#
##
|||Page|
|---|---|---|
|Legal and|Administrative
Details||
|Report of|the Trustees|2-4|
|Report of|the Independent
Accountants||
|Statement|ofFinancial
Activities||
|Statement|ofFinancial
Position||
|Statement|ofCash Flows||
|Notes to the Financial Statements||9 —20|
##
|Chairman|||The Rev. Ross Gunderson||
|---|---|---|---|---|
|Vice-chairman|||Mrs Val Barker —reappolnted
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. Amends
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||313Fulham Palace Road
London SW6 6TH||
|Bankers|||National
Westminster
Bank Pic||
||||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||
||||EC1Y8LP||
|Statutory|registrations||Registered
Charity
Number: 208562
Registered
Provider
Number: A0646||
|Governing||Document|Scheme dated 15 March 1977||
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||||||FOR THE YEAR|FOR THE YEAR|ENDED 31 MARCH 2022|ENDED 31 MARCH 2022|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Indicator||||||2022|2021|Commenta|||||||||||
|Reinvestment||in development|||and|5.19%|041%|Capital
works|had||been||postponed|||prior year|||
|capital works||||||||during
the||covid|||pandemic.||||Window||
|||||||||replacement|on||the||first||floor|began||in|
|||||||||February
2021.First||||floor||lighting||in|common||
|||||||||parts
replaced||with||LED|||lights,|movement|||
|||||||||sensors
installed||in|li|hts on|||both floors||||
|New supply|delivered||||||||||||||||||
|Social housin||units||||||No additional|units||||||||||
|New supply|delivered||||||||||||||||||
|on-social|housin|||units|||||||||||||||
|Gearln|||||||||||||||||||
|Interest cover||including||||||No loans are|held||||||||||
|ca italised|re|airs|EBITDA-MRI||||||||||||||||
|Social housing||cost per unit||||57,727|54,882|Prior
year|repair|||costs|||reduced||during||
|||||||||pandemic|||||||||||
|Operating|margin|||||-19.23%|7.75%||||||||||||
|Social housin||lettin||s||||Prior year reduced||||repair|||costs|&|receipt|of|
|0 eratin|mar|in|overall|||1923%|7.75%|furlough
grants|||||||||||
|Return
on|ca|ital|em|lo ed||-1.53%|0.67%||||||||||||
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|||||2022|||2021|
|---|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Endowment|||
||||Funds|Funds|Reserves|Total|Total|
|||Note|E|6|5|6|5|
|Income and endowments||||||||
|from:||||||||
|Donations
and Legacies||2|1,000|||1,000|100|
|Charitable
activities||3|222,364|||222,364|232,401|
|Investments||4|39,153|||39,163|39,812|
|Total income and
endowments|||262,607|||262,607|272 313|
|Expenditure
on:||||||||
|Charitable
activities||5|260,606|460||261,055|210,056|
|Governance||6|4,496|||4,496|4,326|
|Total expenditure|||265,101|450||265,661|214,382|
|Income
from
charitable||||||||
|activities and investments|||(2,594)|(460)||(3,044)|57,931|
|less expenditure||||||||
|Net gain
/ (losses) on
investments|||44,249||53,786|98,035|215,910|
|Net income
/
(expenditure)|||41,656|(450)|63,786|94,991|273,841|
|Transfers
between|funds||3,084||3,084)|||
|Net Movement
in funds|||44,739|(450)|60,702|94,991|273,841|
|Reconciliation
offunds:||||||||
|Total funds
brought|forward|18|997,225|1,064,662|636,491|2,698,268|2,424,427|
|Total funds carried||16|1,041,964|1,064,102|687,193|2,793,259|2,698,268|
|forward||||||||
##
||||||2022|2021|
|---|---|---|---|---|---|---|
|||||Note|||
|Fixed assets|||||||
|Housing
properties||||11|1,367,810|1,306,904|
|Other fixed assets||||12|1,307|839|
|Investments||||13|1,326,401|1,210,488|
||||||2,686,618|2,518,231|
|Current assets|||||||
|Debtors||||14|12,149|3,748|
|Cash at bank and|in hand||||112,204|193,395|
||||||124,353|197,143|
|Creditors: amounts||falling due within|one year|15|(16,612)|(17,108)|
|Net current assets|||||107,741|180,037|
|Net assets|||||2,793,269|2,698,2B8|
|Capital and reserves|||||||
|Restricted reserves|||||1,064,102|1,064,552|
|Endowment
reserves|||||687,193|636,491|
|Unrestricted
reserves|||||1,041,964|997,225|
|Total charity funds||||1B|2,793,259|2,698,268|
##
||||2022|2021|
|---|---|---|---|---|
|||Note|6||
|Cash flow from operating
activities||18|(30,834)|40,540|
|Net cash flow from operating|activities||(30,834)|40,540|
|Cash flow from investing
activities|||||
|Purchase oftangible
fixed assets|||(71,632)|(5,382)|
|Payments
to acquire investments|||(17,878)|(17,929)|
|Proceeds from movement
in investments|||||
|Interest received|||17|61|
|Dividends
received|||39,136|39,751|
|Net cash flow from investing
activities|||(60,367)|16,501|
|Net increase
in cash and cash|equivalents||(81,191)|57,041|
|Cash and cash equivalents
at|1 April 2021||193,396|136,354|
|Cash and cash equivalents
at|31 March 2022||112,204||
|Cash and cash equivalents
consists of:|||||
|Cash at bank and
in hand|||112,204|193,395|
|Cash and cash equivalents
at|31 March 2022||112,204|193,395|
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##
|idual
val|ue, ofeach asset on a sys|tematic
basis o|
|---|---|---|
|Fixtures,|fittings and equipment|5 years|
|Freehold|buildings|100years|
|Property|improvements|5 - 20 years|
|Rooting||30years|
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||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
||||||||6||
||Donations
and Legacies||||||1,000|100|
||||||||1,000|100|
|3|Income from|charitable||activities|||||
||||||||2022|2021|
||||||||6|6|
||Maintenance|contributions|||||198,720|198,501|
||Guest rooms||||||216||
||Sir William Powell management
income
Laundry
&other income
HMRC furlough
grants||||||16,000
7,419|16,000
6,255
11,645|
||||||||222,354|232,401|
||Void losses (being rental|||income lost as a result of property||not being|10,636|2,997|
||let, although|available|for letting)||||||
|4|Income from|investments|||||||
||||||||2022|2021|
||||||||6||
||Distributions|received|from the Endowment||Fund||18,746|18,107|
||Distributions|received|from the Archie Arthur||Fund||3,513|3,716|
||Distributions|reinvested||in the Extraordinary|Repair Fund||16,878|17,928|
||Bank deposit|interest|||||17|61|
||||||||39,163|39,812|
##
##
||||||Staff|Costs|Other Direct|Other Direct|Other Direct|Other|Total|Total|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||||Costs|Allocated|2022|2021|
|||||||||||Costs
f|||
||Charitable|activities|||||||||||
||Clerk and admin|||||35,885|||||36,886|34,759|
||Insurance||||||||5,046||5,048|4,998|
||Legal & professional||fees||||||14,23B||14,236|6,869|
||Bank charges||||||||399||399|400|
||Stationery
&sundries||||||||2,199||2,199|2,038|
||Catering
&|entertainment|||||||2,19B||2,196|519|
||Depreciation||||||||20,258||20,268|19,104|
||Warden|||||17,966|||||17,966|17,386|
||Utilities||||||||37,33B||37,336|47,753|
||Cleaning
and Gardening|||||19,147|||4,498||23,646|21,8B9|
||Equipment|Maintenance|||||||19,220||19,220|19,415|
||Routine Maintenance||||||||82,888||82,668|34,422|
||Write offof|arrears||||||||||542|
|||||||72,999|||188,066||261,065|210,055|
|6|Governance||||||||||||
||||||||||||2022|2021|
||Accounting|fees (including|||VAT)|||||8|4,496|4,32B|
||||||||||||4,496|4,326|
|7|Net income/(expenditure)||||for the yearending|||31 March 2022|||||
||Net income
/|(expenditure)|||is stated after charging|||/|(crediting):||||
||||||||||||2022|2021|
||||||||||||6||
||Depreciation|oftangible||fixed assets|||||||20,258|19,104|
||Loss I (profit) on fair||value||movement|of investments|||||(98,036)|(215,910)|
##
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|mounts
pa|yable to auditor
(excluding
VAT):||||
|---|---|---|---|---|
||||2022|2021|
||||6|6|
|Independent|examination
ofthe accounts||2,070|1,970|
|Assurance|services other than audit or independent|examination|736|700|
|Other financial services - payroll|||942|935|
##
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|022 was|as|follows:||||||||
|---|---|---|---|---|---|---|---|---|---|
||||2022||2022||2021||2021|
||||Number||FTE||Number||FTE|
|Charitable||activities||8||2||5||
|||||8||2||5||
|he total|staff costs and employee||benefits were as follows;|||||||
||||||||2022||2021|
||||||||6|||
|Wages|and|salaries|||||70,197||69,207|
|Social security||||||||||
|Pension|Costs||||||1,812||1,804|
|Training|and other||||||990||(75)|
||||||||72,999||70,936|
##
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|Housing
properties|||||
|---|---|---|---|---|
||Land|Housing|Property|Total|
|||Properties|Improvements||
|||6|6||
|Cost|||||
|At 1 April 2021|920,000|308,370|283,859|1,492,229|
|Additions|||70,469|70,469|
|At 31 March 2022|920,000|308,370|334,328|1,562,698|
|Depreciation:|||||
|At 1 April 2021||95,596|89,729|185,325|
|Charge for the year||3,084|16,479|19,5B3|
|At 31 March 2022||98,680|106,208|204,888|
|Net book value:|||||
|At 31 March 2022|920,000|209,690|228,120|1,367,810|
|At 31 March 2021|920,000|212,774|174,130|1,306,904|
##
|Other fixed assets|||||
|---|---|---|---|---|
||Fixtures,|Fittings|Fixtures, Fittings and||
||and Equipment||Equipment|Total|
||Housing||Office||
||0||0||
|Cost|||||
|At 1 April 2021||42,165|15,135|57,300|
|Additions|||1,1B3|1,163|
|Disposal|||||
|At 31 March 2022||42,165|16,298|58,463|
|Depreciation:|||||
|At 1 April 2021||42,165|14,296|56,461|
|Charge for the year|||695|695|
|Disposal|||||
|At 31 March 2022||42,165|14,991|57,156|
|Net book value:|||||
|At 31 March 2022|||1,307|1,307|
|At 31 March 2021|||839|839|
##
##
||Market Value|Market Value|||Permanent|Permanent|Unrestricted|Funds||Total|Funds|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||||Endowment|||||||
||||||Fund|||||||
|||||||Extraordinary||Archie|Arthur|||
||||||||Repair|||||
||||||||f||f|||
||As at 1 April|2020|||513,746||388,583||74,320||978,649|
||Revaluations||||106,184||92,852||16,894||215,910|
||Additions|||||||||||
||Income re-invested||||||17,929||||17,929|
||Disposals|||||||||||
||As at 1 April|2021|||619,910||499,364||91,214|1,210,488||
||Revaluations|||||53,786|37,879||6,370||98,035|
||Additions||||||||1,000||1,000|
||Income Re-invested||||||16,878||||16,878|
||Disposals|||||||||||
||As at 31 March 2022||||673,696||654,121||98,684|1,326,401||
|he historical cost of listed investments|||||held as|at 31 March|2022 is f1,060,644. (2021:f1,043,866).|||||
|13b
Investments||||||||||||
|||||||Cost|||Market Value|||
||||||31.3.2021||31.3.2022|31.3.2021||31.3.2022||
||||||Restated|||||||
|PERMANENT
ENDOWMENT||||FUND||||||||
|COIF Charities
Investment|||Trust||582,027||582,027||B19,910||673,696|
|34,580.82 income
units||||||||||||
|EXTRAORDINARY||REPAIR||FUND||||||||
|National|Association|ofAlmshouses|||391,013||391,013||499,364||554,121|
|Common
Investment||Fund||||||||||
|5,204.196accumulation
units||||||||||||
|ARCHIE ARTHUR||FUND||||||||||
|National|Association|ofAlmshouses|||70626||71 826||91214||98 584|
|Common
Investment||Fund||||||||||
|107,296.013income units||||||||||||
|(2021:|106,186.381|income|units)|||||||||
|TOTALINVESTMENTS|||||1043666||~10 4666||1 210488||1 328 401|
##
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##
|und reconc|iliation||||||||
|---|---|---|---|---|---|---|---|---|
||aalance at|ealnsi|Donation|Interest 6|Deprecla|Investment|Transfer to|Balance st|
||1 April|(Losses)|Received|Investment|tlon|Gains|Cycgcal|31 March|
||2021|||Income|||Maintenance|2022|
|A Arthur
legacy|91,214||1,000|||8,369||98,683|
|Cyclical|||||||||
|maintenance|57,712|||8|||(6,820)|60,900|
|Extraordinary
repairs|499,384|||16,878||37,880||664,122|
|Accumulated|||||||||
|surplus|348,935|(3,044)|(1,000)|(16,888)|3,534||6,820|338,368|
|Unrestricted|||||||||
||997,225|(3,044)|||3,534|44,249||1,041,964|
|Restricted|||||||||
|funds|1,064,552||||(450)|||1,064,102|
|permanent
Endowment|836491||||(3,084)|53,786||687,193|
|Total|2 698268|3 044||||98036||2 793269|
##
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##
|17|Analysis of net asset|s b|etwe|en|funds||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||Unrestricted||Endowment|Restricted|Total|
||||||||fundsf|funds
6|funds
6|2022
6|
||Fixed assets||||||934,223|687,193|1,0B4,102|2,686,618|
||Cash and current assets||||||124,353|||124,363|
||Current
liabilities||||||(16,612)|||(16,612)|
||Total||||||1,041,964|687,193|1,064,102|2,793,269|
|18|Reconciliation
ofnet|income||/|(expenditure)||to net cash|flow from operating
activities|||
||||||||||2022f|2021
6|
||Net income (expenditure)||for|year|||||94,991|273,841|
||Dividends
received||||||||(39,136)|(39,751)|
||Interest receivable||||||||(17)|(81)|
||Depreciation
and impairment|||of|tangible|fixed|assets||20,268|19,104|
||(Gains)
/ losses on investments||||||||(98,036)|(215,910)|
||(Increase)
/ decrease|in|debtors||||||(8,401)|(380)|
||Increase
/ (decrease)|in|creditors||||||(494)|3,897|
||Net cash flow from|operating|||activities||||(30,834)|40,540|
##
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##
|21|Financial instruments||||||||
|---|---|---|---|---|---|---|---|---|
||The carrying
amounts
ofthe charity's||financial|instruments|are as follows:||||
|||||||2022|2021||
|||||||8|8||
||Financial assets||||||||
||Measured
at fair value through|net income Iexpenditure:|||||||
||- Fixed asset listed investments|(note 13)||||1,326,401|1,210,488||
||Measured
at cost||||||||
||Cash at bank and
in hand|||||112,204|193,395||
||Measured
at amortised
cost:||||||||
||- Trade and other debtors (note|14excluding||prepayments)||8,470||808|
||Total Financial Assets|||||1,447,075|1,404,891||
||Financial
liabilities||||||||
||Measured
at amortised
cost||||||||
||- Trade and other creditors (note 15excluding|||accruals)||8,563|10,526||
||Total Financial
Liabilities|||||8,583|10,528||
|22|Net Debt||||||||
||||At 1 April|Cash|Non-Cash||At 31 March|
|---|---|---|---|---|---|---|---|
||||2021|Flows|Movements|8|2022f|
||Cash and Cash Equivalents||193,395|(81,191)|||112,204|
|Housing||Loans Due in One Year||||||
|Housing|Loans Due After One Year|||||||
||||193,395|(81,191)|||112,204|