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2020-12-31-accounts

INDEX
Page
Reference and Administrative
Details
Trustees' Report 2 —5
Independent
Examiner's
Report
Statement of Comprehensive
Income
Statement of Changes
in Reserves
Statement of Financial
Position
Statement of Cash Flows
Notes to the Financial
Statements		 10 —20

Metric 2020 2019 SPBG
2020		 Commentary
New supply The
Charity
has		 30
units
in
delivered 0% 0% 0% management,
with		 no
changes
in
the
ear under
review.
Gearing
has
risen		 above
industry
Gearing 28.79% 14.47% 16.38% standard
due
to		 interest
on
borrowing
s
for		 the
extensive
refurbishment
ofthe		 almshouses.
EBITDA MRI (3,118.68)% (7,538.56)% 250.5% Extensive
capitalised		 refurbishment
costs are included
in		 this metric.
Social Housing f23,403 f43,794 f4,597 This
reflects		 significant
Cost Per Unit refurbishment
costs in the
ear.
Margin
reflects
high		 voids
suffered
Operating (5.26)% 45.25% 17.52% due to development works as well as
Margin Overall high
repair
costs		 for
non-capital
works.
Grants
receivable
were
Social Housing (5.50)% (1.88)% significant
in 2019, producing
a high
Lettin s onl overall
mar
in.
This reflects the operating
deficit
in
ROCE (0.25)% 1.78% 2.35% the year due to voids and high repair
costs
Consistent
with		 significant
Reinvestment 26.53% 70.84% 3.62% refurbishment
works		 undertaken
in
the year.

Notes 2020 2019
E
TURNOVER 141,032 126,132
Operating
Expenditure		 (148,794) (128,506)
Other Income 350 59,453
Loss on disposal
of fixed		 assets 432 1816
OPERATING (DEFICIT)/SURPLUS (7,844) 55,263
Investment
Income		 34,598 33,590
Interest
Receivable		 676 3,154
Interest
Payable		 (18,490) (15,100)
(Loss)/gain
on revaluation		 of investment assets (60,056) 103,603
(DEFICIT)/SURPLUS
AND TOTAL
COMPREHENSIVE
INCOME FOR THE		 YEAR E(51,116) E180,510
TATEMENT OF CHAN E IN RE ERVE
Balance at 1"january
2020		 1,707,832 1,527,322
(Deficit)/surplus
from Statement		 of Comprehensive Income 51 116 180510
Balance at 31"December 2020 Ei 656 716 E1707 832

Notes 2020 2019
FIXEDASSETS
Housing
Properties:
Depreciated
Cost		 Sa 2,245,932 1,692,213
Work in Progress Sb 94,967
Other Fixed Assets Sc 5,176 4,350
2,251,108 1,791,530
CURRENT ASSETS
Trade and Other Debtors 10 7,856 15,254
Investments 11 892,689 889,426
Cash and cash equivalents 101750 525 590
1,002,295 1,430,270
Less:
CREDITORS: Amounts falling
due within one year 12 89696 124 233
NET CURRENT ASSETS 912,599 1,306,037
CREDITORS: Amounts falling
due outside one year 13 (1,506,991) (1,389,735)
TOTAL NET ASSETS E1,656,716 E1,707,832
CAPITAL AND RESERVES
Unrestricted
Reserves		 14 1656716 ].707 832
f1,656,716 E1,707,832
Page 9
THE BERROW OTTA E H MES
TATEMENT OF CASH FLOWS
AS AT31~ DECEMBER 2020
Notes 2020 2019
E f
NET CASH GENERATED FROM OPERATING ACTIVITIES A (9,573) 95,594
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments (28,721)
Purchase of tangible
fixed assets		 (510,718) (958,823)
Social Housing
Grant received		 165,000
Interest Received 676 3 154
TOTAL CASH FLOWS FROM INVESTING ACTIVITIES 373763 955669
CASH FLOWS FROM FINANCING
ACTIVITIES
(Repayments
of)/Proceeds
from loans		 (24,464) 770,000
Interest payable 16040 15 100
TOTAL CASH FLOWS FROM FINANCING ACTIVITIES 40 504 754 900
NET CHANGE IN CASH AND CASH EQUIVALENTS (423,840) (105,175)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 525 590 630 765
CASH AND CASH EQUIVALENTS AT END OF THE YEAR f101750 f525 590
A CASH FLOWS FROM OPERATING ACTIVITIES
(Deficit)/surplus
for the year		 (51,116) 180,510
Loss on disposal of fixed assets 432 1,816
Depreciation
net of SHG released		 34,107 25,089
Interest
Receivable		 (676) (3,154)
Interest
Payable		 16,040 15,100
Amortisation
of loan fee		 2,450 382
Accumulated
Dividends		 (34,598) (33,590)
Decrease/(increase)
in Debtors		 7,398 (11,792)
(Decrease)/Increase
in Creditors		 (43,666) 24,836
Losses/(gains)
on Investments		 60 056 103603
f 9573 f95 594
B ANALYSIS OF CHANGES IN NET DEBT At1" Other At 31~
3anuary Cash Flows Movements December
2020 2020
f
Cash 525,590 (423,840) 101,750
Loans falling due
within
1 year		 (22,497) (3,314) (2,450) (28,261)
Loans falling due after more
than
1year		 747
E.~244		 885
7~		 27 778 720 107
f@46~1

ing
Prop		 e rties
(C		 ontinued)
No ofyears
Main Fabric 100
Roof Structure 70
Electrics 40
Windows fk External Doors 30
Bathrooms/WC's 30
Mechanical Systems 30
Kitchens 20
Boilers 15

TURNOVER
2020 2019
f E
Gross Maintenance Contributions:
From Residents 153,708 150,180
From Supporting People 3,915 3,847
Losses from Voids 33 192 41 131
Net Maintenance Contributions 124,431 112,896
Government
Grants		 16601 13236
8141,032 f126,132

2020 2019
Management
f		 Services Maintenance Depreciation
f		 Total
f		 Totalf
ESTATE COSTS
Repairs 29,672 29,672 19,578
Warden's
Salary		 22,246 22,246 22,087
Warden's
Utilities		 2,061 2,061 2,114
Insurance 2,832 2,832 2,593
Heat &.Light 3,784 3,784 5,200
Water charges 137 137 331
Residents
Alarm		 System 2,549 2,549 3,486
Telephone 1.232 1,232 880
Grounds
Maintenance		 6,986 6,986 7,129
Council Tax 3,585 3,585 1,390
Cleaning 902 902
Depreciation
of:
Housing
Properties		 49,864 49,864 37,649
Furniture
&.Equipment		 844 844 676
OFFICE OVERHEADS
Postage, Stationery and
Sundries 545 545 1,090 714
Subscriptions 377 377 754 712
Donations 343 343
Independent
Examination		 1,020 1,020 2,040 1,800
Advertising 505 505
Governance 84 84 515
Bank charges 600
Professional
fees		 22 22 8,022
Sundry expenses 898 898 1,299
Trustees Indemnity
Insurance 326 326 337
Clerks' Salary 8 019 8 019 16038 11,394
TOTAL EXPENDITURE
2020 f14971 f42 872 f40,243 f50 708 f148,794
TOTAL EXPENDITURE
2019 f20 676 f41 408 f28 097 f38 325 E128 506

2020 2019
E
Donations 350 59453
f350 f59,453
DIRECTORS' EMOLUMENTS
The Directors are defined as the Trustees and the Clerk to the Trustees.
2020 2019
No. No.
The number of Directors, who received no
emoluments were: 10 10
The total expenses reimbursed to the Directors not
chargeable to United Kingdom Tax 6433 F4 789

The average
we		 ekly number
of persons
employed		 during
the year was:
2020 2019
No. No.
Warden 1
Clerical 1
This equates to 1.4 Full Time Equivalents.
Staff Costs (for the above persons):
2020 2019
E f
Wages 35,821 31,254
Social Security Costs 299 273
Pension Costs 1,854 1,954
Other employee benefits 310
E38,284 233,481

Freehold
Housing		 Freehold
Housing		 Property
(a) HOUSING PROPERTIES 2020 2019
E
Cost or Valuation:
At 1"January 2020 1,912,393 713,701
Additions 509,048 863,862
Transfers
from		 Work in Progress 94,967 359,784
Disposals 8080 24 954
At 31'" December 2020 E2,508,328 1,912,393
Less: Depreciation
At 1"January 2020 220,180 205,669
Charge for the year 49,864 37,649
Disposals (7,648) (23,138)
At 31"December 2020 262,396 220,180
Net Book Value at31"December 2020 Z2 245 932 E1692 213
(b) WORK IN PROGRESS 2020
f		 2019
E
At 1"January
2020		 94,967 359,784
Additions
at cost		 94,967
Transfers to Housing
Properties		 (94,967) (359,784)
At 31"December 2020 f94,967

2020
Furniture
f		 Equipment
f		 Total
f
Cost
At 1"January
2020		 5,441 20,964 26,405
Additions 1 670 1670
At 31'" December 2020 5 441 22 634 28 075
Less: Depreciation
At 1"January 2020		 5,441 16,614 22,055
Charge for the Year
At 31"December 2020		 5 441 844
17458		 844
22 899
Net Book Value at 31"December 2020 f5,176 f5,176
Net Book Value at 31"December 2019 f4,350 f4,350
9. CAPITAL GRANTS
2020 2019
f f
Aggregate
Amount
received
At 1st January
2020		 766,084 766,084
Additions 165000
At 31st December 2020 f931084 f766 084
Released to Statement of Comprehensive Income
At 1stJanuary
2020		 (110,998) (97,762)
Released
in the year		 16601 13236
At 31st December 2020 127599 110998
Social Housing
Grant Carrying		 Value f803 485 f655 086
10. DEBTORS
Amounts
falling due within		 one year
Arrears of Maintenance Contributions 1,078 1,499
Prepayments
and Accrued Income		 685 13,755
Other debtors 6093
f7,856 f15,254

2020 2020 2 1
Market Market
Value Cost Value Cost
f f E f
At 1"january 2020 889,426 613,728 752,233 580,138
Accumulated Income Reinvested 34,598 34,598 33,590 33,590
Additions 28,721 28,721
Disposals
Unrealised
(loss)/gain		 on
revaluation 103603
At 31"December 2020 f892,689 f677,047 f889,426 2613,728
The investments comprise MRG Charity Multi Asset Fund Accumulation Shares.
CREDITORS: Amounts falling due within one year
2020 2019
Other Creditors and Accruals 44,834 88,500
Social Housing Grant (Note 9) 16,601 13,236
Bank Loan 21,261 15,497
National
Almshouse		 Association Loan 7 000 7000
289,696 f124,233

13. CREDITORS: Amounts
falling		 Amounts
falling		 due after more than one year due after more than one year
Social Housing Grant (Note 9) 786,884 641,850
Bank loan 664,019 684,797
National
Almshouse		 Association loan 56,088 63,088
E1,506,991 E1,389,735
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Investment Income 8
Designated Revaluation Expenditure
Reserves Reserve Reserve Total
E E E
Fixed Assets 2,245,932 5,176 2,251,108
Net Current Assets 505,749 215,642 191,208 912,599
Creditors more than one year 1506991
Ei 244 690		 f215,642 6196384 1506 991
E1656 716

2020 2019
No. No.
Including one occupied by the Warden throughout 30 30
the year.