##
##
|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|