2022-12-31-accounts - The Berrow Cottage Homes

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

		Page
Reference and Administrative Details
Report ofthe Trustees	2	to	6
Independent Examiner's Report
Statement ofFinancial Activities
Balance Sheet
Notes to the Financial Statements	10	to	20
Detailed Statement of Financial Activities	21	to	22

TRUSTEES	TRUSTEES		N J Cameron
			TJ Corns
			DrJ A Hagon
			Mrs J Hogg
			Mrs C Lewthwaite
			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
			Offlce Suite 1
			Haslemere House
			Lower Street
			Haslemere
			Surrey
			GU27 2PE
SOLICITORS			Standley &Co
			1612-1618High Street
			Knowle
			Solihull
			West Midlands	B93OJU
BANKERS			Barclays Bank	pic
			1 Station Road
			Knowle
			Solihull
			West Midlands	B93OHW

Metric		2022	2021	Houaemark Scorecard	Commentary
New supply		0%	0%	1.2%	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		5.12%	27.03%	35.8%	The Charity's gearing is below industry
					median reflecting a lower reliance on
					external borrowings for the funding of its
					housin ro erties.
EBITDA MRI		(197.89)%	894.79%	181.9%	Roof works of Victorian Cottages are
					included in this metric.
Social Housing		26,688	83,542	F4,230	Higher voids compared to 2021 and
Cost Per Unit					higher capitalised costs reflect the
					refurbishment undertaken in the ear.
Operating		18.76%	14.8%	202%	As a Charity, The Berrow Cottage
Margin	Overall				Homes receives a significant level of
					income from Its investments, which
Social Housing		6.70%	(330)%	22.2%	produced F32,437 in 2022, thus
Lettin s on					im actin theo eratin mar in.
RODE		1.20%	0.75%	2.8%	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 net losses of
					F25 162 .
Reinvestment		3.92%	0.52%	5.7%	Roof works of Victorian Cottages
					undertaken in the year have now been
					completed. The trustees are satisfied
					that the properties have been
					maintained to a good standard and
					plans are being drawn up for further
					im rovements to the Victorian Cotta es.

					2022	2021
			Unrestricted	Restricted	Total	Total
		Notes	funds f	fund F	funds f	fundsf
INCOME AND ENDOWMENTS	FROM
Donations and legacies			13,050		13,050	200
Charitable activities
Housing Activities			158,552		158,552	155,421
Investment income		2	32437		32 437	20 402
Total			204 039		204 039	185,023
EXPENDITURE ON
Charitable activities
Housing Activities			153620	10601	170 220	160546
Net (losses)/gains on investments			~25)62)		~26,162)	88 208
NET INCOME/(EXPENDITURE)			25,252	(16,601)	8,651	112,685
RECONCILIATION OF FUNDS
Total funds brought forward			1,786,002	786,884	2,572,885	2,460,201
TOTAL FUNDS CARRIED FORWARD			1,011264	770,283	2,001 ~37	2 572 806

					2022	2021
			Unrestricted	Restricted	Total	Total
		Notes	funds f	fund	funds f	fundsf
FIXEDASSETS
Tangible assets		10	1,495,267	770,283	2,265,550	2,213,612
Investments		11	477 510		477 ~10	1 010200
			1,972,777	770,283	2,743,060	3,223,902
CURRENT ASSETS
Debtors		12	2,973		2,973	3,774
Cash at bank and	in hand		112101		112167	122 038
			115,140		115,140	126,612
CREDITORS
Amounts falling due within one year		13	(40,766)		(40,766)	(66,239)
NET CURRENT ASSETS			74 374		74 374	40,373
TOTAL ASSETS	LESSCURRENT
LIABILITIES			2,047,151	770,283	2,817,434	3,264,275
CREDITORS
Amounts falling due after more than one year 14			(235,897)		(235,897)	(691,369)
NET ASSETS			1 011254	770 203	2 501 537	2 572 806
FUNDS		17
Unrestricted funds					1,811,254	1,786,002
Restricted funds					770 203	786 084
TOTAL FUNDS					2 501 537	2,572,886

INVESTME	NT INCOME
		2022	2021
			F
Investment	Income	32,382	29,393
Deposit account interest		55	9
		~32 437	29,402

INCOM	E FROM C	HARITABLE	ACTMTIES
					2022	2021
						f
Gross Gross Losses	maintenance maintenance from voids	contributions contributions	from residents from Supporting	People	167,674 1,292 ~50414)	159,051 3,926 ~7,050)
					100~52	155421

				Governance
		Management f	Finance f	costs f	Totals f
Housing	Activities	~17 160	~22 296	2,260	~41 706

Total expenses r	eimbursed	to trustees in	the year were as follows:
				2022 f	2021 F
Sundry expenses						662
Upkeep ofgrounds				250		585
Donations						53
Administration				31		403
Outreach				269
					21	703
Expenses were reimbursed		to 4Trustees	in the year (2021:5).
STAFF COSTS
				2022	2021
				f	f
Wages				34,444	32,221
Social security				273		300
Pension				2,061	1,921
Other employee	benefits			575		535
				37353	35	077

	The average monthly number of	employees during t	he year was as	follows:
					2022	2021
	Warden				1	1
	Clerk				1	1
7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVI'TIES
			Unrestricted		Restricted	Total
			funds		fund	funds
			f		f	F
	INCOME AND ENDOWMENTS	FROM
	Donations and legacies			200		200
	Charitable activities
	Housing Activities		155,421			155,421
	Investment income		29,402			29 402
	Total		185	023		185,023
	EXPENDITURE ON
	Charitable activities
	Housing Activities		143	945	16601	160546
	Net gains on investments		88	208		88 208
	NET INCOME/(EXPENDITURE)		129,286		(16,601)	112,685
	RECONCILIATION OF FUNDS
	Total funds brought forward
	As previously reported		1,656,716			1,656,716
	Prior year adjustment				803485	803,485
	Ae restated		1,656,716		803,485	2,460,201
	TOTAL FUNDS CARRIED FORWARD		1 786	002	786,884	2,572,888

			2022	2021
			f
Turnover Operating	from Social Housing costs ofSocial Housing		158,552 ~77D 206)	155,421 ~160546)
Operating	deficit and deficit on Social Housing	activities	~11714)	~5125)

Aggregate amount	received	received
At 31st December	2022	and 31stDecember 2021	931t)04
Released to Statement At 31st December 2022		of Financial Activities and 31stDecember 2021	~037 004)

TANGIBLE FIXEDASSETS
			Fixtures
	Housing	Plant and	and
	properties F	machinery F	fittings f	Totals f
COST
At 1 January 2022	2,619,866	22,634	5,441	2,647,931
Additions Disposals	108,721 ~5063)			108,721 ~0003)
At 31 December 2022	2 622 614	22 834	5441	2 650 089
DEPRECIATION
At 1 January 2022	310,638	18,240	5,441	334,319
Charge for year Eliminated on disposal	51,526 ~7400)	782		52,308 ~7408)
At 31 December 2022	360076	10D22	5 441	305 130
NET BOOK VALUE
At 31 December 2022	2 261 930	3 612		2 265550
At 31 December 2021	2,209,218	4 304	-	2 213612

		Listed
		investments
MARKET VALUE
At 1 January 2022		1,010,290
Dlsposals		(536,524)
Revaluations		(28,638)
Accumulated dividends		32302
At 31 December 2022		477 510
NET BOOK VALUE
At 31 December 2022		477 610
At 31 December 2021		1 010 200
There were no Investment	assets outside the UK.
Fixed Asset Investments' disposal: Proceeds Less disposals at 31 December 2021 Market Value		f540,000 ~2536 524)
Realised gain		3476
Unrealised (loss)/gain
Realised gain		(28,638)
		3476
Net (losses)/gain on investment		~25 162)

DEBTORS	:AMOUNTS FALLING DUE WITHIN ONE Y	EAR
		2022	2021
		f	F
Arrears of Maintenance
contributions		397	1,308
Employers'	Allowance	1,835
Prepayments	and accrued income	741	~2466
		~2973	3,774

13.	CREDITORS: AMOUNTS	CREDITORS: AMOUNTS	FALLING DUE WITHIN ONE YEAR	FALLING DUE WITHIN ONE YEAR
					2022	2021
						f
	Bank loans	and overdrafts	(see note 15)		3,427	21,696
	Taxatlon and social security				3,025	2,416
	Other creditors				~34314	62 127
					~40 756	86239
14.	CREDITORS: AMOUNTS		FALLING DUE AFTER MORE THAN ONE YEAR
					2022	2021
					8
	Bank loans	(see note 15)			193,809	642,302
	Other creditors				~42 088	49087
					~235 897	~691 389
15.	LOANS
	An analysis	ofthe maturity	of	loans is given below:
					2022	2021
					5	6
	Amounts falling due within		one year on demand:
	Bank loans National Association ofAlmshouses Loan				3,427 ~7000	21,696 7,000
					~10 427	28,696
	Amounts falling between one Bank loans -1-2years Other loans - 1-2years			and two years:	193,809 ~7000	22,283 7,000
					~200 809	~29 283
	Amounts falling due between			two and five years:
	Bank loans	- 2-5 years				620,019
	Other loans	- 2-5 years			~35088	42,087
					~35 088	662,106

MOVEMENT	IN FUNDS
				Net	Transfers
				movement	between	At
			At 1.1.22	In funds	funds	31.12.22
			E	f	6	F
Unrestricted	funds
General fund			235,607	50,414	82,342	368,363
Investment Revaluation			303,850	(25,162)	(164,838)	113,850
Cyclical Repairs			120,542		20,684	141,226
Extraordinary	Repairs		138,945		10,287	149,232
Charitable Property			887 858		61,525	1,038,583
			1,786,002	25,252		1,811,254
Restricted funds
Housing			786,884	(16,601)		770,283
TOTAL FUNDS			2 ~72886 ,	8651		2 581 537
Net movement	in funds,	included	in the above are as follows:
			Incoming	Resources	Gains and	Movement
			resources F	expended 8	losses E	in funds f
Unrestricted	funds
General fund			204,039	(153,625)		50,414
Investment Revaluation					~25 162)	~25 162)
			204,039	(153,626)	(25,162)	25,262
Restricted funds
Housing				(16,601)		(16,601)
TOTAL FUNDS			204 039	~170226)	~25 162)	8651

Comparatlves for moveme	nt in funds
		Prior	Net	Transfers
		year	movement	between	At
	At 1.1.21 f	adjustment F	in funds F	funds f	31.12.21 F
Unrestricted funds
General fund	195,768		41,078	(1,239)	235,607
Investment Revaluation	215,642		88,208		303,850
Cyclical Repairs	100,598			19,944	120,542
Extraordinary Repairs Charitable Property	123,659 1,021,049			15,286 ~339917	138,945 987 058
	1,656,716		129,286		1,786,002
Restricted funds
Housing		803,485	(16,601)		786,884
TOTAL FUNDS	1 655716	803485	112685	—	2 572 886
Comparative net movement	in funds, Included	in the above	are as follows:
		Incoming	Resources	Gains and	Movement
		resources	expended f	losses f	in funds 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	~160546)	88208	~112685

					2022	2021
					F	F
INCOME AND ENDOWMENTS
Donations and	legacies
Donations					13,050	200
Investment Income
Investment income					32,382	29,393
Deposit account	interest				55	9
					32,437	29,402
Charitable activities
Housing Activities -		Residents			167,674	159,051
Housing Activities - Losses from voids		Supporting		People	1,292 ~10414)	3,926 ~7556)
					~158652	155421
Total Incoming	resources				204,039	185,023
EXPENDITURE
Charitable activities
Warden's salary					20,873	22,381
Social security					273
Pensions					2,061
Rates and water					208	388
Insurance					3111	2,881
Light and heat					6,066	2,931
Telephone					977	1,056
Property repairs	& maintenance				23,081	20,655
Cleaning					716	239
Alarm costs					3,021	3,269
Warden's utilities					2,974	2,221
Grounds maintenance					9,121	8,607
Counciltax					266	707
Depreciation of housing			properties		51,626	50,604
Fixtures and fittings					782	782
Loss on sale oftangible			fixed assets		~4475	2,907
					128,520	119,628
Support costs
Management
Clerks' salary					14,146	13,596
Trustee Indemnity		insurance			358	332
Carried forward					14,504	13,928

		2022	2022	2021	2021
		F		F
Management
Brought forward		14,504		13,928
Postage and	stationery		500		511
Advertising			400		400
Sundries			772	1,208
Subsciiptions			892		795
Donations			20		80
Professional	fees		72	5	070
		17,180		21,992
Finance
Bank charges			25
Loan		~22	271	~16	784
		22,296		16,784
Governance	costs
Independent	Examination	~2250		2	142
Total resources expended		~170	226	160	546
Net income		~33	813	24	477