MISS HANNAH LEVICK'S CHARITY REPORT AND FINANCIAL STATEMENTS
31 DECEMBER 2020
CHARTERED ACCOUNTANTS
NOTTINGHAM
LEMANS
MISS HANNAH LEVICK'S CHARITY
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2020
| CONTENTS | PAGE |
|---|---|
| Charity Reference and Administrative Details | 1 |
| Trustees report | 2 |
| Independent Examiner’s report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the accounts | 7 |
MISS HANNAH LEVICK'S CHARITY REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2020
CHARITY REFERENCE AND ADMINISTRATIVE DETAILS
STATUS
Miss Hannah Levick's Charity is a charity whose registration number is 217557. The Charity was created under the terms of the will of Miss Hannah Levick.
TRUSTEES
Reverend C D Harrison (Ex-Officio as Rector of St. Peter’s Church, Nottingham) Mrs J Hopewell – Chairman Mrs J Huckle
Four vacancies at 31 December 2020
Mr K R Charter, Clerk to the Trustees
ADDRESS
Levick Court Launder Street The Meadows Nottingham NG2 1HL
CORRESPONDENCE ADDRESS
9 Queensbury Avenue West Bridgford Nottingham NG2 7GE
BANKERS
TSB Bank plc 11 Low Pavement Nottingham NG1 7DQ
SOLICITORS
Clayton Mott & Son 19 Milton Street Nottingham
INDEPENDENT EXAMINER
Karen Mealand Lemans Chartered Accountants 29 Arboretum Street Nottingham NG1 4JA
MISS HANNAH LEVICK'S CHARITY
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2020
TRUSTEES' REPORT
The trustees present their annual report and financial statements for the year ended 31 December 2020. The Trustees have adopted the provisions of The Statement of Recommended Practice (SORP) ‘Accounting and Reporting by Charities’ in preparing their accounts. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with The Charity’s governing document, The Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommend Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
OBJECTIVE
The provision of accommodation for people over 60 years of age domiciled in Nottingham with proven limited means and a housing need.
PUBLIC BENEFIT
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities. The objective of the charity and details of who and how the charity has helped can be found in this report.
REVIEW OF THE YEAR
The Trustees continued to manage 12 warden-assisted almshouse flats at Levick Court for men and women who qualify for assistance under the terms of the Trust Deed dated 9 June 1983. Retaining the criteria set out in the Trust Deed for the issue of Licences to Occupy flats at Levick Court, Trustees continue only to make suitable appointments to retain a proper level of community spirit within the Court. At the end of December 2020, there were three vacancies as the trustees having decided, for the protection of health for residents, trustees and staff, not to invite applications for Licences during the coronavirus pandemic from March 2020.The part-time appointments of a Clerk, non-resident warden and gardener/handyman remained in place throughout the year.
Trustees fulfilled their statutory obligations as set out by The Pensions Regulator. They also continued to work in partnership with the Decent and Safe Homes Service (DASH) and formally submitted licence applications in May 2020, decisions on which were outstanding at the year-end.
The programme of securing Electrical Installation Condition Reports stalled during the pandemic with those for eight flats outstanding at the year-end. Following the decision by trustees to replace the combination boilers in all 12 flats, the remaining 11 were fitted during the summer and significant benefits seen during the winter months as a result of there being almost no breakdowns. A grant application to The Almshouse Association was successful with £9,964 being awarded for the provision of new boilers to 4 flats, and, additionally, The Skerritt Trust awarded £5,000 too. Improvements were made in December 2020 to the neglected small landscaped areas in the car park at the rear of the property.
FINANCIAL REVIEW
In line with Charity Commission recommendations, the Trustees have set the minimum level of unrestricted reserves at an amount sufficient to cover all normal operating expenses for a year. At the end of the year, the Charity has more in reserves than this policy demands.
MISS HANNAH LEVICK'S CHARITY
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2020
TRUSTEES' STATEMENT OF RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RECRUITMENT AND APPOINTMENT OF TRUSTEES
The charity welcomes eligible people who have an interest in helping the organisation achieve its objectives by becoming a Trustee
Those eligible must:
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be over the age of 18
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not be undischarged bankrupts
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not previously have been removed from trusteeship of a charity by a Court or the Charity Commissioners
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not be under a disqualification order under the Company Directors’ Disqualification Act 1986
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not be disqualified by the Charities Act 1993 (Section 72) from acting as a charity trustee
INDUCTION AND TRAINING OF NEW TRUSTEES
To ensure Trustees are fully competent, the charity will:
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Support induction, in a manner tailored to the experience of the individual, by the use of a ‘buddy’ system whereby each new Trustee is guided by an experienced Trustee or recently retired Trustee
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Provide access to – and where appropriate cover the costs of – induction training
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Provide a job description for honorary officers
…………………………………….
Mrs J Hopewell
October 2021
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
MISS HANNAH LEVICK'S CHARITY
I report to the charity trustees on my examination of the accounts for the year ended 31 December 2020 which are set out on pages five to twelve.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the Act.
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 cause to believe that in any material respect:
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Accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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The accounts do not accord with those records; or
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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.
Karen Mealand FCCA Lemans 29 Arboretum Street Nottingham NG1 4JA
Date
MISS HANNAH LEVICK'S CHARITY
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2020
| Note 2020 £ £ INCOME Maintenance charges receivable 39,265 Investment Income: COIF Charities Deposit Fund 55 CBF Investment Fund Shares 4,156 _ 4,211 Compensation - Grants received 14,965 __ TOTAL INCOME 58,441 EXPENDITURE Direct Property Management costs 9 52,311 Administration costs 10 8,729 Loan Interest – Orchardbrook Ltd 5,483 TOTAL EXPENDITURE 66,523 _ NET EXPENDITURE/INCOME BEFORE GAINS ON INVESTMENT ASSETS (8,082) Gain on revaluation of investments 3 9,676 ___ NET INCOME - NET MOVEMENT IN FUNDS 1,594 TOTAL FUNDS AT 1 JANUARY 2020 201,544 TOTAL FUNDS AT 31 DECEMBER 2020 7 £203,138 |
2019 £ £ 42,350 108 3,916 _ 4,024 100 - 46,474 23,538 8,488 5,516 37,542 __ 8,932 21,191 _ 30,123 171,421 ____ £201,544 |
|---|---|
| MISS HANNAH LEVICK'S CHARITY BALANCE SHEET- 31 DECEMBER 2020 Note TANGIBLE FIXED ASSETS Freehold Almshouses 2 Less: Housing Association Grant INVESTMENTS 3 TOTAL FIXED ASSETS CURRENT ASSETS Debtors and Prepayments Investment - COIF Deposit Accounts 4 Cash at bank CURRENT LIABILITIES Creditors - Amounts falling due within one year 5 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 6 NET ASSETS TRUST FUNDS (ALL UNRESTRICTED) 7 Capital Account Revenue Reserves Designated Reserves 8 Investment Revaluation Reserve TOTAL FUNDS |
2020 £ 1,385 21,048 6,420 _____ 28,853 3,610 £ £ |
6. 2019 £ £ £ 156,488 159,228 90,979 90,979 __ 65,509 68,249 151,094 137,262 _ 216,603 205,511 1,523 20,992 15,131 __ 37,646 _ 2,614 25,243 35,032 _ 241,846 240,543 38,708 38,999 _ 203,138 £201,544 (21,425) (21,425) 107,203 113,584 30,156 31,857 87,204 77,528 ___ 203,138 £201,544 |
|---|---|---|
The financial statements were approved on October 2021 by the Trustees and are signed on their behalf by:
Reverend C Harrison
Mrs J Hopewell
MISS HANNAH LEVICK'S CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
The Charity constitutes a public benefit entity as defined by FRS102.
The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011, the Church Accounting (Amendment) Regulations 2006 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements include all transactions, assets and liabilities for which the Charity is responsible in law.
The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound.
Investments
Investments are shown at fair value at the year end date. The annual surplus or deficit on revaluation is transferred to an Investment Revaluation Reserve (note 7).
Current Investments
The Charity holds cash on deposit for investment purposes, which is recorded at transaction price, in order to obtain a better rate of return, thereby increasing their income enabling them to meet their objects.
Cash at bank
The Charity holds sufficient funds in order to meet its short term cash commitments as they fall due.
Debtors and Creditors
Debtors and creditors receivable or payable within one year are recorded at transaction price.
Income
Income is recognised when it becomes receivable.
MISS HANNAH LEVICK'S CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2020
Housing Association grants
Housing Association Grants (HAG) were made by the Department of the Environment and utilised to reduce the cost of a development to an amount which it is estimated can be serviced by the net annual income of the scheme. In the balance sheet the development costs have been reduced by the amount of HAG received.
Mortgage loan
The mortgage loan is advanced by Orchardbrook Ltd (formerly the Housing Corporation) under the terms of a mortgage deed. Advances are available only in respect of those developments which have been given approval for Housing Association Grant by the Department of the Environment or the Housing Corporation.
Fixed assets
Almshouses are stated at cost less accumulated depreciation and Housing Association Grant. The development cost of Almshouses include the following:
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i] Cost of acquiring land and buildings
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ii] Development expenditure
Depreciation
Depreciation is charged on a straight line basis over the estimated economic life of the almshouses at 2% per annum on the cost minus Housing Association Grant received.
MISS HANNAH LEVICK'S CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2020
2. TANGIBLE FIXED ASSETS
12 Almshouses Launder Street, The Meadows, Nottingham.
| 3. | Cost - land buildings Depreciation - at 31.12.2019 charge for year at 31.12.2020 Net book value 31.12.2020 31.12.2019 INVESTMENTS CBF Investment Fund shares Balance at 31.12.2019 Re-investment of dividends into shares during year Balance at 31.12.2020 Reconciliation of movement in fair value Fair value at 31.12.2019 Dividends reinvested Transfer to revaluation reserve Fair value at 31.12.2020 |
£ 2,486 227,982 __ £230,468 71,240 2,740 £73,980 £156,488 £159,228 Units Cost £ 7,161 59,754 214 4,156 _ 7,375 £63,910 _ 137,262 4,156 _ 141,418 9,676 £151,094 ___ |
|
|---|---|---|---|
MISS HANNAH LEVICK'S CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2020
| 4. | CURRENT ASSET INVESTMENTS | 2020 | 2019 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| £ | £ | ||||||||
| Cash held for investment | 21,048 | 20,992 | |||||||
| 5. | CREDITORS | 2020 | 2019 | ||||||
| £ | £ | ||||||||
| Amounts falling due within one year | |||||||||
| Heat and light | 64 | 64 | |||||||
| Accountancy fees | 2,376 | 1,170 | |||||||
| Orchardbrook Ltd Loan (note 6) | 259 | 226 | |||||||
| Maintenance paid in advance | 432 | 405 | |||||||
| PAYE | 413 | 398 | |||||||
| Clerks expenses | - | 351 | |||||||
| Wages Underpaid | 66 | - | |||||||
| £3,610 | £2,614 | ||||||||
| 6. | CREDITORS | ||||||||
| Amounts falling due after more than one year | |||||||||
| Orchardbrook Ltd Loan | |||||||||
| The loan is repayable half yearly by equal | |||||||||
| instalments, the last instalment of which | |||||||||
| falls to be paid on 30 November 2042. | |||||||||
| Interest is payable at a rate of 14% fixed in 1982 on | the | ||||||||
| outstanding balance. | |||||||||
| £38,708 | £38,999 | ||||||||
| 7. | MOVEMENTS IN FUNDS | ||||||||
| At 1 Jan | Incoming | Outgoing | Transfers | At | 31 Dec | ||||
| 2020 | Resources | Resources | 2020 | ||||||
| £ | £ | £ | £ | £ | |||||
| Unrestricted Funds | |||||||||
| Capital Account |
(21,425) | - | - | - | (21,425) | ||||
| Revenue Reserves | 113,584 | 58,441 | 66,523 | 1,701 | 107,203 | ||||
| Designated Reserves (note 8) | 31,857 | - | - | (1,701) | 30,156 | ||||
| Investment Revaluation Reserve | 77,528 | 9,676 | - | - | 87,204 | ||||
| ______ | ______ | ______ | _ | ||||||
| £201,544 | £68,117 | £66,523 | £- | £203,138 | |||||
| __ __ | ______ | ______ | ______ | _ | |||||
| At 1 Jan | Incoming | Outgoing | Transfers | At | 31 Dec | ||||
| 2019 | Resources | Resources | 2019 | ||||||
| £ | £ | £ | £ | £ | |||||
| Unrestricted Funds | |||||||||
| Capital Account | (21,425) | - | - | - | (21,425) | ||||
| Revenue Reserves | 102,918 | 46,474 | 37,542 | 1,734 | 113,584 | ||||
| Designated Reserves (note 8) | 33,591 | - | - | (1,734) | 31,857 | ||||
| Investment Revaluation Reserve | 56,337 | 21,191 | - | - | 77,528 | ||||
| ______ | ______ | ______ | _ | ||||||
| £171,421 | £67,665 | £37,542 | £- | £201,544 | |||||
| __ __ | ______ | ______ | ______ | _ |
MISS HANNAH LEVICK'S CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2020
8. DESIGNATED RESERVES
i] "Capital Reserve Applied". Transfers to this fund from revenue reserves represent the proportion of development costs not financed by the Housing Association Grant.
- ii] Extraordinary Repair Fund. This fund has been created to meet the cost of major repairs and renewals.
| Balance at 31.12.2019 Transfers to Revenue Reserves Transfers to Extraordinary Repair Fund Balance at 31.12.2020 |
Capital Extraordinary Total Reserve Repair Fund Applied _ £ £ £ 29,030 2,827 31,857 (2,481) - (2,481) - 780 780 __ ______ £26,549 £3,607 £30,156 |
|---|---|
The transfer to Revenue Reserves from Capital Reserves Applied is made up as follows:
| £ | |
|---|---|
| Amount equal to depreciation | |
| Charge for the year | 2,740 |
| Amount equal to loan repaid | (259) |
| _____ | |
| £2,481 | |
| _____ |
9.
| DIRECT PROPERTY MANAGEMENT COSTS | 2020 | 2019 |
|---|---|---|
| £ | £ | |
| Council tax (voids) | 425 | 78 |
| Water rates | 3,611 | 3,949 |
| Utilities (voids) | 279 | 143 |
| External lighting | 540 | 525 |
| Insurance | 1,590 | 1,534 |
| Depreciation | 2,740 | 2,740 |
| Gardener/handyman’s wages | 2,184 | 2,112 |
| Day to day repairs & maintenance | 5,819 | 5,460 |
| New boilers | 27,406 | 2,491 |
| British Gas service contract | 1,917 | 3,080 |
| Alarm Monitoring fee | 990 | 990 |
| Alarm Maintenance contract | 490 | 436 |
| Selective Licence | 4,320 | - |
| ______ | ______ | |
| £52,311 | £23,538 | |
| ______ | ______ |
MISS HANNAH LEVICK'S CHARITY
NOTES TO THE ACCOUNTS
YEAR ENDED 31 DECEMBER 2020
| 10. ADMINISTRATION COSTS Telephone (Alarm line) Subscriptions - National Association of Almshouses - Independent Housing Ombudsman Wardens wages Birthday gifts to residents Clerks wages Clerks expenses Independent Examiner’s Fee Payroll costs Advertising Postage and stationery |
2020 £ 76 210 - 3,240 - 3,120 501 1,206 336 - 40 £8,729 |
2019 £ 150 200 14 3,144 10 2,916 480 1,170 324 80 - £8,488 |
|---|---|---|
There was no Trustees remuneration, benefits or expenses for the year ended 31 December 2020 nor for the year ended 31 December 2019.
No employee received total emoluments of more than £60,000. The average number of staff employed was 3 (2019 – 3).
11. UNITS OF ACCOMMODATION
The Charity had 12 units in management at the beginning and end of the period.
12. RELATED PARTY TRANSACTIONS
There were no related party transactions in the year.