2020-12-31-accounts - Westminster Almshouses Foundation

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

			Page
Reference and administrative		information
Report ofthe directors	ofthe	corporate hustee	3-9
Independent auditor's	report		10-12
Statement offinancial	activities		13
Balance sheet			14
Statement ofcash flows			15
Notes to the accounts			16-27

EFERENC	E AND AD	MINISTRATIVE INFORMAT	MINISTRATIVE INFORMAT	ION	ION
Corporate	Trustee	Westminster Almshouses		Corporate Trustee
Directors	ofthe	Rev Graham Mattin	Buckle
Corporate	Trustee	Ms Sally Fish
		Ms Susan Elizabeth Ford (Chair)
		Cllr James Glen
		Lady Joanna Edwina	Doreen		Knatchbull
		Mr Charles Edward Lillis
		Dr Robert Linton, MBE
		Lady Robathan
		Cllr Selina Short
		Ms Lucy Aiexandra	Sister
		Mr Xavier Villers
Clerk		Mr Tony Reid
Charity Number		226936
Address		42 Rochester Row
		London SWIP IBU
		Telephone 020 7828	3131
		clerkAawestminsteralmshouses.			com
Website		www. westminsteralmshouses.			corn
Auditor		Buzzacott LLP
		130Wood Skeet
		London EC2V 6DL
Solicitors		BDBPitmans
		I,Bartholomew Close
		London
		ECIA 7BL
Investment	Advisors	Sarasin dk Partners	LLP
		100St Paul's Churchyard
		London EC4M 8BU
Bankers		CafBank Ltd
		25 Kings Hill Avenue
		West Mailing MEI94JQ

Age UK (Westminster)		5,000
Avenues Youth Project		6,985
Cardinal Burne Centre		10,000
Dream Arts		5,000
Essendine Primary School		10,000
Harris Academy 6th Form		10,000
Marylebone Women's Project		15,000
North Paddington Foodbank		10,000
Octavia Housing		12,000
Pimlico Music Foundation		10,000
Pimlico Picassos		5,892
Sport for Health		8,000
St Andrew's Club		6,368
StBarnabas Primary School		10,000
StJohn and Elizabeth Hospice		10,000
StMatthew's Primary School		7,575
StVincent Family Project		10,000
The Anna Freud Centre		12,025
The Floating Classroom		5,000
The Samaritans		5,000
The Single Homelessness	Project	16,000
Westminster Befriend a Family		10,000
Woman's Trust		10,000
Awards ofless than $5,000		11500
Total		211345

		Notes '	Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
			Funds	Fullilsf	2020 f.	Funds 6	Funds	2019
Income from:
Donations Investment income Other trading activities	(Private		332,438		332,438	8,008 455,401		8,008 455,401
letting income) Charitable activities			60,942		60,942	60,116		60,116
(Contributions &om residents)			375,828		375,828	334,074		334,074
Total iucome			769408		769,208	857,599		857,599
Expenditure on:
Investment management Charitable activities:				85,181	85,181		81,515	81,515
.Almshouses		3,5	524,456		524,456	426,730		426,730
. Grants		3,6	298,277		298,277	317,315		317,315
Total expenditure			822,733	85,181	907,914	744,045	81,515	825,560
Net (expenditure) income
before gains oo investments			(53$25)	(85,181)	(138,706)	113,554	(81,515)	32,039
Investnient gams		10	72,937	499,655	572,592	206,147	1,680,516	1,886,663
Net income for the year			19,412	414,474	433,886	319,701	1,599,001	1,918,702
Other recognised gains aad
losses
Revaluation of&echold	property	9		7,614,704	7,614,704		627,947	627,947
Net niov«ment ln funds		13	19,412	8,029,178	8,048,590	319,701	2,226,948	2,546,649
Reconciliation offunds
Funds brought fonvard	I January		3,082899	31,058,136	34,141,135	2,763,298	28,831,188	31,594,486
Funds carried forivard	31
December		14	3,102,411	39,087,314	42,189,725	3,082,999	31,058,136	34,141,135

		Notes	31	31
			December	December
			2020	2019
FIXEDASSETS
Tangible assets Investments		9 10	26,677,530 15,195,042	19,144,439 14,709,887
			41,872,572	33,854,326
CURRENT ASSETS
Debtors			23&607	31,054
Cash at bank			335,936	279,669
			359,543	310,723
CREDITORS: Amounts	falling due within one year	12	(42,390)	(23,915)
NET CURRENT ASSETS			317,153	286,808
Net Assets			42,189&725	34,141,135
THE FUNDS OF THE CHARITY
ENDO%%IENT FUNDS		13
Almshouse branch			34&193/59	27,114,677
Relief in need branch			4,093,355	3,082,999
			39,087414	30,197,676
UNRESTRICTED FUNDS		13
Almshouse branch			3,102&411	3,943,459
Reliefin need branch
			3&102,411	3,943,459
			42,189,725	34,141,135

				2020	2019
			Notes	6
Cash flow from operating	activities:
Net cash used in operating	activities		A	(305,646)	(329,813)
Cash flow from investing	activiiies:
Dividends and interest from investments				332,438	455,401
Purchase oftangible fixed Proceeds &om the disposal Purchase ofinvestments	assets ofinvestments			(4,626) 11,489,424 (11,496,806)	(67,278) 7,528,555 (8,120,636)
Net cash used in investing	activities			(320,431)	(203,958)
Change in cash and cash	equivalents	in the year		(14,785)	533,690
Cash and cash equivalents	at I January 2020			605,051	1,138,741
Cash and cash equivalents	at 31December 2020		B	619,836	605,051
Notes to the statement ofcash flows		for the year to 31December 2020

	Notes to the statement ofcash flo	Notes to the statement ofcash flo	ws for the	year to 31December 2020	year to 31December 2020
A	Reconciliation ofnet movement		in funds to	net cash used in operating activities
				2020	2019
					5
	Net movement in funds (as per	the	statement	offinancial
	activities)			8,048,590	2,546,649
	Adjustments for:
	Depreciation charge			86439	97,630
	Gains on revaluation oftangible	fixed assets		(7&614,704)	(627,947)
	Gains on investments			(519,255)	(1,886,663)
	Dividends and interest from investments			(332,438)	(455,401)
	Decrease (iucrease) in debtors			7,447	(6,102)
	Increase in creditors			18,475	2,021
	Net cash used in operating activities			(305,646)	(329,813)
	Analysis ofcash and cash equivalents
				2020	2019
	Cash at bank and in hand			335&936	279,669
	Cash held by investment managers			283,900	325,301
	Total cash and cash equivalents			619,836	605,051

INVESTMENT	INCOME
		Almshouse	Relief in	2020
		Branch	Need Branch	Total
Listed investment	income	245,234	97,204	332,438
		245,234	97,204	332,438
		Almshouse	Reliefin Need	2019
		Branch f	Branch	Total
Listed investmentincome		343,235	112,166	455,401
		343,235	112,166	455,401
ANALYSIS OF CHARITABLE EXPENDITURE
		Direct costs	Support costs	2020
		(Note 5&6)	(Note 4)	Total
Almshouses		431,431	93,025	524,456
Grants		258,409	39,868	298,277
		689,840	132,893	822,733
		Direct costs	Support costs	2019
		(Note 5dt6)f	(Note 4)	Totalf
Almshouses		344,412	82,318	426;730
Grants		282,036	35,279	317,315
		626,448	117,597	744,045

4	ALLOCATION OF SUPPORT COSTS AND OVERHEADS	Total	Total
		2020	2019
			f.
	Staff costs (note 8) Administrative expenses Governance (note 7)	100,967 10/49 21,577	71,405 27,864 18,328
		132,893	117,597
	Suppoit costs have been allocated: Almshouses expenditure (70'/0) Relief in need expenditure (30'/o)	93&025 39,868	82,318 35,279
		132,893	117,597
5	ALMSHOUSES EXPENDITURE- DIRECT COSTS
		2020	2019
		Total	Total
			f,
	Residents' benefits	21,621	26,214
	Staff costs (note 8) Property services Repairs and maintenance Professional fees	128,247 106,215 87,709 1,400	73,880 108,953 35,767 1,968
	Depreciation	86,239	97,630
		431,431	344,412
6	RELIEF IN NEED EXPENDITURE
		2020	2019
		Total	Total
	Grants to individuals	45&820	123,587
	Grants to organisations Pensions	211,345 1&244	157,161 1,288
		258,409	282,036

					2020	2019
					Total	Total
					g
Trustee indemnity Audit fees	insurance				2,352 12,320	2,352 13,000
Accountancy					272	272
Legal fees and other		advisory		fees	6,633	2,704
					21,577	18,328
STAFFCOSTS
					2020	2019
					Total	Total
						5
Salaries and wages Employers' national Pension contributions		insurance			168,258 15,362 25,770	119,985 8,006 17,294
Termination payments					19,824
					229,214	145,285
Staff costs have been		allocated		as follows:
Support costs (note	4)				100,967	71,405
Almshouses expenditure			(note	5)	128,247	73,880
					229414	145,285

				Fixtures
		Freehold	Plant &	Fittings k,
	Aitefacts	Property	Machinery	Equipment	Total
Cost or valuation	8
At I January 2020 Additions	83,861	18,185,297	1,274,906 3,400	13,769 1,226	19,557,833 4,626
Revaluation to current
insurance value		7,614,704			7,614,704
At 31December 2020	83,861	25,800,001	1,278,306	14,995	27,177,163
Accumulated depreciation
At I January 2020 Charge for the year			399,625 86,239	13,769	413,394 86439
At 31December 2020			485,864	13,769	499,633
Net Book Value
At 31December 2020	83,861	25,800r001	792,442	1/66	26,677,530
At 31December 2019	83,861	18,185,297	875,281		19,144,439

INVESTMKNTS	INVESTMKNTS		Listedi nvestments	Listedi nvestments
			Pettnanent	Unrestricted
			Endowment	funds
			2020	2020	2020
Market value	at 1 January 2020		12,713,058	1,671,447	14,384,505
Additions			10,165,428	1,331,377	11)496)806
Disposals at book value Net unrealised investment		gaius	(10,6I5,568) 840,698	((,271,093) 75,794	(11)886)661) 916,492
Market value at 31December 2020			13,103,616	1)807)526	14,911,142
Cash held by	investment	manager	228,660	55,240	283,900
Total market value at 31December 2020
Cost oflisted	investment	at 31December 2020	11,823,039	1,690,773	13,513,812
			Listed investments
			Permanent	Unrestricted
			Endm«ment	funds
			2019	2019	2019
				6
Market value	at Idanuaty 2019		10,860,115	1,045,729	11,905,844
Additions			7,008,944	1,111,692	8,120,636
DisPosais at book value blet unrealised investment		gains	(6,438,435) 1,282,434	(648,698) 162,723	(7,087,133) 1,445,157
Market vahte	at 31December 2019		12,713,058	1,671,446	14,384,504
Cash held by	im)estment	manager	196,876	128,506'	325,382
Market value	at 31December 2019		12,909,934	1,799,953	14,709,887
Cost oflisted	investments	at 31December 2019	11,389,379	1,54)5,335	12,935,714

					Listed investments	Listed investments
					Permanent	Unrestricted
					Endowment	funds
					2020	2020f	2020f
Fixed inter&est				(11%)	1,503,622	211,755	1,715,377
UK equities				(20%)	2,930,468	391,057	3,321,525
Global equities				(55%)	6,788,278	960,957	7,749,235
Property				(3%)	458,153	63,247	522,400
Alternative assets				(6%)	1,314,013	180,510	1,494,523
Liquid assets				(5%)	336,742	55,240	391&982
Market value at 31December			2020		13,332,276	1,862,766	15,195,042
					Listed investments
					Permanent	Unrestricted
					Endowment	fimds
					2019	2019	2019
Fixed interest				(11%)	1,439,808	196,624	1,636,432
UE equities				(20%)	2,637,661	358,197	2,995,858
Global equities				(55%)	7,078,043	96'9,158	8,047,201
Property				(3%)	346,328	47,340	393,668
dIternative assets				(6%)	737,796	' 100,128	837,924
Liquid assets				(5%)	670,298	128,506	798,804
Market value at 31December			2019		12,909,934	1,799,953	14,709,887
							%of combined
Material investment	holdings		at 31				portfolio
December 2020:
Sarasin Responsible	Corporate Bond						11
Sarasin Res onsible	Global E ui						25
							%of combined
Material investment	haldk'ngs		at 31				portfolio
December 2019;
Sarastn Global Dividend		Hedged Fund					9
Sarasin Globai Higher Dividend Fund							27
BtackrockLt aid Herita		eFund					24

11	DEBTORS	DEBTORS
						2020	2019
						g	5
	Sundry debtors and prepayments					20,741	18,958
	Acctued investment		income			2,866	12,096
						23,607	31,054
12	CREDITORS
						2020	2019
	Amounts falling due within one year:
	Investment	management		fee accmal		3,467	5,725
	Audit fee accrual					13,771	13,000
	Trade and other creditors					1,702	750
	Sundry creditors					23,450	4,440
						42490	23,915
13	MOVKMKNT IN		FUNDS		Balance at		Balance at
					I January	Movement	31December
					2020	in funds	2020
							f.
	ALMSHOUSE BRANCH
	Endowment	Funds			27,114,677	7,879,282	34,993s959
	Unrestricted	Funds			3,082,999	19,412	3,102,411
	RELIEF IN	NEED	BRANCH
	Endowment	Funds			3,943,459	149,896	4,093,355
					34,141,135	8,048,590	42,189,725
					Balance at		Balance at
					IJanuaty	Movement	31December
					2019	1nfunds	2019
	ALMSHOUSE BRANCH
	Endotvment	Funds			25,382,502	I,732,175	27,114,677
	UnrestHcted	Ftmds			2,763,298	319,701	3,082,999
	RELIEFIN	NEED BBANCH
	Endowment	Funds			3,448,686	494,773	3,943,459
					31,594,486	2,546,649	34,141,135

MOVEMENT IN FUNDS (continued)	MOVEMENT IN FUNDS (continued)	MOVEMENT IN FUNDS (continued)
				2020		2020
		2020	2020	Gains and	2020	Movement
		Income	Expenditure	revaluations	Transfers	in funds
						f.
ALMSHOUSE BRANCH
Endowment	Funds		(85,181)	7,964,463		7,879882
Unrestricted	Funds	669,477	(524,456)	72,937	(198,546)	19,412
RELIEFIN	NEED BRANCH
Endowment	Funds			149,896		149,896
Unrestricted	Funds	99,731	(298,277)		198,546
		769408	(907,914)	8&187,296		8,048,590
				2019		2019
		2019	2019	Gains and	2019	Movement
		Income f	Erpendi tare f	revaluations	Transfers	infiinds
ALMSHOUSE BRINCH
Endowment	Funds		(72,132)	1,804,307		I,732175
Unrestricted	Funds	745,433	(426,732)	144,304	(143,304)	319,701
RELIEFIN	NEED BRANCH
Endoivment	Fimds		(9,381)	504,154		494,773
Unrestricted	Funds	112,166	(317,315)	61,845	143,304
		857,599	(825,560)	2,514,610		2,546,649

					2020
14	ANALYSIS OF NET ASSETS		Unrestricted	Endowment	Total
	BETWEEN FUNDS		Funds	Funds	Funds
	Fund balances	at 31December 2020 are
	represented by
	Tangible fixed	assets	877,529	25,800,001	26,677,530
	Investments		1,862,766	13,332,276	15,195,042
	Net current assets		362,116	(44,963)	317,153
	Total net assets		3&102&411	39&087&314	42&189&725

				2019
		Unrestricted	Endowment	Total
		Funds	Fundsf	Funds
Fund balances at 31December 2019are
represented by
Tangible	fixed assets	996240	18,185,200	19,144,439
investments		1,799,953	12,909,934	14,709,887
Current	assets	310,723	—	310,723
Current	liabilities	(23,915)		(23,915)
Total net	assets	3,083,001	31,058,134	34,141,135

			2020f	2019
Reconciliation ofmovements	in unrealised	gains
Vnrealised gains at 1 January			1,448,792	712,411
Less: in respect to disposals	in the year		(967,955)	(708,776)
Add: net gains arising on revaluation			916,492	1,445,157
Total unrealised gains at 31December			1497429	1,448,792