2021-03-31-accounts

The Trustees	and Committee	Mr A Nelson			Chairman
of Management		MrJ Bewley			Vice-Chairman
		The Lord Mayor	of Leicester
		Mr G Hunt
		Mrs L Ingram
		Mr Kaaeed Mamujee			(resigned 3March 2021)
		MrJ Mercik
		Dr M Solanki
		Mrs J Bryars
		Lt Ccl DJ Young
		Mr LStClair
		Councillor G O'Donneii			(resigned 5 May 2021)
Officers		Mrs K Smith			(Hcn Admiriistrator)
Professional	advisers	James Sellicks Lening		Agents	Letting Agents
		Leicester Charity	Organisation
		Society (Chadity	Link)		Secretary and Treasurer to the Trustees
Reporting accountant		Andrew W Stant	FCA
		Johnson Murkett	& Hurst
		Chartered Accountants
		Rawdon House
		Rawdon Terrace
		Ashby de la Zouch
		Leicestershire
		LE652GN
Bankers		HSBC Bank pic
Brokers		Westerby Investment		Management	Ltd.

Constitution and objects
The Charity is constituted under a Trust Deed dated 22 February	2007as amended	by a Scheme Dated 3 July 2019,and is a
registered charity No 215582.The Charity is also a Registered Social Housing provider No L2793.
The Chanty's original obiect was the provision of seli-contained	houses for disabled	ex-servicemen and their families,
who were citizens of the City of Leicester, following the end of the First World War.
Since that time the qualifwations have been broadened, with lhe	approval of the Chanty Commissioners, to include the
widow or widower rtf such a person; a person who is permanently	physically disabled	and in necessitous circumstances;
a person in necessitous circumstances. In every case the residential qualification applies unless there are exceptional
arcumstances. The area of benehff has been extended from the	City of Leicester, to	include the Counties of Leicestershire and
Rutland. As a result of a decline in the number of families seeking houses, the Charity commenced a programme to convert
each property into two selt-comained flats. At the present time there are five houses		and thirty flats.
Organisational structure and training
The property of the Chariity ts vested with the Official Custodian	for Charities. The management of the Charity
is undertaken by a Committee comprising the Trustees and advised by the Honorary		Treasurer and Honorary Secretary.
The trustees consist of:
- 2ex.officio Trustees,
- 3 nominated Trustees
- and not more than 7co-optive Trustees.
The Committee meets at least quarterfy and receives assistance	from officers of Leicester City Council in all property
management matters.
New Board members are given an induction pack which provides	information on the	Charity's services, its
constitution and financial position, together with their legal obligations. They are also		briefed on their duties by the chair
of the Management Board.
Financial review and investment poffcy
At the commencement of the Chariity an Endowment Fund was transferred and this must be retained In perpetuffy.
Income is generated by revenue from rents and investments.
Income earned is used to maintain and improve the properties and grounds and any		surplus/deficit is transferred to the
Revenue Reserve Fund.
The investment strategy is reviewed regularly and currently the priimary aim is to achieve income with minimum nsk whilst
seeking capital growth.
A representative from the investment advisors, Westerbys, attends Management Committee meetings regularly to
report on the inveslments,
Reserves policy
It is Ihe policy ofthe Charity that free reserves should be maintained at a level equivalent to twelve months operaffing costs
without income from Weekly Maintenance Charges jWMC). The	Trustees consider that reserves at this level will ensure that,
in the event of a significant reduction in income, they will be able	to continue the Charity's current activities while consideration
is given to ways in which additional income may be generated. The Trustees also recognise the need for investment income to
meet any excess ofcosts over WMC mcome and have resolved	to maintain reserves	sufficient to generate such income. However,
it is not possrble at present to determine a figure for free reserves conditions with a view to malor refurbishment work being carried	as North Memoriial Homes are underlaking a survey ot property out. The level of reserves will be kept under review throughout
the year by the Trustees.

Endowment Fund
The endowment fund assets comprise of the housing and functional properties of North Memorial Homes and its endowment
investments. Any profit or loss arising from revaluation or sale of those assets is added to the endowment fund each year.
Commitments
During the year, surveys were undertaken on the drainage system which showed that considerable work was required. The Trustees have obtained quotes and consider that the cost will be around 248,000.
Yalue for Money
The Trustees have reviewed the value for money of the operation ofthe Homes and have had regard to guidance fram the Regulator of Social Housing with respect to small housing providers. The recommended value for money indicators spemfied in such guidance are included in these accounts.
The judgement of the Trustees is that these indicators evidence that the Homes has strong profit margins, interest payment cover and liquidity.
The Trustees reviewed the state ofthe building stock during the 2019/20 financial year and wilt prepare a programma of refurbishment and modernisation. At the same time they will review VFM indicators to ensure that they remain appropriate to a modernised stock.
Risk management
The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Trustees' responslbigties in relation to the financial statements
Law applicable to the Charity requires the Trustees to prepare tinancial statements for each financial year which give atrue and fair view of the Charity's financial activities during the year and of its financial position at the end of Ihe year. In preparing those financiaf statements the Trustees are required to: a)Select suitable accounting policies and then apply them consistently; b) Make judgements and estimates that are reasonable and prudent; c)State whether applicable accounting standards and statements of recommended practice have been followed sublect to any departures disclosed and explained in the financial statements; and d) Prepare the finanoial statements on the going concern basis unless It is inappropriate to presume that the Chariity will continue in business.

		THE NORTH MEMORIAL 0	6CITY OF EI	CES	TER
		8 TOF CHAN	ESINRESE	S
		YEAR ENDED 31STMARCH 2021
			Restreic ed		F(EYVM
			Reserves		Reserves	7~os
			2		2	2
At 1 April 2019			1,240,938		745,361	1,986,299
Deficit (cr the year					(1,417)	(1,417)
Total comprehensive	income		1,240,938		743,944	1,984,882
Investment revaluation			(34,139)		34,139
At 31 March 2020 and	1 April 2020		1,206,799		778,083	1,984,882
Surplus lor the year					435,493	435,493
Total comprehensive	Income		1,206,799		1,213,576	2,420,375
Investment revaluation			238.644		(238,644)
At 31March 2021			1,445,443		974,932	2,420,375

	2~21	~220
	2	2
Cash Eow from operating activities	54,051	69,639
Interest paid		(2,302)
Net cash flow from operating activities	54,051	67,337
Cash flow from investing activities
Payments to acquire investments	(208,232)	(141,053)
Receipts from sales of investments	217,658	173,195
Interest received	13,983	14,167
Net cash flow from investing activities	23,409	48,309
Cash flow from Ilnancing activities
Repayment of long term loans		(5,789)
Net cash flow from financing activities		(5,789)
Netincrease in cash and cash equivalents	77,460	107,857
Cash and cash equivalents at 1 Aprg 2020	349,185	241,328
Cash and cash equivalents at 31 March 2021	426,645	349,185
Cash and cash equivalents consist of:
Cash at bank and in hand	426,645	349,185
Cash flow from operating activities
Surplus for the year Adjustments for ncn.cash items;	64,139	60,343
Depreciation on tangible fixed assets Amcrtisation of grants Decrease/(increase) in debtors Decrease in cunent asset investments (Decrease)/increase in creditors	3,i74 (2,888) (7,361) 33,874 (36,887)	3,371 (2,8881 (10,001) 11,126 7,688
	54,051	69,639

OFFICERS
HONORARIA				2021	2020
				No	No
Average number of persons
Honoraria paid during the year				5,723	5,723
The trustees did not receive any remuneration	or other benetits	from employment	with the charity,

TURNOVER
			2~21	~202
Rents receivable Service charges eligible Amortisation of grants	for Housing	Benefit	153,181 38,802 2,888	163,713 38,802 2,888
			194,871	205,403
Less: Rent (losses) Rent (losses)	from voids from bad debts		(14,255) (419)	(18,202) (1,137)
			180,197	186,064
Add: Other income Other income	- hire of hall - LCC grant		6,680 7,875	6,680 8,747
			194,752	201,491

4.	OPERATINGCOSTS
					E020
	Direct properly management Administrative costs		coals	73,297 57,316	84,647 56,501
				130,6i3	141,148
5.	SURPLUS/(DEFICIT) FOR		THE YEAR	2021	ZII200
				2	2
	Surplus/(deficit) for the	year	is stated after charging
	Reporting accountant's Depreciation	remuneration		3,000 3,174	3,000 3,371
6.	INTEREST RECEIVABLE AND SIMILAR INCOME				2020
					2
	Interest on broker account Interest on bank deposit Interest on deposits with Leicester City Coundl Investment income			20 171 106 13,686	91 500 278 13,298
				13,983	14,167
7.	INTEREST PAYABLE AND CHARGES		SIMILAR	2021	2020
				2	2
	Loans repayable				2,302
					2,302

TANGIBLE FIXEDASSE	TS	Freehold
		housing	Computer	Fixtures 8
		properties	equipment	flitlngs	Total
			2	2	2
Coal
Al beginning of year		791,269	1,744	1,550	794,563
AddilfOns
At end of year		791,269	1,744	1,550	794,563
Depreciation
Al beginning of year Charge for year		649,759 2,888	1,520 147	884 139	652,143 3,174
At end of year		652,647	1,667	1,003	655,317
Net book value
At 31 March 2021		138,622	77	547	139,246
At31 March 2020		141,510	224	686	142,420
FIXEDASSET INVESTMENTS		Equities	COIF	Total
		2	2
Market value at beginning Additions at cost Withdrawals from the fund Surplus on revaluation	of year	1,063,680 208,232 (217,658) 211,115	601,338 146,256	f,665,018 208,232 (217,658) 357,371
Market value at end of year		1,265,369	747,594	2,012,963

DEBTORS
		2021	2020
		2	2
Rent arrears Prepayments	and accrued income	1,074 19,066	2,092 10,687
		20,140	I2,779

12	INVESTMENTSHE	D	SCURRENTASSETS
.					Deposit with
					Leicester City
					Council
	Cost
	At beginning of year Additions				33,874
	Disposals				(33,874)
	At end of year
	Market value
	At 31 March 2021
	At 31 March 2020				33,874
13.	CASH AT BANK AND IN		HAND		2020
					2
	Cash in bank current Cash held on deposit	account		6,000 420,645	6,890 342,295
				426,645	349,185
14.	CREDITORS: AMOUNTS		FALLING DUE WITHIN ONE YEAR	2021	2020
				2	2
	Trade creditors Other creditors			20,272	33,650
	Accruals and deterred	income		19,725	27,784 15,450
				39,997	76,884
15.	CREDITORS: AMOUNTS		FALLING DUE AFTER MORE
	THAN ONE YEAR			2021	2020
				2	2
	Social Housing Grant			138,622	141,510
				138,622	141,510

		2021	2020
		2	2
At I April 2020 Released to income in the	year	141,510 (2,888)	144,398 (2,888)
At 31 March 2021		138,622	141,510
Amount due to be released Amount due to be released	& 1 year & I year	2,888 135,734	2,888 138,622
		138,622	141,510
HOUSING ACCOMMODATION		2021	2020
		2	2
Number of units		35	35

RESERVES
				Extraordinary
			Endowment	Repair	Revenue
			Fund	Fund	Reserve	Total
			2	2	2	E
Balances brought forward Comprehensive income/(deficit) Revaluation of investments		for year	605,461 92,387	601,338 146,257	778,083 435,493 (238,644)	1,984,882 435,493
Balances carried	forward		697,848	747,595	974,932	2,420,375

VALU	E FOR	MONEY KEYMETRICS
			2 21	2020
Metnc Metric Metric Metrir, Metric Metric Metriic Metric Metric	I: 2a: 2b: 3: 4: 5: 6a: 6b; 7:	Reinvestment % New Supply (Somai Housing Units) % New Supply (Non-soaal housing units) % Gearing % EBITDA MRI Interest Cover % Headline Social Housing Cost 2 Operating Margin (social housing let!ings) % Operating Margin (Overall) % Return on Capital Employed %	0% 0% 0% 207.8% 0% 23,732 53.34% 233.6% 17.02%	0% 0% 0% -1467/ 700% 24,033 57.54'y -0.7% -0.07%