UNITED CHARITIES OF ST LEONARD SHOREDITCH
REGISTERED CHARITY NO: 213357
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
UNITED CHARITIES OF ST LEONARD SHOREDITCH
| INDEX | |
|---|---|
| Page | |
| Legal and Administrative Details | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiners’ Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 17 |
Page 1
UNITED CHARITIES OF ST LEONARD SHOREDITCH
LEGAL AND ADMINISTRATIVE DETAILS
United Charities of St. Leonard, Shoreditch is a registered charity, administered and managed by a body of trustees.
REGISTRATION NUMBER:
213357
THE TRUSTEES ARE:
Brian Marsh (Chairperson) (Retired 6th October 2021) Maggie Gallon (Vice Chairperson) Steve Smeeth (Chairperson) Les Harrison Peter Sanders (Appointed 6th October 2021) Janet Marsh (Treasurer) (Appointed 6th October 2021)
CLERK TO THE TRUSTEES AND BUSINESS MANAGER:
Lorraine Groom (Appointed 1st September 2021) Janet Marsh (Retired 1st September 2021)
PRINCIPAL OFFICE:
3a Lloyd Thomas Court Truro Road London N22 8EN
PROFESSIONAL ADVISORS:
Independent Examiner
Greg Stevenson Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD
Bankers
CAF Bank Limited Kings Hill West Malling Kent ME19 4TA
Investment Managers
Waverton Investment Management Ltd 21 St James’s Square London SW1Y 4HB
Page 2
UNITED CHARITIES OF ST LEONARD SHOREDITCH
TRUSTEES' REPORT
The Trustees present their annual report and financial statements of the charity for the year ended 31st December 2021. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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) effective January 2019.
STRUCTURE, GOVERNANCE AND MANAGEMENT
-
Legal Status and Constitution
-
The charity is an amalgamation of 51 charities founded from the 16th century onwards to benefit residents of the old parish of St. Leonard, Shoreditch, and is governed by two schemes of the Charity Commissioners dated 24th December 1976 and 11th February 1983. The Trustees are all people who live within easy travelling distance of this church and of the almshouses maintained by the charity and are committed to its objects. One of the Trustees is the nominee of the Vicar of St. Leonard, Shoreditch.
-
Trustees’ Appointment and Training Trustees are recruited as required with the aim of having a Board of Trustees with a range of relevant skills and experience. New Trustees are inducted by the Board but are able to attend courses run by The Almshouse Association and others.
Organisational Structure
The Board of Trustees meet to determine strategy and policy, and is serviced by the Clerk to the Charity. The Clerk to the Charity oversees the day to day operations at the Almshouses. The Trustees also confirm that they have had regard for the Charity Commission guidance in respect of public benefit when reviewing the Charity’s aims and objectives and planning future activities.
Risk
The Trustees have identified the risks to which the charity might be exposed. The main risks to which the Charity is subject are:
-
1) falls in value and yield of quoted investments;
-
2) voids where properties cannot be re-let, and;
-
3) the risk of fraud;
-
4) poor condition of property assets.
These are reviewed annually and systems established to minimise risks.
OBJECTIVE AND ACTIVITIES
Objects
The charity continued as its main object to provide housing for people of limited means who are able to lead independent lives, in some cases with help from local medical and social services. The charity also aims to support the parish of St. Leonard, Shoreditch in the help which it gives to rough sleepers and to make grants to primary schools in Shoreditch.
- Aims
The Charity’s aim is to maintain a modernisation programme to ensure compliance with the Decent Homes Standards.
Page 3
UNITED CHARITIES OF ST LEONARD SHOREDITCH
TRUSTEES' REPORT
STRUCTURE, GOVERNANCE AND MANAGEMENT (Continued)
Introduction
- During 2021 The United Charities of St. Leonard, Shoreditch has, as its main activity, provided an almshouse service for needy people, giving preference in the majority of its accommodation to present or former residents of the former Metropolitan Borough of Shoreditch. The almshouses are located at two adjoining sites at Wood Green in the London Borough of Haringey.
Organisation
-
The 32 almshouses located at Wood Green occupy four separate buildings, three on a site in Nightingale Road and one on an adjoining site off Truro Road.
-
Activities and Public Benefit
The Charity provides public benefit by providing accommodation to those who are unable to afford commercial rents. The almshouse continues to carry out repairs when they are required. By being in close contact with these individuals the charity can ensure their health and wellbeing is protected.
The Trustees have complied with the duty in s.2 of the Charities Act 2011 in having due regard to public benefit guidance published by the Charity Commission.
Objectives for the Year
These were to maintain warm, comfortable and safe homes for the residents and to gradually upgrade the almshouses as required.
ACHIEVEMENT AND PERFORMANCE
- Achievement of Objectives
The Almshouses each year undertake to upgrade the flats to ensure compliance with the Decent Homes Standards. In the current year the maintenance men continued to keep the Almshouses in good condition.
FINANCIAL REVIEW
- Reserves Policy
The Trustees budget to set aside reserves according to The Almshouse Association’s recommendations and also to build up Designated Reserves for future major modernisation projects. The Trustees are of the opinion that existing designated reserves of £296,090 need to be increased for a secure financial future and intend to continue to add to the investment portfolio. The Trustees wish to maintain unrestricted funds at a minimum of £100,000.
Designated Funds
The Charity maintains two designated reserves – The Extraordinary Repairs Fund and Cyclical Maintenance and Repairs Fund, and transfers are reviewed annually in accordance with guidance from the Almshouse Association.
Page 4
UNITED CHARITIES OF ST LEONARD SHOREDITCH
TRUSTEES' REPORT
FINANCIAL REVIEW (Continued)
Results For The Year
The charity’s income, including that from investments, increased from £145,116 in 2020 to £157,982 in the current year. Income from the housing properties amounted to £122,040 compared to £117,469 in the preceding year. Expenditure increased from £76,400 to £82,699, with some additional legal costs and bad debts being written off.
The value of the charity’s investments increased during the year from £961,822 to £1,034,015. In the year charity capitalised enhancements of £10,440 to the housing properties being the window replacements, and these will be depreciated over 30 years. The total balance of these enhancements at 31st December amounted to £153,553.
Total funds increased from £1,494,612 to £1,642,088 during the year as a result of the charity’s income having exceeded its expenditure and with gains on investments, fund balances increased by £147,476.
PLANS FOR THE FUTURE
The Trustees intend to continue the repairs and maintenance programme (including window replacements) and modernise further flats in 2022. This will involve significant major works.
The Trustees intend to review the Constitution including Trustee involvement.
The Charity is well funded and able to manage the impact of the Covid 19 pandemic on its activities. The Trustees have considered the likely future impact of the Charity’s income and expenditure. The Charity’s investment portfolio which is held for the long term objectives of the Charity, has continued to recover in the year under review.
Page 5
UNITED CHARITIES OF ST LEONARD SHOREDITCH
TRUSTEES' REPORT
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
Charity law requires Trustees to prepare financial statements for each financial year which give a fair view of the state of affairs of The United Charities of St. Leonard Shoreditch and of the surplus or deficit of the Charity for that period. In preparing those financial statements, the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently;
-
Make judgements and estimates that are reasonable and prudent;
-
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for maintaining an adequate system of internal control and keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the United Charities of St. Leonard Shoreditch and to enable them to ensure that the financial statements comply with The Charities Act 2011. They are 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 ORDER OF THE BOARD Janet Marsh (Treasurer)
2022
Page 6
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
UNITED CHARITIES OF ST LEONARD SHOREDITCH
I report to the trustees on my examination of the accounts of the United Charities of St Leonard Shoreditch (the Charity) for the year ended 31st December 2021, which comprise the Statement of Financial Activities, the Balance Sheet and related notes.
This report is made to the Trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that I might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body for my work or for this report.
Responsibilities and basis of report
As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
65 Leadenhall Street London EC3A 2AD
Greg Stevenson FCA Knox Cropper LLP Chartered Accountants
2022
UNITED CHARITIES OF ST LEONARD SHOREDITCH
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2021
Notes INCOME FROM Donations, Legacies and Collections Investments Charitable Activities 2 TOTAL INCOME EXPENDITURE ON Charitable Activities 3 TOTAL EXPENDITURE Net (Gains)/Losses on Investment Assets 7 NET INCOME/(EXPENDITURE) Transfer between funds NET MOVEMENT IN FUNDS TOTAL FUNDS BROUGHT FORWARD AT 1ST JANUARY 2021 TOTAL FUNDS CARRIED FORWARD AT 31ST DECEMBER 2021 10 |
Unrestricted Funds 2021 General £ Designated £ Total £ - 35,942 122,040 _ - - - _ - 35,942 122,040 _ 157,982 _ - _ 157,982 _ 82,699 _ - _ 82,699 _ 82,699 _ - _ 82,699 _ 62,877 _ 9,316 _ 72,193 _ 138,160 9,316 147,476 (37,240) _ 37,240 _ - _ 100,920 46,556 147,476 1,243,793 _ 250,819 _ 1,494,612 _ £1,344,713 _ £297,375 _ £1,642,088 _ |
Unrestricted Funds 2020 General £ Designated £ Total £ - 27,647 117,469 _ - - - _ - 27,647 117,469 _ 145,116 _ - _ 145,116 _ 76,400 _ - _ 76,400 _ 76,400 _ - _ 76,400 _ 46,808 _ 6,935 _ 53,743 _ 115,524 6,935 122,459 (47,680) _ 47,680 _ - _ 67,844 54,615 122,459 1,175,949 _ 196,204 _ 1,372,153 _ £1,243,793 _ £250,819 _ £1,494,612 _ |
|---|---|---|
All the activities reported above represent continuing operations.
Page 8
UNITED CHARITIES OF ST LEONARD SHOREDITCH
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Notes FIXED ASSETS Housing Properties 6 Investments 7 CURRENT ASSETS Debtors 8 Cash at Bank and in Hand CREDITORS: Amounts falling due Within one year 9 NET CURRENT ASSETS TOTAL NET ASSETS FUNDS Unrestricted General 10 Designated 10 |
2021 £ £ 153,553 1,034,015 1,187,568 1,854 460,711 462,565 (8,045) 454,520 1,642,088 1,344,713 297,375 1,642,088 |
2020 £ £ 148,479 961,822 1,110,301 2,624 389,095 391,719 (7,408) 384,311 1,494,612 1,243,793 250,819 1,494,612 |
2020 £ £ 148,479 961,822 1,110,301 2,624 389,095 391,719 (7,408) 384,311 1,494,612 1,243,793 250,819 1,494,612 |
|---|---|---|---|
| 1,110,301 384,311 |
|||
| 1,494,612 | |||
| 1,243,793 250,819 |
|||
| 1,494,612 |
These financial statements were approved by the Board on 2022 and signed on its behalf by:
_______
Janet Marsh (Treasurer)
Registered Charity Number: 213357
Page 9
UNITED CHARITIES OF ST LEONARD SHOREDITCH
STATEMENT OF CASH FLOWS
AS AT 31 DECEMBER 2021
| Notes NET CASH GENERATED FROM OPERATING ACTIVITIES A CASH FLOWS FROM INVESTING ACTIVITIES Purchase of tangible fixed assets Proceeds from the sale of investments Additions of investments Movement in Investment Managers Cash Investment Income TOTAL CASHFLOWS FROM INVESTING ACTIVITIES NET CHANGE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR CASH AND CASH EQUIVALENTS AT END OF THE YEAR A CASH FLOWS FROM OPERATING ACTIVITIES Net Income for Year Depreciation Investment Income (Increase)/Decrease in Debtors Increase/(Decrease) in Creditors (Gains)/Losses on Investments B ANALYSIS OF NET FUNDS BALANCE BROUGHT FORWARD £ Cash at Bank and in Hand £389,095 |
2021 £ 46,114 (10,440) - - - 35,942 25,502 71,616 389,095 £460,711 147,476 5,366 (35,942) 770 637 (72,193) £46,114 MOVEMENT £ £71,616 |
2020 £ 47,187 - - - - 27,647 27,647 74,834 314,261 £389,095 122,459 5,366 (27,647) (829) 1,581 (53,743) £47,187 BALANCE CARRIED FORWARD £ £460,711 |
|---|---|---|
Page 10
UNITED CHARITIES OF ST LEONARD SHOREDITCH
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1. PRINCIPAL ACCOUNTING POLICIES
(a) Basis of Preparation and Assessment of going concern
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following Accounting and Reporting by 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn.
The Trustees consider that there are no uncertainties about the Charity’s ability to continue as a going concern.
The Accounts combine the results and Lloyd Thomas Homes (Charity Registration Number 257468), the results of which are disclosed in their own accounts.
(b) Housing Properties and Depreciation
The land on which all the buildings stand, and the Almshouses were bequeathed to the charity in the 16th Century and the Trustees have no record as to the cost of building the Almshouses.
As the cost of the Almshouses is unknown no depreciation can be calculated on these properties.
In the preceding year the Charity undertook a major project for the replacement of windows and doors and these have been capitalised as Freehold Property Enhancements. The cost of these are depreciated over their estimated economic life and the depreciation rate applied is over 30 years.
(c) Fixed Asset Investments:
Fixed asset investments are stated in the Balance Sheet at market value at the Balance Sheet date.
(d) Realised and Unrealised gains/(losses) on Investments
Realised and unrealised gains/(losses) on investments are reflected through the Statement of Financial Activities. Realised gains/(losses) on disposal of investments are calculated by reference to their market value in the previous year’s audited accounts or by reference to cost if acquired during the current year. Unrealised gains/(losses) are calculated by taking the difference between the market values at the balance sheet date and the previous year’s balance sheet date after having adjusted for any additions and any disposals during the year.
Page 11
UNITED CHARITIES OF ST LEONARD SHOREDITCH
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1. PRINCIPAL ACCOUNTING POLICIES (Continued)
(e) Cyclical Repairs and Maintenance:
United Charities of St. Leonard Shoreditch has established a regular programme of cyclical repairs and maintenance. Costs are charged to the Statement of Financial Activities in the year in which they are incurred.
(f) Extraordinary Repairs:
The costs of extraordinary repairs, unless representing improvements to the properties, are charged to the Statement of Financial Activities in the year in which they are incurred.
(g) Cyclical Repairs and Maintenance Reserve:
This reserve represents amounts set aside for cyclical maintenance to meet costs in excess of budgeted expenditure for any year.
(h) Extraordinary Repairs Reserve:
This reserve represents amounts set aside to carry out major repairs on Housing Properties.
(i) Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Resident contributions and investment income are accounted for in the period in which the charity is entitled to receipt.
(j) Resources Expended:
- Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is included on an accruals basis.
Support Costs are allocated on the basis of their use with the aim of ensuring that those costs remaining within administration relate to the management of the charity’s assets, organisational administration and compliance with constitutional and statutory requirements.
(k) Value Added Tax:
- United Charities of St. Leonard Shoreditch is not registered for Value Added Tax. In these Financial Statements, where applicable, expenditure is shown inclusive of VAT.
(l) Significant Management Judgements and Estimation Uncertainties
The following are the critical judgements and key sources of estimation uncertainty that the Trustees have made in the process of applying the charity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements:
Page 12
UNITED CHARITIES OF ST LEONARD SHOREDITCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1. PRINCIPAL ACCOUNTING POLICIES (Continued)
(l) Significant Management Judgements and Estimation Uncertainties (continued)
Impairment of Debtors
Debtors are recognised initially at the settlement amount due. In respect of accounts where there are indications that a debtor may be impaired or not collectible, a provision is recorded based on best estimates to reduce the receivable balance to the amount that is expected to be collected. Factors considered in making a provision include the historical payment and collection experience and debtors’ credit worthiness.
Housing Property Enhancements
Housing Property Depreciation is calculated on a component by component basis. The identification of such components is a matter of judgement and may have a material impact on the depreciation charge. The components selected are those which reflect how the major repairs to the property are managed.
2. INVESTMENTS
| INVESTMENTS Interest and Dividends |
2021 2020 £35,942 £27,647 |
|---|---|
3. EXPENDITURE ON CHARITABLE ACTIVITIES
| 2021 Almshouse Expenditure Water Rates Council Tax Repairs and Maintenance Major Repairs Light and Heat Insurance Wages and National Insurance Other Professional Fees Depreciation Bad Debts & Voids Grants Sundry Support Costs Trustees Expenses Subscriptions Telephone Other Office Costs Residents Welfare Accountancy and Payroll Fees CHARITABLE EXPENDITURE |
General Fund £ 5,225 - 26,500 - 627 3,646 26,025 2,695 5,366 3,402 1,000 106 74,592 420 347 522 1,141 1,428 4,249 8,107 £82,699 |
Designated Funds £ - - - - - - - - - - - - - - - - - - - £- |
2021 Total £ 5,225 - 26,500 - 627 3,646 26,025 2,695 5,366 3,402 1,000 106 |
|---|---|---|---|
| 74,592 | |||
| 420 347 522 1,141 1,428 4,249 |
|||
| 8,107 | |||
| £82,699 |
Page 13
UNITED CHARITIES OF ST LEONARD SHOREDITCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
3. EXPENDITURE ON CHARITABLE ACTIVITIES (continued)
| 2020 Almshouse Expenditure Water Rates Council Tax Repairs and Maintenance Major Repairs Light and Heat Insurance Wages and National Insurance Pension Depreciation Grants Sundry Support Costs Trustees Expenses Subscriptions Telephone Other Office Costs Residents Welfare Accountancy Fee CHARITABLE EXPENDITURE |
Unrestricted Funds General Fund Designated Funds 2020 Total £ £ £ 6,863 - 6,863 993 - 993 28,740 - 28,740 - - - 672 - 672 3,592 - 3,592 22,999 - 22,999 316 - 316 5,366 - 5,366 1,000 - 1,000 60 - 60 70,601 - 70,601 - - - 281 - 281 701 - 701 - - - 37 - 37 4,780 - 4,780 5,799 - 5,799 £76,400 £- £76,400 |
Unrestricted Funds General Fund Designated Funds 2020 Total £ £ £ 6,863 - 6,863 993 - 993 28,740 - 28,740 - - - 672 - 672 3,592 - 3,592 22,999 - 22,999 316 - 316 5,366 - 5,366 1,000 - 1,000 60 - 60 70,601 - 70,601 - - - 281 - 281 701 - 701 - - - 37 - 37 4,780 - 4,780 5,799 - 5,799 £76,400 £- £76,400 |
Unrestricted Funds General Fund Designated Funds 2020 Total £ £ £ 6,863 - 6,863 993 - 993 28,740 - 28,740 - - - 672 - 672 3,592 - 3,592 22,999 - 22,999 316 - 316 5,366 - 5,366 1,000 - 1,000 60 - 60 70,601 - 70,601 - - - 281 - 281 701 - 701 - - - 37 - 37 4,780 - 4,780 5,799 - 5,799 £76,400 £- £76,400 |
|
|---|---|---|---|---|
| General Fund £ 6,863 993 28,740 - 672 3,592 22,999 316 5,366 1,000 60 70,601 - 281 701 - 37 4,780 5,799 £76,400 |
Designated Funds £ - - - - - - - - - - - - - - - - - - - £- |
|||
| 70,601 | ||||
| - 281 701 - 37 4,780 |
||||
| 5,799 | ||||
| £76,400 |
| 4. NET INCOMING RESOURCES FOR THE YEAR IS STATED AFTER CHARGING : Independent Examiner’s Fee - Current Year |
2021 £ 4,249 £4,249 |
2020 £ 4,060 |
|---|---|---|
| £4,060 |
5. TAXATION
The United Charities of St. Leonard Shoreditch is a registered Charity and is, therefore, exempt from liability to taxation on non-trading income and capital gains providing these are applied to charitable purposes.
Page 14
UNITED CHARITIES OF ST LEONARD SHOREDITCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
6. FIXED ASSETS HOUSING PROPERTIES
The Almshouses were founded in the 16th Century, and have been constructed by Charity, since that date.
There are no records of the cost of the Almshouses, and these have never been valued. All costs relating to improvements have been written off over the years. In the preceding year the Charity undertook a major project for the replacement of windows and doors and these improvements have been capitalised as Freehold Property Enhancements and will be depreciated over 30 years.
| Freehold | |
|---|---|
| Property | |
| Enhancements | |
| £ | |
| Cost | |
| Brought forward at 1/1/2021 | 161,000 |
| Additions | 10,440 |
| Disposals | - |
| Carried forward at 31/12/2021 | 171,440 |
| Depreciation | |
| Brought forward at 1/1/2021 | 12,521 |
| Charge for the year | 5,366 |
| Disposals | - |
| Carried forward at 31/12/2021 | 17,887 |
| Net Book Value carried forward | 153,553 |
| Net Book Value brought forward | 148,479 |
Page 15
UNITED CHARITIES OF ST LEONARD SHOREDITCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
| 7. FIXED ASSETS INVESTMENTS General Fund £ Market value at 1st January 2021 823,680 Additions - Disposals - Realised gains/(losses) - Unrealised (losses) 62,877 Market value at 31st December 2021 £886,557 Cash at Brokers Historical Cost of Investments £798,561 8. DEBTORS Amounts falling due within one year: Prepayments and Accrued Income Residents Contributions in Arrears 9. CREDITORS:Amounts falling due within one year Residents contributions in advance Other Creditors and Accruals |
Designated Funds £ 122,043 - - - 9,316 £131,359 £115,935 2021 £ 1,849 5 £1,854 £ 795 7,250 £8,045 |
Designated Funds £ 122,043 - - - 9,316 £131,359 £115,935 2021 £ 1,849 5 £1,854 £ 795 7,250 £8,045 |
2021 Total 2020 Total £ £ 945,723 891,980 - - - - - - 72,193 53,743 1,017,916 945,723 16,099 16,099 £1,034,015 £961,822 £914,496 £914,496 2020 £ 1,796 828 £2,624 £ 1,350 6,058 £7,408 |
2020 Total £ 891,980 - - - 53,743 |
|---|---|---|---|---|
| 945,723 16,099 |
||||
| £961,822 | ||||
| £914,496 | ||||
| £1,854 | ||||
| £ 795 7,250 |
||||
| £8,045 |
Page 16
UNITED CHARITIES OF ST LEONARD SHOREDITCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
10. UNRESTRICTED FUNDS
Designated Funds
| Balance Brought forward 1st January 2021 |
Cyclical Repairs & Maintenance Reserve £ 178,650 |
Extraordinary Repairs Reserve £ 72,169 |
Sub Total £ 250,819 |
General Fund £ 1,243,793 |
Total £ 1,494,612 |
|---|---|---|---|---|---|
| Net Income/Expenditure Unrealised Gains on Investments |
- - |
- 9,316 |
- 9,316 |
75,283 62,877 |
75,283 72,193 |
| Transfers Balance carried forward 31st December 2021 |
- 30,144 £208,794 |
9,316 7,096 £88,581 |
9,316 37,240 £297,375 |
138,160 (37,240) £1,344,713 |
147,476 - |
| £1,642,088 |
| Balance Brought forward 1st January 2020 |
Designated Funds Cyclical Repairs & Maintenance Reserve Extraordinary Repairs Reserve Sub Total £ £ £ 148,506 47,698 196,204 |
Designated Funds Cyclical Repairs & Maintenance Reserve Extraordinary Repairs Reserve Sub Total £ £ £ 148,506 47,698 196,204 |
Designated Funds Cyclical Repairs & Maintenance Reserve Extraordinary Repairs Reserve Sub Total £ £ £ 148,506 47,698 196,204 |
General Fund £ 1,175,949 |
Total £ 1,372,153 |
|
|---|---|---|---|---|---|---|
Cyclical Repairs & Maintenance Reserve £ 148,506 |
Extraordinary Repairs Reserve £ 47,698 |
|||||
| Net Income/Expenditure Unrealised Gains on Investments |
- - |
- 6,935 |
- 6,935 |
68,716 46,808 |
68,716 53,743 |
|
| Transfers Balance carried forward 31st December 2020 |
6,935 17,536 £72,169 |
6,935 47,680 £250,819 |
115,524 (47,680) £1,243,793 |
122,459 - |
||
| £1,494,612 |
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 31/12/2021 Designated Fund General Fund Total Unrestricted Funds 31/12/2020 Designated Fund General Fund Total Unrestricted Funds |
Fixed Assets £ - 153,553 £153,553 Fixed Assets £ - 148,479 £148,479 |
Investments £ 131,359 902,656 £1,034,015 Investments £ 122,043 839,779 £961,822 |
Current Assets £ 166,016 296,549 £462,565 Current Assets £ 128,776 262,943 £391,719 |
Current Liabilities £ - (8,045) £(8,045) Current Liabilities £ - (7,408) £(7,408) |
Total £ 297,375 1,344,713 |
|---|---|---|---|---|---|
| £1,642,088 | |||||
| Total £ 250,819 1,243,793 |
|||||
| £1,494,612 |
Page 17
UNITED CHARITIES OF ST LEONARD SHOREDITCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
12. CAPITAL COMMITMENTS
| APITAL COMMITMENTS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Capital Expenditure that had been contracted | ||
| for but not been provided for in the Financial | ||
| Statements at 31st December 2021 | £- | £- |
13. CONTINGENT LIABILITIES
At 31st December 2021 there were no known contingent liabilities (2020: £Nil).
14. KEY MANAGEMENT PERSONNEL AND EMPLOYEES
The Key Management Personnel of the Charity consist of The Clerk and the Trustees. Their remuneration for the year amounted to £26,025 (2020: £23,000). No employees received employee benefits of more than £60,000. In both years the Charity had only one member of staff.
15. RELATED PARTY TRANSACTION
Lorraine Groom, Clerk to the Trustees and only staff member is the daughter of Brian and Janet Marsh who were Trustees of the Charity in the year. The Charity paid £26,025 in respect of wages and national insurance during the year (2020: £23,000).