|||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|