REGISTERED CHARITY NUMBER: 217047
Report of the Trustee and Unaudited Financial Statements for the Year Ended 31 December 2020 for
The James Charities
incorporating P & W Social Accountants Ltd
The James Charities
Contents of the Financial Statements for the Year Ended 31 December 2020
| Page | |
|---|---|
| Report of the Trustee | 1 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities 2020 | 7 |
| Comparative Statement of Financial Activities 2019 | 8 |
| Statement of Financial Position | 9 to 10 |
| Statement of Cash Flows | 11 |
| Statement of Change in Funds | 12 |
| Notes to the Financial Statements | 13 to 21 |
| Detailed Statements of Financial Activities 2020 | 22 to 23 |
| Comparative Detailed Statements of Financial Activities 2019 | 24 to 25 |
The James Charities
Report of the Trustee for the Year Ended 31st December 2020
The trustee present its report with the financial statements of the charity for the year ended 31 December 2020. The trustee has adopted the provisions of the Statement of Recommended Practice (SORP (FRS102)) 'Accounting and Reporting by Charities'. The statements have been prepared in accordance with the Charities act 2011 and Accounting Requirements for Registered Social Landlords General Determination 2006 and Statement of Recommended Practice - Accounting For Social Housing Providers (2018).
The James Charities is registered with Homes England (Regulator of Social Housing) as a Social Landlord, in the City of Birmingham, under the Housing Act 1996.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
The Charity is registered with the Charity Commission (Registration Number 217047 and with the Regulator of Social Housing (Registration Number A2150).
Principal address
Church Hall James Memorial Homes Stuart Street Nechells Birmingham, B7 5NW
Trustee
The James Charities Trustee Limited (The Trustee)
Independent examiner
R B Welch MA FCA P & W Social Accountants Ltd 10 Newent Road Northfield Birmingham B31 2ED
Secretary to the Trustee and Chief Executive Officer
Mr D Fisher
Page 1
The James Charities
Report of the Trustee for the Year Ended 31st December 2020
PRINCIPAL ACTIVITY
The principal activity of the Charity is to provide accommodation for the elderly.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is regulated by a scheme of the Charity Commissioners dated 25 September 1900 and varied by Order of the Minister of Education of the 7 July 1955 and schemes of the Commissioners of the 25 January 1962 and 24 June 1963. This was further amended by a Charity Commission Scheme dated 29 December 1969 and 15 April 2019.
By virtue of that Scheme The James Charities Trustee Limited was appointed as Corporate Trustee of the Charity on 15 April 2019 in place of the existing trustees and acts as the sole trustee. The James Charities Trustee Limited has a board of up to eight unpaid Co-opted Directors and one Ex Officio Director who are nominated to the board based on their relevant expertise. At the year end date there were eight directors appointed.
The Directors of The James Charities Trustee Limited
Mrs C E Price (Chair) MR J R Nicholls Mr A H Jones (Vice Chair) Mr P L Beard Resigned 16/03/2021 Mrs B Bowler Resigned 11/05/2021 Miss K Hudson Appointed 11/05/2021 Mr B Turner Mrs L Matheson Mr J Kempson Appointed 20/03/2020
RECRUITMENT AND INDUCTION
The Charity has a policy of recruiting Directors of the Corporate Trustee from the local community that have an interest in wellbeing of the local residents and those entitled to benefit from the objects of the Charity.
Within the Corporate Trustee potential new Directors are invited to attend a Directors' Meeting to get an indication of the role. Once they indicate their willingness to be appointed, the Charity's formal system of approval is then put into place. Directors are given a copy of the Charity's governing document and any relevant training as required is provided. Given the size of the Charity and the number of Directors involved, the process of Director induction is more informal.
OBJECTIVES AND ACTIVITIES
The 2019 Scheme has modernised the wording of the objects and widened the scope of the objects to include not only the provision and maintenance of almshouses but also associated services and facilities so that provision could be made for those in need in the community but who do not live in the almshouses, if that is something the Trustee wants to do going forward.
After first defraying the costs of the management of the Charity, the income is to be applied as follows:
- The provision and maintenance of almshouses and associated services and facilities for the public benefit for those in need who are aged 55 years or over in particular but not limited to those who have resided for not less than one year in the City of Birmingham.
Page 2
The James Charities
Report of the Trustee for the Year Ended 31st December 2020
- To maintain a Major Extraordinary Repair Fund for the repair, improvement or rebuilding of the Almshouses belonging to the Charity.
ACHIEVEMENT AND PERFORMANCE
The Charity continues to provide accommodation for the elderly.
The results for the Charity are set out on pages 7 to 23.
Income after voids has increased in the year when compared to 2019 mainly as a result of increased occupancy levels.
The surplus for the year, prior to any gains on sale of investments and revaluation of investments, was £19,575 (2019: surplus of £48,946). Investments held at 31st December 2020 were revalued to market value giving a unrealised loss of £7,997 ( 2019: gain of £13,169). The overall surplus for the year was £11,579 (2019: surplus £62,115).
The investments held at the 31st December 2020 have reduced in value due to the effect of coronavirus. There is no certainty in the value at present given the rapid change in events but the investments are held as a long term source of funds and there is no reason at present not to expect the value of these funds to recover over time. This drop in the valuation of the investments does not affect the solvency of the charity. Due to the nature of the charity where revenue is mainly derived from individuals, coronavirus has not had a significant effect on the income stream for the charity.
REPORT OF THE CHAIRMAN
During 2020 the Directors met for 6 general meetings and the AGM. The Covid pandemic meant that all but one of these were by video conferencing using Zoom.
Once again, we have enjoyed full occupancy over the year apart from when a flat has been refurbished or redecorated for a new resident. With a waiting list it has ensured our income is more secure and the year has ended with a small surplus which will enable the Charity to begin to build up reserves towards the cost of redevelopment on the site of the St Clement's Church building.
In March, we received the quinquennial report; In spite of being unable to arrange any building works due to Covid security for 3 months, all the Priority One recommendations of the report have been implemented. Extra car parking spaces have been provided by removing the old storage shed. Routine maintenance and repairs have continued, and all flats have had their own electricity meters installed. The flooring in the Community room was replaced, new chairs purchased, and new lighting installed.
During the year we continued planning the redevelopment of the church building. We have sought advice from other almshouses but sadly any planned visits to new developments have had to be postponed until after the pandemic. After discussion about the plans with the New Jerusalem Apostolic Church, who have used the church building for their meetings, they have agreed to leave the building at the end of 2021. It is hoped then to commission a feasibility study for the redevelopment.
The web site is a great publicity asset and attracts a good number of visits.
Policies for Lone Working, Health and Safety, Reserves and Investment, Financial Control and Data Protection have all been revised; the Risk Assessment has been reviewed and a separate risk assessment for the management of Covid security written.
Page 3
The James Charities
Report of the Trustee
for the Year Ended 31st December 2020
Following the Governments advice on Covid security at the start of the lockdown it was agreed that all social activity should be suspended and that the Scheme Manager should, as far as possible, work from home. In spite of these restrictions, the Manager has continued to give tremendous support to all residents and keep a sense of community on the site. In December she organized for the residents a very successful socially distanced "turning on of the Christmas lights" which was greatly enjoyed. The Directors thank her for all she has done during these very unusual times.
2020 has been, because of Covid, a very different year but one in which the site has continued to be improved and a vision for the future has been created. I am very grateful for the support of all the Directors and the Chief Officer. I sincerely thank them for their commitment and the time they all so generously give to the charity. We look forward to 2021 and the future development of the site.
RISK MANAGEMENT
The Trustee has assessed the major risks to which the Charity is exposed, in particular those relating to the protection of the Almshouse residents and buildings. Adequate insurance cover has been obtained in order to cover any potential losses.
PUBLIC BENEFIT
When planning activities for the year, The Trustee has considered the Charity Commissions guidance on public benefit not only for those who directly benefit but also for the wider community. In particular, The Trustee considers how planned objectives will contribute to the aims and objectives it has set.
INVESTMENTS
Portfolio Purpose and Policy
The Fund's investment portfolio constitutes a major element of its Extraordinary Repair fund. The investments are long term assets, the purpose of which is to generate income and capital growth that will maintain real value to finance the Charity's expenditure on its charitable objectives.
Range of Investment
Investments in the portfolio may be held in the following ranges:
UK Equities Overseas Equities Fixed Interest and Cash
RESERVES POLICY
The trustee of The James Charities takes the view that reserves are essential to maintain the ongoing viability of the charity.
Restricted funds are also excluded from Reserves but the nature and amount of any such funds may impact upon the Reserves Policy. The starting point for calculating Reserves will normally be the unrestricted funds, however part of these may not be readily available for spending and may be excluded from Reserves. This will include tangible fixed assets and any programme related investments.
The level of reserves will be kept under review throughout the year by the Trustee.
Page 4
The James Charities
Report of the Trustee for the Year Ended 31st December 2020
Extraordinary Repair Fund (ERF)
This designated fund will be used for future major expenditure. Transfers will be made from the Income and Expenditure Account. The fund is invested in accumulation shares and preferably in a Common Investment Fund. It can be drawn upon to meet major items of repair. The fund may also be used for major refurbishment projects and, should the balance grow sufficiently, consideration will be given to the provision of further almshouses in accordance with the charity's objectives.
General Reserve Fund
The James Charities recognises the need to have sufficient funds in reserve readily available as or convertible into cash to cover day to day expenditure, especially in the event that there is a reduction in Weekly Maintenance Charge (WMC) income following the departure of residents pending new residents being appointed. In order to mitigate this risk, the Director's, have calculated that Free reserves of £80,000 would be needed to allow the charity to operate for at least 6 months without income from WMC and has resolved to maintain free reserves of this amount.
INDEPENDENT EXAMINERS
P & W Social Accountants Ltd have expressed their willingness to continue in the Office as independent examiners and a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting.
Approved by order of the Board of Directors of The James Charities Trustee Limited , on ............................................. and signed on its behalf by:
............................................. Mrs C E Price (Director) The James Charities Trustee Limited - Trustee
............................................. Mrs L Matheson (Director) The James Charities Trustee Limited - Trustee
Page 5
Independent Examiner's Report to the Trustee of The James Charities
I Report on the accounts for the year ended 31st December 2020 set out in the following pages.
Respective responsibilities of trustee and examiner
The charity's trustee is responsible for the preparation of the accounts. The charity's trustee considers that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.
It is my responsibility to:
examine the accounts under Section 145 of the 2011 Act
to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and
to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view ' and the report is limited to those matters set out in the statements below.
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 reasonable cause to believe that in any material respect:
(1) accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act ; or (2) the accounts do not accord with those records; or
(3) 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.
R B Welch MA FCA P & W Social Accountants Ltd 10 Newent Road Northfield Birmingham B31 2ED
Date ........................................
Page 6
The James Charities
Statement of Financial Activities incorporating Statement of Comprehensive Income for the Year Ended 31 December 2020
| 31.12.20 Income and Expenditure restricted and unrestricted funds Extra- Ordinary Repair Reserve Capital Fund Property Fund Total funds £ £ £ £ £ INCOME AND ENDOWMENTS FROM: Donations and legacies 650 - - - 650 Investment and other income 8,475 - - - 8,475 Income from charitable activities Residents contribution 187,301 - - - 187,301 Total income and endowments 196,427 - - - 196,427 EXPENDITURE ON: Charitable activities Services 58,136 - - - 58,136 Management 24,739 - - - 24,739 Repairs and Maintenance 91,087 - - - 91,087 Transfer from tangible fixed assets - - - - - Interest payable and similar charges 5 2,889 - - - 2,889 Total charitable expenditure 176,851 - - - 176,851 Net income before gains and (losses) on investment 19,575 - - - 19,575 Transfer between funds 10,663 - - (10,663) - Other recognised gains/(losses) Realised gains on sale of investments - - - - - Unrealised (losses)/gains on investments (7,997) - - - (7,997) NET MOVEMENT IN FUNDS 22,241 - - (10,663) 11,579 RECONCILIATION OF FUNDS Total funds brought forward 13. 46,603 87,500 89,726 206,581 430,410 TOTAL FUNDS CARRIED FORWARD12. 68,845 87,500 89,726 195,918 441,989 Notes |
31.12.19 Total funds £ 1,650 8,607 181,131 |
|---|---|
| 191,388 60,091 29,149 50,291 - 2,911 |
|
| 142,442 | |
| 48,946 - - 13,169 |
|
| 62,115 368,295 |
|
| 430,410 |
All the above results are derived from continuing activities.
Details of the Statement of Financial Activities are found on pages 22 and 23.
Page7
The James Charities
31.12.19 31.12.18
Comparitive Statement of Financial Activites incorporating Statement of Comprehensive Income for the Year Ended 31 December 2019
| Income and Expenditure restricted and unrestricted funds Extra- Ordinary Repair Reserve Capital Fund Property Fund Total funds £ £ £ £ £ INCOME AND ENDOWMENTS FROM: Donations and legacies 1,650 - - - 1,650 Investment and other income 8,607 - - - 8,607 Income from charitable activities Residents contribution 181,131 - - - 181,131 Total income and endowments 191,388 - - - 191,388 EXPENDITURE ON: Charitable activities Services 60,091 - - - 60,091 Management 29,149 - - - 29,149 Repairs and Maintenance 50,291 - - - 50,291 Transfer from tangible fixed assets - - - - - Interest payable and similar charges 2,911 - - - 2,911 Total charitable expenditure 142,442 - - - 142,442 Net income before gains and (losses) on investment 48,946 - - - 48,946 Transfer between funds (46,102) - - 46,102 - Other recognised gains/(losses) - Realised gains on sale of investments - - - - - Unrealised gains/(losses) on investments 13,169 - - - 13,169 NET MOVEMENT IN FUNDS 16,013 - - 46,102 62,115 RECONCILIATION OF FUNDS Total funds brought forward 13. 30,590 87,500 89,726 160,479 368,295 TOTAL FUNDS CARRIED FORWARD 46,603 87,500 89,726 206,581 430,410 Notes |
Total funds £ 6,370 8,319 173,081 |
|---|---|
| 187,770 56,636 26,153 92,045 - 2,930 |
|
| 177,763 | |
| 10,007 - - 16,629 (28,208) |
|
| (1,572) 369,867 |
|
| 368,295 |
All the above results are derived from continuing activities.
Details of the Statement of Financial Activities are found on pages 24 and 25.
Page8
The James Charities
Statement of Financial Position At 31 December 2020
| 31.12.20 Income and Expenditure fund Extra- Ordinary Repair Reserve Capital Fund Property Fund Total funds Notes £ £ £ FIXED ASSETS Tangible assets 6. 1,508 - 89,726 215,054 306,289 Investments 7. 21,960 87,500 - - 109,460 23,468 87,500 89,726 215,054 415,748 CURRENT ASSETS Debtors 8. 14,799 - - - 14,799 Cash at bank and in hand 14. 86,307 - - - 86,307 101,106 - - - 101,106 CREDITORS Amounts falling due within one year 9. (19,729) - - (189) (19,919) NET CURRENT ASSETS 81,377 - - (189) 81,188 TOTAL ASSETS LESS CURRENT LIABILITIES 104,845 87,500 89,726 214,865 496,936 CREDITORS Amounts falling due more than one year 10. (36,000) - - (18,947) (54,947) NET ASSETS 68,845 87,500 89,726 195,918 441,989 FUNDS 12. Unrestricted funds 68,845 Designated funds 373,144 Restricted funds - TOTAL FUNDS 441,989 |
31.12.19 Total funds £ 318,314 113,057 |
|---|---|
| 431,372 14,761 64,749 |
|
| 79,510 (19,322) |
|
| 60,188 491,560 (61,150) |
|
| 430,410 | |
| 46,603 383,807 - |
|
| 430,410 |
The notes on page 13 to 21 form part of these financial statements Page 9
The James Charities
Statement of Financial Position At 31 December 2020
The financial statements were approved by the Board of Directors of The James Charities Trustee Limited on ............................................. and were signed on its behalf by
.............................................
Mrs C E Price (Director)
The James Charities Trustee Limited - Trustee
............................................. Mrs L Matheson (Director)
The James Charities Trustee Limited - Trustee
The notes form part of these financial statements Page 10
The James Charities
Statement of Cash Flows for the Year Ended 31st December 2020
| Notes OPERATING ACTIIVITES Net cash generated from operations 14. Interest paid NET CASH GENERATED FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES Improvements to housing properties 6. Interest and dividends received on investments 2. Purchase of investments 7. Sale proceeds of investments NET CASH FLOW FROM/(USED IN) INVESTING ACTIVITES CASH FLOW FROM FINANCING ACTIVITIES Repayment of borrowings NET INCREASE IN CASH AND CASH EQUIVALENTS 14. CASH AND CASH EQUIVALENTS AT THE BEGINNINING OF THE YEAR CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR |
31.12.20 £ 31,608 (2,889) 28,719 (1,019) 4,421 (4,399) - (997) (6,164) 21,558 64,749 86,307 |
31.12.19 £ 57,237 (2,911) 54,326 (57,672) 4,328 (4,270) - (57,615) (6,142) (9,431) 74,180 |
|---|---|---|
| 64,749 |
The notes form part of these financial statements Page 11
The James Charities
Statement of Changes in Funds for the Year Ended 31 December 2020
| Balance at 1 January 2019 (Deficit)/Surplus for the year Balance at 31 December 2019 Surplus for the year Balance as 31 December 2020 Balance at 1 January 2018 Surplus/(Deficit) for the year Balance at 31 December 2018 Surplus for the year Balance as 31 December 2019 Statement of Changes in Funds for the Year Ended 31 December 2018 |
Income and Expenditure Fund £ 30,590 16,014 46,604 22,241 68,845 Income and Expenditure Fund £ 81,883 (51,293) 30,590 16,013 46,603 |
Extra- Ordinary Repair Fund £ 87,500 - 87,500 - 87,500 Extra- Ordinary Repair Fund 87,500 - 87,500 - 87,500 |
Capital Fund £ 89,726 - 89,726 - 89,726 Capital Fund £ 89,726 - 89,726 - 89,726 |
Property Fund £ 160,479 46,102 206,581 (10,663) 195,918 Property Fund £ 110,758 49,721 160,479 46,102 206,581 |
Total Funds £ 368,295 62,116 |
|---|---|---|---|---|---|
| 430,411 | |||||
| 11,579 | |||||
| 441,990 | |||||
| Total Funds £ 369,867 (1,572) |
|||||
| 368,295 | |||||
| 62,115 | |||||
| 430,410 |
The notes form part of these financial statements
Page12
The James Charities
Notes to the Financial Statements for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets and in accordance with the Financial Reporting Standard 102, the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities except where dictated by the Housing SORP 2018 for registered social housing providers.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income represents weekly maintenance contributions receivable from residents.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Tangible fixed assets other than land and investments are stated at cost less depreciation.
Depreciation is calculated so as to write off the cost of fixed assets on a straight line basis over the expected useful economic lives of the assets concerned. The principal annual rate used for this purpose which is consistent with that of the previous years is:
Completed housing property 2.5% per annum Improvements to properties 2.5%, 3.33%, 5%, 6.66% and 10% per annum Fixtures and fittings 20% per annum
Land is not depreciated and is stated at cost.
Taxation
The James Charities is a registered Charity and is therefore exempt from liability to taxation on its income and capital gains as the income is used for charitable purposes only.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustee.
Designated funds are those designated by the Trustee and include the property assets which although not restricted have been designated by the Trustee for continuing use in the charity as Almshouses.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements
The notes form part of these financial statements Page 13
The James Charities
Notes to the Financial Statements for the Year Ended 31 December 2020
Pension costs and other post-retirement benefits
Contributions payable to the staff pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Investments
Investments are shown at market value. Any gain or loss on revaluation is taken to the Income and Expenditure Account. Investment income is accounted for in the period in which the Charity is entitled to receipt.
Social Housing Grant
Social Housing Grant (SHG) was paid by the Homes and Communities Agency to reduce the cost of development and is therefore shown as a deduction from the cost of Housing Properties on the Balance Sheet. SHG is repayable under certain circumstances, primarily following the sale of a property but will normally be restricted to net proceeds of sale.
Routine Maintenance
The James Charities has established a regular programme of cyclical repairs and maintenance. Costs are charged to the Revenue Account in the year in which they are incurred.
Major Repairs
Cost of major repairs, unless representing improvements to the properties , are charged to the Revenue Account in the year in which they are incurred.
Extraordinary Repairs Fund
This Revenue Reserve represents amounts set aside to carry out major repairs on housing Properties. The Trustee consider that £87,500 is sufficient to meet future costs and any surplus/ (deficit) is transferred to the Income and Expenditure Account.
Capital Fund
This represents that proportion of the cost of properties which was financed by charitable donations.
Property Fund
This represents the other portion of the cost of the properties which was financed by the Trust's own resources.
Value Added Tax
The James Charities is not registered for Value Added Tax. In these financial statements, where applicable, expenditure is shown inclusive of VAT.
INVESTMENT INCOME
| Income from bank deposit Dividend income |
31.12.20 £ 22 4,399 4,421 |
31.12.19 £ 58 4,270 |
|---|---|---|
| 4,328 |
The notes form part of these financial statements
Page 14
The James Charities
Notes to the Financial Statements for the Year Ended 31 December 2020
3. TRUSTEE'S REMUNERATION, BENEFITS AND DONATIONS
Trustee’s remuneration
The James Charities only has a corporate trustee (The James Charities Trustee Ltd). As such it cannot receive remuneration of other benefits of employment. None of the directors of The James Charities Trustee Ltd have been paid any remuneration or received any benefits of employment from The James Charities or The James Charities Trustee Ltd.
Trustee’s expenses
There were no trustee’s expenses paid for the year ended 31 December 2020 or for the year ended 31 December 2019.
Trustee’s donations
There were no trustee’s donations for the year ended 31 December 2020 or for the year ended 31 December 2019.
4. STAFF COSTS
- 5
| 31.12.20 £ 22,923 - 501 23,424 31.12.20 1 INTEREST PAYABLE AND SIMILAR CHARGES 31.12.20 £ Mortgage interest payable 2,889 Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: No employees received emoluments in excess of £60,000. |
31.12.19 £ 22,298 - 445 |
|---|---|
| 22,743 | |
| 31.12.19 1 |
|
| 31.12.19 £ 2,911 |
The notes form part of these financial statements Page 15
The James Charities
Notes to the Financial Statements for the Year Ended 31 December 2020
6. TANGIBLE FIXED ASSETS
| At 1 January 2020 Additions Disposals Less Housing Grant At 31 December 2020 DEPRECIATION At 1 January 2020 Eliminated on disposals Charge for year At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 COST |
Freehold property £ 299,350 - - (132,112) 167,238 33,725 - 1,686 35,411 131,827 133,513 |
Property improvements £ 222,641 - - - 222,641 40,547 - 9,140 49,687 172,953 182,094 |
Fixtures and fittings £ 27,399 1,019 - - 28,418 24,692 - 2,218 26,910 1,508 2,707 |
Totals £ 549,390 1,019 - (132,112) |
|---|---|---|---|---|
| 418,297 | ||||
| 98,964 - 13,045 |
||||
| 112,008 | ||||
| 306,289 | ||||
| 318,314 |
Included within the cost of the Freehold property is land costing £99,783 that is non depreciable.
7. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2020 Additions Disposals Revaluations At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
M&G ERF Fund £ 45,895 1,785 - (3,246) 44,435 44,435 45,895 |
M&G General Fund £ 67,162 2,614 - (4,751) 65,025 65,025 67,162 |
Totals £ 113,057 4,399 - (7,997) |
|---|---|---|---|
| 109,460 | |||
| 109,460 | |||
| 113,057 |
All investments were held in the UK.
The notes form part of these financial statements Page 16
The James Charities
Notes to the Financial Statements for the Year Ended 31 December 2020
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Residents contributions in arrears Bad debt provision Prepaid expenses Other debtors |
31.12.20 £ 11,340 - 3,459 - 14,799 |
31.12.19 £ 11,595 (509) 3,675 - |
|---|---|---|
| 14,761 |
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Mortgage Accrued expenses National Almshouse Association loan PAYE/NIC/Pension Residents contributions received in advance |
31.12.20 £ 7,670 189 5,754 6,000 306 19,919 |
31.12.19 £ 7,841 150 4,937 6,000 394 |
|---|---|---|
| 19,322 |
10. CREDITORS: AMOUNTS FALLING DUE MORE THAN ONE YEAR
| Mortgage National Almshouse Association loan |
31.12.20 £ 18,947 36,000 54,947 |
31.12.19 £ 19,150 42,000 |
|---|---|---|
| 61,150 |
The James Charities received an interest free loan of £60,000 from the National Almshouse Association repayable over 10 years. Repayment instalments are due every six months commencing 25th March, 2018. An additional £150 arrangement fee is due with each instalment totalling £3,000 over the lifetime of the loan.
11. SECURED LIABILITIES
The original Royal Bank of Scotland mortgage now administered by Link Asset Services Limited is secured by a first legal charge dated April 1980 over freehold flats in Nechells Park Road. The mortgage is repayable by half yearly annuity instalments of £1,526 (inclusive of interest at 15% per annum over 60 years commencing on 1 April 1980).
The notes form part of these financial statements Page 17
The James Charities
Notes to the Financial Statements for the Year Ended 31 December 2020
12. MOVEMENT IN FUNDS
| At 1.01.20 Net movement in funds Transfer between funds £ £ £ Unrestricted funds Income and Expenditure Fund 46,603 11,578.66 10,663 Designated funds Extraordinary Repair Fund 87,500 - - Capital Fund 89,726 - - Property Fund 206,581 - (10,663) Unrestricted and designated funds 430,410 11,579 - Restricted funds - - - TOTAL FUNDS 430,410 11,579 - Incoming resources Resources expended Gains and losses on investments £ £ £ Unrestricted funds Income and Expenditure Fund 196,427 (176,851) (7,997) Designated funds Extraordinary Repair Fund - - - Capital Fund - - - Property Fund - - - Restricted funds - - - FUNDS MOVEMENT BEFORE TRANSFERS 196,427 (176,851) (7,997) Net movement in funds, included in the above are as follows: The Extraordinary repair fund is held across the total of the investment portfolio. |
At 31.12.20 £ 68,845 87,500 89,726 195,918 |
|---|---|
| 441,989 - |
|
| 441,989 | |
| Movement in funds £ 11,579 - - - - |
|
| 11,579 |
The notes form part of these financial statements Page 18
The James Charities
Notes to the Financial Statements for the Year Ended 31 December 2020
13. 2019 COMPARATIVE MOVEMENT IN FUNDS
| At 1.01.19 Net movement in funds Transfer between funds £ £ £ Unrestricted funds Income and Expenditure Fund 30,590 62,115 (46,102) Designated funds Extraordinary Repair Fund 87,500 - - Capital Fund 89,726 - - Property Fund 160,479 - 46,102 Unrestricted and designated funds 368,295 62,115 - Restricted funds - - - TOTAL FUNDS 368,295 62,115 - Incoming resources Resources expended Gains and losses on investments £ £ £ Unrestricted funds Income and Expenditure Fund 190,388 (141,442) 13,169 Designated funds Extraordinary Repair Fund - - - Capital Fund - - - Property Fund - - - Restricted funds 1,000 (1,000) - FUNDS MOVEMENT BEFORE TRANSFERS 191,388 (142,442) 13,169 The Extraordinary repair fund is held across the total of the investment portfolio. Net movement in funds, included in the above are as follows: |
At 31.12.19 £ 46,603 87,500 89,726 206,581 |
|---|---|
| 430,410 - |
|
| 430,410 | |
| Movement in funds £ 62,115 - - - - |
|
| 62,115 |
The restricted funds income was a donation from Cole Charitable Trust restricted for the purchase of Hall flooring.
The notes form part of these financial statements Page 19
The James Charities
Notes to the Financial Statements for the Year Ended 31 December 2020
14. RECONCILIATION OF SURPLUS AFTER TAX TO CASH GENERATED FROM/(USED IN) OPERATIONS
| Surplus for the year Adjustments for: Depreciation and loss on disposal of tangible fixed assets Grant amortisation Movement in fair value of investments (Gain) on disposal of investments Interest and investment income receivable Interest payable (Increase)/Decrease in trade and other debtors (Decrease)/Increase in trade and other creditors Cash generated from operations CASH AND CASH EQUIVALENTS Cash and cash equivalents represented by Cash at bank and in hand Deposit Cash at bank and in hand Operating cash flows before movement in working capital |
31.12.20 £ 11,579 13,045 - 7,997 - (4,421) 2,889 31,088 (38) 558 31,608 31.12.20 £ 62,064 24,243 86,307 |
31.12.19 £ 62,115 14,766 - (13,169) - (4,328) 2,911 62,295 (923) (4,135) 57,237 31.12.19 £ 39,528 25,221 |
|---|---|---|
| 64,749 |
The notes form part of these financial statements Page 20
The James Charities
Notes to the Financial Statements for the Year Ended 31 December 2020
- CAPITAL COMMITMENTS
At 31 December 2020 there were no capital commitment (2019: £Nil).
-
CONTINGENT LIABILITIES At 31st December 2020 there were no contingent liabilities (2019: £Nil).
-
ACCOMMODATION IN MANAGEMENT
At the start and end of the year there were 31 units of housing accommodation.
Page 21
The notes form part of these financial statements
The James Charities
Detailed Statement of Financial Activities for the Year Ended 31 December 2020
| INCOME Voluntary income Donations -church Donations -others Investment and other income Deposit interest Dividend income Rental income -Church Laundry receipts Income form charitable activities Residents' Maintenance Contribution Total incoming resources RESOURCES EXPENDED Charitable activities Services Rates and water Gas and Electricity Gardening and cleaning Insurance Salaries and National Insurance Pension Central Control system maintenance Depreciation Residents welfare TV Licences Management Secretary to the Trustee fees Telephone, printing, stationery, post and computer exp Accounts production and Independent Examiner's fee Advertising and website Sundries and subscriptions Professional fees Consultancy fees Payroll Bureau Bookkeeping service Training costs staff welfare Trustee insurance Bad debt Loan arrangement fee and bank charges Travel |
Unrestricted funds £ 650 - 650 22 4,399 3,600 454 8,475 187,301 196,427 169 8,231 8,559 2,367 22,923 501 1,693 13,045 356 293 58,136 12,852 3,323 2,170 - 725 - - 240 3,600 462 806 258 300 3 24,739 |
Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
31.12.20 £ 650 - 650 22 4,399 3,600 454 8,475 187,301 196,427 169 8,231 8,559 2,367 22,923 501 1,693 13,045 356 293 58,136 12,852 3,323 2,170 - 725 - - 240 3,600 462 806 258 300 3 24,739 |
31.12.19 £ 650 1,000 |
|---|---|---|---|---|
| 1,650 58 4,270 3,600 679 |
||||
| 8,607 181,131 |
||||
| 191,388 1,337 7,627 8,940 2,310 22,298 445 1,693 14,766 402 275 |
||||
| 60,091 12,240 3,450 2,100 150 783 2,880 - 720 3,600 1,412 806 561 300 146 |
||||
| 29,149 |
The notes form part of these financial statements Page 22
The James Charities
Detailed Statement of Financial Activities for the Year Ended 31 December 2020
| Charitable activity continued Repairs and maintenance Dwellings Communal areas Service contracts Waste and pest control Other expenditure Loss on disposal of fixed assets Interest payable and similar charges Mortgage interest Total resources expended Recognised gain on disposal of investments (Loss)/Gain on revaluation of investments Net movement in funds Net movement in funds before revaluation of investments |
Unrestricted funds £ 51,548 39,466 72 - 91,087 - 2,889 176,851 - 19,575 (7,997) 11,579 |
Restricted funds £ - - - - - - - - - - - - |
31.12.20 £ 51,548 39,466 72 - 91,087 - 2,889 176,851 - 19,575 (7,997) 11,579 |
31.12.19 £ 24,947 24,187 1,158 - |
|---|---|---|---|---|
| 50,291 - 2,911 |
||||
| 142,442 - |
||||
| 48,946 13,169 |
||||
| 62,115 |
The notes form part of these financial statements Page 23
The James Charities
Comparative details Statement of Financial Activities for the Year Ended 31 December 2019
| INCOME Voluntary income Donations -church Donations -others Investment and other income Deposit interest Dividend income Rental income -Church Laundry receipts Income form charitable activities Residents' Maintenance Contribution Total incoming resources RESOURCES EXPENDED Charitable activities Services Rates and water Gas and Electricity Gardening and cleaning Insurance Salaries and National Insurance Pension Central Control system maintenance Depreciation Residents welfare TV Licences Management Secretary to the Trustee fees Telephone, printing, stationery, post and computer exp Accounts production and Independent Examiner's fee Advertising and website Sundries and subscriptions Professional fees Consultancy fees Payroll Bureau Bookkeeping service Training costs staff welfare Trustee insurance Bad debt Loan arrangement fee and bank charges Travel |
Unrestricted funds £ 650 - 650 58 4,270 3,600 679 8,607 181,131 190,388 1,337 7,627 8,940 2,310 22,298 445 1,693 14,766 402 275 60,091 12,240 3,450 2,100 150 783 2,880 - 720 3,600 1,412 806 561 300 146 29,149 |
Restricted funds £ - 1,000 1,000 - - - - - - 1,000 - - - - - - - - - - - - - - - - - - - - - - - - - - |
31.12.19 £ 650 1,000 1,650 58 4,270 3,600 679 8,607 181,131 191,388 1,337 7,627 8,940 2,310 22,298 445 1,693 14,766 402 275 60,091 12,240 3,450 2,100 150 783 2,880 - 720 3,600 1,412 806 561 300 146 29,149 |
31.12.18 £ 650 5,720 |
|---|---|---|---|---|
| 6,370 38 4,354 3,600 327 |
||||
| 8,319 173,081 |
||||
| 187,770 3,397 6,802 7,733 2,210 21,861 278 846 12,943 265 301 |
||||
| 56,636 12,000 3,440 2,100 1,369 663 - - 720 3,600 885 806 241 300 29 |
||||
| 26,153 |
The notes form part of these financial statements Page 24
The James Charities
Comparative details Statement of Financial Activities for the Year Ended 31 December 2019
| Charitable activity continued Repairs and maintenance Dwellings Communal areas Service contracts Waste and pest control Other expenditure Loss on disposal of fixed assets Interest payable and similar charges Mortgage interest Total resources expended Recognised gain on disposal of investments Gain/(Loss) on revaluation of investments Net movement in funds Net movement in funds before revaluation of investments |
Unrestricted funds £ 24,947 23,187 1,158 - 49,291 - 2,911 141,442 - 48,946 13,169 62,115 |
Restricted funds £ - 1,000 - - 1,000 - - 1,000 - - - - |
31.12.19 £ 24,947 24,187 1,158 - 50,291 - 2,911 142,442 - 48,946 13,169 62,115 |
31.12.18 £ 67,236 24,435 374 - |
|---|---|---|---|---|
| 92,045 - 2,930 |
||||
| 177,763 16,629 |
||||
| 26,636 (28,208) |
||||
| (1,572) |
The notes form part of these financial statements Page 25