2021-12-31-accounts - The Berrow Cottage Homes

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TRUSTEES	TRUSTEES		N J Cameron
			TJ Corns
			Dr J A Hagon
			Mrs J Hogg
			Mrs C Lewthwaite		(appointed		24.2.21)
			Mrs V Perks (resigned			15.5.21)
			R W Pitt
			C E Pontifex A.C.A
			Mrs E M Wilkin
			D Whiting
			Rev G Lanham	Ex-Officio Trustee
PRINCIPAL	ADDRESS		Mary Galloway	House
			2 Kenilworth Road
			Knowle
			Solihull
			West Midlands
			B93OJA
REGISTERED		CHARITY	1175027
NUMBER
REGULATOR		OF SOCIAL	5051
HOUSING	NUMBER
INDEPENDENT		EXAMINER	James Holland-Leader			FCA
			Knox Cropper	LLP
			Chartered Accountants
			Office Suite 1
			Haslemere House
			Lower Street
			Haslemere
			Surrey
			GU27 2PE
SOLICITORS			Standley 8 Co
			1612-1618High Street
			Knowle
			Solihull
			West Midlands		B93OJU
BANKERS			Barclays Bank	pic
			1 Station Road
			Knowle
			Solihull
			West Midlands		B93OHW

Metric			2021	2020 as restated	Housemark Scorecard	Commentary
New supply			0%	0%	0.90%	The Charity has	30 Almshouses in
delivered						management. This	remains as per the
						previous year, with	no new supply of
						social or non-social	housin .
Gearing			27.03%	28.79%	33.82%	The Charity's gearing is just below
						industry median	reflecting a lower
						reliance on external	borrowings for the
						fundin of its housin	ro erties.
EBITDA		MRI	894.79%	(3,118.68)%	216%	Following extensive capitalised
						refurbishment costs	in 2020, the metric
						now demonstrates	that the charity
						performs sufficiently	to fund its interest
						a able on loans.
Social Housing			E3,542	F23,403	E3,891	Lower voids and major repair
Cost Per		Unit				expenditure in the	year have enabled
						the charity to reflect an economic and
						efficient cost per unit. 2020 reflects the
						extensive refurbishment programme
						undertaken.
Operating			14.80%	48.54%	23.54%	As a Charity, The Berrow Cottage
Margin	Overall					Homes receives a	significant level of
						income from its	Investments, which
Social Housing			(3.30)%	(19.58)%	25,49%	produced F29,393 in 2021, thus
Lettings	only					impacting the operating margin. This
						income also underwrites part of the
						charity's operating costs. 2020's results
						included the receipt	of a social housing
						grant of 2165,000	which impacted the
						overall calculation.
ROCE			0.75%	4,95%	3.10%	This is particularly	low due to the
						minimal liabilities of	the charity, together
						with a low operating	surplus in the year,
						The Charity holds	investments which
						additionally provided	an unrealised gain
						of288,208.
Reinvestment			0,52%	26.53%	5,10%	Major refurbishment	works undertaken
						in the prior year	have now been
						completed. The trustees are satisfied
						that the properties have been
						maintained to a ood standard.

						2021	2020
				Unrestricted	Restricted	Total	Total
				funds	fund	funds	funds
							as restated
			Notes				E
INCOME AND ENDOWMENTS		FROM
Donations and legacies				200		200	165,350
Charitable activities
Housing Activities				155,421		155,421	124,431
Investment income			2	28 402		29,402	35,274
Total				185,023		185,023	325,055
EXPENDITURE ON
Charitable activities
Housing Activities				143,945	16,601	160,546	167,716
Net gains/(losses) on	investments			88,208		88,208	~60,056I
NET INCOME/(EXPENDITURE)				129,286	(16,601)	112,685	97,283
RECONCILIATION OF FUNDS
Total funds brought As previously reported Prior year adjustment	forward			1,656,716	803,485	1,656,716 803485	2,362,918
As restated				1,656,716	803,485	2,460,201	2,362,918
TOTAL FUNDS CARRIED FORWARD				1,786,002	786,884	2,572,886	2,460,201

					2021	2020
			Unrestricted	Restricted	Total	Total
			funds	fund	funds	funds
						as restated
		Notes	E
FIXEDASSETS
Tangible assets Investments		11 12	1,426,728 1,010,290	786,884	2,213,612 1,010,290	2,251,108 892,689
			2,437,018	786,884	3,223,902	3,143,797
CURRENT ASSETS
Debtors			3,774		3,774	7,856
Cash at bank and	in hand		122,838		122,838	101,750
			126,612		126,612	109,606
CREDITORS
Amounts falling due within one year		14	(86,239)		(86,239)	(73,095)
NET CURRENT ASSETS			40,373		40,373	36,511
TOTAL ASSETS	LESSCURRENT
LIABILITIES			2,477,391	786,884	3,264,275	3,180,308
CREDITORS
Amounts falling due after more than one year 15			(691,389)		(691,389)	(720,107)
NET ASSETS			1,786,002	786,884	2 572 886	2,460,201
FUNDS		18
Unrestricted funds					1,786,002	1,656,716
Restricted funds					786 884	803,485
TOTALFUNDS					2,572,886	2,460,201

INVESTME	NT INCOME
		2021	2020
			as restated
Investment	income	29,393	34,598
Deposit account interest		9	676
		29,402	35,274

						2021	2020
Gross maintenance		contributions	from residents			159,051	153,708
Gross maintenance Losses from voids		contributions	from Supporting	People	3,926 ~7556)		3,915 ~33,192)
						155421	124,431
SUPPORT COSTS
						Governance
			Management		Finance	costs	Totals
				F	F		E
Housing	Activities		21 892		16,784	2,142	40,918

Total expenses r	eimbursed	to trustees in	the year were as follows:
				2021	2020
				F	F
Sundry expenses Upkeep of grounds Donations				662 585 53	68 54
Administration				403	311
				F1,703	f433
Expenses were reimbursed		to 5Trustees	in the year (2020:4).
STAFF COSTS
				2021	2020
Wages Social security Pension				33221 300 1,921	35,821 299 1,854
Other employee	benefits			535	310
				35,977	38,284

The average monthly	number of	emp	loyees during the year	was as follows;
					2021	2020
						as restated
Warden						1
Clerk						1
No employees received emoluments			in excess of260,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL				ACTIVITIES
				Unrestricted	Restricted	Total
				funds	fund	funds
						as restated
INCOME AND ENDOWMENTS		FROM
Donations and legacies				350	165,000	165,350
Charitable activities
Housing Activities				124,431		124,431
Investment Income				35,274		35274
Total				160,055	165,000	325,055
EXPENDITURE ON
Charitable activities
Housing Activities				151,115	16,601	167,716
Net (losses) on investments				~60,056)		~60,056)
NET INCOME/(EXPENDITURE)				(51,116)	148,399	97,283
RECONCILIATION OF FUNDS
Total funds brought	forward			1,707,832	655,086	2,362,918
TOTAL FUNDS CARRIED FORWARD				1,656,716	803485	2,460,201

			As Previously
At 1stJanuary		2020	Stated	Adjustment	As Restated
				E	E
Fixed assets			1,791,530	889,426	2,680,956
Current assets			1,430,270	(889,426)	540,844
Creditors	due within one year		(124,233)	13,236	(110,997)
Creditors	due	in more than one year	1,389,735)	641,850
			1,707,832		2,362,918
Unrestricted Funds			1,707,832		1,707,832
Restricted	Funds			(655,086)	655,086
			1,707,832		2,362,918

During the year ended 31st December 2020	the following adjustments wer	e made:
		2020
Deficit for the year as previously reported Reversal ofamortisation of social housing grant		(51,116) (16,601)
Recognition of social housing grant received	in the year	165,000
As restated		97,283

SOCIAL	HOUSING ACTIVITIES
			2021	2020
			F	F
Turnover Operating	from Social Housing costs of Social Housing		155,421 ~160546)	124,431 ~167,716)
Operating	deficit and deficit on Social Housing	activities	~5,125)	~43285)

Aggregate amount received At 31stDecember 2021 and 31st December 2020	931,084
Released to Statement of Financial Activities At 31stDecember 2021 and 31st December 2020	~931,084

TANGIBLE FIXEDASSETS
				Fixtures
	Housing	Plant	and	and
	properties	machinery		fittings	Totals
		E			E
COST
At 1 January 2021 Additions Disposals	2,508,328 16,796 ~5,268)	22,634		5,441	2,536,403 16,796 ~5268)
At 31 December 2021	2,519,856	22	634	5,441	2,547,931
DEPRECIATION
At 1 January 2021 Charge for year Eliminated on disposal	262,396 50,604 ~2,362)	17,458 782		5,441	285,295 51,386 ~2,362)
At 31 December 2021	310,638	18	240	5441	334,319
NET BOOK VALUE
At 31 December 2021	2,209218	4,394			2,213,612
At 31 December 2020	2,245, 932	5	176		2 251,108

FIXEDASSET INVESTMENTS
	Listed
	investments
	F
MARKET VALUE
At 1 January 2021 Revaluations	892,689 88,208
Accumulated dividends	29,393
At 31 December 2021	1,010,290
NET BOOK VALUE
At 31 December 2021	1 010,200
At 31 December 2020	892,689

			2021	2020
				as restated
				E
Arrears of maintenance
contributions			1,308	1,078
Other debtors				6,093
Prepayments	and accrued	income	~2466	685
			~3774	7,856
CREDITORS:	AMOUNTS	FALLING DUE WITHIN ONE YEAR
			2021	2020
				as restated
			F	E
Bank loans and overdrafts (see note 16) Taxation and social security Other creditors			21,696 2,416 62,127	21,261 1,667 50,167
			86,239	73,095

15.	CREDITORS: AMOUNTS	CREDITORS: AMOUNTS	FALLING	FALLING	DUE	AFTER MORE THAN	ONE YEAR
							2021	2020
								as restated
							E	E
	Bank loans (see note 16) Other creditors						642,302 49,087	664,019 56,088
							691 389	720 107
16.	LOANS
	An analysis ofthe maturity		of	loans	is given below:
							2021	2020
								as restated
								F
	Amounts falling due Bank loans	within	one year		on demand;		21,696	21,261
	National Association	ofAlmshouses			loan		7,000	7,000
							28 696	28,261
	Amounts falling between one and two years: Bank loans - 1-2 years National Association ofAlmshouses loan - 1-2 years						22,283 7,000	21,777 7,000
							29,283	28,777
	Amounts falling due between two and five Bank loans - 2-5 years National Association ofAlmshouses loan					years: - 2-5 years	620,019 42,087	642,242 49,088
							662,106	691,330
17.	SECURED DEBTS
	The following secured debts			are included		within creditors:
							2021	2020
								as restated
							E	E
	Bank loans						663,998	685,280

MOVEMENT IN FUNDS
		Prior	Net	Transfers
	At 1.1.21	year adjustment	movement in funds	between funds	At 31.12.21
	E	F	F
Unrestricted funds
General fund Investment Revaluation	195,768 215,642		41,078 88,208	(1,239)	235,607 303,850
Cyclical Repairs Extraordinary Repairs Charitable Property	100,598 123,659 1 021,049			19,944 15,286 ~33,991)	120,542 138,945 987,058
	1,656,716		129,286		1,786,002
Restricted funds
Housing		803,485	(16,601)		786,884
TOTAL FUNDS	1 656,716	803,485	112685		2,572 886

Net mov	eme	nt in funds, included i	n the above are as follo	ws:
			Incoming	Resources	Gains and	Movement
			resources	expended	losses	in funds
				E	E	F
Unrestricted		funds
General	fund		185,023	(143,945)		41,078
Investment		Revaluation			88 208	88,208
			185,023	(143,945)	88,208	129,286
Restricted		funds
Housing				(16,601)		(16,601)
TOTAL	FUNDS		185023	~160,546)	88,208	112,685

Comparatives	for movement	for movement	in funds	in funds
						Net	Transfers
						movement	between	At
					At 1.1.20	in funds	funds	31.12.20
					E	F	E	E
Unrestricted	funds
General fund					467,595	8,940	(280,767)	195,768
Investment Revaluation					275,698	(60,056)		215,642
Cyclical Repairs Extraordinary Repairs Charitable Property					86,726 108,810 769,003		13,872 14,849 252,046	100,598 123,659 1,021,049
				1,707,832		(51,116)		1,656,716
Restricted funds
Housing					655,086	148,399		803,485
TOTAL FUNDS				2,362,918		97,283		2,460,201
Comparative	net movement	in	funds,	included	in the above	are as follows:
					Incoming	Resources	Gains and	Movement
					resources	expended	losses	in funds
						E
Unrestricted	funds
General fund					160,055	(151,115)		8,940
Investment Revaluation							~60,056I	~6D,0561
					160,055	(151,115)	(60,056)	(51,116)
Restricted funds
Housing					165,000	(16,601)		148,399
TOTAL FUNDS					325,055	~167,716I	~60,056I	97,283

			2021	2020
				as restated
				E
INCOME AND ENDOWMENTS
Donations and legacies Donations			200	350
Grants				165,000
			200	165,350
Investment income
Investment income			29,393	34,598
Deposit account interest			9	676
			29,402	35,274
Charitable activities
Housing Activities - Residents Housing Activities - Supporting Losses from voids		People	159,051 3,926 ~7,556)	153,708 3,915 ~33 192)
			155,421	124,431
Total incoming resources			185,023	325,055
EXPENDITURE
Charitable activities
Warden's salary Rates and water			22,381 388	22,246 137
Insurance			2,881	2,832
Light and heat Telephone Property repairs & maintenance Cleaning Alarm costs			2,931 1,056 20,655 240 3,269	3,784 1,232 29,672 902 2,549
Warden's utilities			2,221	2,061
Grounds maintenance			8,607	6,986
Council tax			707	3,585
Depreciation of housing Fixtures and fittings Loss on sale oftangible	properties fixed assets		50,604 782 2,906	49,864 844 432
			119,628	127,126
Support costs
Management Clerks' salary Carried forward			13,596 13,596	16,038 16,038

				2021	2020
					as restated
					E
Management
Brought forward				13,596	16,038
Trustee indemnity			insurance	332	326
Postage and Advertising		stationery		511 400	1,090 505
Sundries				1,208	982
Subscriptions				795	754
Donations				80	343
Professional	fees			5 070	22
				21,992	20,060
Finance
Loan				16,784	18,490
Governance		costs
Independent		Examination		2,142	2,040
Total resources		expended		160,546	167,716
Net income				24,477	157,339