**Charity number: 224578**
## **THE KING GEORGE V MEMORIAL HOMES**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2020**
## **THE KING GEORGE V MEMORIAL HOMES**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 4|
|**Independent Examiner's Report**|5|
|**Statement of Financial Activities**|6|
|**Balance Sheet**|7|
|**Notes to the Financial Statements**|8 - 15|
**THE KING GEORGE V MEMORIAL HOMES**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Trustees**|Mr N B Berry, Chairman|
|---|---|
||Mrs M Pipe, Deputy Chairman|
||Miss D Goffin|
||Mrs H Harden|
||Miss P M Hatfield (resigned 18 September 2020)|
||Mr A Lang|
||Mr P Ledger|
||Mr G Swain|
||Mr R Gaffer|
|**Charity registered**
**number**
224578
**Chairman**
Mr N B Berry
**Independent examiner**
Sharon Gravener FCCA ACA
Scrutton Bland LLP
Chartered Accountants
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG
**Bankers**
Barclays Bank PLC
1 Princes Street
Ipswich
Suffolk
IP1 1HE
**Solicitors**
Jackamans
167/171 Hamilton Road
Felixstowe
Suffolk
IP11 7DR||
Page 1
## **THE KING GEORGE V MEMORIAL HOMES**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020**
The Trustees present their annual report together with the financial statements of The King George Memorial V Homes, the Charity, for the year ended 31 December 2020. The Trustees confirm that the Annual Report and financial statements of the charity comply with the statutory requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to the charities preparing their accounts in accordancw with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **Objectives and activities**
## **a. Objectives and organisational structure**
The trust owns a block of flats at Cliff Lane, Ipswich which it rents out to Ipswich residents over the age of 60 and of limited means. The objective of the trust is to maintain these flats and their grounds in a continual state of sound repair so as to enable the residents to live in safe and pleasant surroundings. The Clerk to the Trustees, Mrs P Elliott is responsible for maintaining the records and dealing with administration matters.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## **b. Main activities undertaken to further the charity's purposes for the public benefit**
The Trustees are aware of the need to consider that The King George V Memorial Homes is meeting the obligation to provide public benefit. Our objective stated above shows that this is our aim, and we endeavour to accomplish this objective.
## **Achievements and performance**
## **a. Review of financial position**
The surplus for the year ended 31 December 2020 amounted to £38,384 (2019: £49,183) and, at the end of the year, the assets of the Charity have increased from £411,111 to £449,495. As part of the managed maintenance and repair programme, the costs of repairs and maintenance in the 2019 year amounted to £51,871. Repairs and maintenance costs in 2020 are much lower (£3,749), as refurbishments have been deferred as a result of the ongoing pandemic.
The Trustees have invested £290,000 with Charles Stanley and Co and reinvested dividends received. A further £7,135 was reinvested this year. The market value of the investment at 31 December 2020 was £329,516 (2019: £333,908).
## **b. Review of activities**
All flats have been fully occupied throughout the year.
Apart from essential maintenance, renewal works were put on hold during 2020 due to the COVID-19 pandemic. These programmes focus on improving the quality of the flats and their surroundings, the security of the residents, and health and safety.
## **c. Risk assessment**
The Trusts Risk assessment policy is reviewed at each quarterly Trustees meeting.
Page 2
**THE KING GEORGE V MEMORIAL HOMES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves policy**
The reserves of the Trust are held with Barclays Bank plc and Charles Stanley and Co. Ltd. The trustees wish to ensure sufficient funds are held to enable the charity to carry out its activities on a day to day basis, and to continue the refurbishment of the flats.
## **Structure, governance and management**
## **a. Constitution**
The King George V Memorial Homes is a registered charity, number 224578, and is constituted under a Trust deed.
## **b. Methods of appointment or election of Trustees**
The management of the charity is the responsibility of the Trustees who are elected for a 3 year term under the terms of the Trust deed.
## **Plans for future periods**
## a. Future developments
To continue with the policy of upgrading the flats.
Page 3
## **THE KING GEORGE V MEMORIAL HOMES**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Charity (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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
**Mr N Berry** (Chair of Trustees) Date: 2 July 2021
Page 4
## **THE KING GEORGE V MEMORIAL HOMES**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020**
## **Independent Examiner's Report to the Trustees of The King George V Memorial Homes ('the Charity')**
I report to the Trustees on my examination of the financial statements of The King George Memorial V Homes ('the charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.
## **Responsibilities and Basis of Report**
As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity's financial statements carried out under section 145 of the Act and in carrying out my examination I have followed 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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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.
This report is made solely to the Charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work, for this report, or for the opinions I have formed.
Signed: Dated: 14 July 2021
Sharon Gravener FCCA (Independent examiner) Scrutton Bland LLP Fitzroy House Ipswich Suffolk IP1 3LG
Page 5
**THE KING GEORGE V MEMORIAL HOMES**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Note**
**Income from:**
Charitable activities
3
Investments
4
**Total income**
**Expenditure on:**
Charitable activities
5
**Total expenditure**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2020**
**£**
**70,415**
**7,171**
**77,586**
**30,404**
**30,404**
**(8,798)**
**38,384**
**411,111**
**38,384**
**449,495**|**Total**
**funds**
**2020**
**£**
**70,415**
**7,171**
**77,586**
**30,404**
**30,404**
**(8,798)**
**38,384**
**411,111**
**38,384**
**449,495**|Total
funds
2019
£
67,946
9,691|
|---|---|---|---|
||||77,637|
||||76,065|
||||76,065|
||||47,611|
||||49,183|
||||361,928
49,183|
||||411,111|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
Page 6
## **THE KING GEORGE V MEMORIAL HOMES**
## **BALANCE SHEET AS AT 31 DECEMBER 2020**
|**Note**
**Fixed assets**
Tangible assets
10
Investments
11
**Current assets**
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Restricted funds
14
Unrestricted funds
14
**Total funds**|**1,107**
**121,647**
**122,754**
**(2,775)**|**2020**
**£**
**-**
**329,516**
**329,516**
**119,979**
**449,495**
**449,495**
**-**
**449,495**
**449,495**|1,077
78,677
79,754
(2,551)|2019
£
-
333,908|
|---|---|---|---|---|
|||||333,908
77,203|
|||||411,111|
||||||
|||||411,111|
|||||-
411,111|
||||||
|||||411,111|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**Mr N B Berry** Chairman Date: 2 July 2021
**Mr A Lang** Trustee
The notes on pages 8 to 15 form part of these financial statements.
Page 7
## **THE KING GEORGE V MEMORIAL HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **1. General information**
The charity is a public benefit entity, a registered charity in England and Wales.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The King George V Memorial Homes meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Going concern**
The financial statements have been drawn up on a going concern basis.
Since March 2020 the charity has operated within the restrictions imposed on activities and social distancing relating to the spread of coronavirus. The impact of the coronavirus had a very significant effect on the economy during 2020, and will continue to do so in 2021, and therefore potentially upon the value of the charity's investments. The Trustees have considered the level of reserves and anticipate that the charity will be able continue to meet its liabilities as they fall due for a period of 12 months from the date of approval of the financial statements.
## **2.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Page 8
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **THE KING GEORGE V MEMORIAL HOMES**
## **2. Accounting policies (continued)**
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Tangible fixed assets and depreciation**
Tangible fixed assets are recognised at cost less accumulated depreciation.
The Trustees have chosen not to revalue the land and flats, the net book value of which is £Nil.
No depreciation is charged on assets as they are fully depreciated.
## **2.6 Investments**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
## **2.7 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.8 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 9
**THE KING GEORGE V MEMORIAL HOMES**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **2. Accounting policies (continued)**
## **2.9 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
## **2.10 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.11 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
## **3. Income from charitable activities**
|Income receivable from flats
Income receivable from allotments|**Unrestricted**
**funds**
**2020**
**£**
70,275
140
70,415|**Total**
**funds**
**2020**
**£**
**70,275**
**140**
**70,415**|Total
funds
2019
£
67,766
180|
|---|---|---|---|
||||67,946|
Page 10
**THE KING GEORGE V MEMORIAL HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **4. Investment income**
|Income from stocks and securities
Bank interest receivable|**Unrestricted**
**funds**
**2020**
**£**
7,135
36
7,171|**Total**
**funds**
**2020**
**£**
**7,135**
**36**
**7,171**|Total
funds
2019
£
9,598
93|
|---|---|---|---|
||||9,691|
## **5. Analysis of expenditure by activities by charitable activities**
||**Activities**|||
|---|---|---|---|
||**undertaken**|**Total**|Total|
||**directly**|**funds**|funds|
||**2020**|**2020**|2019|
||**£**|**£**|£|
|Direct costs|30,404|**30,404**|76,065|
## **Analysis of direct costs**
|Staff costs
Gifts to tenants
Water rates
Electricity
Insurance
Upkeep of gardens
Window cleaner
Repairs and maintenance
Bank charges
Governance costs (note 6)|**Activities**
**2020**
**£**
7,358
700
2,723
378
2,495
6,234
340
4,769
-
5,407
30,404|**Total**
**funds**
**2020**
**£**
**7,358**
**700**
**2,723**
**378**
**2,495**
**6,234**
**340**
**4,769**
**-**
**5,407**
**30,404**|Total
funds
2019
£
7,513
700
2,247
348
2,261
4,712
470
51,871
25
5,918|
|---|---|---|---|
||||76,065|
Page 11
**THE KING GEORGE V MEMORIAL HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **6. Governance costs**
|Management charges
Overseas charges
Professional fees
Printing, stationery and advertising
Sundry expenses
Independent examiners fees|**2020**
**£**
**2,697**
**32**
**630**
**159**
**484**
**1,405**
**5,407**|2019
£
2,765
15
610
148
745
1,635|
|---|---|---|
|||5,918|
## **7. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of _£_ 1,405 _(2019 - £1,635)_ , and payroll processing services of _£_ 630 ( _2019_ - _£610_ ).
## **8. Staff costs**
|Wages and salaries|**2020**
**£**
**7,358**
**7,358**|2019
£
7,513|
|---|---|---|
||||
|||7,513|
The average number of persons employed by the Charity during the year was as follows:
||**2020**|2019|
|---|---|---|
||**No.**|No.|
|Clerk|**1**|1|
No employee received remuneration amounting to more than £60,000 in either year.
Key management personnel are the trustees, who received no remuneration
## **9. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).
During the year ended 31 December 2020, expenses totalling £NIL were reimbursed or paid directly to Trustee (2019 - £40 to 1 Trustee).
Page 12
## **THE KING GEORGE V MEMORIAL HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **10. Tangible fixed assets**
The Trust owns a block of flats at Cliff Lane, Ipswich. The flats were built on land given to the Trust by the Borough Council in 1937. The Trust then raised the money to build the flats. The net book value of the flats is £NIL.
The Trustees have chosen not to revalue the flats.
## **11. Fixed asset investments**
|**Cost or valuation**
At 1 January 2020
Additions
Disposals
Revaluations
**At 31 December 2020**
**Net book value**
**At 31 December 2020**
_At 31 December 2019_|**Listed**
**investments**
**£**
**333,908**
**113,609**
**(108,699)**
**(9,302)**|
|---|---|
||**329,516**
**329,516**|
||333,908|
## **12. Debtors**
|**Due within one year**
Prepayments and accrued income|**2020**
**£**
**1,107**
**1,107**|2019
£
1,077|
|---|---|---|
|||1,077|
Page 13
**THE KING GEORGE V MEMORIAL HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **13. Creditors: Amounts falling due within one year**
|Other taxation and social security
Other creditors
Accruals and deferred income|**2020**
**£**
**116**
**584**
**2,075**
**2,775**|2019
£
-
520
2,031|
|---|---|---|
||||
|||2,551|
## **14. Statement of funds**
**Statement of funds - current year**
||||||**Balance at**|
|---|---|---|---|---|---|
||**Balance at 1**||||**31**|
||**January**|||**Gains/**|**December**|
||**2020**|**Income**|**Expenditure**|**(Losses)**|**2020**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|General Funds - all funds|**411,111**|**77,586**|**(30,404)**|**(8,798)**|**449,495**|
|**Statement of funds - prior year**||||||
||||||Balance at|
||Balance at||||31|
||1 January|||Gains/|December|
||2019|Income|Expenditure|(Losses)|2019|
||£|£|£|£|£|
|**Unrestricted funds**||||||
|General Funds - all funds|361,928|77,637|(76,065)|47,611|411,111|
Page 14
**THE KING GEORGE V MEMORIAL HOMES**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
## **15. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2020**
**£**
329,516
122,754
(2,775)
449,495|**Total**
**funds**
**2020**
**£**
**329,516**
**122,754**
**(2,775)**|
|---|---|---|
|||**449,495**|
## **Analysis of net assets between funds - prior period**
|Fixed asset investments
Current assets
Creditors due within one year
**Total**|Unrestricted
funds
2019
£
333,908
79,754
(2,551)
411,111|Total
funds
2019
£
333,908
79,754
(2,551)|
|---|---|---|
|||411,111|
## **16. Related party transactions**
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2020.
Page 15