686) | ||
| Interest receivable | (2133) | (199) | ||
| Rental income | (148,071) | (136,676) | ||
| Depreciation and impairment |
oftangible | fixed assets | 53,792 | 47,158 |
| (Gains)/losses on investments |
345,827 | (581,996) | ||
| Revaluation of investments |
(3,045,000) | |||
| Loss on disposal oftangible fixed assets | 1,294 | 2,560 | ||
| (Increase)/decrease in stock |
(224) | 860 | ||
| (Increase)/decrease in debtors |
(34,220) | (7,727) | ||
| Increase/(decrease) in creditors |
(60,189) | 46,740 | ||
| Net cash flow from operating | activities | (238,949) | 189,547 |