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##
||||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||||
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|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|
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|||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|
##
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##
||2|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|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|
##
|10|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|
##
|13|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|
##
##