2021-12-31-accounts - Kendal Almshouse Charity

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Charity Information
Trustees' Report		2-6
Statement ofTrustees'	Responsibilities
Independent Auditors'	Report	8 - 10
Statement ofComprehensive Income
Statement ofChanges	in Reserves	12
Statement ofFinancial	Posidon	13
Notes to the Financial	Statements	14-22

Established	Established	as CIO	22 March 2017
Principal	Office		36Finkle Street
			Kendal
			Cumbria
			LA9 4AB
Registered		Numbers	Registered Charity Number 1172208
			Homes and Communities	Agency Registration	Number A1059
Tmstees			Mr PGDucksbury (Chair)
			Mrs C Dodwell (Vice Chair)
			Mr RM Cope (Resigned 6th April 2022)
			Mrs H Fitch
			Ms LGray
			MrsIHale (Appointed	11th October 2021)
			Ms 1Hartley (Resigned	10May 2021)
			Miss D Lund
			Mr 1Stirling
Managing		agent	H &H Land &Estates
			36Finkle Street
			Kendal
			Curnbria
			LA9 4AB
			Tel: 01539721375
			Fax:01539732600
Bankers			Barclays Bank Plc
			9Highgate
			Kendel
			Cumbria
			LA9 4DF
Independent		Auditors	Stables Thompson &Briscoe
			Chartered Accountants
			Statutory Auditors
			Lowther House
			Lowther Street
			Kendal
			Cumbria
			LA9 4DX

Disclosure	s are as follows:
		2021	2020	2019	2018
Reinvestment %		0%	0%	0%	0%
New supply delivered		0%	0%	0%	0%
Gearing		8%o	8%	12%	13%
EBITDA	MRI Interest cover	-286%	1115%	713%	103%
Headline	Social Housing Cost per unit	g5,033	j2,255	g2,411	f3,407
Operating	margin	-11%	26%	46%	-211%
Return on	Capital Employed	-1%	19o	2%	-9%

de•nt Alldltor'$ port ¢0 the Trte of Kelld AItD5house Ch4rlty (condnued) Mattern •n whith Jv¢ wre TfqUiTed to report by exception contlnued - the fmanciai statement5 are not in agreeDnI with the accouniing tecords. or - we have not received all the iDfourJation and explanations we require for our audiL Jn additio we have nothing to report in respeci of the following tnatl¢r where the Housing and Regeneration Act 21XJ8 requi8 US to report (o you rf, in our opttiion: - I satisfkctory system of control oveJ IraTrsaclions has noi been maintained. Re4)oThfjibilities the board As explained more fully ill the board's Te5ponsibiIities Statement set out on page 7, the board Jnernbers (who 3re alio the trnst¢es of the association for the purposes of charity law) ar¢ r¢sponsible for the prepatiOn of the fmancial ststements and for being satisfied that they give a tnje aR)d fair view, aTLd for such internal control as the b0d deMIlle is llecessary Lo enable the preparation of financial statem¢nts that are free fiM n)aterial mig$tatemen4 whether du¢ to fra1 or emTrr. Jn preparing th¢ finan¢ial statements, the knrd is responsible for assessing the asswi&tion's ability to continue as a going concern, disclosing. as applicable, mattcr5 rclated to going ¢oncern and using the going coneern basis of accounting unlc%s the board either intends to liquidatr the association or to cease opeT4tions, or has no realistic alternative but to do so. Auditor's responslbilhles for the audlt ofthe flngnci¥l $tstements Our objectives a obiain reasonable assurnnce about whethcr Lhe finan¢ial StaMen(S as a whole are free from material misststrment. v/hether duc to fraud or error, and th issue an audffitor's report that includes opinion. Reasonable as$uranLe is a high level of assurance. but is not a gllatlee thai audit conducted in accord4mcc with ISAS (UK) will always detect a mat¢riai misstaiement when 1¢ exiscs. Misstatetnents can dri frorn fraud or and are considered materiai rf, iDdividually or in the aggregate, tbcy could rca50nably be expected to itrfLuence the t¢onomic decision.% of user$ taken on thc basis of these financial StteentS. Jrregularities, including fraud, are instances of non-compliance laws and regulations. We design procedures in lille with our responsibilitie$, outlined above, to detecl material misstdtrmenis in respect of i¢glarI¢S, including ftaud. The specific prOceduS for this engagernent and the extent to whicb these capable of detecullg irregul#Tities, ineluding fraud is dctsiled below.. We identified areas of laws and regulation% that could reasonably expected to have a nterIal effeci on the financial siatements from our experience and from dis¢ussion5 with management. We reviewed 41ny related correspondence and records of mistee meetings to assess compliance with laws and reglllalions and discussed the CUTrent posiuon wlth management W¢ ensured the audit arn were alert for any indicarions of non40mpIianc¢ throughout the audit work. The Chilable compAny is managed by a managenwnt company which reduces the rilk of fraud. We assessed the management company's wlicies and procedures fvaud risk5. No instances of actua], suspecied or alleged Craud were identified by us Dr the managing cornpany in the year. Owing to the ]nbenI ]imitatioDS of an audit, theTe 18 an unavoidable risk that we may DIX have deteded some nuterial misstatements. in the flnancial sthiements. even though we have properly plat)ned and perfoillKd (M]r audit in accordance wit auditing standar. For example, the further removed non-compliance with laws and regularions (irre8ulariues) is from the ev¢n¢s a1 transactions Teflecd in the financial sthiements. the less likely the inherendy limid procedures required by auditing sthttd8rds would identify il. In addition, as any audiL tbere remained a higher TRsk of nonthtecuoD of irregularities. as these may involve collusion, forgery. intentional omissions, misrepresent&tion5 or ihe override of control5. We ar¢ not responsible for preventing non-complianee and eaDttOt expected io detect compliance with all laws and regulwions. A further desuiption of our Tespon%ibilitie5 is available on the Financial ReFknting Council's website at." hupsJlwww.frc.org.uklOur-WoTklAudiVAlldit-and-assurancelSialldards-and-gvidan¢¢lStandards-and-guidance-for- audiiorslAUdiiors-TegjnSibIlltlc$-fr-aUdlÈs¢nPtion-Of-aud1u)rs-responSibl]lueS-for-alldit.aspx. This descrAption forms part of our auditor's report.

				Year	ended	Year	ended
			Notes	3V12/2021		31/12/2020
					g		g
Turnover
Maintenance contributions	from residents				193,194		190,540
Less: losses from voids					(7,929)		(5,048)
					185,265		185,492
Operating Costs
Services				40,265		35,683
Routine maintenance				25,309		12,349
Cyclical maintenance				79,022		8,452
Extraordinary repairs				25,045		1,083
Management				36,717		34,264
Refurbishment costs						612
Impairment						45,000
					(206,358)		(137,443)
Other income
Donations and wayleave				113		108
Grants received
					113		108
Operating Surplus/(Deficit)					(20,980)		48,157
Income from fixed asset investments					3,310		3,052
Interest receivable and similar		income			23		255
Interest and financing costs					(6,182)		(8,648)
Movement in fair value ofinvestments					40,922		5,778
Surplus/(Defidt) on Ordinary		Activities Before
Taxation					17,093		48,594
Taxation on surplus on ordinary		activities	1 (n)
Total comprehensive income		for the year			17,093		48,594

					Property	Investment
		Restricted	Endowment	Designated	Revaluation	Revaluation	Accumulated
		reserves	reserves	reserves	reserve	reserve	income	Total
At 31December 2019
and 1 January 2020			53,250	1,948,609	714,290	138,252	202,539	3,056,940
Surplus (deficit) for the period			1,333			4,445	42,816	48,594
Transfers between reserves				133,180			(133,180)
Investment in property
Total comprehensive	income		1,333	133,180		4,445	(90,364)	48,594
At 31December 2020
and 1January 2021			54,583	2,081,789	714,290	142,697	112,175	3,105,534
Surplus (deficit) for the period			7,048			33,874	(23,829)	17,093
Transfers between reserves				(20,157)			20,157
Invesnnent in property
Total comprehensive	income		7,048	(20,157)		33,874	(3,672)	17,093
At31December 2021			61,631	2,061,632	714,290	176,571	108,503	3,122,627

			Notes		31/12/2021	31/12/2021	31/12/2020
				g	g
Fixed Assets
Tangible fixed assets					2,795,000		2,795,000
Investments						328,661	287,739
					3,123,661		3,082,739
Current Assets
Debtors			6	16,614			16,516
Bank Current account				23,559			86,856
Bank Deposit accounts				185,747			158,153
				225,920			261,525
Creditors
Amounts falling due	within one year		7	(21,914)			(20,646)
Net Current Assets						204,006	240,879
Total assets less current liabilities					3,327,667		3,323,618
Creditors
Amounts falling due	after one year				(205,040)		(218,084)
Total Net Assets			14		K3,122,627		K3,105,534
The Funds ofthe Charity
Permanent endowment		funds	10			61,631	54,583
Designated funds			11		2,061,632		2,081,789
Property revaluation	reserve		12			714,290	714,290
Investment revaluation		reserve	13			176,571	142,697
Accumulated income	reserve		14			108,503	112,175
					f3,122,627		K3,105,534
hese financial statements		were approved	by the Trustees on 11 April 2022
d signed on their behalf		by:
						,i,~4
PGDucksbury				Mrs CDodwell
Trustee				Trustee

Surplus on Ordinary	Surplus on Ordinary	Activities	3V12/2021	31/12/2020
			g	g
Surplus on ordinary	activities is stated after charging:
Auditors' remuneration		in their capacity as Auditors	f5,976	f6,118
Surplus/(deficit) on	fair value inovement ofinvestments		f40,922	f5,778
Exceptional item:
Impairment				145,010

		Sledall	Nobles Rest	Sandes	John Aston	Romleigh	Total
		Vistoria and		Hospital	Watkins	and War
		Aynam				Memorial
		Chapel				Gardens
		g
Valuation	1
January 2021		1,370,000	715,000	450,000	180,000	80,000	2,795,000
Additions
(Impairment)/
(Reverse
revaluation)
Valuation as at
31/12/2021		f1,370,000	f715,000	f450,000	f180,000	f80,000	f2,795,000

5	Investments		Extraordinary	Permanent	Cychcal
			Repairs	Endowment	Maintenance
			Fund	Fund	Fund	Total
	Historical cost at 1 January 2021		46,102	13,714	44,357	104,173
	Historical cost at 31December 2021		f46,102	f13,714	f44,357	f104,173
	Market value at 1 January 2021		170,424	54,583	62,732	287,739
	Unrealised surplus/(deficit)		22,588	7,048	11,286	40,922
	Market value at 31December 2021		6193,012	661,631	f74,018	f.328,661
	All the investments	are placed with COIF and M8i:G.
6	Debtors: Amounts	Falhng Due Within One Year			3V12/2021	31/12/2020
					g
	Weekly maintenance	contributions			776	1,250
	Less: provision for bad and doubtful		debts
					776	1,250
	Other debtors
	Prepayments				15,838	15,266
					616,614	616,516
7	Creditors: Amounts	Falling Due Within One Year			31/12/2021	31/12/2020
	Trade creditors				287	514
	Bank loan due within one year				13,882	13,882
	Accruals and deferred income				7,745	6,250
					f21,914	f20,646
8	Creditors: Amounts	Falling Due After One Year			31/12/2021	3V12/2020
						g
	Bank loan due after	one year			205,040	218,084
					f205,040	f218,084

	3V12/2021	31/12/2020
Within one year or on demand	13,882	13,882
One year or more but less than two years	14,354	14,354
Two years or more but less than five years	44,713	44,713
Five years or more	145,973	159,017
	f218,922	f231,966

							31/12/2021	31/12/2020
								g
	Sleddall Victoria and Aynam Chapel						618,960	618,960
	Nobles Rest						115,423	115,423
	Sandes Hospital						102,197	102,197
	John Aston		Watkins				27,540	27,540
	Romleigh	and War Memorial			Gardens
							f864,120	f864,120
10	Permanent		Endowment	Funds		Permanent	Investment
						Endowment	Revaluation
						Fund	Fund	Total
	Balance at		1 January 2021			13,714	40,869	54,583
	Unrealised		surplus/(deficit)				7,048	7,048
	Balance at		31December 2021			f13,714	f47,917	f61,631

11	Designated	Funds						Extraordinary	Cyclical
							Property	Repairs	Maintenance
							Fund	Fund	Fund	Total
	Balance at	1January 2021					1,862,626	135,866	83,297	2,081,789
	Trfs (to)/from Accumulated Income			reserve				(3,677)	(44,524)	(48,201)
	Investment	in property					13,044			13,044
	Transfer for Decent Homes Standard							7,500	7,500	15,000
	Balance at	31December 2021					f1,875,670	8139,689	f46,273	g2,061,632
	The Property fund represents internal			funds invested			in property.
	The other funds represent funds set aside for					future	works on property.
12	Property Revaluation Reserve								Social Housing
									Revaluation
									Reserve	Total
	Balance at	1 January 2021							714,290	714,290
	Movement	in the year
	Balance at	31December 2021							f714,290	f714,290
13	Investment	Revaluation Reserve						Extraordinary	Cyclical
								Repairs	Maintenance
								Revaluation	Revaluation	Total
	Balance at	1 January 2021						124,322	18,375	142,697
	Unrealised	surplus/(deficit)						22,588	11,286	33,874
	Balance at	31December 2021						6146,910	829,661	f176,571
14	Accumulated Income Reserve
	Balance at	1January 2021								112,175
	(Deficit) Surplus for the period ended			31December			2021			(23,829)
	Transfer from/(to):
	Investment	in property - mortgage	repayments						(13,044)
	Impairment	ofproperty to property	fund
	Designated	funds - extraordinary repair fund				over spend			3,677
	Designated	funds - cyclical maintenance			fund over spend				44,524
	Designated	funds - Decent Homes	Standard						(15,000)	20,157
	Balance at	31December 2021								108,503
						Page 21

Analysis o	f	net asset	s	between f	unds
					Tangible	Investments		Creditors	Total
					Fixed		Net Current	due after
					Assets		Assets	one year
Permanent	endowment			funds		61,631			61,631
Designated		funds			2,080,710	90,459	95,503	(205,040)	2,061,632
Property revaluation			reserve		714,290				714,290
Investment		revaluation		reserve		176,571			176,571
Accumulated		income		reserve			108,503		108,503
					82,795,000	f328,661	f204,006	(205,040)	K3,122,627