## ## |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%|