**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:
1. 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**
2. 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 FORWARD**12.
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
2.
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**
15. **CAPITAL COMMITMENTS**
At 31 December 2020 there were no capital commitment (2019: £Nil).
16. **CONTINGENT LIABILITIES** At 31st December 2020 there were no contingent liabilities (2019: £Nil).
17. **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