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2020-12-31-accounts

STEPHEN HUTCHEN’S CHARITY TRUST FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

Registered Charity No. 204758

Homes & Communities Agency No. A4024

WALKER MOYLE LTD CHARTERED ACCOUNTANTS

PENZANCE

STEPHEN HUTCHEN’S CHARITY TRUST

Page 1

TRUSTEES ANNUAL REPORT FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

REFERENCE AND ADMINISTRATIVE DETAILS

The Trustees submit their Report and the Financial Statements for the year ended 31 December 2020 for Stephen Hutchen’s Charity Trust. The financial statements have been prepared in accordance with current statutory requirements, the Trust Deed and Statement of Recommended Practice for Social Housing Providers (Housing SORP 2018).

Charity Registration Number

The registered number of the Charity is 204758.

Homes & Communities Agency No.

The registered number of the Charity is A4024.

Principal Address

Stephen Hutchen’s Charity Trust Paul Penzance Cornwall TR19 6UA

Trustees (All whom manage the Charity)

The Governing Body consists of the following members who meet quarterly and administer the charity. The Trustees who served during the year were:

Ex-officio:

The Reverend Vicar of Paul, Rev. A Yates

Nominative:

Cllr. RA Mann Cllr. N Davis

Co-optative:

Mr GK Prowse (Treasurer) Mrs PA Jones (Secretary) Mrs SJ Stephens (Minutes Secretary) Mr CG Osborne (Chairman) Mrs RD Bond

Mrs C Oats Mrs L Burton (Vice Chairman) Mrs MG Griffiths Mrs OJ Pickford

Bankers Land Agent Barclays Bank Antony Richards 8/9 Market Jew Street Jupiter House Penzance 10 Market Place Cornwall Penzance TR18 2TW Cornwall TR18 2JA CCLA 80 Cheapside London EC2V 6DZ

STEPHEN HUTCHEN’S CHARITY TRUST

Page 2

TRUSTEES ANNUAL REPORT

FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

Solicitors Accountants / Independent Examiner Cornish Venning Paula Thomas BA FCA DChA Unit N Walker Moyle Ltd Questmap Business Park Alverton Pavilion Longrock Trewithen Road Penzance Penzance Cornwall Cornwall TR20 8AS TR18 4LS

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

The Charity is administered by the Trustees, as established by the Trust Deed dated 7 May 1875 and as revised by the Trust Deed dated 7 April 1966 and updated 20 July 2010.

Governance

The Charity is governed by a Scheme Document approved on 7 April 1966 by the Charity Commissioners for England and Wales, which is implemented by the Trustees. The Trustees confirm they have complied with the governance and financial viability standards required.

Nomination and Appointment of Trustees

Risk Assessment

The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems or procedures are in place to manage those risks.

OBJECTIVES AND ACTIVITIES

Objectives

The Charity's main objective is the provision of Almshouse accommodation.

Activities

In determining activities Trustees have given due regard to the Charities Commission on Public Benefit. The activities deliver public benefit as follows:

The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to guidance on public benefit, published by the Charity Commission.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 3

TRUSTEES ANNUAL REPORT

FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

The Regulator of Social Housing requires all registered social housing providers to report on Value for Money metrics published in the Value for Money Standard 2018. These have been calculated as follows:

2020 2019
Metric 1: Reinvestment 0% 0%
Metric 2: New supply (social housing units) 0% 0%
Metric 3: Gearing 0% 0%
Metric 4: EBITDA MRI (major repairs included)Interest 0% 0%
cover
Metric 5: Headline social housing cost per unit £5,383 £5,337
Metric 6a: Operating margin (social housing lettings) 6% 8%
Metric 6b: Operating margin (overall) 13% 22%
Metric 7: Return on capital employed 0.9% 1.71%

The Trustees confirm the charity achieves value for money by ensuring that the Trust provides tenants with high quality accommodation and services. Consistent with its charitable aims, the income from its activities is invested into the provision of such services and accommodation which benefits its residents.

ACHIEVEMENTS AND PERFORMANCE – WHO USED AND BENEFITED FROM OUR SERVICES

Review of the Year

Eight flats were fully occupied during the year. This is a 100% occupancy rate. All residents were elderly and from the area of benefit.

One Trustee has been reimbursed for a total of £72 (2019: £35) for expenses that they had incurred during their duty as Committee Officer. The expenses incurred consist of postage. At the year end £nil (2019: £nil) was owed to the Trustee.

Investments

The Trustees have been approved by the Charity Commissioners to hold and administer investments for the benefit of the Charity.

FINANCIAL REVIEW

Results and Reserves

Income received in the year amounted to over £54,000 (2019: over £59,000), of which over £47,000 (2019: over £46,500) has been generated from the residents at the Almshouses. The Trustees have established by reference to future anticipated costs that unrestricted funds may be kept at the level of £316,665 (2019: £296,669) as shown on Page 8. The level of free reserves excluding accumulated gains on investments and designated funds is £68,295 (2019: £65,323) which represents 12 months (2019: 12 months) of expenditure.

Investments

Investments are held in COIF Charities Investment Funds. The market value of the investments at 31 December 2020 was £176,816 (2019: £163,169). This exceeds the original cost by £142,251 (2019: £128,604).

The investments have been held for a number of years, and the Charity intends to continue to hold these investments. The policy for the investments is to ensure that the value exceeds cost and a return is received each year.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 4

TRUSTEES ANNUAL REPORT

FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

Reserve Policy

The Trustees have decided that the Charity should hold reserves which are neither restricted nor designated equivalent to twelve months expenditure.

£350 per flat is to be transferred each year to the cyclical maintenance designated fund and £150 per flat is to be transferred each year to the extraordinary maintenance designated fund within unrestricted funds.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

Registered Social Housing Legislation and Charity legislation require Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Charity as at the end of the financial year and its income and expenditure for that period. In preparing those accounts the Trustees are required to:

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enables them to ensure that the financial statements comply with the Housing and Regeneration Act 2008, The Accounting Direction for Private Registered Providers of Social Housing from April 2019, the Charities Act 2011 and the Statement of Recommended Practice – Accounting by Registered Social Housing Providers 2018. The Trustees 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.

This report was approved by the Board of Trustees and signed on its behalf by:

Mr CG Osborne (Chairman)

Date: 29 June 2021

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF STEPHEN HUTCHEN’S Page 5 CHARITY TRUST ON ACCOUNTS FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020 CHARITY NO. 204758

I report to the trustees on my examination of the accounts of Stephen Hutchen’s Charity Trust for the year ended 31 December 2020, which are set out on pages 7 to 19.

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’). The Charity’s trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (‘the Act’) and Section 136(3) of the Housing and Regeneration Act 2008) and that an independent examination is needed.

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 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, the Housing and Regeneration Act 2008 and The Accounting Direction for Private Registered Providers of Social Housing from April 2019. 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 no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

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 which gives me cause to believe that, in any material respect:

I also confirm that the accounts comply with the Homes and Communities Agency requirements as set out below:

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF STEPHEN HUTCHEN’S Page 6 CHARITY TRUST ON ACCOUNTS FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020 CHARITY NO. 204758 (CONTINUED)

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.

Paula Thomas BA FCA DChA

Chartered Accountant Walker Moyle Ltd Alverton Pavilion Trewithen Road Penzance Cornwall TR18 4LS Date: 14 July 2021

STEPHEN HUTCHEN’S CHARITY TRUST

Page 7

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR 1 JANUARY 2020 TO 31 DECEMBER 2020

Year Ended
31 December
Note 2020 2019
£ £
TURNOVER 1(c) & 4(a) 54,269 59,221
LessOperating Expenditure 4(a) (47,088) (45,999)
______ ______
OPERATING SURPLUS/(DEFICIT) 7,181 13,222
Interest receivable and similar income 6 2,219 2,343
Movement in fair value of investments 10 13,647 27,237
______ ______
SURPLUS/(DEFICIT) FOR THE YEAR AND
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 23,047 42,802
======== ========

CONTINUING OPERATIONS

None of the Charity’s fundamental activities were acquired or discontinued in the above two financial years.

These financial statements were approved by the Committee of Management and signed on its behalf by:

Mr CG Osborne (Chairman)

Mr GK Prowse (Treasurer)

Date: 29 June 2021

The notes on Pages 11 - 19 form part of these financial statements.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 8

STATEMENT OF CHANGES IN EQUITY – YEAR ENDED 31 DECEMBER 2020

Income and
Expenditure Restricted Endowment Unrestricted
Reserve Reserve Fund Fund Total
£ £ £ £
Balance at 1 January 2020 62,605 176,310 296,669 535,584
Surplus/(deficit)
from statement
of comprehensive
income 3,050 - 19,996 23,046
_ _ _ _
Balance at 31 December 2020
65,655		 176,310 316,665 558,630
========= ========= ========= =========

The notes on Pages 11 – 19 form part of these financial statements.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 9

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
Note 2020 2019
£ £
FIXED ASSETS
Tangible Fixed Assets 9 551,825 552,448
Investments 10 176,816 163,169
_ _
728,641 715,617
CURRENT ASSETS
Debtors and prepayments 11 3,344 4,061
Cash at Bank 73,935 66,883
______ _
77,279 70,944
LessCREDITORS - amounts falling
due within one year 12 (11,033) (11,670)
______ _
NET CURRENT ASSETS 66,246 59,274
_ _
TOTAL ASSETS LESS CURRENT LIABILITIES 794,887 774,891

CREDITORS
Amounts falling due after 1 year 13 (236,257) (239,307)
_ _
TOTAL NET ASSETS 558,630 535,584
========= =========
RESERVES
Restricted Reserves
- Endowment Fund 15 (a) 176,310 176,310
- Restricted Fund 15 (b) 65,655 62,605
Unrestricted Income and
Expenditure Reserve 15 (c) 316,665 296,669
_ _
TOTAL RESERVES 558,630 535,584
========= =========

These financial statements were approved by the Committee of Management and signed on its behalf by:

Mr CG Osborne

(Chairman)

Mr GK Prowse (Treasurer)

Date: 29 June 2021

The notes on Pages 11 – 19 form part of these financial statements.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 10

STATEMENT OF CASH FLOWS



Net cash generated from operating
activities (See Note 1 below)
Purchase of tangible fixed assets
Interest received
Net change in cash and cash equivalents
Cash and cash equivalents at beginning
of the year
Cash and cash equivalents at end of the year
Note 1
Cash flow from operating activities
Surplus/(deficit) for the year
Depreciation of tangible fixed assets
Decrease/(increase) in trade and other debtors
Increase/(decrease) in trade and other creditors
Increase/(decrease) in provisions
Adjustments for investing or financing activities:
Interest received		 Year ended
31 December 2020
£
5,373
(540)
2,219
__
7,052
66,883
____
73,935
========
5,373
========
23,047
1,163
717
(638)
(3,050)
(13,647)
(2,219)		 Year ended
31 December 2019
£
13,708
-
2,343
__
16,051
50,832
____
66,883
=========
13,708
=========
42,802
1,114
1,042
1,380
(3,050)
(27,237)
(2,343)

The notes on Pages 11 – 19 form part of these financial statements.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 11

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

1. PRINCIPAL ACCOUNTING POLICIES

The Charity is administered by the Trustees, as established by the Trust Deed dated 7 May 1875 and as revised by the Trust Deed dated 7 April 1966 and updated 20 July 2010.

The Charity constitutes a public benefit entity as defined by FRS 102.

The Financial Statements have been prepared in accordance with the historical cost convention except for investments, and the Accounting Direction for Private Registered Providers of Social Housing April 2015. In preparing the financial statements the Charity follows best practice as set out in the Statement of Recommended Practice - Accounting by Registered Social Housing Providers 2018, and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.

A summary of the more important accounting policies is set out below.

Turnover represents rents receivable and contributions from residents and supporting people service subsidy. It also includes fund raising income, which is recognised when collected by the Charity and amortised Government grants.

d. Housing Properties:

The Stephen Hutchen’s Charity Properties were acquired in the 18th Century and there is no record of the original cost. During 1993 and 2006 extensive refurbishment and extension work was undertaken. The property is shown in the Balance Sheet at the cost of extensions and improvements. The Trustees have not obtained a valuation of the Housing Properties and land surrounding the Housing Properties, however they consider the market value and recoverable amount to be significantly in excess of the carrying value in the accounts and that there is no indication of impairment.

Whilst it is the policy to depreciate relevant fixed assets, it is considered that the freehold buildings estimated residual value is equal to the net book value and therefore no further depreciation charge arises.

Assets under £100 are not capitalised.

e. Depreciation:

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life. No depreciation has been charged on buildings in the year due to a high residual value and a long expected useful economic life.

The following rates and bases have been used: Depreciation is provided as follows:

Property - Almshouse Development Not depreciated

Plant and Equipment 10% p.a. straight line

STEPHEN HUTCHEN’S CHARITY TRUST

Page 12

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

  1. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

  2. f. Government Grants – Housing Grants Received

A Local Authority Grant and a Housing Association Grant (HAG) were obtained to reduce the cost of development of the Housing Properties. The Grants are repayable under certain circumstances, primarily following the sale of a property but will normally be restricted to net proceeds of sale.

The Housing properties are held at cost in the Balance Sheet therefore the Trust uses the accruals model to amortise the grant over the life of the structure or the property. The Trustees estimate the useful economic life of the properties to be at least 100 years.

The following rates and basis have been used.

Housing grants amortised 1% p.a. straight line.

Interest incurred on capital expenditure on property improvements is charged to income and expenditure when incurred.

The fixed asset investments held are re-valued to market value on an annual basis and market value is also determined to be equal to fair value. The increase/(decrease) in the value of these assets over their original cost is shown in the Statement of Comprehensive Income.

Stephen Hutchen’s Charity Trust has established a regular programme of cyclical repairs and maintenance. Costs are to be charged to the provision created when they are incurred. An annual provision for cyclical repairs and maintenance of £350 per unit is designated from reserves.

Costs of Extraordinary Repairs, unless representing improvements to the properties, are to be charged to the provision created when they are incurred.

An annual provision for Extraordinary Repairs of £150 per unit is designated from reserves.

This represents the endowment fund. The funds were received by the charity.

Additional restricted reserves represent donations received for specific purposes. The expenditure is then matched against these funds.

Financial Statements, where applicable, expenditure is shown inclusive of VAT.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 13

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

1. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

Land lettings are not always at market value.

There are no general costs apportioned to this income only direct costs where applicable.

  1. COMMITTEE MEMBERS' REMUNERATION AND RELATED PARTY TRANSACTIONS
Expenses reimbursed to Committee
Members
Amount owed to Committee Members for
expenses at the year end
Less: amount owed to Committee Members
for expenses brought forward
 2020

£
72
-
-
____
72
======
 2019
£
35
-
-
____
35
======

One (2019: none) related party transaction took place during the year with a noncommittee member. This involved a spouse of a committee member where they purchased materials on behalf of the Charity and the cost of these materials were repaid to the individual in the year. The total amount paid was £1,053 and no amounts were outstanding at the year end.

One (2018: one) member was reimbursed postage expenses.

No remuneration was paid to the Trustees nor any persons connected with them.

3. EMPLOYEE INFORMATION

3.EMPLOYEE INFORMATION
2020 2019
The average monthly number of employees are:
Warden and Assistants 2 2
=== ===
The average number of full time equivalents
(working every day) are:
Warden 1 1
=== ===
One warden is required to be available at all times, 24 hours per day.
Staff Costs
£ £
Wages and salaries 14,161 13,281
Social Security Costs 21 -
Pension contributions 102 -
_____ _____
14,284 13,281
====== ======

No employees receive emoluments exceeding £60,000.

There are no retirement benefits accruing to any members of staff. The warden has on site accommodation provided that is a requirement of the position.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 14

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

4. TURNOVER

a) Particulars of turnover, operating expenditure and operating surplus/(deficit).

Year Ended 31 December 2020
Social housing lettings (Note b)
Non-social housing activities (Note c)
Land rents
Hire of room
Donations
Year Ended 31 December 2019
Social housing lettings (Note b)
Non-social housing activities (Note c)
Land rents
Hire of room
Donations		 Turnover
£
50,123
4,117
12
17
__
54,269
=======
50,039
4,102
80
5,000
____
59,221
=======		 Operating
Expenditure
£
(47,088)
-
-
-
__
(47,088)
=======
(45,999)
-
-
-
____
(45,999)
=======		 Operating
surplus/(deficit)
£
3,035
4,117
12
17
__
7,181
=======
4,040
4,102
80
5,000
____
13,222
=======

b) Particulars of income and expenditure from Social Housing Lettings

2020 2019
Supported Housing Supported Housing
and Housing and Housing
for Older People for Older People
£
£		 £
£
Rent receivable net of identifiable
service charges 38,377 38,377
Service income (food and general household)
8,696		 8,612
Government Grant 3,050 3,050
______ ______
Turnover from social housing lettings 50,123 50,039
Management 14,284 13,281
Services 20,759 20,544
Routine maintenance 4,931 5,861
Planned maintenance - -
Depreciation of plant 1,163 1,114
Other costs 5,951 5,199
______ ______
Operating costs on social housing lettings (47,088) (45,999)
______ ______
Operating surplus/(deficit) on social housing lettings
3,035		 4,040
======== ========
Void losses: 2020: nil
2019: nil - -
======== ========

STEPHEN HUTCHEN’S CHARITY TRUST

Page 15

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

5. TURNOVER

c) Particulars of turnover from non-social housing activities


6.

7.
Land rents

Hire of room at Hutchens House for functions
Donations


==
d) Number of units available to let
Supported Housing and Housing for Older People
Number of units available at the
31 December 2020 and 2019
INTEREST RECEIVABLE AND SIMILAR INCOME
Bank and Building Society interest
Investment income



==
SURPLUS/(DEFICIT) ON ORDINARY ACTIVITIES BEFORE TAXATION
Surplus/(deficit)on Ordinary Activities
before taxation is stated after charging:
Depreciation - Tangible Fixed Assets

Accountancy and payroll fees (including VAT)

Independent Examiner’s Remuneration
(including VAT)
=		 2020
2019
£
£
4,117
4,102
12
80
17
5,000
_

4,146
9,182
======
========
8
8
====
====
2020
2019
£
£
122
241
2,097
2,102
_
______
2,219
2,343
======
========
2020
2019
£
£
1,163
1,114
2,191
1,785
695
675
======
=======

STEPHEN HUTCHEN’S CHARITY TRUST

Page 16

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

8. TAXATION

Stephen Hutchen’s Charity Trust is a registered charity and is therefore exempt from liability to taxation on its income and capital gains.

9. TANGIBLE FIXED ASSETS




 Property
£
Cost
At 31 December 2019
549,627
Additions
-
_
At 31 December 2020
549,627
============
Depreciation
At 31 December 2019
-
Charge for year
-
_
At 31 December 2020
-
============
Net Book Value
At 31 December 2020
549,627
============
At 31 December 2019
549,627
============		 Plant and
Equipment
TOTAL
£
£
23,574
573,201
540
540
___
24,114
573,741
=======================
20,753
20,753
1,163
1,163
_____
21,916
21,916
=======================
2,198
551,825
========================
2,821
552,448
========================

The Trustees consider the market value of the land and properties owned by the Trust to be in excess of cost.

10. INVESTMENTS - held to provide an investment return for the charity

Listed (UK)

2020 2019
£ £
a) Market value brought forward at
at 31 December 2019 163,169 135,932
Net gain/(loss) on revaluation 13,647 27,237
______ ______
Market value carried forward at
31 December 2020 176,816 163,169
======== ========
b) Base Cost: being Market Value at
31st December 1992 34,565 34,565
======== ========

STEPHEN HUTCHEN’S CHARITY TRUST

Page 17

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

11.
12.
13.		 DEBTORS AND PREPAYMENTS– recoverable within one year
2020
2019
£
£
Electricity owed from residents
-
727
Owed from Warden
580
501
January 2021 (2020: 2019) food paid
to Warden in advance
900
730
Land rents receivable
3
2
Prepayments
1,804
2,072
Interest due
-
29
HMRC PAYE refund due
57
-
__
_
3,344
4,061
========
========
CREDITORS- amounts falling due within one year
2020
2019
£
£
Trade Creditors
946
323
Other Creditors
3,765
3,765
Accruals and Deferred income
6,322
7,582
PAYE & NIC
-
-
_

11,033
11,670
========
========
CREDITORS– amounts falling due after one year
2020
2019
£
£
Deferred Income
236,257
239,307

___
236,257
239,307
========
========

14. DEFERRED INCOME

Deferred income represents Government grants for Social Housing. The total of Government grants received as at 31 December 2020 was £304,962 (2019: £304,962). Deferred income shown in the accounts is as follows:

2020 2019
£ £
Brought forward 242,357 245,450
Recognised in Statement of Comprehensive
Income in the year 3,050 3,050
_ _
Carried forward 239,307 242,357
======== ========

STEPHEN HUTCHEN’S CHARITY TRUST

Page 18

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

15. RESERVES

(a)
(b)



(c)
(i)


(ii)
 Endowment Reserves
2020 2019
£
£
Endowment Fund
brought forward and carried
forward at 31 December 2020
176,310
176,310
========
========
Restricted Reserves
2020
2019
£
£
Brought forward
62,605
59,555
Amortisation of Grant
3,050
3,050
_
_
Carried forward
65,655
62,605
========
=======
Unrestricted Revenue Reserve
2020
2019
£
£
Reserve brought forward as at 31 December 2019
296,669
256,917
Surplus/(deficit) made in year
19,996
39,752
_
__
Carried forward
316,665
296,669
=========
========
Designated Reserves
Cyclical Extraordinary
Maintenance Repair
Fund Fund Total
Reserve brought forward
as at 31 December 2019
21,648
9,920
31,568
Provided in the year
2,800
1,200
4,000
Spent in year
-
-
-
_
_

As at 31 December 2020
24,448
11,120
35,568
========
========= =======
Transfer to Designated Reserves
2020
2019
£
£
Cyclical Maintenance Fund
Reserve for the year
2,800
2,800
Less:Expenditure
-
-

_
2,800
2,800
Extraordinary Repair Fund
Reserve for the year
1,200
1,200
Less:Expenditure
-
-


4,000
4,000
=======
========

STEPHEN HUTCHEN’S CHARITY TRUST

Page 19

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2020 TO 31 DECEMBER 2020

16. CAPITAL COMMITMENTS

Amounts contracted for but not provided in the financial statements amounted to £nil (2019: £nil).

17. POST BALANCE SHEET EVENTS

There have been no reportable events since the Balance Sheet date.

18. ESTABLISHMENT OF REGISTERED HOUSING PROVIDER

The Stephen Hutchen’s Charity Trust is governed by a Trust Deed and is a Registered Charity.

19. CONTROLLING PARTY

The Stephen Hutchen’s Charity Trust is controlled by the Trustees.