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2020-12-31-accounts

CHARITY NUMBER: 201425

THE VICTORIA ALMSHOUSES

ANNUAL REPORT AND UNAUDITED ACCOUNTS

YEAR ENDED 31 DECEMBER 2020

THE VICTORIA ALMSHOUSES

Founded 1897 Charity Registration Number 201425

GOVERNORS

Chairman: Mr C Knott FRICS Vice Chairman: Mrs S Latham

REPRESENTATIVE GOVERNORS

Surrey County Council

Mr P Low BSc C Eng, Mr T.P.G. Neale FCA, Mr D Pay, Mr J Wilkins FICE

CO-OPTED GOVERNORS

Dr D Bullock BA MB CHB, Mr P Diggles FCMA, Mrs H Doling, Mr R Fairclough FRICS, Mrs J Gorman, Mr C.R. Knott FRICS, Mrs S. Latham, Mrs J. Naish, Mrs B Pay

EX-OFFICIO GOVERNORS

The Mayor of Reigate and Banstead Borough Council The Vicar of St Mary's, Reigate

HONORARY TREASURER

Mr T.P.G. Neale FCA

CLERK TO THE GOVERNORS

Mr P Turner BA (Econ) Dip Ed 39 Spencer Way, Redhill, RH1 5LF

HONORARY SOLICITOR

Mr J Elgee First Floor, 78-80, High Street, Reigate, RH2 9AP

INDEPENDENT EXAMINER

G Hunt BA FCA, Kreston Reeves LLP, Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG

BANKERS

Lloyds Bank plc, 1-5, The Broadway, Crawley, West Sussex, RH10 1DU CCLA Investment Management Ltd, Senator House, 85 Queen Victoria Street, London, EC4V 4ET

THE VICTORIA ALMSHOUSES

ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

PAGE
Governors' Report 1 - 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10 - 15
The following page does not form part of the statutory accounts
Detailed Statement of Financial Activities 16

THE VICTORIA ALMSHOUSES

GOVERNORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

Introduction

The Governors, who are also Trustees of the charity for the purposes of the Charities Act, submit their annual report and financial statements for the year ended 31st December 2020.

Accounting Policies

In preparing the annual report and financial statements the Governors have adopted the provisions of the Charities Statement of Recommended Practice FRS 102 (second edition - October 2019).

General

The charity was set up in 1897. The original Trust Deed was substantially amended in 1987 and the Charity Commission made a sealed Order dated 24th November 2003 providing the power to purchase Trustee Indemnity Insurance. This insurance is renewed annually.

The object of the charity is to provide public benefit by the provision of almshouses for the accommodation of elderly persons having a “housing need” and an association with the Borough of Reigate and Banstead.

At the year-end we were housing 36 residents comprising 4 couples, 24 single ladies, 4 single gentlemen plus, in addition, the Manager. One almshouse was vacant pending refurbishment having been vacated in mid-December. A second almshouse was due to be vacated early in January 2021.

The charity is advertised locally by the distribution of a brochure in local libraries and Doctors’ Surgeries and on our own website as well as the websites of The Almshouse Association and The Elderly Accommodation Counsel. Our efforts have resulted in a steady stream of enquiries and at the year-end our waiting list comprised four single ladies. In addition there were two applicants awaiting interview.

Board of Governors

The Governors who served during the year were:-

Mr. C. R. Knott FRICS (Chair of the Board of Governors and Fabric & Finance Committee) Mrs. S. Latham (Vice Chair)

Mr. T. P. G. Neale FCA (Hon. Treasurer) Dr D. Bullock BA (Hons), MB ChB (Chair of Welfare Committee) Mr. P. Diggles FCMA Mrs H. Doling (appointed March 2020) Mr. P. M. Low BSc C Eng. Mr. D. Pay Mrs. B. Pay Mr. R. Fairclough FRICS Mrs. J. Gorman Mrs. J. Naish Mrs. T. Preece (Resigned 7th September 2020) Mr. J. Wilkins FICE

The Mayor of Reigate & Banstead Borough Council, Councillor Keith Foreman until May 2020. The Mayor of Reigate & Banstead Borough Council, Councillor Rosemary Absalom from May 2020. The Vicar of St. Mary’s Church, Reigate, Revd. Richard Wilson.

Clerk to the Governors Mr. P. Turner BA (Econ) Dip Ed

1

THE VICTORIA ALMSHOUSES

GOVERNORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

Concerns about the COVID 19 Pandemic resulted in the cancellation of the first of our quarterly Board Meetings although business was conducted by email with trustee approval sought for all decisions. Subsequently three Board Meetings and the quarterly meetings of the Welfare Committee and the Fabric and Finance Committee were conducted by Zoom thus minimising the impact of the virus on the efficient management of the charity.

We continued to support The Almshouse Association that in 2021 will be celebrating its 75th anniversary. The Association provides invaluable support to the Governors.

In March we were delighted to welcome Mrs Helen Doling as a new Governor on the Welfare Committee and she has been a great support to our Manager and residents.

In September Mrs Tina Preece, a member of our Welfare Committee and a Financial Trustee, resigned as a Governor due to family commitments associated with the COVID 19 Pandemic. She had been a Governor for nearly ten years and we appreciate the contribution she made both to the welfare of our residents and the effective running of the charity.

Mrs Doling agreed to become a Financial Trustee and this was confirmed at the December Board Meeting.

During the year our Hon. Treasurer Mr Tim Neale announced his intention to stand down as Treasurer at the end of the year. The charity owes a debt of gratitude for the efficient way that he has managed the charity's finances over the last 18 years since he took on the role. Mr Neale will stay on as Governor until our March 2021 Board Meeting to assist with the finalisation of our 2020 accounts.

The Governors are delighted that Mr Diggles agreed to take on the role as Hon Treasurer with effect from 1st January 2021 and his appointment was confirmed at our December Board Meeting.

The Board retains an excellent balance of professional expertise and pastoral skills. All Governors and our Clerk, Mr. Turner, give their time unstintingly to the administration of the Charity and to ensure the comfort and wellbeing of our residents. The contribution of Governors is invaluable both in terms of cost savings, attention to residents and assistance with any problems arising.

Public Benefit Reporting

The Governors (Trustees) have had due regard to the Charity Commission guidance on public benefit when setting the objects and activities of the charity.

Details of how the charity’s activities provide public benefit are set out earlier in this report.

Recruitment and Training of Trustees

We continue to seek additional Governors to strengthen and broaden the overall expertise of the Board. The Trust Deed makes provision for up to 16 Governors. Vacancies are advertised locally. Historically, new Governors (Trustees) have been recruited by personal contact with existing Governors. This helps to ensure the necessary local knowledge and commitment which is so essential for a small local charity.

2

THE VICTORIA ALMSHOUSES

GOVERNORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

On appointment to the Board, Governors receive an information file including:-

•Governor’s election procedure

•Standard letters for inviting and processing applications for residency

•The Almshouse Association online advice to Governors “Standards of Almshouse Management”

•Manager’s duties and responsibilities

•Duties and responsibilities of the Hon. Treasurer

•Risk Assessment and Health & Safety Policy (reviewed annually)

•Policy on safeguarding vulnerable adults

•Policy on confidentiality of information (GDPR)

Finance

Our financial statements are subject to an Independent Examination.

The income from Maintenance Contributions increased to £159,947 up from £154,047 in 2019. Investment income was £21,082 up from £20,675 in 2019. Other income totalled £284.

Expenditure for the year was £163,196, a substantial increase from the previous year reflecting deferral of some works from 2019 and our ongoing programme of refurbishment and repairs.

The net result for the year, excluding the loss on the revaluation of the investments, was a surplus of £18,117 compared with the surplus of £70,560 in 2019. Taking into account the unrealised loss on our investments the deficit for the year was £19,792.

At the year end the value of the charity’s investment assets stood at £518,962 held in the M&G Charity Multi Asset Fund.

This year has been a particularly difficult one for our investments mainly as a result of the effect of the pandemic on the investment markets. We continue to monitor the performance of our investments.

Reserves Policy

The Charity’s Reserves Policy is to designate part of the reserves to fund the 10 year rolling maintenance programme which is reviewed each year at the December Board meeting. This reserve is defined as the Extraordinary Repair Fund (ERF) and is held as accumulation units in the M&G Charity Multi Asset Fund.

The estimated cost of the maintenance programme for the period 2019 to 2029 at current prices exceeds the value of funds invested which, as at 31st December 2020, totalled £518,962 down from £536,020.

The value of the charity’s investments fell significantly as the pandemic took hold in March but had recovered somewhat by the year end.

The scheduling of the major works within the 10 year programme will be dependent upon the future performance of financial markets.

3

THE VICTORIA ALMSHOUSES

GOVERNORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

Following the adoption of FRS 102 in 2015 the Governors reserved a sum of £112,567 in a designated fund in respect of the Social Housing Grant of £194,335 received towards the cost of construction of the flats at Reigate. This represented approximately 58% of the potential cost of repaying the grant. At the present time the Governors cannot envisage circumstances whereby this grant would become repayable whilst the charity continues in its present form to provide almshouse accommodation.

At the December 2020 meeting, the Board agreed the preliminary budget for 2021 based on a 2.5% increase in Maintenance Contributions from 1st April 2021.

Liquid funds are required to ensure the smooth and efficient day to day running of the charity and these are held in accounts with Lloyds Bank plc and a COIF Charity Funds deposit. The Trustees believe that it is prudent to hold at least 50% of the budgeted annual expenditure as a general reserve (approximately £80,000). This policy is reviewed annually as part of the Risk Assessment process.

Having reviewed the Charity’s budgeted income and expenditure, and taking into consideration its existing available cash resources, the Governors consider it reasonable to prepare the financial statements on a going concern basis.

Warden / Manager

Mrs. Marjorie Woolsey retired in February as our Warden, a role she had fulfilled for some 10 years. We were pleased to be able to offer her and her husband, Roy, the opportunity to remain as residents of the almshouses. A party and presentation attended by residents and Governors was held in February to thank them for their support and to wish them well in their retirement.

We were fortunate to appoint Miss Tracy Wiffen as Manager who commenced her role at the beginning of February. Within weeks she was faced with the first National lockdown due to the COVID 19 pandemic leaving her with restricted support to ensure the wellbeing of all our residents.

The Governors and residents are indebted to her for all the hard work and enthusiasm she brought to the role in very difficult circumstances. Her experience has been of great assistance to the Governors ensuring the effective management of the almshouses in these difficult times.

Residents

During the year one resident, Mrs Reeves moved to a care home and another Mr Jackson moved to alternative accommodation.

We were delighted to welcome new residents Mr & Mrs Breeden West and Mrs Smith.

With the onset of the pandemic the Manager and Governors worked hard to keep residents safe, implementing a strict cleaning regime, closing the Community Room and providing regular updates to help residents keep up to date with Government guidance.

Housing Ombudsman Service

The Charity has been a long standing member of the Housing Ombudsman Service that seeks to resolve disputes between landlords and their residents. This year a new mandatory Complaint Handling Code was introduced. The charity reviewed its existing procedures for dealing with complaints and updated them to comply with the new code.

In December we wrote to all our residents explaining the new procedures and their rights to use the Ombudsman service. We also appointed a Governor to be responsible, at Board level, for ensuring that all complaints were logged and appropriate action was taken, in accordance with the Code.

The Governors completed a self-assessment form to monitor compliance with the Code and identify areas of improvement. It was agreed that Complaints would be an agenda item at all future board Meetings.

4

THE VICTORIA ALMSHOUSES

GOVERNORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

Properties

As and when any of our properties become vacant we continue our programme of renovation and upgrading as necessary, installing new kitchen units with built-in ovens and hobs and improved shower rooms. During the year we completed the refurbishment of three almshouses, undertook repairs and remedial works to an almshouse affected by settlement and completed the retiling of the roof of a pair of almshouses. At Redhill we installed a toilet in the laundry building.

We continued our programme of replacing central heating and hot water boilers as necessary. We carry out annual tests of all our installed gas appliances. We undertook PAT tests on all the charity’s electrical appliances. We brought forward our rolling programme of electrical tests on all our properties to comply with the requirements of The Electrical Safety Standards in the Private Rented Sector Regulations 2020. All tests and any remedial work found necessary, are scheduled to be completed early in 2021 in advance of the 31st March 2021 deadline.

Following a series of blockages and a camera investigation a decision was taken to renew sections of the drains that are the responsibility of the charity at the almshouses in Redhill. This work commenced at the beginning of 2021.

Future Plans

Whilst there are no current plans to add to the housing stock the charity agreed to identify potential opportunities to use its estate more effectively. Upgrading and maintenance of the existing properties will be carried out, as opportunities arise, in accordance with the 10-year rolling maintenance programme.

We identified two possible opportunities of integrating two almshouses to form larger units suitable for couples but, following investigation, decided not to proceed at this time.

Following requests from residents at Redhill we began investigations to provide a Community Room. It is hoped that this will be completed during 2021.

Social Events

As a result of the pandemic the residents were unable to hold any social functions after February and the Jubilee Room was closed.

Risk Assessment

The Risk Analysis and Health and Safety Plan was reviewed and approved at the September Board meeting.

We keep under review our policies on Safeguarding and data protection.

We issued guidance updates to our residents during the course of the year in an attempt to minimize the risk of COVID 19 infection. This involved regulating the use of the laundries, closure of the Jubilee room, maintaining social distancing in outdoor areas and an intensive cleaning of common parts.

5

THE VICTORIA ALMSHOUSES

GOVERNORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

Statement of Governors’ Responsibilities

The Governors are responsible for preparing the Governors’ Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Governors are required to:

•select suitable accounting policies and then apply them consistently;

•observe the methods and principles in the Charities SORP (FRS102);

•make judgements and estimates that are reasonable and prudent;

•state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

•prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Governors are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the Trust Deed. The Governors are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Governor Mr. C. R. Knott

15 March 2021

6

INDEPENDENT EXAMINER'S REPORT

TO THE GOVENORS OF THE VICTORIA ALMSHOUSES

I report on the accounts of the charity for the year ended 31 December 2020 which are set out on pages 8 to 15.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

G Hunt BA F.C.A. Kreston Reeves LLP Springfield House Springfield Road Horsham West Sussex RH12 2RG

7

THE VICTORIA ALMSHOUSES

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2020

Note
INCOME FROM:
Donations and legacies
Donations
Charitable activities
Maintenance contributions from residents
Investments
5
Other
Total income
EXPENDITURE ON:
Charitable activities
6
Day-to-day maintenance
Services
Total expenditure
Total income less total expenditure
Net (losses)/gains on investments
11
Net (expenditure)/income
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2020
Total
£
-
159,947
21,082
284
181,313
98,341
64,855
163,196
18,117
(37,909)
(19,792)
(19,792)
853,692
833,900		 2019
Total
£
104
154,047
20,675
3,829
178,655
47,860
60,235
108,095
70,560
62,437
132,997
132,997
720,695
853,692

The Victoria Almshouses has not acquired or discontinued any fundamental activities during the above two financial years. The Charity has no recognised gains and losses other than those included in the above Statement of Financial Activities. Therefore no separate statement of total recognised gains and losses is needed.

The notes on pages 10 to 15 form part of these accounts.

8

THE VICTORIA ALMSHOUSES

BALANCE SHEET

AT 31 DECEMBER 2020

Fixed assets
Housing properties
Investments
Current assets
Debtors
Cash at bank
Deposit accounts
Creditors: Amounts falling due
within one year
Net current assets
Total assets less current liabilities
Funds
General funds
Extraordinary repair fund
Development fund
Social housing grant fund
Total funds		 Note
10
11
12
13
14
15
15
15		 £
£
150,187
518,962
669,149
5,881
30,235
135,260
171,376
(6,625)
164,751
833,900
142,285
518,962
60,086
112,567
833,900
2020		 £
£
158,214
536,020
694,234
6,211
24,161
135,041
165,413
(5,955)
159,458
853,692
159,117
536,020
45,988
112,567
853,692
2019

These accounts were approved by the Board of Governors on 15th March 2021 and signed on its behalf by:

Governor

Mr. C. R. Knott

Governor

Mr. T. P. G. Neale

The notes on pages 10 to 15 form part of these accounts.

9

THE VICTORIA ALMSHOUSES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1. Principal accounting policies

The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom. A summary of the more important accounting policies is set out below.

(a) General information and basis of preparation

The Victoria Almhouses is a charity registered in the United Kingdom. The nature of the charity's operations and principal activities are listed in the Governors' Report. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition - October 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Housing properties

Housing properties are stated at cost less accumulated depreciation.

(c) Depreciation

Depreciation is provided on housing properties to write down the cost to the estimated realisable value in equal instalments at a rate of 2% per annum. Where appropriate, and practicable, individual components have been identified and depreciated over shorter useful lives, typically between 10 and 15 years.

(d) Extraordinary repair fund This revenue reserve is classified as a designated fund and represents amounts set aside to cover repairs on housing properties over the next ten years.

(e) Development fund

This revenue reserve is classified as a designated fund and represents amounts set aside towards the future development of the housing properties.

(f) Social housing grant fund

This revenue reserve is classified as a designated fund and represents funds set aside for the social housing grant which could become repayable under certain circumstances, primarily following the sale of a property.

(g) Restricted fund

Restricted funds are those donated or received for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

(h) Investments

Investments are stated at fair value. Fair value equates to market value. Each year the revaluation surplus or deficit is transferred to the appropriate fund.

10

THE VICTORIA ALMSHOUSES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1. Principal accounting policies - continued

(i) Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

(j) Government grants

Government grants are accounted for under the performance model. Government grant income is recognised as follows:

(k) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure on properties is written off in the Statement of Financial Activities for the year in which it is incurred except for improvements resulting in increased maintenance contributions.

(l) Allocation of support and governance costs

Support costs are governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. All governance costs are allocated to services expenditure.

(m) Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(n) Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

(o) Pension

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

2. Statement of financial activities comparative information by fund

All income and expenditure included in the statement of financial activities for the year ended 31 December 2019 was included in unrestricted funds.

11

THE VICTORIA ALMSHOUSES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

3. Governors' emoluments

The Trustees are defined as the Governors.

One governor received expenses in the year of £561 (2019: No governors). Governors’ liability insurance amounted to £484 (2019: £484). The Governors did not receive any remuneration from the charity.

The number of Governors at the year end was: -
4.
Employee information
The average weekly number of persons
employed during the year was: -
Warden/Manager
Staff costs
Wages and salaries
Pension contributions
No employees were paid in excess of £60,000 per
5.
Investment income receivable
Bank deposit interest
Listed investments
6.
Charitable activities
Day-to-day maintenance
Services		 annum.
2020
Activities
undertaken
directly
£
98,341
61,710
160,051		 2020
Governance
costs
£
-
3,145
3,145		 2020
No.
15
2020
No.
1
£
20,326
345
20,671
2020
£
231
20,851
21,082
2020
Total
£
98,341
64,855
163,196		 2019
No.
15
2019
No.
1
£
17,962
40
18,002
2019
£
432
20,243
20,675
2019
Total
£
47,860
60,235
108,095

12

THE VICTORIA ALMSHOUSES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

7.
Governance costs
Independent examiner's fee
Trustees' expenses and insurance
8
Independent examiner's fees (including VAT)
Independent examination
Taxation advice
Payroll services
9
Taxation		 2020
£
2,100
1,045
3,145
2020
£
2,100
576
456
3,132		 2019
£
2,100
484
2,584
2019
£
2,100
-
444
2,544

The Victoria Almshouses is a registered charity and its income falls within the charitable exemptions.

10 Fixed assets - freehold housing properties

Cost:
At beginning of year and end of year
Depreciation:
At beginning of year
Charge for the year
At end of year
Net book value:
At end of year
At beginning of year		 Total
£
446,102
287,888
8,027
295,915
150,187
158,214

13

THE VICTORIA ALMSHOUSES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

11 Fixed assets - listed investments at fair value

Investments at fair value
At beginning of year
Additions - investment income
Net investment (loss)/gain
At end of year
Extraordinary repair fund: investments at fair value
M&G Charity Multi Asset Fund
5,609.453 Accumulation Units
Formerly: The National Association of Almshouses Common Investment Fund
5,609.453 Accumulation Shares
Investments at cost
At beginning of year
Additions during the year
At end of year
Cost at end of year
Extraordinary repair fund
(Loss)/Gain on investment
Net investment (loss)/gain
12
Debtors: amounts falling due within one year
Prepayments and accrued income
13
Creditors: amounts falling due within one year
Other creditors and accruals		 2020
£
536,020
20,851
(37,909)
518,962
518,962
375,616
20,851
396,467
396,467
(37,909)
(37,909)
2020
£
5,881
5,881
2020
£
6,625
6,625		 2019
£
453,340
20,243
62,437
536,020
536,020
355,373
20,243
375,616
375,616
62,437
62,437
2019
£
6,211
6,211
2019
£
5,955
5,955

14

THE VICTORIA ALMSHOUSES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2020

14 Unrestricted funds

At beginning of year
Net movements in funds
Transfer
At end of year		 General
funds
£
159,117
(19,792)
2,960
142,285		 Designated
funds
£
694,575
-
(2,960)
691,615		 Total
2020
£
853,692
(19,792)
-
833,900		 Total
2019
£
720,695
132,997
-
853,692

15 Designated funds

Extraordinary
Social
repair
Development
housing grant
fund
fund
fund
£
£
£
At beginning of year
536,020
45,988
112,567
Transfer
(17,058)
14,098
-
At end of year
518,962
60,086
112,567		 Total
2020
£
694,575
(2,960)
691,615		 Total
2019
£
599,984
94,591
694,575

The Extraordinary repair fund is a designated fund invested in the M&G Charity Multi Asset Fund. During the year £17,058 was transferred from the fund so that at the end of the year the fund represents the value of funds invested in the M&G Charity Multi Asset Fund Units.

The Development fund is a designated fund and represents amounts set aside towards the future development of the housing properties. During the year £14,098 was transferred to the Development fund which represents the agreed proportion of maintenance contributions in the year which have been set aside towards future development.

The Social housing grant fund is a designated fund and represents funds set aside for the social housing grant which could become repayable under certain circumstances, primarily following the sale of a property.

17. Related party transactions

There have been no related party transactions in the year.

15

THE VICTORIA ALMSHOUSES

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

INCOME FROM:
Maintenance contributions from residents
Investments
Insurance Claim
Donations
Sundry items
Total income
EXPENDITURE ON:
Charitable activities: costs of activities
in furtherance of the charity's objects:
Day-to-day maintenance
Services
Wages and honorarium
Void expenses
Jubilee Room
Insurance
Central heating and water services
Garden maintenance
Access lighting
Warden/Manager call services
Miscellaneous costs
Welfare
Printing, stationery, postage and advertising
Telephone
Depreciation
Payroll services
Independent examiner's fee
Professional Fees
Trustees' expenses and insurance
Total expenditure
Net (losses)/gains on investments
Unrealised
Net (expdeniture)/income for the year
Net movement in funds
Fund balances at beginning of year
Fund balances at end of year		 2020
£
159,947
21,082
-
-
284
181,313
98,341
22,511
250
977
4,030
10,676
5,072
1,302
4,332
1,231
926
479
865
8,027
456
2,100
576
1,045
64,855
163,196
(37,909)
(37,909)
(19,792)
(19,792)
853,692
833,900		 2019
£
154,047
20,675
3,395
104
434
178,655
47,860
19,794
184
1,212
3,275
10,078
5,822
1,045
4,350
1,554
855
349
661
8,028
444
2,100
-
484
60,235
108,095
62,437
62,437
132,997
132,997
720,695
853,692

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