2020-12-31-accounts

Trust info rmaticm
Report ofthe Tmstees		2-10
Respomittilities ofthe	Trunees	10-11
Indepntdent Auditor's	Report	12-)4
Statement ot'Comprehensive Income
Statement ofFinancial	po aidan	16
Statement ofCash Flows
Notes tothe Financial	Statements	18-27

REGISTRATION	By tbe Almshouse Awmcindon (Nurnbcr 91)	By tbe Almshouse Awmcindon (Nurnbcr 91)
	By the Charity Commission	(Number 206621)
	Bythe Regulator of Social Housing (formerly		HCA) (Number A0185)
PRINCIPAL OFFICE	41a Wilmot Close East Finchlcy London N2 SHP
CHARfIV WRESTLE	wwv, .ih liu hfrvchsriucu. o
TRUSTEES	Mr lsn Anderson (C) —Vice	Chairmen
	Mr Roger Chapmsa (N) —Chairman
	Ms Elizabeth Osvies (C)—(Resigned gs June 2020)
	Mr C John Huckstep (C) Mr Martin O'Dcmnell (C) - (Resigned 8" June		2020)
	Cllr, Daniel Thomas (N)
	The Rev.Philip Uavison (E)
	Ms Tooi Morgen (C)
	Mr Mehmood Syed FCA (C)—(Resigned 28e		Apnl 2020)
	Mr Grahsre OM (C)
	Mr Robert Shutler (C)(Resigned 19a Msy 2020)
	(C) Cu-opted (E) Ex-Officio
	(N) Nominated by Lonrkm Borough ofBarnet
FULLTIME CHIEF EXECUTIVE t	Mrs SFaridi xMFA, Cert.lCSA
MANAGERS	Oiyi ca Manager: Ms Jackie	Cartwright
	Property Servicm Mansgcn	John Everett (inrcrim)
	Houdng Sctvices Manager:	Ms Clsirc Young
ACCOUNTANTS/	Alwyns LLP		Brindley	Millen Limited
AUDITORS	Chartered Accountants		Chartered		Accountants &
	Trinity House, Sewards tone	Ruad	Rugistczcd		Auditors
	Waltbsm Abbey		167Tumcrs Hill
	Essex		Cheshunt
	EN9 1PH		Hartford	shire
			EN89BH
	Barclays Bank pic		CAF Bank		Liinited
	125D High Road		25 Kings	Bill Avenue
	London		West Melting
	N20 DPB		Kent ME194'
INVESTMENT MANAGERS	Invmtcc Weshh & investment Limited
	3D Gresham Street
	London
	EC2V 7()N
SOLICITORS	llevonah iree Solicitors LLP		Hew it sons		LLP
	30Finsbury Circus		Shakespeare Bouse
	I.ondcn		Gunb ridge
	EC2lvl 7DT		CB5SEP

mance die a ters:
			2020	2089
Operating margin before	revs!uation
gain on investments Occupancy Rent eoileeted			173k 98'Yo 99%	32% 99'4 99lo
Overheads ss s percentage Cost per unit Working capital	of m aint e mme e	co et ril&at iona	70Yo f6,707 69,021	67'Vo X6,066 4409,043)

				2019
lnooine from Housing			l,656,289	1,564,227
D(rect costs			(292,210)	(293,956)
			),364,079	L27037)
Admini soutien costs			(484,234)	(46i,563)
Depreciation			(320,102)	(274,986)
Loss on m pl ac em ant Grant Amortisat ion	ofctmpoaents		(126,908) 64.599	(210.588)
			497,434	387,733
Cydicaf Maintenance	Fund	costs	(377,145)	(287,804)
Housing activity surplus			120789	99,929
Other income less donations		paid	234,397	305,161
Operating Surplus			354,686	405,090
(Loss)/Pra0t on sale	ofinvestments		(70,371)	100.435
Surplus for the yearbcfore revaluation
gaias/()oases) cm iuvestmcnts			2843'I 5	505,525

		Unrmtrlet cd~	Unrmtrlet cd~	Unrmtrlet cd~	Unrmtrlet cd~	Rcsbsetcd	1020	1020	2019
			fends	funds		fends	Total
UICOO6K FROM HOUSING	Note		6						6
Social housing letungs	2		1.7209888				(.720)tgg		1.628,826
Operating exyea4uue BOUSINC ACTIYITY SURPLUS	2 3		1600 99 120289					W i!9 9	~9A99
(Lcm)tprot)tan re4 ofinvcstmanm			(70.371)					(70371)	I00/35
Invesuncnt propaty income			8(9.136			11,660		97,796	90.573
Reerect meavablc aed similar moonm			189,447					199.447	265,361
Inurod ptuabte			(31.356)					()I 056)	(39,108)
I)anedons received								60	550
Other cxpcadiune Donaeons payable			2I 50 )52 366			11.660		21,550 164026	(241) ~197' 405 596
Snrplas before rova4adsa gala ea
(nvcetmcam ead trmmlma			27LOSS			119660		284375	8089828
Nrt Ievaluedon (lem)Ignis an
alvcetmclm	)2		(475.772)				(475,772)		74(v576
Transfers benvecn rcscrvm	12		428			428
(Rcgcg)/Sarp4s far the year
before revehletbnt afReed emrm			(20LS45)			Igdtgg	(191.457)		1&1,)03
(DEPICT))SURFLIJS FORTIIE
YEAR			(2039545)			12dtgg	(19)9687)		18829)83
Rcecrrec htnaght forward		(2701590		3 94941		159703	16	5 4	15004 131
Ressrrcs serried forts era		I	498 5	3	941	171791	16	777	16~86234

						2019
	Nore	8
AXED ASSETS
Ettmsing Prnpcrtim	7ll			12,248,399		12,439.5i7
Fuel Land Afhumum	7b			4S0.000		450,000
OSice ctltdprncm	7a			10,1962		10,097
hivcstmmt~				12,708395 450,000		12,899,614 4512000
In20atmcnm - Shares	Ba	5,9S4,825			6,438.898
- Cash	Bh	285,879			333,479
						6,772377
				19399,299		20,121.991
CIIRRKN7 ASSETS
Debtors	9	46,02.1			39,099
Cash at bsah and in hend		3 \ 335			155	169
		4 3			194,Grill
CRKDITORSr Atna srShla ooeyear	nots fhglng due 10 ~5W		2		716	5
NET CIJRRENTI LIABILITIES)				(104,496)		1521.187)
Tt)TAL ASSETBLESSCIJ ERE NT LIABILITIES				19394,803		IOA00804
CREDITDRS. Amesats faRng due nDcr
mare thtm oue year	10			(3.230,026)		E3344570)
NKT ASSETS ~S returner	12/13			16.0		3
Reveaue - ummuruncd prepcny c2votiualiOn rererse Iov ~reserve				9.546,7!N 1,621.632 »2 .O		9,274W2 E,621,632 ~3905 9
				12,498.04S		!2,701,590
Dcsitatsted				3.394;941		3,394,941
				17E,791 3*0»5		IS9,703 6356234

							2020	2019
							8	8
Ncl cash fram opcnu'mg stdvnicr							467,S49	46S,96c
Cash Saws Item gaandag cgvltks; hdmtgsge cspiml movement intcrcm paid an~ Net cash flaw fmm gnencing artist)res							(4)LS72) ~33 ~8	(44,918) ~39.I883 ~W.
Cash gmrs froas iavcsting scgvltks
PurthcSe OfmntpMe lixed essck							(400.733)	(1,110,322)
Psrebum ofmber P PE							(6,099)
GLA - bossing grum rcacivcd
Purchase ofinvcsuncms (shares)							(1,098,852)	(293,601)
Procemls lram disposal ofinvmtmcnts	(sharer)						1,062.894	540361
lnvaumenl propcnf inoumc Iuvcttmcnt Income							84,087 )63,068	104,282 231.M)
kterat 1Noticed
Nct cash gmr used ia iavmting ectlrigcs								~528&78
Nct incrcmmi(dccrcasc) in cash ucd	cash sgaivalcam			I~	thc repartiag	pcrlml	191.986	(146.3391
Cesb and cash cqulvaknm m bcgiaaiag oftbc rspoccbcg					yerlud		IVII	I
cash aad cash cgslvakatc at codoftlm mperlicg			pcrisd (Nots 15)
lt			NDlT		I
Nst Income befarr rcvalusgoa gaias ao Iuvcshacam							26431S	505/25
Adjuehacum fcr.
Dcprmimion charges							320.102	274.986
Loss an dnpossl oflixed assets							126,906	210366
AmOrlieeliun ofGrant							(64,599)	(64,599)
Bad debt prone irm lavesuacnt prapcrD inmnne recmved							(97,796)	S,NO (90.573)
Interesr pc)labia							31,356	39,)06
Investmcnt incmne rcccivcd							1)88,337)	lI261.824)
In)crest rcacivcd
Lass/(pro 0I)an ssir ofmvectmcnl (shares)							70371	(100,435)
(In crone) m de)nots (less accrued inveslmen1		incarne)					PL765)	(5(45)
Demsese m crcdimm (kss mongagc,	dcfcrmd	govcnmcnt			frmus snd capital
cretlitms)							(7,1N61	(SI246)
Net cash provided fram oysrstlug	ccttvittcs

Structure		100years
Roofs		60years
Windows	snd Doors	30years
Ligs		30years
Plumbing		30years
Etcctrics		30years
Buthttxms		20yearn	and 30years
Kitchens		20 years
Horning Care line 4 safety systems		20 years 20 years
Ext eras! structures		20 years
Office		20 years
Conununal	Hal'I	10yearn

PARTICLILARS OF	INCOM	E ANO E	XPENDITURE FROM H	OUSING AOI230l	hlOO	ATION
				20M		2019
				Total		Total
				6		4
become fram beselag M~cc charges -	)tensing	fore(der	prop)e	13193,493		1,579.647
Inmr l.umee fmm voids				(36,197)		115,348)
Lcm: Repwymem to resideate				(1,007)		12721
Amortimd gnvenuncnt	grma			W
7aml i a cease from bamclog				1720 &66		1.628 &26
Espoudlmtm Oa batlcisg Oedvlties
Scrcdrcs				74,226		73,902
Mene pm enl gctrncc umlutenmcc				121,849 96,135		122,641 97.413
Cyclical Msintcoencc	Fund			377,145		267.804
IIouring pmpmtua deprcriaunn				314,102		267,447
Lors an daposrd ofocmponemr				126.908		210.588
Bed dcbm dt ptovr sinn						6.471
Drive costs						ur 631
Toml espcatlitcec an	&meting					1,528,897
Opcrstlag surplus co
b assi ag acdvi tarn				120,289		99929
Number ofuolte				No
At I Icnucrv				172		172
Al 3 I Dcccmber (cll msnnpM		end ooem	d)
ROUSING ACTl VITY SI)RPLUS
3)reopcrstiag surplar	is ctamd	elks chergiag
						1019
						6
DcprccrcIlmr Loss an disposal of~				320,102 116.908		274.986 210.588
Gram smorti setmn				(fi4,599)		164,599)
Auditors rcmuncnnion	- os audiune					6
INTEREST RpuCEIVARLE		AhID SIMILAR INCOME
				2020		2019
						f
Invcrtmmt incmne				188.337		261,824
Interest Igcm cllrll deport rts
Other mourne						3 53
				ll84	7	2cf3c

Thc average number ofstaffemployed	Thc average number ofstaffemployed	by the 1nun during the financial	year was:
			2028	20I9
			No.	No.
Ad min isuati vs
Sbehercd Housing	Omccrs
			2028	20(9
				2
Wages k salaries			333,785	331,909
Social scend ty costs Pension costs			24,299 Id 999	23,443 it,(84
			3d9.933	36d.536

FIXKDASSKTS
						Fteehmd		Haadag
						Homing		Pcepcrcy tinder		Qmlce
~)Taogihie Seed seance					Pmpmetm f			Cooetrumioa 8		Fatolpmcot		Total mraa 8
CT)STIVALUATION
Ai I )anusr) 2029						14,540.786				46,301		14,587.087
Addname						249,892				6699		255.991
Dicpo sale Transfer At31~2020						1257,90D) 14 532,778				(16.144) 36 56		(274,0141 I4,569,034
DE PR KCIATI ON
At I imumy 2020						2,101~				36r2D4		2,137,473
Ctango for peri ad						314,1D2				6,006		320,102
thrpeseh						(130,991)				(16,144)		(147.'t36)
Ai31 December 2020						2 9				2 040		2310.439
NET ROOK V*LUIE
Ai3!Dcmmhcr 2020						12 399				10,196		12 58595
At 31 Dcccmtm 2019						12439517				10 7		12449614
Adhnonc in thc year ieclude	oamponenl		eddnmna	nl 53935115(a(tered)mlmcet				loretcanon of8143 123) nt which			f281 704 wm io
incrcdanm(2019 5432545 inoludmlin crcrheiml
h'I Fact Land Almhacals
Tho propert) rr a pcrmancnt	cedowreent		ofthe Cbeni) and n		shown sc ~fixed			meet volb no known		orrgmal mrd	I'here n tmesne
fram the a9auncnm amounting nb)cc ave T bc prcpeih o me	to 8I I ndd (2019 ludml in dw Smmnc corn			81 I 105) which at of F inane mt		is used louareh the doeatiiun made under the Relief potition at adcanen off459,000(20 tu 84511,0001						in Need
c) Invcctmmm - Propcaty
												Ckr creat
				Vobis ten						Carreol		Isaarasce
				801D		2019	Tens st			A os oat Rest		Prma leam
				l						p.
Advmthing Haerdrop. 250-274 High Rood				50,900		503)00	)CDccaux Lld
Tlm Ann Owens Cmim. Ter hng Road				400,000		460.660		Agc t)KSama		25.761		1,640
										30761
										~Anmged	by	Tananh
The came prapedy vatuah one nam			cd out Iry prnttmionel		oucnmt valucm,			Lambens Chnitaim		8urv eyere

	Y r ID	Y r ID	Y r ID
Ss,	IBVKSTME)00TS - SHARKS
	Ba)ence st I Jr«nary	2020									e,43$,898
	Addiunns lincluding	f26,112accumulated					dividends)				C I24.964
	Dispasah										(1,133,265)
	Nm unresliscd $3sson rcvsluaticn										14'75.772)
	Balance st 31December 2020										954825
								Cost		M urbe t valse
								2828	2819	2028	2819
								f	f	f	f.
	F8mds managed by: lave stcc Wealth k Investment			- tnvcsunents				2,68IL561	2,722.974	3,464/96	3.S98,818
					-	MkG		1,825A21	1.809291	1,847.437	2,213,829
	COIF							16,588	'16,5$$	347,496	319.265
	MkG Charity Multi Asset		Fund	Ipreviously
	HAACIF)							141.059 42371.829	131430 43)$0,283	2'02 4 59\4 IIN	306,986 ~38010
gb.	I~~cat-Cmh									285.879	333479
9,	DEBTORS:Due «ishia oacyear
										2112$	3039
										f	f
	Rent arreem Less. bsd debt pm vision									19,689 ~5IN	15.187 ~50N
										14.689	10.187
										31.332	28.912
										0.021	3 .
10.	CREDITORS: A«munts		falgag		due «lthia eacyear
										2028	2819
										f	f
	Cmdilors									Iyk241	166,120
	FAT8%1									$,660	6225
	Other crmlimrs Deferred govcrnmcnt	gram	(blots			11)				251,454 64~	431,566 d4,599
	Mmtgage									48.918 545 072	47,545 10.N5
	CREDITORS: Amcaats		fa%ng			dac aBcrcaeyear				2820 f	2019 f,
	Defcned gmcmrnem	grant	I)erne			I I )				2,003042	2.067,941
	Morttprge 2-5yeas Mme dum Symn									209,064 8057 02	257,981 ~101 N8
										3.2N500	3,344570

OTTr.'%'I'O I'II Al DFFFRRF.D C:nl'LIViNlk%i T GRAIT Tot#1 Tolxl 21119 Al l Jan¥w> 202U 1132.540 104.5W) 1197.139 164.5991 Al 31 De¢ember 2020 L067.Y41 2.132.540 Mithtr ujc )tar atler lear .$99 2.IHIJ.342 fv1.5Y9 2.067.941 Tk FI￿hle) Qhartties ￿¢t1¥¢d 8v￿￿¢nI ¥r¥hts Idallin8 £4234.238 over th¢Yrmol￿kni4h £2,IM.2Y7 h&% rele4￿ Uie %wemcni InLYJme ￿dA￿. RESERI'F_ IINRF't¥TRIC-I Tr'D tr'I'YDS Ini'¢slmtThls PrDPtrtw Toil 2020 T•tl 2019 At 31 1)cttmk.r 2018 .058.818 .621.632 8,780.329 I1.4￿$.77• 11.22¥.282 )'urt•d¢d JI Dt¢rnbrr 201 plus rrt the }lar￿f￿ nifftisati￿ ind ￿¥￿lU•7￿5 Amort]h¥L￿ml u[W￿l. CLÉfTent 430.Ih52 (A.SW 14281 430.1kn2 04.599 3Y9.U35 5¥.932 1428 126.042 746.J78 746.57J At 31 Der¢mkn 21)19 1.805.396 .621,632 9J74,562 12.701.590 11.400.7711 'e•ronded JI 2010: Surp1￿ for tk >tar ￿￿1 208.056 208.056 64.599 14281 1475_7721 12.4YS.IHS 430.ffi2 fA.599 14281 746 178 AnM¥1iS4)tj(xi ot ojrrthi )rw TrwknfLY5 b¢lvn re￿At$ Rew81u&i(N¥ 14281 147J.7721 Ai 31 2020 1.329.624 .621.612 9.546.719 12.701 Jg) C ornrMw¢NI io 2V19 '¥nd Fuwd Re￿¥T l'4)t•l Al 31 IkLYmkn 2011 1 594 Y41 3 394.941 344.941 AI 311knth2019 lJ94.Y41 700.[ I.IIMTr.IJixJ 3.394.941 3.3W.941 Ai 31 Im￿￿b¢¥ 2020 1 494.y41 7UII.I 3.3Y4.WI 3.)￿.941 Accoutxin8 Futhl ¢red tu Lotrylj ith thg L￿￿8< w HrrtL%ing Rr8ylalIu￿ in 2011. Th¢ C"v¢lical Nlalnier￿￿Y Fur•J pm$'id￿ 4 fi￿j fLY sknld hsJ5in8 5to¢k b¢ inSLffjici¢DI Thc EXknjrdin￿ Rytr Fufy4 prthides a luTrJ 5h(wJld all￿*1 #￿￿E to thu¢ (￿15. P48¢ 25

RKSKRVKS(cendnaadl
		IICOCave Prr
		reeeupanal
	Raddcnm'	orCaphal	2OM	2019
RKSTRICTKD	Oaaadaas	espcedlture	Taml	Toast
			8	3
A131 Dmxrnher 2018	1,189	147222	148.411	136,916
Veer ceded 31Demmtsm 2015e
(nrem c		II,105	II,I OS	11,067
Bspcnd11ure	(2411		(2411
Tram fern betwoen Iesnvm		42$	428	42e
At 31 lccmnbcr 2019	948	158,75S	(39,703	148,411
VCar Cad CO 31 DCCenmCr 202ar
lrumnr		11,660	11,660	11,105
Fspemhmrc				(2411
Tranafam heturee Icsmvca		428	428	42$
Al 31 Dacemher 2020	948	170843	171.791	159703

					proturtr	1 arne lmmt
	Itanslrlmod			RoanaICd am4	Iammadaa mscrw	ravahn Imn Imalva	Talat 4clm	True I armis
							to28	2019
	8		5				g	5
glacd esmhn
Hmmlm Repen an	1224$399						12,248390	I2,439,517
OfTnc Seatpmeel Fuel laud Allauncnu l~	10,196 350,114	3.394,041		3$,368 120,146	4113132 760,000	1,329A24	Io.Ieh 450,000 S,9S4,825	10,097 450,000 6.4383138
Invmtmcat pmpcrti as							450,000	4303870
InvesununoC as'h	285,879						285,$79	333,479
CarrCa1 earemr
Dehmm	46,021						463121
Cash allane	3$2.078			13277			395355	ISS,769
rareene SaOOOhmr
Crmhlom	(545.8721						(54521721	(716,0551
lang Tmm Lsahdines	(3431(0261							(3344,5701
	9, 789	3	941	171791	1621632	1329624	¹KEII	~16 512234

ANALYSIS OFCHANGES	IN NET RE	ST
		At bi Jan			Otbm	noa-		At	31Dcc
		2020	Cmh Boers		cash rbaages			2020
					1
Cash aod cash eqtdvalrat
Cash m bsnh It in hand		)55.769	239,5$6						395,355
lnve tune nt cosh		333,479	(47,600)						285,879
		4$9,24$	191,9gui						681334
Borrow iags
Debt due within one ycm		(47345)	48,S72		(49,94S)				(48.918)
Debt due ager tme year		11.276,629)			49,94S			(1226,684)
		(1,324,174)	4$,572					(1.275,602)
Total		834926
STATEMENT OFCOMPREHENSIYE		INCOME 9TIRTHE COMPARATIYE				PERIOD
		Unrrss tieted	Dcsigaa	led	Restricted				2019
		funds	funds		loads			Total
		1							1
INCObIE FROM HOUSRVG
Social Hcwdng (co)ngs		I.6282126						1,628,826
Opemt)ng espendilam		I,S2 97						I	28.897
HOllSING ACTIV(TY Sl!RPLI!S		99929
pmfit/(lom) an sale of invcsuncnts		IM,435							I00,435
Invcstnmnt pmpctty income		79,46$			11.105				90373
Interest receivable and similar	inomnc	265361							265.361
interest payable		(39,108)							139,108)
Donations mesised		550							550
Other cspendiuas						(241i			(241)
Donations parch)e		11,974							11.974
		394732			10				40S596
Sorplus bsfom rrvnlnatloa	gaia on
i av ass meats sad transfers		49/hdg(			102Nd				50552S
RevOlamion grins oo invmmnmns		74su578							746.578
Transfers bctweca funds		42$					428
SURPLUS FORTHE YEAR		1,24031I I			I	i,292		1,252.103
Reserves htnngbc forward		I I 460779	394	94)	148.411			IS004 131
Remrvcs carriml 0wward		12701 590	3	941	159		703	16 S6 4