2022-03-31-accounts

			Page
Trust Information
Report ofthe Trustees			2-12
Responsibilities ofthe	Trustees		12
Independent Auditor's	Report		13-15
Statement ofComprehensive		Income	16
Statement ofFinancial	Position		17
Statement ofCash Flows			18
Notes to the Financial	Statements		19-28

REGISTRATION	By the Almshouse Association	(Number			91)
	Bythe Charity Commission (Number 206621)
	Bythe Regulator ofSocial Housing			(formerly HCA) (Number			A0185)
PRINCIPAL OFFICE	41aWibnot Close East Finchley		London N2 8HP
CHARITY WEBSITE	www. thefi eicharities. or
TRUSTEES
	lan Anderson (C) —Vice Chair
	Roger Chapman (N) —Chair - resigned				as Chair	14/02/2022
	Adam Gheasuddin (N) —Chair	-	Trustee trom:			15/11/2021 —Chair &om: 14/02/22
	C John Huckstep (C)—Retired:	14/02/22
	Cllr. Daniel Thomas (N)
	The Rev. Philip Davison (E)
	Ms Toni Morgan (C) —Resigned		14/02/22
	Mr Graham Old (C)
	Richard Merrin (C)Appointed	17/05/21
	Michael Pughsley (C) Appointed		14/02/22
	Nigel Benjamin (C)Appointed	14/02/22
	Leila Star (C)Appointed 14/02/22
	Susanna Morales Appointed 14/02/22
	Chinyere Ugwu (C) Appointed	14/02/22
	(C) Co-opted (E) Ex-Officio
	(N) Nominated by London Borough ofBarnet
FULL TIME CHIEF	Mrs SFaridi xMPA, Cert.ICSA
EXECUTIVE:
MANAGERS	Office Manager: Ms Sandra De	Souza
	Property Services Manager: John		Everett (Interim)
	Housing Services Manager: Ms	Claire Young
ACCOUNTANTS/	Alwyns LLP					Brindley Millen Limited
AUDITORS	Chartered Accountants					Chartered Accountants &
	Crown House, 151High Road					Registered Auditors
	Loughton					167Turners	Hill
	Essex					Cheshunt
	IG104LG					Hertfordshire
						EN8 9BH
BANKERS	Barclays Bank pic					CAF Bank Limited
	1250High Road					25Kings Hill Avenue
	London					West Mailing
	N20 OPB					Kent
						ME194JQ
INVESTMKNT MANAGERS	Investec Wealth &Investment Liinited
	30Greshain Street
	London
	EC2V 7QN
SOLICITORS	Devonshires Solicitors LLP					Hewitsons LLP
	30Finsbury Circus					Shakespeare	House
	London					Cainbridge
	EC2M 7DT					CB58EP

mance ndicators:
		2022	2020
Operating margin before revaluation
gain on investments		23'/o	17'i'o
Occupancy		960/0	98'/0
Rent collected		99'ro	99'/o
Overheads as apercentage ofmaintenance	contributions	7858	70'/s
Cost per unit Working capital		f9,188 K(42,946)	f6,707 f9,021

				2022	2020
				(15months)	(12months)
Income from	Housing			2,025,611	1,656,289
Direct costs				(424,721)	(292,210)
				1,600,890	1,364,079
Administration	costs			(691,835)	(484,234)
Depreciation				(415,623)	(320,102)
Loss on replacement		ofcomponents		(47,167)	(126,908)
Grant Amortisation				80,749	64,599
				527,014	497,434
Cyclical Maintenance		Fund	costs	(463,779)	(377,145)
Housing activity surplus				63,235	120,289
Other income	less donations		paid	343,360	234,397
Operating Surplus				406,595	354,686
Profit/(Loss)	on sale ofinvestments			80,598	(70,371)
Surplus for the year before revaluation
gains/(losses)	on investments			487,193	284,315

for the ISMonths Ended		31March	2022
							15months to	12months to
							31March	31Dec
				Unrestricted	Designated	Restricted	2022	2020
				funds	funds	funds	Total	Total
INCOME FROM HOUSING			Note	f,
Social housing lettings			2	2,106,360			2,106.360	1,720,888
Operating expenditure HOUSING ACTIVITY SURPLUS			2 3	(2043,125 63 235			2,043,125 63,235	(1,600,599) 120„289
Profit/(Loss) on sale ofinvestments				80,598			80,598	(70,371)
Investment property income				93,780		15,457	109,237	97,796
Interest receivable and similar income			4	241,234			241,234	189,447
Interest payable				(35,798)			(35,798)	(31,356)
Donations received				90	48,429	500	49,019	60
Other expenditure Donations payable				20332 359,572	48,429	15,957	a0.3321 423,958	~21,550) 164,026
Surplus before revaluation		gaia on
iavestments and transfers				422,807	48,429	15,957	487,193	284,315
Net revaluation gain/(loss)	on
investments			12	427,729			427,729	(475,772)
Transfers between reserves			12	(420,428	420,000	428
Surplus/(Deficit) for the period
before revaluation offired		assets		430,108	468,429	16,38S	914,922	(191,4S7)
SURPLUS/(DEFICIT) FOR THK
PERIOD				430,108	468,429	16,385	914,922	(191,457)
Reserves brought forward				12,498,045	3,394,941	171,791	16,064,777	16,256,234
Reserves carried forward				12,928,153	3,863,370	188,176	16,979,699	16,064,777

				31March	2022	31December 2020
			Note
FIXEDASSETS
Housing Properties			7a		12,305,726	12,248,399
Fuel Land Allotments			7b		450,000	450,000
OI'fice equipment			7a		8,909	10,196
					12,764,635	12,708,595
investment Properties			7c		4507000	450,000
Investments - Shares			8a	6,347,201		5,954,825
- Cash			gb	660,074		285,879
					7,007,275	6,240,704
					20,221,910	19,399,299
CURRENT ASSETS
Debtors			9	74,532		46,021
Cash at bank and in hand				134,383		395,355
				208,915		441,376
CREDITORS: Amounts within one year			falliag due	~367.613		545 872)
NET CURRENT(LIABILITIES)					(158,104)	(104,496)
TOTAL ASSETSLESS			CURRENT LIABILITIES		20,063,806	19,294,803
CREDITORS: Amounts			falling due after
more than one year			10		(3,084,107)	(3,230,026)
NET ASSETS					16.979,699	16,064,777
RESERVES			12/13
Revenue - unrestricted					9,549,168	9,546,789
Property revaluation	reserve				1,621,632	1,621,632
Investment revaluation		reserve			1,757,353	1,329,624
					12,928,153	12,498,045
Designated					3,863,370	3,394,941
Restricted					188,176	171,791
					16,979,699	16,064,777

TATEMENT OFCASH FLO As at31March 2022	WS
							2022	2020
Net cash from operating activities							466,176	467,549
Cash flows from financing activities:
Mortgage capital movement							(63,529)	(48,572)
Interest paid on mortgage							(35,798)	(31,356)
Net cash flow from financing activities							(99,327)	(79,928)
Cash flows from investing activities
Purchase oftangible fixed assets							(711,643)	(400,733)
Purchase ofother PPE							(6,647)	(6,099)
Purchase ofinvestments (shares)							(665,092)	(1,098,852)
Proceeds from disposal ofinvestments		(shares)					810,817	1,062,894
Investment property income							109,237	84,087
Investment income							209,702	163,068
Interest received
Net cash flow used in investing	activities						~1253,626	~395,635
Net increase/(decrease) in cash	and cash equivalents				in the reporting period		113,223	191,986
Cash and cash equivalents at beginning ofthe reporting period							681,234	489,248
Cash and cash equivalents at end of		the reporting		period (Note		15)	794,457	681,234
RECONCILIATION OFNET INCOME/			XPENDITURE
TONET CASH FLOW FROM	OPERATING ACTIVITIES
Net income before revaluation gains		on investments					487,193	284,315
Adjustments for:
Depreciation charges							415,623	320,102
Loss on disposal offixed assets							47,167	126,908
Amortisation ofGrant							(80,749)	(64,599)
Investment property income received							(109,237)	(97,796)
Interest payable							35,798	31,356
Investment income received							(239,549)	(188,337)
Interest received
(Profit)/Loss on sale ofinvestment	(shares)						(80,598)	70,371
(Increase) in debtors (less accrued	investment		income)				(28,438)	(7,765)
Increase/(Decrease) in creditors (less mortgage,			deferred		government	grants and
capital creditors)							18,966	(7,006)
Net cash provided from operating activities							466,176	467549

				2022	2020
				Total	Total
				f
	Incorue from housing
	Maintenance charges	- Housing	for older people	2,099,374	1,693,493
	Less: Losses from voids			(73,763)	(36,197)
	Less: Repayment to residents				(1,007)
	Amortised govenunent	grant		80,749	64,599
	Total income from housing			2,106,360	],720,888
	Expenditure on housing aciivities
	Services			139,201	74,226
	Management			142,042	121,849
	Routine maintenance			143,478	96,135
	Cyclical Maintenance	Fund		463,779	377,145
	Housing properties depreciation Loss on disposal ofcotnponents			407,689 47,167	314,102 126,908
	Bad debts Rprovision			2,148
	Other costs			697,621	490,234
	Total expenditure an	housing		2,043,125	1,600,599
	Operating surplus on
	housing activities			63,235	120,289
	Number ofunits			No	No
	At 1 January 2021			172	172
	At 31 March 2022 (all	managed	and owned)	172	172
	HOUSING ACTIVITY SURPLUS
	The operating surplus	is stated after charging:
				2022	2020
				f
	Depreciation			415,623	320,102
	Loss on disposal ofcomponents			47,167	126,908
	Grant amortisation			(80,749)	(64,399)
	Auditors remuneration	- as auditors		6,097	5,936
4.	INTEREST RECEIVABLE AND SIMILAR INCOME
				2022	2020
				f
	Investment income			239,549	188,337
	Interest from cash deposits
	Other income			1,685	1,110
				241,234	189,447

The average number ofstaff employed by the Chari	ty during the financial period was:
	2022	2020
	No.	No.
Administrative
Sheltered Housing OIEcers
	10
	2022	2020
Wages &salaries	444,195	333,786
Social security costs	27,637	24,299
Pension costs	14,726	10,949
	486,558	369,034

FIXEDASSETS
	Freehold	Housing
	Housing	Property	Under	Office
a) Tangible fixed assets	Properties	Construction f		Equipment f	Total 2022 f
COST / VALUATION
At 1 January 2021	14,532,778			36,256	14,569,034
Additions	512,183			6,647	518,830
Disposals	(101,750)			(12,256)	(114,006)
Transfer
At 31March 2022	14,943211			30647	14,973858
DEPRECIATION
At I January 2021	2,284,379			26,060	2,310,439
Charge for period	407,689			7,934	415,623
Disposals	(54,583)			(12,256)	(66,839)
At 31 March 2022	2637485			21 738	2 659223
NET BOOK VALUE
At 31March 2022	12,305 726			8,909	12314635
At 31 December 2020	12248399			10196	12258 595

							Current
			Valuation			Current	Insurance
Property			2022	2020	Teaant	Annual Rent	Premiums
			f
Advertising	Hoardings,	250 - 274High Road	50,000	50,000	JCDecaux Ltd	5,000
The Ann Owens Centre,		Tarling Road	400,000	400,000	Age UR Barnet	26,371	1,663
			450,000	450,000		31,371	1,663

Balance at	1 January	2021							5,954,825
Additions	(including	f29,774 accumulated dividends)							694,866
Disposals									(730,219)
Net unrealised gain		on revaluation							427,729
Balance at	31March 2022								6,347,201
						Cost		Market	value
				2022			2020	2022	2020
Funds managed by:
Investec Wealth &Investment			-Investments	2,623,992			2,688,561	3,474,779	3,464,596
			-M&G	1,844,782			1,825,621	2,149,483	1,847,437
COIF					16,588		16,588	385,319	347,496
M&G Charity Multi Asset Fund			(previously
NAACIF)					151	270	141,059	337 62D	295296
				4,636		632	4,671829	6347201	5,954 825
Investment - Cash								660074	285,879
DEBTORS:Due within one year
								2022	2020
Rent arrears Less:bad debt provision								30,876 ~(5,000 25,876	19,689 ~5,0003 14,689
Prepayments	and Other debtors							48,656	31,332
								74,532	46,021
CREDITORS: Amounts falling due within one year
								2022	2020
									f.
Creditors								158,670	172,241
PAYE/NI								7,928	8,660
Other creditors								85,263	251,454
Deferred government		grant (Note 11)						64,599	64,599
Mortgage								50,559	48,918
								367,019	545,872
CREDITORS: Amounts falling due after one year								2022	2020
Deferred govemrnent		grant (Note 11)						1,922,593	2,003,342
Mortgage	2-5 years							216,077	209,064
	More than 5years							945,437	1,017,620
								3,084,107	3,230,026

						Investments	Property	Revenue	Total	Total
						Revaluation	Revaluation	Fund	2022	2020
At 31December 2019						1,805,396	1,621,632	9,274,562	12,701,590	11,460,779
Year ended 31December	2020:
Surplus for the year before	grant stnortisation			and
revaluations								208,056	208,056	430,062
Arnortisation ofgrant - current year								64,599	64,599	64,599
Transfers between reserves								(428)	(428)	(428)
Revaluation						(475,772)			(475,772)	746,578
At 31December 2020						1,329,624	1,621,632	9,546,789	12,498,045	12,701,590
Period ended 31March 2022:
Surplus for the period before grant		amortisstion		and
revaluations								342,058	342,058	208,056
Amortisation ofgrant - current period								80,749	80,749	64,599
Transfers between reserves								(420,428)	(420,428)	(428)
Revaluation						427,729			427,729	(475,772)
At 31 March 2022						1,757,353	1,621632	9,549,168	12,928,153	12,498,045
DESIGNATED FUNDS
	Community,
	Health	85				Component	Cyclical
	Weltbeing		Development			Accounting	Maintenance	Extraordinary	2022	2020
	Fund		Fund		f	Fund	Fund	Repair Fund	Total 8	Total
At 31December 2019						1,594,941	700,000	1,100,000	3,394,941	3,394,941
At 31December 2020						1,594,941	700,000	1,100,000	3,394,941	3,394,941
Income Transfer fmm unrestriced		48,429							48,429
funds					420000				420000
At 31March 2022		48,429			420,000	1,594,941	700,000	1,100,000	3,863,370	3,394,941

The Extraordinary Repai	r	Fund	provides	a fund for ma	jor repairs, sh	ould annual in	come be i	nsuffic	ient tomeet the	se costs.
							Reserve	for
							recoupment
						Residents'	ofCapital		2022	2020
RESTRICTED						Donations	expeaditure		Total	Total
							5			8
At 31 December 2019						948	158,755		159,703	148,411
Year ended 31December		2020i
Income							11,660		11,660	11,105
Expenditure										(241)
Transfers between receives								428	428	428
At 31December 2020						948	170,843		171,791	159,703
Period ended 31March	2022:
Income						500	15,457		15,957	11,660
Expenditure										(241)
Transfers between reserves								428	428	428
At 31 March 2022						1,448	186	728	. 76	7150
ANALYSIS OFASSETS		AND	LIABILITIESBETWEEN FUNDS
						Property	Investmeat
	Unrestricted			Designated	Restricted	revaluation	revaluation
		funds		fuads	funds	reserve	reserve		Total funds	Total funds
									2022	2020
				f.	8		f		8
Fixed assets:
Housing properties		12,305,726							12,305,726	12,248,399
Office Equipment			8,909						8,909	10,196
Fuel Land Allotments					38,368	411,632			450,000	450,000
Investments		314,761		3,394,941	120,146	760,000	1,757,353		6,347,201	5,954,825
Investment properties						450,000			450,000	450,000
Investments-Cash		240,074		420,000					660,074	285,879
Current assets:
Debtors		74,532							74,532	46,021
Cash at bank		56,292		48,429	29,662				134,383	395,355
Current liabilities:
Creditors		(367,019)							(367,019)	(545,872)
Long Term Liabilities		(3,084,107)							(3,084,107)	(3,230,026)
		9,549,168		3,863,370	188,176	1,621 632	I 757,353		16,979,699	16,064,777

ANALYSIS OFCHANGE	S IN NET D	EBT
				Other non-	At	31Mar
		At 01Jan 2021	Cash flows	cash changes		2022
			f	6
Cash and cash equivalent
Cash at bank &in hand		395,355	(260,972)			134,383
Investment cash		285,879	374,195			660,074
		681,234	113,223			794&457
Borrowings
Debt due within one year		(48,918)	63,529	(65,170)		(50,559)
Debt due afier one year		(1,226,684)		65,170	(1,161,514)
		(1,275,602)	63,529		(1,212,073)
Total		(594)368)	176,752			(417,616)
STATEMENT OF COMPREHENSIVE		INCOME FORTHE	COMPARATIVE PERIOD
		Unrestricted	Designated	Restricted
		funds	funds	funds	2020	Total
		6
INCOME FROM HOUSING
Social Housing lettings		1,720,888			1,720,888
Operating expenditure		1,600,599			(1,600,599
HOUSING ACTIVITY SURPLUS		120,289				120,289
(Loss) on sale ofinvesttnents		(70,371)				(70,371)
Investment properly income		86,136		11,660		97,796
Interest receivable and sitnilar incotne		189,447				189,447
Interest payable		(31,356)				(31,356)
Donations received		60				60
Other expenditure
Donations payable		(21,550)				21,550)
		152366		11,660		164,026
Surplus before revaluation	gain on
investments and transfers		272,655		11,660		284,315
Revaluation loss on investments		(475,772)			(475,772)
Transfers between funds		428		428
DEFICITFORTHE YEAR		(203,545)		12,088	(191,457)
Reserves brought forward		12,701 590	3,394,941	159703	16,256,234
Reserves carried forward		12,498,045	3394941	171,791	16,064,777