## **HIBBERT ALMSHOUSE CHARITY** **REGULATOR OF SOCIAL HOUSING NUMBER A2485** **CHARITY NUMBER 214672** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2020** ## **HIBBERT ALMSHOUSE CHARITY** ## **YEAR ENDED 31[ST] DECEMBER 2020** |**INDEX**|**Page No.**| |---|---| |Bankers and Professionals|2| |Report of the Trustees|3 – 5| |Report of the Reporting Accountant|6| |Statement of Financial Activities|7| |Balance Sheet|8| |Notes to the Financial Statements|9 – 16 and 18| |Income and Expenditure Account|17| ## **BANKERS AND PROFESSIONALS** ## **Architects** Mr Sherry Bates – RIBA - AABC Bates Zambelli Ltd 30 Conewood Street London N5 1DL **Reporting Accountant** Elizabeth Hatchman Beever and Struthers 15 Bunhill Row London EC1Y 8LP **Bankers** CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ ## **Project Facilitator** Ms K Green - ARICS 7 Middle Rank Bradford-on-Avon Wiltshire BA15 1NL **Managing Agents** London Block Management Limited 4[th] Floor, 9 White Lion Street London N1 9PD **Quantity Surveyor** Mr Will Clark FRICS Mea Clark Limited 28 Queen Square Bath BA1 2HX **Solicitors** Catherine Flexer Russell-Cooke 2 Putney Hill London SW15 6AB **Contact Details** C/o St Paul’s Church **Agent for Grant from Greater London** 6A Rectory Grove **Authority** Clapham London SW4 0DX Almshouse Consortium Ltd Station House 50 North Street Havant Hampshire PO9 1QU **E-mail:** info@hibbertalms.org.uk **Website:** www.hibbertalms.org.uk **Telephone no.:** 020 7622 4469 ``` 2 ``` ## **HIBBERT ALMSHOUSE CHARITY** ## **YEAR ENDED 31[ST] DECEMBER 2020** ## **REPORT OF THE TRUSTEES** ## **Objectives** The Charity was established in 1869 to manage the Almshouses erected by Sarah and Mary Ann Hibbert in 1859 at 715-729 Wandsworth Road, London SW8, for the necessitous elderly living or formerly resident in the Ancient Parish of Clapham. The charity is governed by its Trust Deed dated 16 May 1979 and most recently amended 30 September 2013. ## **Trustees and Period of Office** |Anthea Bishop – (Mrs)|2019 - 2024|Appointed 23.1.2019| |---|---|---| |Rev’d Canon Jonathan Boardman|2018 Ex Officio|| |Simon Child|2021 - 2026|Appointed 25.1.2021| |Peter Cobley|2018 - 2023|Joint Chairman of Building Committee| |Ruth Dupré|2020 - 2025|Appointed 18.1.2020 – Resigned 19.11.2021| |Roger Hird|2019 – 2024|Deputy Chairman| |Euan Kennedy – FCA|2016 – 2021|Chairman| |Anna Roads – (Ms)|2017 - 2022|Responsible for garden (Resigned 5.2.2020)| |Dr Archibald Walls|2020 - 2025|Joint Chairman Building Committee| ## **Principal Activities** **Meetings –** The Trustees held four Ordinary Meetings during the year. We also have a Building Group, and set up a Fundraising Group, both answerable to the main committee. **Finances –** We are fortunate, in the year of Covid-19 to have been almost unaffected in essential ways, Our income has not been affected, nor has our expenditure. We had no change in our long-term residents. Our investments have fallen in value by £15,200, though in 2019 they increased in value by £25,067. Our surplus, excluding donations and before charging these losses and before a transfer to long term reserves was £23,651, (2019 £23,461). We have received donations of £211,302 towards our renovations project. Each year we increase the Weekly Maintenance Contribution as from 1[st] April, in line with the Regulator of Social Housing’s rent restructuring policy. **Future Plans for Property –** As reported last year we were turned down in our appeal against our planning application to build lavatories at first floor level, and this leaves us with the works for which approval was given, which are renovations and the improvement of access or the disabled. Our total figure of cost for all we wish to do to put the building and grounds in good order is £1,496M, We were very pleased to hear in February that the Greater London Authority had awarded us £400K as a grant, and that, with the reserves that we have, and what we can borrow and what has been donated gives us £1.016M giving just £480K to raise. We have set up a Fundraising Group and hired an Executive Fundraiser, and hope that we are able to bridge this gap. We plan that the building work will start in April 2022, or a little earlier. In the plan, there is no need for the residents to move out during the renovations. **Residents’ Meeting –** The annual meeting with residents took place on 10[th] September, with six residents and two Trustees present, and our Caretaker, Adrian Winch, and Morven McCaig-Cook and Claudette Gomes of London Block Management Ltd. It was most helpful to have LBM represented. A Trustee visited each resident on their birthday, and we gave each one £70 as a present at Christmas. ## **Trustees** We were sorry thar Ruth Dupré, only served with us for just under a year, as she proved to be a useful trustee with a responsibility for our garden. We welcome Simon Child as a trustee. ``` 3 ``` **HIBBERT ALMSHOUSE CHARITY** ## **YEAR ENDED 31[ST] DECEMBER 2020** ## **REPORT OF THE TRUSTEES** ## **Recruitment of Trustees** In recruiting new trustees the existing trustees have to consider the present and continuing needs of the charity and the skills and competences necessary for this. They also need to have in mind succession planning for the trustee board and the age composition. The charity is specifically a local body and the trustees also have to bear in mind the value of a trustee body with strong local connections. The trustees consider each year likely recruitment needs following from expected retirements and, if a vacancy is to arise, identify the skills needed. Proposed recruitments are publicised locally and existing trustees are invited to nominate possible candidates. ## **Statement of Trustees' Responsibilities** The Trustees are responsible for the preparation of financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the income and expenditures account of the Charity for that period. Also, in preparing policies and then applying them consistently, making judgements and estimates that are reasonable and prudent, stating whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and preparing the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity. 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. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. The Trustees confirm that they have complied with all relevant laws and regulations. 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 information of which the Charity’s reporting accountants 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 information and to establish that the Charity’s reporting accountants are aware of that information. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. ## **Reserves Policy** Designated reserves are held for a number of purposes as explained in the notes to the accounts. The charity aims to hold General Reserves of £30,000 representing twelve months average operating costs less Major Works costs based on the last two years results (Note 16a). ``` 4 ``` HIBBERT ALMSHOUSE CHARITY YEAR ENDED 31- DECEMBER 2020 REPORT OF THE TRUSTEES Value for Monev Hibbert A]mshouse a]￿5 to d¢livcrvalueformoDeN' to M￿lMIse its inveslmentpotentialalldenswE that itproTrid¢s its rcsidcnts high qu￿￿tr. homcs and seTh'ices. In line iTrith its charitsbl¢ aims. th¢ i￿¢0￿¢ from housing maTrag¢mcnt aCti￿￿tiCS is ]nNes￿d into projects that benefits its co]llmwiity. . Regulator of Social Housing- Value for Motte) -Mdrics" In ￿cOrdanCe with the requirements of the Regulator of Swial Housing in the Value for MoneTr Standard issued in Aprll 20R8. M'e 2r¢ required to publish in a prcscribcd forniaL &s part of our annual AcCOwL￿ figures of perfonllaucc wid¢T 7"M¢trics" and these are set out beloTh. 2020 2019 l. Reinvestme#t in developmeni and capitsl works /0 o/ This looks at th¢ invcslmcnt in prowtied, (neTh and elisting), as a 0/0 ofthe i.alue of properlies hcld. (.ommenl Tris melric is (P/0 as we valtse ourproperty & £Nil, being historic cost. . (a) New 5uppI) of social housinu Units delii'ered (b) suppl). of non-50cial housing units ddii'ered This sels out the number of social and non-gKial housing units dtat ha￿.£ acquir￿ or devek)pa in the }'ear as a proportion of the rcspectii"e totals of th(x units at tho Ncar cnd. 3. Gearing NIA This assesses bow nmcb of the aliusted assets M￿le up of debt and the degree of dependerÈce on debt flnance. C"omm*nf- AJ ihe ¢httrity has no borroN'ings thi5 metric 15 nol applicabk. 4. Interest coier including capital repairs NIA NIA This EBIDA-MRI, (earnings befor¢ intetrsti d¢pr￿latiOn. amorti5ation and major repalrs included). m¢asur¢ is a k￿ indicator for liquidits. and iTri'estm¢n¢¢8pacity". It seeks to ￿eaSUre thc IcN'cl ol surplus that a Registered Provider generates eompard to int￿¢S1 p￿￿bI¢. aTr'oiding anTr". distortions arismg from depreciation. Comment A5 the charity hafno borroK'ings th1"5nKlric is nol appbcable. S. Headlifje Social Housing per This assesses the &Ktal Ho￿*￿tiS eost as def￿ed bs" the Regulator of Social Housing. Comment This measiire, incliithng allcosls such as QTc*i1ec15'fe￿ onfvrure worL¥. is a very cnlde one. tratin for Social Hou5lll kttin i￿/0 38/fy Overall This demonstrates the pn)fitabilih' of owating before exceptional expenses w¢ tsk¢n itito a￿UTrt. Incre&ging Jnargins is on¢ ii'a). lo improi'o the f￿anCIal efficienc%' of a business. C"omment-A combinarion ofincreased income due io no vac£7ncies ond redU￿d¢O$ts accountfor this dramalic impr0￿Ment. 7. Return capitsl emplo)'ed This compares the operatsng surplus to totsl assets less cutrent liabilitses and is a common measure in the commcrcial s￿l0r to as5¢ss the eFfi¢ient in1.￿￿1 of c4)itsl resources. This metric would support Registered Proi'iders capital inicstmcnt progrThmes. Copnmenl... The ejplrnialionfor ihis impr0￿me￿I is Ihe sthl fuiid8 i'#rrleil forwird 14 227,393 22722S 14,665 469,283 208,728 16,457 15,147 240,332 All iiicome ai)d ¢xpeiiditur¢ d¢riv¢ from cortliiiuing ￿tivitIes. Tli¢ StaL¢m￿lt of Fii)ancial Aclivilies incliides all gaiiis aiid losses recognised during year. Tlie nolcs on pagos 9 10 18 eorm ali ll)tegral parl of th¢$¢ fiiiancial 8tat¢ments Tli¢'finwicial Sialeineiils s¢t out on pagcs 7 to 18 wer# approved by the Trus udiorised for i5su¢ on 19th April 20214iid sign¢d on their behalf, by.. EuAn Kenneil). FC Chairman ird- Trustee HIBBERT ALMSHOUSE CHARITY AS AT 31 DECEMBER 2020 Notrs 2020 2019 ed assets Housing pmperties Taugibk ￿￿ed assets Inveslmcnts 2.141 2207 208.363 215,193 io Totst fixed &ssets 210,504 217.400 Currn)I ￿S￿& Debtors and prepayments Bank balan 19.756 247.817 17,691 11.729 12 Total cu￿¢llt &¥sets 267,5TJ 29,420 Liaboities 13 (8.794) (6.488) 258.779 21932 Totsl &￿ts less cwtent Iiabiliti& 469283 240J32 The fuods of the Endosvmettt Fuod 15a 14.665 15.147 15b 227.4 16.457 Umestrirtos Funds 16 227218 208.728 eb2rity huds 14 469283 240J32 The financial stat￿nents sgtout ort pages 7 to 18 w￿e approv¢d by the Tntsteas and authori5￿ for issue on 19th Apnl 2021 and signed oti th¢ir behal£ by: Euafj Keunedy FCA-Chaitm **HIBBERT ALMSHOUSE CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2020** ## **1. PRINCIPAL ACCOUNTING POLICIES** ## **Legal Form** The charity is a registered charity in England, registration number 214672 and is registered with the Regulator of Social Housing as a Private Registered Provider of Social Housing registration number A2485. The charity is governed by its Trust Deed dated 16 May 1979 and most recently amended 30 September 2013. The registered office is St Paul’s Church, 6A Rectory Grove, Clapham, London SW4 0DX **.** ## **Basis of Preparation** The financial statements have been prepared on a going concern basis under the historical cost basis of accounting as modified by the inclusion of investments at market value. The charity constitutes a public benefit entity as defined by the Financial Reporting Standard 102. The financial statements have been prepared in accordance with FRS 102 issued in October 2018 and Statements of Recommended Practice Applicable to Charities preparing their accounts in accordance therewith. The Accounts comply with the Housing and Regeneration Act 2008, the Charities (Accounts and Reports) Regulations 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2019 and the Charities Act 2011. The charity changed the basis of its Accounts from U.K. Generally Agreed Accounting Practice to FRS 102 as from 1[st] January 2014, and adopted the revised FRS102 and the revised Charities SORP 2019 from 1[st] January 2019. There has been no effect of Reserves from adopting this new SORP. The charity has elected to take the exemption from the requirement to prepare a Cash Flow due to its turnover being less than £500,000 as permitted by the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102). ## **Turnover** Turnover represents maintenance contributions receivable plus donations. All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income, the amount can be measured reliably and it is probable that the income will be received. ## **Tangible Fixed Assets** The Almshouses and the land are shown at nil value, being the historic cost to the charity. In 1982-84 repairs and improvements were carried out at a total cost of £140,463 towards which cost a grant was received from The Housing Corporation of £97,460. This grant could become repayable if the property was sold, or we de-registered as a Registered Provider of Social Housing. Other tangible fixed assets are capitalised and included at cost including any incidental expenses of acquisition. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows: Equipment over 10 years ## **Investments** Investments are included in the financial statements at their market value. ## **Debtors and creditors receivable / payable within one year** Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. ## **Reserves** Funds received for specific purposes are funds restricted for use for that purpose. The Charity may designate part of the accumulated surplus for certain purposes. In either case those funds are shown separately in the accounts and detailed below. ``` 9 ``` **HIBBERT ALMSHOUSE CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2020** ## **1. PRINCIPAL ACCOUNTING POLICIES** _**(continued)**_ ## **Friends of Almshouse reserve** Money given in October 2010 with the intention of it being used to form a “Friends” group has been allocated here. ## **Finial reserve** Money given for the erection of two new finials to the towers, together with some allocated funds has been put to this fund account. ## **Cyclical repairs and maintenance** The Charity does not make provision for future cyclical work but charges actual costs incurred to the income and expenditure account. However, the Charity does designate a part of its reserves for future repairs and maintenance. ## **Extraordinary repairs reserve** This reserve represents an amount set aside for major repairs. ## **Charitable reserve** Any income of the Charity which is not obtained from the provision of housing facilities is credited to charitable funds. ## **Taxation Status** Hibbert Almshouse Charity is a registered charity and is, therefore, exempt from liability to taxation on its income as per the Income Tax Act 2007 (s521-536). ## **Financial Instruments** Financial instruments such as accounts payables and accounts receivables are classified either as basic or complex. All financial instruments are initially measured at their fair value 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: - Financial assets receivables and financial liabilities are classified as held at amortised cost - Financial asset investments are held at fair value. - Cash is held at cost ## **Going Concern** The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. ``` 10 ``` **HIBBERT ALMSHOUSE CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2020** ## **1. PRINCIPAL ACCOUNTING POLICIES** _**(continued)**_ ## **Judgement and key sources of estimation uncertainty** The preparation of the financial statements requires judgements, estimates and assumption 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. ## **2. TRUSTEES’ EMOLUMENTS** None of the Trustees received any emoluments in the year in respect of their duties. Trustees expenses for the year were £0. (2019 £0). |**3.**
**INTEREST RECEIVABLE AND OTHER INCOME**
Bank deposit interest
Investments income
**4.**
**REFURBISHMENT COSTS**
**Cyclical Repairs**
House refurbishments costs:
No 725 – Redecoration on becoming vacant
Inner front Doors – Making self-closing
Hallways – Redecorating and carpeting
**Extraordinary Repairs**
Architects’ fees – Appeal
Main contract
Appeal fees – London Borough of Lambeth
Electrical Engineer/Heating Engineer - Report
**5.**
**SURPLUS FOR THE YEAR**
The surplus is stated after charging:
Reporting Accountant (excluding VAT)
VAT|**2020**
2019
**£**
£
34
33
8,371
8,127| |---|---| ||8,405
8,160| ||**2020**
2019
**£**
£
-
1,412
-
1,554
-
1,652| ||-
4,618| ||(2,400)
3,516
-
2,327
-
-
695
840| ||(1,705)
6,683| ||(1,705)
11,301| ||**2020**
2019
**£**
£
1,320
1,280
264
256| ||1,584
1,536| ``` 11 ``` **HIBBERT ALMSHOUSE CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2020** ## **6. TAXATION** Hibbert Almshouse Charity has no liability in the year to taxation on its income and capital gains. |**7.**
**UNITS UNDER MANAGEMENT AT YEAR END**
Almshouses
**8.**
**EMPLOYEES INFORMATION**
The average weekly number of persons employed during the year was(full time
equivalent)
**9. FIXED ASSETS EQUIPMENT**
**Cost**
At 01.01.2020
Additions
Disposals
**At 31.12.2020**
**Depreciation**
At 01.01.2020
Charge for the year
Disposals
**At 31.12.2020**
**Net Book Value**
**At 31.12.2020**||**2020**
2019
**8**
8| |---|---|---| |||**2020**
2019
-
-
**2020**
**£**
2019
£
3,912
3,570
399
342
-
-| |||4,311
3,912| |||1,705
1,348
465
357
-
-| |||2,170
1,705| |||2,141
2,207| Housing Properties, relating to the Almshouses, are recorded within the accounts at historic cost which is deemed to be £nil. ## **10. INVESTMENTS** The investments were in the National Association of Almshouses Common Investment Fund, allocated to specific funds. From 1[st] October the Fund became the M&G Charity Multi-Asset Fund, though the holdings remained unchanged, and are stated at the market value at 31 December. |**2020**
**£**
At 1 January 2020
215,193
Additions: Dividends reinvested
8,371
Gifted shares – Fundsmith Equity Income
211,003
Sale of gifted shares
(211,003)
Net change in value of investments during the year
(15,201)
At 31 December 2020
208,363|2019
£
181,998
8,127
-
-
25,068
215,193| |---|---| ``` 12 ``` ## **HIBBERT ALMSHOUSE CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2020** |**10.**
**INVESTMENTS (continued)**
Held at 31 December 2020 for:
Cyclical, and Extraordinary Maintenance and General Reserves
2,029 Accumulation shares
Endowment Reserve
158 Accumulation shares
Renovations/Friends Reserve
64 Accumulation shares
**11.**
**DEBTORS AND PREPAYMENTS**
Expense prepayments
Funds held by: London Block Management Ltd
Maintenance Contributions due
Other debtors
**12.**
**BANK BALANCES**
Current account
Deposit account
Cash in hand
**13.**
**CREDITORS AND ACCRUALS**
**Amounts falling due within one year**
Expense accruals
Maintenance Contributions in advance|**2020**
**£**
187,773
14,665
5,925
208,363
762
14,548
4,059
387
19,756
1,962
245,803
52
247,817
7,590
1,204
8,794|2019
£
193,927
15,147
6,119
215,193
753
14,474
2,084
380
17,691
843
10,784
102
11,729
6,043
445
6,488| |---|---|---| ``` 13 ``` **HIBBERT ALMSHOUSE CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2020** ## **14. RESERVES** ## **OUTLINE SUMMARY OF FUND MOVEMENTS** |**Fund**
**Name**
Endowment
Restricted
**Unrestricted:**
General
Extraordinary
Cyclical
Charitable
**Total**
**Total Funds:**|**Balances**
**1.1.2020**
**£**
15,147
16,457|**Income**
**£**
589
211,377|
**Expenditure**

**£**

-

(135)|**Net**
**Transfer**
**Gains and**
**Losses**
**Balances**
**31.12.2020**
**£**
**£**
**£**
**£**
589
-
(1,071)
14,665
211,242
-
(299)
227,400| |---|---|---|---|---| ||62,574
25,697
111,199
9,258|
56,367

3,469

4,245

-|
(31,201)

-
-

-

(560)|25,166 (13,625)
(1,813)
72,302
3,469
6,089
(4,282)
30,973
4,245
7,536
(7,467)
115,513
(560)
-
(268)
8,430| ||208,728|64,081|
(31,761)|32,320
-
(13,830)
227,218| ||240,332|276,047|
(31,896)|244,151
-
(15,200)
469,283| ## **15. RESTRICTED RESERVES** |**15a. ENDOWMENT RESERVE**
At 1 January 2020
(Decrease)/Increase in the value of National Association of Almshouses
Dividends received re-invested
At 31 December 2020
**15b. OTHER RESTRICTED RESERVES**
**FINIALS RESERVE**
At 1 January 2020
Allocation of dividend income and -capital loss/gains
Transfer to Renovations Reserve
At 31 December 2020
**FRIENDS OF ALMSHOUSE RESERVE**
At 1 January 2020
Dividends received re-invested
(Decrease)/increase in value of investments
Transfer to Renovations Reserve
At 31 December 2020
**RENOVATIONS RESERVE**
Donations received
Tax recoverable
Transfer - Executive Fundraiser - Fee
Transfer from Friend of Almshouses fund £6,119 + Finial Fund £10,039|**2020**
2019
**£**
£
15,147
12,810
(1,071)
1,765
589
572| |---|---| ||14,665
15,147| ||10,338
8,841
(299)
1,497
(10,039)
-| ||-
10,338| ||6,119
5,175
-
231
-
713
(6,119)
-| ||-
6,119| ||200,299
-
75
-
(135)
-
16,158
-| ||216,397
-| ``` 14 ``` ## **HIBBERT ALMSHOUSE CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2020** |**15b. RESTRICTED RESERVES (cont’d)**
**GARDEN RESERVE**
Donation received
**TOTAL - 15b**
**16.**
**UNRESTRICTED RESERVES**
**16a. GENERAL RESERVES**
At 1 January 2020
Total Surplus for year (page 6)
Add: Transfers to Cover Major Expenditure (Note 4)
Transfer from/(to) Charitable Reserve
Transfer donations to Renovations and Gardening Reserves
Reallocation of dividend income and capital gains
**LESS:**
Dividend income and interest transferred to Reserves
Annual Transfers for Future Costs:
Extraordinary Repairs Reserve
Cyclical Repairs Reserve
Reallocation of dividend income and capital gains
Surplus for the year – after transfers to reserves
At 31 December 2020|**2020**
2019
**£**
£
11,003
-| |---|---| ||227,400
16,457| ||**2020**
2019
**£**
£
62,574
42,899| ||244,151
20,663| ||(1,570)
11,301
560
680
(211,309)
(588)
-
7,266
(8,371)
(8,127)
(4,384)
(4,240)
(7,536)
(7,280)
(1,813)
-| ||(234,423)
(988)| ||9,728
19,675| ||72,302
62,574| |**16.**
**UNRESTRICTED RESERVES - DESIGNATED RESERVES****_(continued)_**
**2020**
**£**
**16b. EXTRAORDINARY REPAIRS RESERVE**
At 1 January 2020
25,697
Transfer from income and expenditure account
4,384
Dividends received re-invested
3,537
Donations
(68)
Less: Transfer to cover Extraordinary Repairs (Note 4)
1,705
(Decrease)/increase in the value of investments
(6,416)
Reallocation of dividend income and capital gains
2,134
At 31 December 2020
30,973|2019
£
23,561
4,240
3,203
588
(6,683)
9,877
(9,089)
25,697| |---|---| By order of the Charity Commissioners dated 16 May 1979, the Trustees are obliged to establish a reserve to meet exceptional repair and improvement costs. Transfers to the reserve were £4,384 in 2020 (2019: £4,240) and are held in the M&G Charity Multi-Asset Fund – Accumulation shares. ``` 15 ``` **HIBBERT ALMSHOUSE CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2020** ## **16. UNRESTRICTED RESERVES - DESIGNATED RESERVES** _**(continued)**_ |**16c. CYCLICAL MAINTENANCE RESERVE**
At 1 January 2020
Transfer from income and expenditure account
Dividends received re-invested
(Decrease)/Increase in the value of investments
Less: Transfer to cover Cyclical Repairs (Note 4)
Reallocation of dividend income and capital gains
At 31 December 2020|**2020**
**£**
111,199
7,536
4,245
(7,713)
-
246
115,513|2019
£
92,817
7,280
4,121
12,712
(4,618)
(1,113)| |---|---|---| |||111,199| By order of the Charity Commissioners dated 16 May 1979, the Trustees may establish a reserve for the purpose of providing for ordinary maintenance and repair of the Almshouses as may recur at infrequent intervals. Transfers to the reserve were £7,536 in 2020 (2019: £7,280) and are invested in M&G Charity Multi-Asset Fund – Accumulation shares. |**16d. CHARITABLE RESERVE**
At 1 January 2020
Allocation of dividend income and capital (loss)/gains
**Gifts and allowances for Almspersons**
Christmas gifts – 8 x £70 (7x£70)
Garden party: Expenditure
Less contribution from London Block Management Ltd
Allocation of dividend income less capital losses
**Net (Deficit)/Income**
At 31 December 2020|**2020**
**£**
9,258
-
560
-
-
268
828
(828)
8,430|2019
£
8,499| |---|---|---| |||1,439| |||490
463
(273)
-| |||680| |||759| |||9,258| **17. OPERATING LEASES –** There were no operating leases entered into during the year (2019: None) **.** ## **18. CAPITAL COMMITMENTS** At the year end the Trustees had no capital commitments as at the year end. (2019: Nil) ## **19. RELATED PARTIES** A donation was received from a trustee of shares worth £211,004. There were no other related party transactions. (2019: Nil) ``` 16 ``` ## **HIBBERT ALMSHOUSE CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2020** |**20.**
**INCOME AND EXPENDITURE ACCOUNT**
**Notes**
**INCOME**
Maintenance contributions
Less: Voids
Investments
Donations
Other income
**TURNOVER**
**EXPENDITURE**
**Services**
Gas
Electricity
Water rates
Gardening – labour
Gardening - materials
TV licence
**Management**
Caretaking
Insurance
Sundry expenses
Management fee: Lambeth and Southwark Housing Association
London Block Management Ltd
**Governance**
Reporting accountants
5
Subscriptions to the Almshouse Association
Website costs
Trustees’ expenses
**Maintenance and Replacements**
Boiler servicing and gas safety checks
Premises repairs and maintenance
Window cleaning and pest control
Refurbishment costs
Architects’ fees and appeal fee
Electrical engineer (Heating engineer) - Report
4
Professional fees
Depreciation - Equipment
**Fundraising –**Fee of executive fundraiser
**Charitable Reserve Expenses**- Christmas gifts to residents
**OPERATING COSTS**
**SURPLUS/(DEFICIT)**|**2020**
2019
**£**
£
56,319
54,264
-
-|**2020**
2019
**£**
£
56,319
54,264
-
-| |---|---|---| ||56,319
54,264
8,371
8,127
211,202
588
48
33|| ||275,940
63,012|| ||4,387
6,451
1,613
601
1,843
1,782
4,442
3,805
1,132
17
37
25|| ||13,454
12,681|| ||3,621
3,300
1,203
1,330
641
842
-
2,089
4,800
3,600|| ||10,265
11,161|| ||1,584
1,536
219
210
348
29
-
-|| ||2,151
1,775|| ||576
842
3,500
3,192
1,428
-|| ||-2,400
695|4,618
5,843
840| ||-1,705
11,301
960
360
465
357|| ||5,224
16,052|| ||135
-
560
680|| ||31,789
42,349|| ||244,151
20,663|| ``` 17 ``` ## **HIBBERT ALMSHOUSE CHARITY** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2020** ## **21. ANALYSIS OF ASSETS BETWEEN FUNDS AT 31 DECEMBER** |**Assets**
Tangible fixed Assets
Fixed assets investments
Debtors
Cash
**Liabilities:**
Creditors|**2020**
**Unrestricted**
**Restricted**
**Total**
**£**
**£**
£
2,141
2,141
187,773
20,590
208,363
19,756
19,756
26,342
221,475
247,817
(8,794)
(8,794)
227,218
242,065
469,283|**2019**
**Unrestricted**
**Restricted**
**Total**
**£**
**£**
£
2,207
-
2,207
183,589
31,604
215,193
17,691
-
17,691
11,729
-
11,729
(6,488)
-
(6,488)| |---|---|---| |||208,728
31,604
240,332| ## **22. FINANCIAL INSTRUMENTS** |At the Balance Sheet date the Charity held the following:
**Financial Assets**
Measured at cost:
Cash
Measured at amortised cost:
Funds held by London Block Management Ltd
Maintenance Contributions due
Other debtors
Measured at fair value:
Investments
**Total Financial Assets**
**Financial liabilities**
Measured at amortised cost:
Expense Accruals
Maintenance Contributions in advance
**Total Financial Liabilities**|**2020**
**£**
247,817
14,548
4,059
387
208,363
475,174
7,590
1,204
8,794|2019
£
11,729
14,474
2,084
1,133
215,193|2019
£
11,729
14,474
2,084
1,133
215,193| |---|---|---|---| |||244,613|| ||||6,043
445| ||||6,488| **Note:** This note sets out the basis of valuation of items defined as Financial Instruments, which includes all assets and liabilities except for Equipment and Prepayments. The terms “fair value” and “amortised cost”, are defined in FRS102. Fair value is equivalent to “market value”. The definition of “amortised cost” is more complex, but in this case, results in the same figures as appear in the Balance Sheet. ``` 18 ```