# # ## ||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| |||||||||||'LO||||||e 0C
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I-).u| ## ## ## ## ## ## ## |||||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.||||||