##
||||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||
##
##
##