2021-03-31-accounts - King George V Memorial Houses

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		Pacae
Report ofthe Trustee
Independent Auditor's	Report
Statement of Financial	Activities	15
Balance Sheet
Statement of Cash Flows		17
Notes to the Financial	Statements	18-27

Value for Money Key Metrics
					HfOP
					peer	Housing
					group	Pathways	King
i. Reinvestment a/a					2020-21	avera e	Geo	eV
Considers the investment in properties (existing stock as
well as new supply) as a percentage ofthe	value		of	total
ro erties held.					2.80%	1.47%	0 83o/o
2. New Supply Delivered o/o
The number of new social housing and non-social			housing
homes that have been acquired or developed		in the		year as
a proportion of total social housing and non-social			housing
homes owned at period end.
A. New supply delivered (Social housing homes)							Oo/o
B.Newsu i delivered Non-socialhousin		homes					orr/o
3. Gearing a/rr
Assesses how much ofthe adjusted assets	are made			up of
debt and the de reeof de endenceon debt		financ.			1%	I P6%	5794		o/o
4. Earnings Before Interest, Tax, Depreciation,
Amortisation, Major Repairs Included	(EBITDA MRI)
Interest Cover ir/o.
A key indicator for liquidity and investment	capacity.
Measures the level of surplus generated compared			to				N/A-		no
interest a able					478%	I265%	borrowin		s
5. Social Housing Cost Per Unit
The headline social housing cost per unit as		defined		by the
Re viator					E5415	E6000	E3562
6. Operating Marglnir/0
Demonstrates the profitability ofoperating	assets		before
exceptional expenses are taken into account. Increasing
margins are one way to improve the financial		efficiency ofa
business.
A, Operating Margin (social housing lettings B.Operating Margin (overall) after adjusting and merger costs		only) for impairment			10.20% 13.40%	3.10% 8 080/0	15.71o/o 15,68o/o
7. ROCE o/o
Compares the operating surplus to total
assets less current liabilities. An assessment		ofthe	efficient
investment ofca ital resources.					246%	I 28%	1 20o/o

				HIOP
				peei'	Housing
				group	Pathways	King
Cost	er home			2020-21	ayers e	Gear e V
Management		costs			2,493	1,213
Service charge costs					816	301
Routine maintenance			cost		1,985	1,901
Planned maintenance
Major	repairs	expenditure			706	147
Other	social	housing	costs
Total				E5,415	E6,000	E3,562

Ke Per	formance Indic	ators
					Housing	Housing	Housing
				HIOP	Pathways	Pathways	Pathways
				2020-21	2020-21	2019-20	2018-19
Current	resident annual	WMC collection rate		100%		103.2%	103.6%
Current	resident arrears	as a %ofthe annual	WMC	0.9%	2.31%	2,73%	3.0%
Homes	with a valid Gas	Safety Certificate %			100%	100%	1PP%
All reactive repairs completed within target time %				957%	81%	85%	86%
Emergency repairs completed within target time %				100%	78%	79%	83%
Urgent	repairs completed	within target time	%	97.9%	78%	82%	84%
Routine	repairs completed within target time		%	95%	87%	93%	89%

				Unrestricted	Restricted	Total	Unrestdcted	Restricted	Total
Income from			Notes	funds E	furlds 8	funds 6	funds E	funds 8	funds 6
Charitable Activities
Abnshouse Accommodation Investments				57,188 9263		57,188 9263	55,701 10424		55,701 10424
Expenditure on				66,451		66,451	66,125		66,125
Charitable Acuviues
Almshause Accommodation				45 408	2 796	48 204	37465	2 796	40 261
				45,408	2,796	48,204	37,465	2,796	40,261
Gains/(losses) on revaluation		ofinveslmenls	11	73,580		73,580	(13,913)		(13,913)
Netlncome/(expenditure)	and	net movementln	funds	94623	2796	91827	14747	2 796	11951
Funds brought forward	1st Apnl 2020
Orlglnagy stated Pdor year adJustment As restaled			19	534,145 534,145	122941 122,941	53'I,145 122941 657,086	519,398 519,398	125737 125,737	519,398 125737 645,135
Funds carried forward	31st March 2021			628 768	120145	748913	534 145	122941	657086

			2021	2020
				Restated
		Notes	6	6
Fixed Assets
Housing Properties		9	212,202	217,636
Investments		11	415,377	336,485
			627,579	554,121
Current Assets
Debtors		12	3,353	2,658
Cash at Bank and	In Hand		138,275	142,967
			141,628	145,625
Creditors: amounts	falling due within one year	13	(20,294)	(42,660)
Net Current Assets			121,334	102,965
Total Net Assets			E748,913	E657,086
Funds
Unrestricted funds			628,768	534,145
Restricted funds			120,145	122,941
Totalfunds		16	E748,913	E657,086

						2021	2020
							Restated
					Notes		6
Net cash (used in)/provided by Operating		Activities			A	(6,879)	61,194
Cash flows from Investing Activities
Purchase of tangible fixed assets						(1,764)	(2,388)
Proceeds on sale of investments
Dividends received						3,889	3,811
Interest received						62	225
Net cash provided by/(used in) Investing		Activities				2 187	1 648
Cash Flows from Financing Activities
Net change in cash and cash equivalents						(4,692)	62,842
Cash and cash equivalents at the	beginning		of	the
year						142967	80 125
Cash and cash equivalents at the end ofthe year						1138275	E142967
A Cash flows from operating	Activities
Net Income/(Expenditure) for the year						91,827	11,951
Depreciation						7,217	7,149
Investment Income and Interest Receivable						(9,263)	(10,424)
(Increase)/Decrease in Debtors						(695)	(26)
Increase/(Decrease) in Creditors						(22,366)	38,195
Loss on Disposal of Components (Gains)/Losses on Investments						(19) ~73 580	436 13913
						I6879	E61 194
0 Changes in Net Funds
		Atoi/04/2020				Cash Flows	At 31/03/2021
Cash at bank and in hand				142	967	~4692	138275

Land					not depreciated
Main fabric					Over 70 years
Roof structure			and	covering	Over 70years
Windows	ik	external		doors	Over 30years
Boilers					Over 15years
Kitchen					Over 20 years
Bathrooms					Over 30years
Mechanical		systems			Over 30years
Electrics					Over 40 years
Fire Alarms/Warden				Call	Over 15years

	Income from	Income from	Income from	Charitable	Activities
						2021	2020
							Restated
							f
	Almshouse		Accommodation
	Residents	Contributions				53,278	43,737
	Service Charges					4I226	11,964
	Voids					(316)
						E57,188	E55,701
3.	Income from			Investments
						2021	2020
						E	E
	Deposit Interest					62	225
	Investment	Income				9,201	10,199
						E9,263	EIOI424
4.	Expenditure		on Charitable		Activities
						2021	2020
							Restated
							f
	Almshouse		Accommodation
	Services					3,614	4,277
	Maintenance					22,805	11,362
	Bad Debts					31
	Depreciation					7,217	7,149
	Replacement			of fixed asset	components	(19)	436
	Support costs			(Note 5)		14,556	17,037
						E48,204	E40,261

upport C	o	sts
			2021	2020
				Restated
				E
Almshouse		Accommodation
Management		charges	12,316	13,829
Bank charges			50	58
Residents'	welfare		240	302
Governance		costs	1,950	2,848
			E14,556	E17,037

Excluding VAT th	Excluding VAT th	ese amounts	are	E1,625 (2020:E1,0	90).
Social Housing		Activities
						2021	2020
						E	E
Turnover	from Social Housing		Activities			57,188	55,701
Operating	Costs					(48,204)	(40,261)
Operating	surplus	and net surplus		from social housing	activities	E8,984	E15,440

costs charg	ed to the Charity is as follows:
		2021	2020
		E	E
Wages and	salaries	6,277	6,156
Social security costs		572	596
Pension costs		302	265
Redundancy		488
Oif-payroll	contractors	785	835
		E8,424	E7,852

Housing Pro	perties
				Total
				Completed
				Housing
				Properties
				E
Cost
At 1st April 2020				275,054
Works to existing properties Components replaced				1,764 ~566
At 31st March	2021			226 252
Accumulated	Depreciation
At 1st April 2020				57,418
Charge for the year Depreciation released		on components	replaced	7,217 ~565
At 31st March	2021			66 656
Net BookValue
At 31st March	2021			E212,202
At 31st March	2020			E217,636

apital Gra	nts
				2021	2020
					Restated
					E
Aggregate	Amount	Received
At 1st April	2020
and 31st March 2021				E195,597	E195,597
Released	to Statement		of Financial Activities
At 1st April	2020
and 31st March 2021				E195,597	E195,597
Capital Grants Carrying			Value

11,	Fixed As	set Investments
						2021	2020
							Restated
							E
	Market Value:
	At 1st April 2020					336,'I85	344,010
	Disposals	in year
	Accumulated income					5,312	6,388
	Realised	gains on investments
	Unrealised	gains/(losses)	on investments			73,580	(13,913)
	At 31st March 2021					E415,377	E336,485
	Historical	cost as at 31st March 2021				E140,817	E135,505
12.	Debtors:	amounts falling due within			one year
						E	E
	Amounts	due from residents				2,052	1,558
	Prepayments and accrued		income			1,301	1,100
	Amounts	due from related	organisations		(Note 16)
						E3 353	E2 658
13.	Creditors:	amounts due	within one year
	Accruals and other creditors					4,960	4,263
	Amounts due to related organisations			(Note 16)		15,334	38,397
						E20,294	E42,660

34, Fundc		For the	year ended	31stMarch 2	021
		Galance at
Unrestricted Funds		1Aprg 2020 Restated E	income E	Expenditure E	Gains/(Losses) on lnveshnents 1	Transfers 6	Balance at 31March 2021 E
General Funds Ger/gusred Funds		4&I,866	66,451	(45,408)	73,580		559,489
Cydicel Repairs and Maintenance Extraordinary Repairs Reserve Restricted Funds	Reserve	26,876 42 403 534,145	66,451	(45,408)	73,5NI		26,876 42 403 828,768
Rxed Asset Fund		122,941		(2,796)			120,145
		E657086	E66451	E 48 204	173500		57WI 913
		Ealance at
Unrestricted Funds		1Apru 2019 Restated E	fncome 6	Expenditure 6	Gains/(Losses) on invesunents 6	Transfers 8	Balance at 31March 2020 6
General Funds De$tgrutecl Fvrxfv		450,119	66,125	(37,465)	(13,913)		4&I,866
Cyclical Repairs and Maintenance Extraordinary Repairs Reserve Restricted Funds	Reserve	26,876 42 403 519,398	66,125	(37,465)	(13,913)		26,876 42403 534,145
Hxed Asset Fund		125,737		(2,796)			122,941
		E&I5 135	E66 125	E 'IO 261	E 13913		E657 086

Net Assets Between Funds
	Unrestricted	Restricted
	Fundsf	Funds f	2021Total E
Housing Properties Investments Net Current Assets	92,057 415,377 121334	120,145	212I202 415,377 121334
	E628,768	E120,145	E748,913
	Unrestricted	Restricted
	Funds f	Funds f	2020 Total f
Housing Properties Investments Net Current Assets	94,695 336,485 102965	122,941	217,636 336,485 102965
	E534,145	E122I941	E657,086