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2020-12-31-accounts

COLTON’S HOSPITAL CHARITY

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2020

Registered Charity Number 221281

Charity Commission Scheme Dated 28 April 1980

COLTON'S HOSPITAL CHARITY

I N D E X P A G E
________________
TRUSTEES REPORT 1 - 3
INDEPENDENT EXAMINER’S REPORT 4
STATEMENT OF COMPREHENSIVE INCOME 5
STATEMENT OF CHANGES IN FUNDS 6
STATEMENT OF FINANCIAL POSITION 7
STATEMENT OF CASH FLOWS 8
NOTES TO THE FINANCIAL STATEMENTS 9 - 11
DETAILED INCOME AND EXPENDITURE ACCOUNT 12

COLTON'S HOSPITAL CHARITY

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

REFERENCE AND ADMINISTRATIVE INFORMATION

Charity number 221281

The clerk of the charity and the principal office:-

The bankers of the charity are:-

Mrs E Faiers 59 Windmill Lane York YO10 3LG

CAF Bank Limited P O Box 289 West Malling ME19 4TA

The investment managers of the charity are:-

CCLA Investment Management Ltd Senator House 85 Queen Victoria St London EC4V 4ET

The independent examiner of the charity is:-

N Clemit ACA, FCCA JWPCreers LLP Chartered Accountants Genesis 5 Church Lane York YO10 5DQ

Management structure

The trustees acting during 2020 were:-

Reverend N Jenkins Chairperson Mrs M Hardy Dr S J S Hardy Reverend T Gant Mr R Thompson Mr G B Williams (Resigned 14 September 2020) Ms D Boyle Mrs J Sinanan (Appointed 24 February 2020)

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity was founded by Deeds of 10 and 11 February 1717 and set up by the Charity Commission Order of 28 April 1980 to administer the almshouses and investments.

Organisation

The trustees consist of eight persons, the majority of whom must be members of The St Saviourgate Unitarian Chapel Charity. Others may be appointed from the community local to the almshouses.

In 2020, the trustees met thrice in general meetings and twice in special meetings as well as some electronic communications in order to administer the trust.

The charity is registered with the Regulator of Social Housing and is a member of The Independent Housing Ombudsman Scheme. The trust is also a member of the National Almshouse Association.

COLTON'S HOSPITAL CHARITY

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 (Continued)

OBJECTIVES AND ACTIVITIES

Objects of the charity

The object of the trust is the provision and maintenance of the 12 almshouses known as Colton’s Hospital situated in Shipton Street, York. The qualification for residence is that an applicant should be a “poor woman”. The trustees regulations at present state that applicants should be aged 55 years or over. There are no restrictions in terms of religious affiliation or marital status.

Activities of the charity

The quality of accommodation available to residents have been maintained at a high standard with in particular service and maintenance agreements in place for the gas central heating systems, fires and electric showers.

The trustees have undertaken an assessment and confirmed the trust’s compliance with the governance and financial viability standard.

Investment policy

The trustees have considered the most appropriate policy for investment funds and have found that specialised unit trusts, designed for the charity sector, meet their requirements to generate capital growth.

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 trust’s aims and objectives and in exercising their powers or duties.

ACHIEVEMENTS AND PERFORMANCE

Over the past year the trustees have maintained their interest in the welfare and needs of the residents. The main work carried out during 2020 was the replacement of all the boilers as well as the renovation of Cottage 8. Various other work was carried out as well as routine maintenance.

VALUE FOR MONEY METRICS

This is a requirement of the Regulator of Social Housing:

2020 2019 NHF*
Reinvestment % - - 5
New supply (social housing units) % - - 1
New
supply
(Non-social
housing
units)		 % - - 0
Gearing % (199) (190) 34
EBITDA MRI interest cover % - - 198
Headline social housing cost £ per unit 5,045 3,462 £3,725
Operating margin (social housing
letting)		 % (23) 12 27
Operating margin (overall) % 2 69 25
Returnoncapitalemployed % - 14 3.2

*National figures provided by the National Housing Federation - 2019 data

COLTON'S HOSPITAL CHARITY

TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 (Continued)

FINANCIAL REVIEW

The total comprehensive income for the year was £5,646 (2019: £37,011), contributions from residents has increased slightly to £48,849 from £47,036. Repairs have increased to £48,046 from £29,872 due to modernising cottage 8 and replacement of all boilers.

Reserves policy

The current level of free reserves is £27,223 (2019: £27,101) after deducting designated funds and fixed assets.

Reserves are maintained in accordance with the recommendations of The Almshouse Association. Two funds are maintained:

Trustee’s responsibilities

The trustees are responsible for preparing the report and financial statements in accordance with applicable law and regulations.

The registered social housing legislation require 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 its income and expenditure for that period.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable it to ensure that the financial statements comply with the Housing and Regeneration Act 2008 and The Accounting Direction for private registered providers of social housing in England 2019. They have general responsibility for taking reasonable steps to safeguard the assets of the charity and detect fraud and other irregularities.

Signed on behalf of the trustees

…………………………………………………… Reverend N Jenkins Trustee 13 September 2021

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

COLTON’S HOSPITAL CHARITY

YEAR ENDED 31 DECEMBER 2020

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which comprise the statement of comprehensive income, statement of change in funds, statement of financial position, statement of cash flows and relevant notes.

Respective responsibilities of the trustees and reporting accountants

The trustees of the Registered Social Housing Provider are responsible for the preparation of the accounts, and they consider that the Registered Social Housing Provider is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.

Basis of opinion

Our procedures consisted of comparing the accounts with the accounting records kept by the Registered Social Housing Provider and making such enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.

Opinion

In our opinion:

N Clemit ACA, FCCA JWPCreers LLP Chartered Accountants Genesis 5 Church Lane Heslington York YO10 5DQ

20 September 2021

COLTON'S HOSPITAL CHARITY

STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 DECEMBER 2020

Note Year ended Year ended
31 December 2020 31 December 2019
Turnover 48,849 47,036
Operating expenditure (60,351) (41,547)
_ _
Operating (deficit)/surplus (11,502) 5,489
Interest receivable 2 2,587 4,734
Movement in fair value of financial instruments 6 14,561 26,788
_ _
Total comprehensive income/(expenditure) for the year 5,646 37,011
Balance at 1 January 2020 225,336 188,325
_ _
Balance at 31 December 2020 230,982 225,336

COLTON'S HOSPITAL CHARITY

STATEMENT OF CHANGES IN FUNDS YEAR ENDED 31 DECEMBER 2020

Balance at
January 2020
£
Income and expenditure reserve
33,641
Designated
Cyclical maintenance fund
56,423
Extraordinary repair fund
135,272
______
225,336		 Gains on
Income Expenditure Investments
£
£
£
50,050
(60,351)
423
1,386
-
2,235
-
-
11,903
__
_
___
51,436
(60,351)
14,561		 Balance at
Transfers December 2020
£
£
10,000
33,763
(10,000)
50,044
-
147,175
__
____
-
230,982

The cyclical maintenance fund is to meet maintenance cost of a regular nature other than annual costs. It is represented by:

2020 2019
£ £
Cost of fixed investments 26,000 21,000
Investment revaluation 7,008 4,774
_____ _____
33,008 25,774
Short term investments 17,036 30,649
_____ _____
Total 50,044 56,423

The extraordinary repair fund is a reserve for exceptional maintenance projects. It is represented by:

2020 2019
£ £
Cost of investments 69,904 69,904
Accumulated dividends - 2,266
Investment revaluation 77,271 63,102
_____ _____
Total 147,175 135,272

COLTON'S HOSPITAL CHARITY

STATEMENT OF FINANCIAL POSITION YEAR ENDED 31 DECEMBER 2020

Note Year ended Year ended
31 December 2020 31 December 2019
Fixed assets
Tangible fixed assets 5 6,540 6,540
Investments 6 192,880 173,319
______ ______
199,420 179,859
Current assets
Trade and other debtors 7 3,509 3,757
Investments 17,036 30,649
Cash and cash equivalents 13,010 12,449
______ ______
Total current assets 33,555 46,855
Less: Creditors: amounts falling due within one year (1,993) (1,378)
______ ______
Net current assets 31,562 45,477
______ ______
Total net assets 230,982 225,336
Reserves
Income and expenditure reserve 33,763 33,641
Designed reserves
Extraordinary repair fund 147,175 135,272
Cyclical maintenance fund 50,044 56,423
______ ______
230,982 225,336

2021 and signed on behalf of the trustees

……………………………………………………

Reverend N Jenkins

Trustee

The notes on pages 9 to 11 form part of these accounts.

COLTON'S HOSPITAL CHARITY

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

Note Year ended Year ended
31 December 2020 31 December 2019
Net cash generated from operating activities 1 (8,052) 10,622
Cash flow from investing activities
Interest received (1,387) (3,556)
______ ______
(9,439) 7,066
Transfer from/(to) investments 10,000 (10,000)
______ ______
Net change in cash and cash equivalents 561 (2,934)
Cash and cash equivalents at beginning of the year 12,449 15,383
______ ______
Cash and cash equivalents at end of the year 13,010 12,449

1. NET CASH GENERATED FROM OPERATING ACTIVITIES

Year ended Year ended
31 December 2020 31 December 2019
Operating (deficit)/surplus for the year (11,502) 5,489
Adjustments for non-cash items:
Decrease in trade and other debtors 248 562
Increase/(decrease) in trade and other creditors 615 (163)
Interest received 2,587 4,734
______ ______
(8,052) 10,622

COLTON'S HOSPITAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2020

1. PRINCIPAL ACCOUNTING POLICIES

BASIS OF PREPARATION

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for private registered providers of social housing in England 2019. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008.

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling, which is the functional currency of the charity.

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 requirements of the SORP: Accounting by Registered Social Housing Providers 2019 relating to component accounting has not been followed by the trustees as they do not feel that it would add any benefit for the users of the accounts.

GOING CONCERN

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

TANGIBLE FIXED ASSETS AND DEPRECIATION

Freehold land is not depreciated. Depreciation of other assets is calculated to write off the excess of cost over estimated residual amount evenly over their expected useful lives as follows subject to annual review:

Freehold buildings

2%

Straight line

TURNOVER

Turnover represents residents' contributions receivable for the year.

HOUSING ASSOCIATION GRANTS

Housing Association grants are paid by The Housing Corporation to reduce the cost of development and is therefore shown as a deduction from the cost of housing properties on the balance sheet. Housing Association grants are repayable under certain circumstances, primarily following the sale of a property, but will normally be restricted to net proceeds of a sale.

OTHER GRANTS

Other grants are included on a receipts basis and matched against any costs to which they relate.

COLTON'S HOSPITAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2020 (Continued)

1. PRINCIPAL ACCOUNTING POLICIES (Continued)

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated reserves

Designated reserves are part of unrestricted reserves which have been earmarked by the board for a particular purpose. Such designations may be reversed by future board decisions. Expenditure cannot be directly set against designated reserves but it can be taken through the income and expenditure account. A transfer is then made from designated reserves as appropriate.

The trust designated those reserves set aside for future major repairs on all of its housing properties. The amounts set aside are based on a stock condition survey of the trust’s housing properties and represents the expenditure that cannot be met from the trust’s future rental income stream. The designated reserve is the amount that the board estimates is required for future major repairs.

2.

INTEREST RECEIVABLE AND SIMILAR INCOME 2020 2019
£ £
Other deposit interest 65 113
COIF investment income dividends 2,522 2,355
COIF investment accumulation dividends - 2,266
____ ____
2,587 4,734

3. TRUSTEES AND RELATED PARTY TRANSACTIONS

No trustees nor any persons connected with them received any remuneration for their services to the charity during this or the preceding year.

No trustees (2019: 1) received any reimbursement for expenses incurred during the year (2019: £216). The clerk to the trustees (2019: 1) received reimbursements for £2,499 of honorarium expenses (2019: £2,499) and £74 of travel expenses (2019: £34) incurred during the year.

4. ACCOUNTANCY FEES

The independent examiners also prepare the accounts for distribution. The fee for the independent examination is £1,320 (2019: £1,300) These figures are inclusive of VAT.

COLTON'S HOSPITAL CHARITY

NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2020 (Continued)

5.

FIXED ASSETS - TANGIBLE Freehold
Property
£
Cost:
At 1 January 2019 and 31 December 2020 133,578
Less: Housing Association grants (127,038)
______
Net book value 6,540

The freehold property consists of 12 almshouses at Shipton Street, York. The original cost is unknown, the cost shown above relates to additions to the scheme. A first charge on freehold property is held by the Housing Corporation.

6.

7.

FIXED ASSETS – INVESTMENTS 2020 2019
£ £
At 1 January 2020 173,319 144,265
Addition at cost 5,000 -
Disposals - -
Accumulated dividends - 2,266
Gain/(loss) in the year 14,561 26,788
_____ _____
At 31 December 2020 192,880
 173,319
Investments at market value comprised:
UK equities 192,880
 173,319
Historical cost as at 31 December 2020 105,904
 100,904
DEBTORS 2020 2019
£ £
Other debtors 2,160 2,389
Prepayments 1,349 1,368
_____ _____
3,509 3,757

COLTON'S HOSPITAL CHARITY

The following pages do not form part of the financial statements

COLTON'S HOSPITAL CHARITY

DETAILED INCOME AND EXPENDITURE ACCOUNT YEAR TO 31 DECEMBER 2020

31 December 2020 2019
£
£		 £ £
INCOME
Investment income
1984 COIF income shares 2,522 2,355
Accumulated dividends - 2,266
COIF deposit account interest 65 113
Contributions from residents 48,849 47,036
_____ _____
TOTAL INCOME 51,436 51,770
EXPENDITURE
Administration:
Clerk’s salary and expenses 2,661 2,690
Accountancy fees 1,340 1,300
Subscriptions 616 591
Insurance 1,476 1,470
Sundries 144 100
Bank charges 63 60
Travel and accommodation - 216
____ ____
6,300 6,427
Services:
Light and water 3,000 2,998
Gardening 2,734 2,250
____ ____
5,734 5,248
Almshouse repairs and improvements
Repairs and improvements 48,046 29,872
Garden expenses 271 -
_____ _____
TOTAL EXPENDITURE 60,351 41,547
_____ _____
(DEFICIT)/SURPLUS FOR THE YEAR (8,915) 10,223