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2021-03-31-accounts

THE LYGON ALMSHOUSES

THE LYGON ALMSHOUSES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Registered Charity Number: 208562 Registered Provider Number: A0646

THE LYGON ALMSHOUSES

Contents
Page
Legal and Administrative Details 1
Report of the Trustees 2-4
Report of the Independent Accountants 5
Statement of Financial Activities 6
Statement of Financial Position 7
Statement of Cash Flows 8
Notes to the Financial Statements 9 – 21

THE LYGON ALMSHOUSES LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021

Chairman The Rev. Ross Gunderson
Vice-chairman Mrs Val Barker – reappointed 19 August 2020
Hon Treasurer Mr Charles Noel
Other Trustees The Bishop of London
Cllr. Adronie Alford – reappointed 31 Dec 2020
Ms Ev Hesketh
Mrs V Lawrence-Gray
Mr Esmond Jackson JP – reappointed 21 April 2021
Mrs Clare Khalil – from 21 April 2021
Cllr. Amanda Lloyd-Harris
Mrs Cat McNair
Mr David Morris
Ms Caroline Needham
Cllr. Ann Rosenberg
The Rev. Penny Seabrook
Mrs Margaret Stephens – until 12 April 2021
Clerk to the Trustees Mrs Deborah Prescott
Assistant Clerk to the Trustees Mrs Katie Arengo-Jones
Registered Office 313 Fulham Palace Road
London SW6 6TH
Bankers National Westminster Bank Plc
45 Fulham Broadway
London SW6 1AG
Solicitors Lee Bolton Monier Williams
1 The Sanctuary
London SW1P 3JT
Accountants Beever and Struthers
Statutory Auditors
Chartered Accountants
15 Bunhill Row
London
EC1Y 8LP
Statutory registrations Registered Charity Number: 208562
Registered Provider Number: A0646
Governing Document Scheme dated 15 March 1977

1

THE LYGON ALMSHOUSES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

The Trustees present their annual report and audited accounts for the year ended 31 March 2021.

1. Principal activity

The principal activity of the charity continues to be the provision of sheltered housing for the people of Fulham in a 40 flat almshouse at 313 - 321 Fulham Palace Road.

2. Governance

Following Covid restrictions the AGM was delayed until 9 September 2020 at which The Rev Ross Gunderson, who had been Acting Chairman was appointed Chairman. On 12 April 2021 Clare Khalil was appointed a trustee following the resignation of Margaret Stephens who had served as a Trustee for 29 years.

The Lygon Almshouses are governed by the scheme dated 15th March 1977. Of the fifteen Trustees, three are ex-officio, five are nominated by the local authority and seven are co-opted by the board of Trustees and appointed at a special meeting at which all Trustees have the opportunity to vote. As laid down in our scheme, co-opted Trustees “should be persons who through residence, occupation or employment or otherwise have special knowledge of the area of the former metropolitan borough of Fulham.” They are co-opted for the special skills they can offer to the charity.

All Trustees are invited to visit the almshouses. They are sent a copy of the scheme, a copy of the Almshouse Association’s guide to managing an almshouse charity and copies of minutes, accounts and policies adopted by the Trustees over the course of time. Trustees can also attend the Almshouse Association’s training days for clerks and Trustees if they wish.

3. Achievements and performance

The Almshouses had one vacancy at the end of the year, which has since been filled. The cost of voids was £2,997 for the financial year (2020: £1,072). During the Covid restrictions 3 members staff were on Furlough from April to June and again from November to March 2021. The Clerk continued to work during this period, partly at home, ensuring that the Almshouses continued to function safely with the support of a number of residents who helped with cleaning, maintaining the garden and assisting with residents’ deliveries. One resident contracted Covid and has recovered. The Assistant Clerk, who looks after Sir William Powell’s Almshouses, worked from home. At the date of this report all but one of the residents have had both their first and second vaccinations. The Archie Arthur dinner had to be cancelled.

4. Financial review

Charitable activities showed a surplus of £58,444 (2020: £33,381). The increase reflects the fact that lockdown restrictions meant that only essential repairs could be carried out and several projects have had to be postponed to next year, as well as the receipt of furlough grants from the Government. There was a gain on Investments of £215,854 (2020: £170,481 loss), giving a total surplus for the year of £274,298 (2020: £137,100 deficit). Investments increased by 22.1%, compared to 23.3% for the FTSE All Share index over the last 12 months.

5. Plans for future periods

The replacement of the first-floor windows with double glazed aluminium windows, to reduce heat loss and repainting costs, began in April this year. The replacement of lighting in the common parts on the first floor with LED fittings, had to be postponed and will also take place in the coming year.

6. Public benefit

All charities are required to include in the annual report of the Trustees a report of activities undertaken by the charity to further its charitable purposes for the public benefit. This requirement is met by the principal activity statement above. During the year ended 31 March 2021 weekly maintenance charge for residents averaged £97.20 (2020: £92.50). Trustees confirm they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission.

2

THE LYGON ALMSHOUSES REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2021

7. Events after the year-end

Staff on furlough returned to work in early April. There have been no events after the year-end which will impact the accounts.

8. Reserves and investments

The Almshouses hold reserves to meet future liabilities and to generate income to support the charitable activities. These are backed by investments and are held for the long term. Their performance is regularly reviewed by the Trustees. The Trustees are satisfied that sufficient provision has been made in the Extraordinary Repair Fund (ERF) and Cyclical Maintenance Fund (CMF) for future needs. The total of the reserves held is £2,698,268 (2020: £2,424,427).

9. Statement of Trustees’ responsibilities

The Charities Act 2011 requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus of the almshouse for that period. In preparing these accounts the Trustees are required to:-

  1. Select suitable accounting policies and then apply them consistently.

  2. Make judgements and estimates that are reasonable and prudent.

  3. State whether applicable accounting standards have been followed.

  4. Prepare the accounts on the going concern basis unless it is inappropriate.

The Trustee body is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the accounts comply with the relevant legislation. It is 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, by establishing and maintaining a satisfactory system of control over the accounting records, cash holdings and all the charity’s receipts and remittances.

The Trustees who held office at the date of approval of this Report of the Trustees confirm that, so far as they are each aware there is no relevant audit information of which the charity’s auditors are unaware; and each Trustee has taken all steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

10. Value for money

The Trustees are mindful of the need to obtain value for money in all transactions entered into on behalf of the charity. In respect of the major works to be undertaken a competitive tender involving three potential contractors is carried out.

The regulator has recently issued value for money metrics to ensure performance to be measured consistently for each Registered Provider. We have adopted these which are reported below:

3

IndlcatoT Rg.investment in deVek>pfflent￿d G4pital %w)rk5 20 0.41% Cornm￿¢a Capil81 w)rk$ have been postponed duriry OVKI p￿deM￿. Window feplacement on the first floor b an in Feb 1.23% New suppty deliver&1 Soclal housin unit5 New suppty dglivored Non-soci81 housin urmts Gvdrin Interest COV8r includi C8 ttalSsed re alrs E8￿A￿RI Social housirvJ cost per unit ajdition￿ units lo8￿ are tr￿1d £4.882 £5.474 R&JLKth)n in repair costs duriNJ paThJemic Operating margin Soctal housi lellin etalin R8tum on c 7.75% 16.32)% RaductR)n in rep￿rS and receipt of fLulough 9￿ts in overall ital em 7.75% o.e7% D15closurn of Inforniatton to the reportlng xcount• We, hdd office al the date of wpmval of these FirW￿la1 Statements a5 set out aboveeach confimi. so lara¥ we awdre. that.. there is no relevant a￿541 information of w•¥eh the aKlil0￿ ¥e urrawBrè'. we have taken all tho $leps that ¥￿ 0￿ht to have l&ken as memb￿5 of the Board in order lo mak& ourselves ol rdevani awJlt Inf0m￿lIon aF¥J ￿ eststsiish Ih81 th8 aud1￿￿ aT8 aware ol that infom)alion. (c

THE LYGON ALMSHOUSES ACCOUNTANTS REPORT TO THE BOARD ON THE UNAUDITED ACCOUNTS YEAR ENDED 31 MARCH 2021

We report on the accounts for the year ended 31 March 2021 set out on pages 6 to 20.

Respective responsibilities of the Board and reporting accountants

The Board of the Registered Social Housing Provider is responsible for the preparation of the accounts, and they consider that the Registered Social Housing Provider is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.

Basis of opinion

Our procedures consisted of comparing the accounts with the accounting records kept by the Registered Social Housing Provider and making such enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.

Opinion

In our opinion:

Beever and Struthers Chartered Accountants

15 Bunhill Row London EC1Y 8LP

Date: 5[th] August 2021

5

THE LYGON ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Note
Income and endowments
from:
Donations and Legacies
2
Charitable activities
3
Investments
4
Total income and
endowments
Expenditure on:
Charitable activities
5
Governance
6
Total expenditure
Income from charitable
activities and investments
less expenditure
Net gain / (losses) on
investments
13a
Net income /
(expenditure)
Transfers between funds
Net Movement in funds
Reconciliation of funds:
Total funds brought forward
16
Total funds carried
forward
16		 2021
Unrestricted
Funds
Restricted
Funds
Endowment
Reserves
Total
£
£
£
£
100
-
-
100
232,401
-
-
232,401
39,812
-
-
39,812
272,313
-
-
272,313
209,606
450
-
210,056
4,326
-
-
4,326
213,932
450
-
214,382
58,381
(450)
-
57,931
109,746
-
106,164
215,910
168,127
(450)
106,164
273,841
3,084
(3,084)
-
171,211
(450)
103,080
273,841
826,014
1,065,002
533,411
2,424,427
997,225
1,064,552
636,491
2,698,268		 2020
Total
£
9,000
215,248
37,977
262,225
224,540
4,304
228,844
33,381
(170,481)
(137,100)
-
(137,100)
2,561,527
2,424,427

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

6

THE LYGOM ALMSHOUSES STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2D21 2020 )t8 Flx•d a••ats Housiry properties othor fixed 88JOt8 knvestments 1,306.904 639 1,210,488 1,317,879 12 13 976.649 2,518,231 2.298.114 Currant a880ts Debtor8 Cash at bank arKI in har 14 3.748 193.395 3,368 136.354 197.143 139.722 Credltors: amounts falllno du• within om year 15 117.106) 113,40QI 180,037 128.313 2,698,268 2,424,427 Capltal and r•serv Reslricled reserv8$ Endovnnenl reserves Unrestricted rgsorvos 838,491 997,225 5392411 826,014 Total charlty fvnds 16 2.698.208 2,424,427 Th¢ financial statement$ V+pre 4)proved a￿1 fof issue by th8 bowd of twste6S SlgnwJ on bohaf of tho board of Inkstees The Rev. oss GundewBon {Ch•mian Mr ch￿e8 Noel {ln. Treasurer): 08te.' 14 Dale.. I I The notes on pw3es 9 to 20 fomi of t￿ firvrKial

THE LYGON ALMSHOUSES STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Note
Cash flow from operating activities
18
Net cash flow from operating activities
Cash flow from investing activities
Purchase of tangible fixed assets
Payments to acquire investments
Proceeds from movement in investments
Interest received
Dividends received
Net cash flow from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 April 2020
Cash and cash equivalents at 31 March 2021
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash and cash equivalents at 31 March 2021		 2021
£
40,540
40,540
(5,382)
(17,929)
-
61
39,751
16,501
57,041
136,354
193,395
193,395
193,395		 2020
£
19,022
19,022
(17,090)
(17,908)
-
252
37,725
2,979
22,001
114,353
136,354
136,354
136,354

The notes on pages 9 to 20 form part of these financial statements.

8

THE LYGON ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Legal Form

The Lygon Almshouses is a charity registered in England with the Charity Commission. Its registered office is 313 Fulham Palace Road, London, SW6 6TH.

1. PRINCIPAL ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention on an accruals basis. They have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2019) and applicable accounting standards and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2015.

Incoming resources/income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Outgoing resources (expenditure)

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to the category.

Costs of charitable activities include all costs relating to the maintenance of the housing properties as well as the support and welfare of the residents.

Governance costs include the cost of governance arrangements which relate to the general running of

the charity.

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs.

Funds

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

9

THE LYGON ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. PRINCIPAL ACCOUNTING POLICIES (continued)

Funds (continued)

Endowment funds represent those assets which must be held permanently by the charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses

arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

Investment income and gains are allocated to the appropriate fund.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures, fittings and equipment 5 years Freehold buildings 100 years Property improvements 5 - 20 years Roofing 30 years

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Debtors

Amounts receivable (or paid in advance) at the end of the period are included in the accounts under debtors. These include invoiced service and prepaid expenditure.

Liabilities

Amounts payable at the end of the period are included in the accounts under amounts payable within or after one year as appropriate. This includes amounts due to suppliers and accrued expenditure (due but not invoiced).

Improvements to properties

The charity capitalises expenditure on housing properties which adds to the value of the property or extends its useful life. Improvements to property that relate to assets that have a separately identifiable life to the property concerned are also capitalised but under a category separate from the property.

10

THE LYGON ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. PRINCIPAL ACCOUNTING POLICIES (continued)

Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had an effect on amounts recognised in the financial statements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Reserves

Extraordinary repairs

The Scheme requires the Trustees to set aside a sum of not less than £900 each year for the purpose of providing for extra-ordinary repairs, improvements, and rebuilding of the Almshouse belonging to the charity. The Trustees have designated appropriate reserves.

Designated reserves

The charity designates reserves that are not freely available for general use but which are part of its accumulated income:

Endowment fund

Endowment fund designation represents the original investment in the charity together with subsequent surpluses and deficits attributable to that investment.

Restricted Funds

Restricted funds represent the social housing grant plus a donation of £9,000 received during the year which was applied to the cost of improvements to the pathways and is depreciated as set out in note 16.

11

THE LYGON ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. PRINCIPAL ACCOUNTING POLICIES (continued)

Financial instruments

Financial instruments such as loans, accounts payables, accounts receivables and cash are classified either as basic or complex. All financial instruments are initially measured at their fair values at the time the transactions occur. Subsequently all basic instruments are measured at amortised cost and all complex financial instruments are measured at a fair value through the comprehensive income.

Financial instruments held by the Charity are classified as follows:

12

THE LYGON ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2 Income from Donations and Legacies

Donations and Legacies 2021
£
100
100		 2020
£
9,000
9,000

3 Income from charitable activities

Maintenance contributions
Guest rooms
Sir William Powell management income
Laundry & other income
HMRC furlough grants
Void losses (being rental income lost as a result of property not being
let, although available for letting)		 2021
£
198,501
-
16,000
6,255
11,645
232,401
2,997		 2020
£
191,431
3,188
15,500
5,129
-
215,248
1,072

4 Income from investments

Distributions received from the Endowment Fund
Distributions reinvested in the Extraordinary Repair Fund
Bank deposit interest		 2021
£
21,823
17,928
61
39,812		 2020
£
19,817
17,908
252
37,977

13

THE LYGON ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5 Analysis of resources expended

Staff Costs
Other Direct
Costs
Other
Allocated
Costs
Total
2021
£
£
£
£
Charitable activities
Clerk and admin
34,759
-
-
34,759
Insurance
-
4,998
-
4,998
Professional fees
-
6,869
-
6,869
Bank charges
-
400
-
400
Stationery & sundries
-
2,038
-
2,038
Catering & entertainment
519
519
Depreciation
-
19,104
-
19,104
Warden
17,368
-
-
17,368
Utilities
-
47,753
-
47,753
Cleaning and Gardening
18,809
3,060
-
21,869
Equipment Maintenance
-
19,415
-
19,415
Routine Maintenance
-
34,422
-
34,422
Major Repairs
-
-
-
-
Write off of arrears
-
542
-
542
70,936
139,120
-
210,056
6
Governance
2021
£
Accounting fees (including VAT)
8
4,326
4,326
7
Net income / (expenditure) for the year ending 31 March 2021
Net income / (expenditure) is stated after charging / (crediting):
2021
£
Depreciation of tangible fixed assets
19,104
Loss / (profit) on fair value movement of investments
(215,910)		 Staff Costs
Other Direct
Costs
Other
Allocated
Costs
Total
2021
£
£
£
£
34,759
-
-
34,759
-
4,998
-
4,998
-
6,869
-
6,869
-
400
-
400
-
2,038
-
2,038
519
519
-
19,104
-
19,104
17,368
-
-
17,368
-
47,753
-
47,753
18,809
3,060
-
21,869
-
19,415
-
19,415
-
34,422
-
34,422
-
-
-
-
-
542
-
542		 Staff Costs
Other Direct
Costs
Other
Allocated
Costs
Total
2021
£
£
£
£
34,759
-
-
34,759
-
4,998
-
4,998
-
6,869
-
6,869
-
400
-
400
-
2,038
-
2,038
519
519
-
19,104
-
19,104
17,368
-
-
17,368
-
47,753
-
47,753
18,809
3,060
-
21,869
-
19,415
-
19,415
-
34,422
-
34,422
-
-
-
-
-
542
-
542
Total
2020
£
33,958
5,444
11,737
1,126
2,974
2,610
19,103
19,320
41,426
22,926
26,595
37,321
-
-
-
210,056
2021
£
4,326
4,326
2021
£
19,104
(215,910)		 224,540
2020
£
4,304
4,304
2020
£
197,103
170,481

14

THE LYGON ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8 Reporting accountant’s remuneration

Amounts payable to auditor (excluding VAT):

2021 2020
£ £
In their capacity as independent examination 1,970 1,950
In their capacity as assurance services other than audit or independent 700 690
examination
In their capacity of other financial services - payroll 935 914

In common with many organisations of our size and nature we use our auditors to assist with the preparation of the financial statements which is allowed under the FRC Ethical Standard.

9 Trustees' and key management personnel remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2020: £Nil).

10 Staff costs and employee benefits

The average monthly number of employees and full time equivalent (FTE) during the year ending 31 March 2021 was as follows:

Charitable activities 2021
2021
2020
2020
Number
FTE
Number
FTE
5
2
5
2
5
2
5
2

The total staff costs and employee benefits were as follows:

Wages and salaries
Social security
Pension Costs
Training and other		 2021
£
69,207
-
1,804
(75)
70,936		 2020
£
68,478
572
1,787
325
71,162

No employee received total employee benefits of more than £60,000 (2020: None).

15

THE LYGON ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

11 Housing properties

Land
Housing
Properties
Property
Improvements
£
£
£
Cost
At 1 April 2020
920,000
308,370
258,477
Additions
-
-
5,382
At 31 March 2021
920,000
308,370
263,859
Depreciation:
At 1 April 2020
-
92,512
76,456
Charge for the year
-
3,084
13,273
At 31 March 2021
-
95,596
89,729
Net book value:
At 31 March 2021
920,000
212,774
174,130
At 31 March 2020
920,000
215,858
182,021
he net book value of land and buildings comprise of freehold property.
ther fixed assets
Fixtures, Fittings
and Equipment
Housing
Fixtures, Fittings and
Equipment
Office
£
£
Cost
At 1 April 2020
42,165
15,135
Additions
-
-
Disposal
-
-
At 31 March 2021
42,165
15,135
Depreciation:
At 1 April 2020
39,878
13,836
Charge for the year
2,287
460
Disposal
-
-
At 31 March 2021
42,165
14,296
Net book value:
At 31 March 2021
-
839
At 31 March 2020
2,287
1,299		 Land
Housing
Properties
Property
Improvements
£
£
£
920,000
308,370
258,477
-
-
5,382		 Land
Housing
Properties
Property
Improvements
£
£
£
920,000
308,370
258,477
-
-
5,382		 Total
£
1,486,847
5,382
920,000
308,370
263,859		 1,492,229
-
92,512
76,456
-
3,084
13,273		 168,968
16,357
-
95,596
89,729		 185,325
920,000
212,774
174,130		 1,306,904
920,000
215,858
182,021		 1,317,879
Total
£
57,300
-
-
42,165
15,135		 57,300
39,878
13,836
2,287
460
-
-		 53,714
2,747
-
42,165
14,296		 56,461
-
839		 839
2,287
1,299		 3,586

The net book value of land and buildings comprise of freehold property.

12 Other fixed assets

16

THE LYGON ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

13a Investments

Market Value Permanent Unrestricted Funds
 Total Funds
Endowment
Fund
Extraordinary Archie Arthur
Repair
£ £ £ £
As at 1 April 2019 579,461 459,268 90,493 1,129,222
Revaluations (65,715) (88,593) (16,173) (170,481)
Additions - - - -
Income re-invested - 17,908 - 17,908
Disposals - - - -
As at 1 April 2020 513,746 388,583 74,320 976,649
Revaluations 106,164 92,852 16,894 215,910
Additions - - - -
Income Re-invested 17,929 - 17,929
Disposals - - - -
As at 31 March 2021 619,910 499,364 91,214 1,210,488

The historical cost of listed investments held as at 31 March 2021 is £1,043,666. (2020: £1,025,737).

13b Investments
PERMANENT ENDOWMENT FUND
COIF Charities Investment Trust
34,580.82 income units
EXTRAORDINARY REPAIR FUND
National Association of Almshouses
Common Investment Fund
5,204.196 accumulation units
ARCHIE ARTHUR FUND
National Association of Almshouses

Common Investment Fund
106,186.381 income units
TOTAL INVESTMENTS		 Cost
31.3.2020
£
582,027
373,084
70,626

1,025,737		 Market Value
31.3.2021
31.3.2020
31.3.2021
£
£
£
582,027
513,746
619,910
373,084
388,583
499,364
88,555
74,320
91,214
1,043,666
976,649
1,210,488

17

THE LYGON ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

14 Debtors

Arrears of weekly maintenance charges
Provision for doubtful debts
Prepayments		 2021
£
1,350
(542)
2,940
3,748		 2020
£
960
-
2,408
3,368

15 Creditors: amounts falling due within one year

Accrued expenses
Weekly maintenance charges paid in advance
Other creditors		 2021
£
6,580
943
9,583
17,106		 2020
£
4,020
2,555
6,834
13,409

16 Fund reconciliation

A Arthur
legacy
Cyclical
maintenance
Extraordinary
repairs
Accumulated
surplus
Unrestricted
reserves
Restricted
funds
Permanent
Endowment
Total		 Balance at
1 April
2020
Gains/
(Losses)
Donation
Received
Interest &
Investment
Income
Deprecia
tion
Investment
Gains
Transfer to
Cyclical
Maintenance
Balance at
31 March
2021
£
£
£
£
£
£
£
£
74,320
-
-
-
-
16,894
-
91,214
44,570
-
-
22
-
-
13,120
57,712
388,584
-
-
17,928
-
92,852
-
499,364
318,540
57,931
-
(17,950)
3,534
-
(13,120)
348,935
826,014
57,931
-
-
3,534
109,746
-
997,225
1,065,002
-
-
(450)
-
-
1,064,552
533,411
-
-
-
(3,084)
106,164
-
636,491
2,424,427
57,931
-
-
-
215,910
-
2,698,268

Extraordinary repairs and the Archie Arthur legacy are represented by fixed asset investments as disclosed in the investment note. The permanent endowment reserve represents the cost of housing properties and the depreciation charge plus the book value of investments including surpluses and deficits arising from the revaluation of those investments. The cyclical maintenance reserve is cash backed by a separately designated bank account. Restricted funds represent the social housing grant plus a prior year donation of £9,000 which was applied to housing improvements and is depreciated over 20 years.

18

THE LYGON ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

17 Analysis of net assets between funds

Unrestricted Endowment Restricted Total
funds funds funds 2021
£ £ £ £
Fixed assets 817,188 636,491 1,064,552 2,518,231
Cash and current assets 197,143 - - 197,143
Current liabilities (17,106) - - (17,106)
Total 997,225 636,491 1,064,552 2,698,268
econciliation of net income / (expenditure) to net cash flow from operating activities
2021 2020
£ £
Net income (expenditure) for year 273,841 (137,100)
Dividends received (39,751) (37,725)
Interest receivable (61) (252)
Depreciation and impairment of tangible fixed assets 19,104 19,103
(Gains) / losses on investments (215,910) 170,481
(Increase) / decrease in debtors (380) 6,499
Increase / (decrease) in creditors 3,697 (1,984)
Net cash flow from operating activities 40,540 19,022

18 Reconciliation of net income / (expenditure) to net cash flow from operating activities

19 Related party transactions

Sir William Powell’s Almshouses is a related party as the two charities have 4 trustees of in common:

During the year the Lygon Almshouses provided management services to Sir William Powell’s Almshouses for which it charged a fee of £16,000 (2020: £15,500). There was no balance outstanding at the end of the year (2020: nil).

20 Capital Commitments

Capital expenditure contracted for and not provided for in the accounts 2021
£
5,381		 2020
£
-

19

THE LYGON ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

21 Financial instruments

The carrying amounts of the charity’s financial instruments are as follows:

Financial assets
Measured at fair value through net income / expenditure:
- Fixed asset listed investments (note 13)
Measured at cost
Cash at bank and in hand
Measured at amortised cost:
- Trade and other debtors (note 14)
Total Financial Assets
Financial liabilities
Measured at amortised cost
- Trade and other creditors (notes 15)
Total Financial Liabilities		 2021
£
1,210,488
193,395
682
1,404,565
10,526
10,526		 2020
£
976,649
136,354
960
1,113,963
9,389
9,389

22 Net Debt

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|| |---| |Analysis of changes in net debt:|

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At 1 April Cash Non-Cash At 31 March
2020 Flows Movements 2021
£ £ £
£
Cash and Cash Equivalents 136,354 57,041 - 193,395
Housing Loans Due in One Year - - - -
Housing Loans Due After One Year - - - -
______ ______ ______ ______
136,354 57,041 - 193,395
______ ______ ______ ______

20