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2021-06-30-accounts

THE HOMEYARD HOMES VERYAN TRURO CORNWALL

CHARITY NUMBER 200770 REGISTERED IN ENGLAND AND WALES

THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

BALME KITCHEN & PEARCE LTD

CHARTERED ACCOUNTANTS 25 LEMON STREET TRURO CORNWALL

THE HOMEYARD HOMES

CONTENTS

PAGE

The following page does not form part of the statutory financial statements 11 DETAILED ANALYSIS OF INCOME AND EXPENDITURE

PAGE 1

THE HOMEYARD HOMES TRUSTEES REPORT FOR THE YEAR TO 30 JUNE 2021

VERYAN TRURO CORNWALL

REGISTERED CHARITY NUMBER 200770

The trustees present their report and accounts for the year ended 30 June 2021.

Trustees:

The following Trustees have served during the year:

Mr D Rounsevell (Chairman) Mrs C Edwards Mrs S Truscott Mr B Jobson Mr J German Mr G Webb Mr J Leach Vacancy Independent Examiner: T J Dawson FCA Balme Kitchen & Pearce Ltd Chartered Accountants 25 Lemon Street TRURO Cornwall TR1 2LS Bankers: Barclays Bank King Street TRURO Cornwall

Governing Document

The Homeyard Homes Trust is constituted by a Trust Deed dated 27 April 1953.

How our activities deliver public benefit

Our main activities and who we try to help are described below.

All our charitable activities focus on providing accommodation to the seamen’s widows of preferably Cornish seamen or other appropriate applicants, at a nominal contribution towards expenditure.

Objects and Organisation

The objects of The Homeyard Homes Trust is to ensure the provision of accommodation for dependants of the widows of Cornish seamen.

PAGE 2

Continued........

Review of the year

The trust made a profit of £31,320. The charity ensures the accommodation continues to be of a good standard. Some investments had to be sold in order to finance its expenditure.

Principal Funding Source

Aside from contributions from the occupiers, the principal funding source for the Charity is from investment income.

Investment Policy

The Charity has a Stockbroker advising on investments. Some investments are sold each year in order to pay the ongoing expenses.

Reserves Policy

To retain the endowment portfolio at a level which produces approximately two-thirds of the average annual expenditure of the charity.

Trustees Selection

The Trustees shall consist of not more than eight persons.

The vicar shall be one Trustee.

Cornwall County Council may appoint two Trustees and the Royal Alfred Merchant Seamen’s Society shall appoint two Trustees.

Up to three Trustees can be appointed by the existing Trustees.

Each appointment is made for five years or until earlier vacation. A Trustee retiring after five years is eligible for reappointment.

Trustee Induction & Training

New Trustees are briefed on their legal obligations under charity law, the Charity Committee guidance on public benefit, the decision making processes and the recent financial performance of the charity.

Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Risk Management

The Trustees have a risk management strategy which comprises of an annual review to discuss those risks identified and plan procedures to minimise any potential impact on the charity should those risks materialise.

PAGE 3

Continued........

Statement of Trustees responsibilities

The Trustees are required under the Charities Act 2011 to prepare financial statements for each financial year, which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enables them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the charity and hence for taking responsible steps for the prevention and detection of fraud and other irregularities.

Approval

This report was approved by the Trustees on and signed on their behalf by:

Trustee

PAGE 4

THE HOMEYARD HOMES

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE HOMEYARD HOMES

I report on the accounts of the Trust for the year ended 30 June 2021, which are set out on pages 5 to 10.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

The Charity’s Trustees consider that an audit is not required for this year in accordance with the Charities Act 2011 (the act) and that an independent examination is needed. It is my responsibility to: -

BASIS OF INDEPENDENT EXAMINER’S REPORT

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

INDEPENDENT EXAMINER’S STATEMENT

In connection with my examination, no matter has come to my attention:

T J Dawson FCA Balme Kitchen & Pearce Ltd Chartered Accountants 25 Lemon Street TRURO Cornwall TR1 2LS

Date:

PAGE 5

THE HOMEYARD HOMES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021

INCOMING RESOURCES
Incoming resources from generated funds;
Activities for generating funds
Investment Income
Other
Total incoming resources
RESOURCES EXPENDED
Costs of generating funds;
Charitable Activities
Investment Management Costs
Governance Costs
Total resources expended
Net incoming/(outgoing) resources
Gain/(Loss) on revaluation of investments
Funds brought forward		 NOTE
2
3		 2021
2020
Unrestricted
Endowment
Building
Repair
Funds
Funds
Fund
Fund
Total
Total
20,269
20,269
19,914
53,582
53,582
49,751
20,269
53,582
73,851
69,665
17,510
1,200
7,995
26,705
28,263
13,228
13,228
13,463
2,598
2,598
2,912
2,598
30,738
1,200
7,995
42,531
44,638
17,671
22,844
(1,200)
(7,995)
31,325
25,027
92,413
92,413
(49,980)
203,917
461,629
32,734
623,767
1,322,047
1,347,000
221,588
484,473
31,534
708,185
1,445,780
1,322,047

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

The notes on pages 7 to 10 form part of these accounts.

PAGE 6

THE HOMEYARD HOMES BALANCE SHEET AS AT 30 JUNE 2021

NOTE
FIXED ASSETS
Tangible Assets
7
CURRENT
ASSETS
Listed Investments
8
Debtors
9
Cash at Bank
CURRENT LIABILITIES
CREDITORS:
10
Amounts due within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
FUNDS OF THE CHARITY
UNRESTRICTED FUNDS:
Accumulated Fund
Expandable Endowment
Fund
RESTRICTED FUNDS:
Repair Fund
Building Fund
6		 1,369,280
31,352
14,418		 2021 1,204,380
75,475
10,218		 2020
31,930
1,413,850		 33,174
1,288,873
1,415,050
1,200		 1,290,073
1,200
708,185
31,534		 623,767
32,734
1,445,780 1,322,047
221,588
484,473		 203,917
461,629
706,061
739,719		 665,546
656,501
1,445,780 1,322,047

These accounts were approved by the Trustees on and were signed on their behalf by:

The notes on pages 7 and 10 form part of these accounts

PAGE 7

THE HOMEYARD HOMES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1. ACCOUNTING POLICIES

a) Basis of Accounting

The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value and follow the recommendations in the Accounting by Charities – Statement of Recommended Practice.

b) Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

c) Incoming Resources

These are included in the Statement of Financial Activities (SoFA) when;

Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SoFA.

d) Investment Income

This is included in the accounts when receivable.

e) Liability Recognition

Liabilities are recognised as soon as there is a legal or constructible obligation committing the charity to pay out resources.

f) Governance Costs

Include costs of the preparation and examination of statutory accounts, the costs of Trustee meetings and cost of any legal advice to Trustees on governance or constitutional matters.

g) Fixed Assets

These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost, or if gifted at the value to the charity on receipt.

Investments held as fixed assets are revalued at Market value at the Balance Sheet date and the gain or loss taken to the Income and Expenses statement of financial activities.

h) Depreciation

Depreciation is provided on all tangible fixed assets in use at rates and bases calculated to write off the cost or valuation less estimated residual value of each assets over its expected useful life, as follows: - (i) Freehold Property 2% per annum on the straight line method (ii) Furniture 10% per annum on the reducing balance method (iii) Equipment 10% per annum on the reducing balance method

i) Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred All costs allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

PAGE 8

THE HOMEYARD HOMES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

2, ANALYSIS OF INCOME RESOURCES

Activities for generating
funds
Contribution from occupiers
Electric Meter
collection
Dividends
Other
Profit (Loss) on Sale of
Investments		 2021
2020
19,385
18,844
884
1,070
25,927
32,312
27,655
17,439
73,851
69,665

3. ANALYSIS OF RESOURCES EXPANDED

Costs
allocated to
Basis of
activities
Allocation		 Contributions
Investment
from
2021
2020
Income
Occupiers
Admin
Total
Total
Warden
Direct
Heating & Lighting
Direct
Repairs & Renewals
Direct
Rates & Water
Direct
Insurance
Direct
Garden Expenses
Direct
Depreciation
Direct
Support Costs
allocated to activities
Legal & Professional*
Usage
Office Expenses
Usage		 3,900
3,900
3,600
5,410
5,410
6,528
7,995
7,995
9,174
2,937
2,937
2,246
1,074
1,074
1,038
3,635
3,635
3,994
1,244
1,244
1,249
14,248
14,248
14,483
2,088
2,088
2,326
26,195
16,336
42,531
44,638

4. TAX

The Trust is entitled to Income Tax and Capital Gains Tax exemption as a Charity under Section 505 of ICTA 1988.

5. PURPOSES OF FUNDS

PAGE 9

THE HOMEYARD HOMES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

6. BUILDING FUND

As at 30 June 2020
Depreciation
At 30 June 2021		 2021
2020
32,734
33,934
1,200
1,200
31,534
32,734

7. TANGIBLE FIXED ASSETS

Cost;
At 1 July 2020
Additions
At 30 June 2021
Depreciation;
At 1 July 2020
Charge for year
At 30 June 2021
Net book value at 30 June 2021
Net book value at 30 June 2020		 Freehold
Property
55,534		 Furniture
730		 Equipment
Total
1384
57,648
55,534 730 1384
57,648
22,800
1,200		 704
3		 970
24,474
41
1,244
24,000 707 1,011
25,718
31,534 23 373
31,930
32,734 26 414
33,174

The Trustees have estimated the Market Value of the Freehold Property at 30 June 2021 was £500,000.

8. LISTED INVESTMENTS

Investments listed on a recognised Stock Exchange.

Market Value at 1 July 2020
Additions at cost
Sales
Net profit on revaluation
Market Value at 30
June 2021
Historical cost at 30 June
2021		 1,204,380
459,823
(387,336)
92,413
1,369,280
1,233,802

These investments are managed by Charles Stanley who makes recommendations to the Trustees for their decision on purchases or sales.

PAGE 10

THE HOMEYARD HOMES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

9. DEBTORS

Debtors
Prepayments		 2021
2020
30,810
74,943
542
532
31,352
75,475

10. CREDITORS

Creditors
Accruals		 2021
2020
-
-
1,200
1,200
£1,200
£1,200

11. TRUSTEES REMUNERATION

Trustees neither received nor waived any emoluments during the year.

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Fixed Assets
Current Assets
Current Liabilities
Net Assets 30 June 2020		 General Endowment Restricted
Total
31,930
31,930
222,788
1,192,262 1,415,080
(1,200)
(1,200)
221,588
31,9301,192,262 1,445,780

THE NEXT PAGE DOES NOT FORM PART OF THE STATUTORY ACCOUNTS

PAGE 11

THE HOMEYARD HOMES

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021

INCOMING RESOURCES
Dividends
Contribution from Occupiers
Electricity Meter Collection
Profit/(Loss) on Sale of
Investments
RESOURCES EXPENDED
Direct Charitable Expenditure:-
Warden
Heating and Lighting
Repairs and Renewals
Rates and Water
Insurance
Garden Expenses
Depreciation
OTHER EXPENDITURE
Administration:-
Stockbrokers Management Fees
Accountancy
Printing, Stationery and
Advertising
Subscriptions and Sundry
Managers Wages
TOTAL EXPENDITURE
NET SURPLUS FOR THE YEAR		 3,900
5,410
7,995
2,937
1,074
3,635
1,244






26,195
16,336		 2021




3,600
6,538
9,174
2,246
1,038
3,994
1,249






27,829
16,809		 2020
25,927
19,385
884
27,655		 32,312
18,844
1,070
17,439
73,851
42,531		 69,665
44,638
13,228
1,020
149
361
1,578		 13,463
1,020
264
170
1,892
31,320 25,027