| Page | |||
|---|---|---|---|
| Reference and administrative | information | ||
| Report ofthe directors | ofthe | corporate trustee | 3-9 |
| Independent auditor's |
report | 10-12 | |
| Statement offinancial | activities | 13 | |
| Balance sheet | 14 | ||
| Statement ofcash flows | |||
| Notes to the accounts | 16-27 |
| REFEREN | CE AND AD | MINISTRATIVE INFORMA |
TION | TION |
|---|---|---|---|---|
| Corporate | Trustee | Westminster Almshouses |
Corporate Tmstee | |
| Directors | ofthe | Rev Graham Buckle | ||
| Corporate | Trustee | Ms Sally Fish | ||
| Ms Susan Ford (Chair) | ||||
| Cllr James Glen | ||||
| Lady Joanna Knatchbul1 | ||||
| Mr Charles Lillis | ||||
| Dr Robert Linton, MBE | ||||
| Lady Rachae1 Robathan | ||||
| Cllr Selina Short | ||||
| Ms Lucy Sister | ||||
| Mr Xavier Vi1lers | ||||
| Clerk | Mr Tony Reid (until October | 2021) | ||
| Ms Naomi Roper (from October 2021) | ||||
| Charity Number | 226936 | |||
| Address | 42 Rochester Row | |||
| London SWIP IBU | ||||
| Telephone 020 7828 3131 |
||||
| clerk westminsteralmshouses. |
com | |||
| Website | www. westminsteralmshouses. | corn | ||
| Auditor | Buzzacott LLP | |||
| 130Wood Street | ||||
| London EC2V 6DL | ||||
| Solicitors | BDBPitmans | |||
| I Bartholomew Close |
||||
| London ECIA 7BL | ||||
| Investment | Advisors | Sarasin dt Partners LLP | ||
| 100StPaul's Churchyard | ||||
| London EC4M 8BU | ||||
| Bankers | CaiBank Ltd | |||
| 25 Kings Hill Avenue | ||||
| West Mailing ME194JQ |
| Age UK | 10,000 | |||
|---|---|---|---|---|
| Avenues Youth Project |
27,000 | |||
| Beauchamp Lodge Settlement |
6,000 | |||
| Chance UK | 10,000 | |||
| Crisis at Christmas | 5,000 | |||
| Dream Arts | 5,000 | |||
| Essendine School |
500 | |||
| ETAT (Encouragement | Through | Arts and Training) | 8,000 | |
| The Octavia Foundation | 18,000 | |||
| Open Age | 10,000 | |||
| Paddington Law Centre |
10,000 | |||
| Pimlico Picassos | 8,000 | |||
| Queens Park Children's | Centre | 2,000 | ||
| Single Homeless Project | 9,000 | |||
| South Westminster Community |
Festival | 2,500 | ||
| StAndrews Youth Club |
10,000 | |||
| StBarnabas School | 3,000 | |||
| StJohn and Elizabeth Hospice | 20,000 | |||
| StJohn's Wood Adventure | Playground | 10,000 | ||
| StMary le Strand | 5,500 | |||
| StMatthew's School |
7,000 | |||
| St Stephen's, Rochester |
Row | 4,165 | ||
| Volta | 3,000 | |||
| Westminster Bel'riced a Family |
10,000 | |||
| Westminster Refugee Progratnme |
500 | |||
| Young Westminster Foundation |
10,000 | |||
| TOTAL | %214,165 |
| Ua- | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| restricted | Endeameut | Total | Unrestricted | Endowment | Total | ||||
| Funds | Funds | 2021 | Funds | Funds | 2020 | ||||
| Notes | 8 | f. | 8 | f | |||||
| Income from: | |||||||||
| Investment income |
2 | 295,617 | 295,617 | 332,438 | 332,438 | ||||
| Other trading activities |
(Private | ||||||||
| letting income) | 57@49 | 57,349 | 60,942 | 60,942 | |||||
| Charitable activities |
|||||||||
| (Contributions ficm residents) |
389,069 | 389,069 | 375,828 | 375,828 | |||||
| Total iucorue | 742,035 | 742,035 | 769,208 | 769,208 | |||||
| Expenditure oll: |
|||||||||
| Investment management |
90,708 | 90,708 | 85,181 | 85,181 | |||||
| Charitable activities: |
|||||||||
| .Almshouses | 3,5 | 467308 | 467408 | 524,456 | 524,456 | ||||
| Grants | 3, 6 | 293,868 | 293,868 | 298,277 | 298,277 | ||||
| Total expenditure | 761,176 | 90,708 | 851,884 | 822,733 | 85,181 | 907,914 | |||
| Net expenditure | before gains | ||||||||
| on investmeats | (19,141) | (90,708) | (109,849) | (53,525) | (85,181) | (138,706) | |||
| Investment gains |
10 | 184,180 | 1,268/23 | 1,452,403 | 72,937 | 499,655 | 572,592 | ||
| Net income for the year | 165,039 | 1,177,(15 | 1,342,554 | 19,412 | 414,474 | 433,886 | |||
| Other recognised | gains and | ||||||||
| losses | |||||||||
| Revaluation offieehcld | property | 9 | 7,614,704 | 7,614,704 | |||||
| Net movemeat in |
funds | 13 | 165,039 | 1,177,515 | 1342,554 | 19,412 | 8,029,178 | 8,048,590 | |
| Reconciliation of |
funds | ||||||||
| Funds brought forward |
I lamuuy | 3,102,411 | 39,087414 | 42,189,725 | 3,0S2,999 | 31,058,136 | 34,141,135 | ||
| Funds carried forward | 31 | ||||||||
| Deceniber | 14 | 3,267,450 | 40464,829 | 43432479 | 3,102,411 | 39,087314 | 42,189,725 |
| 31 | 31 | ||||
|---|---|---|---|---|---|
| December | December | ||||
| Notes | 2021f | 2020 | |||
| FIXED ASSETS | |||||
| Tangible assets |
9 | 26,669,063 | 26,677,530 | ||
| Investments | 10 | 16,555,450 | 15,195,042 | ||
| 43,224,513 | 41,872,572 | ||||
| CURRENT ASSETS | |||||
| Debtors | 35,043 | 23,607 | |||
| Cash at bank | 303,724 | 335,936 | |||
| 338,767 | 359,543 | ||||
| CREDITORS. Amounts | falling due within one year | 12 | (31,001) | (42,390) | |
| NET CURRENT | ASSETS | 307,766 | 317,153 | ||
| Net Assets | 43,532,279 | 42,189,725 | |||
| THE FUNDS OFTHE CHARITY | |||||
| ENDOWMENT | FUNDS | 13 | |||
| Almshouse branch |
35r791,007 | 34,993,959 | |||
| Relief in need branch | 4,473,822 | 4,093,355 | |||
| 40,264,829 | 39,087,314 | ||||
| UNRESTRICTED FUNDS | 13 | ||||
| Almshouse branch |
3467,450 | 3,102,411 | |||
| Relief in need branch | |||||
| 3467,450 | 3,102,411 | ||||
| 43,532,279 | 42,189,725 |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Notes | ||||||
| Cash floiv from operating | activities: | |||||
| Net cash used in operating | activities | A | (258)278) | (305,646) | ||
| Cash flow from investing | activities: | |||||
| Dividends and interest from investments |
295,617 | 332,438 | ||||
| Purchase oftangible fixed | assets | (78)112) | (4,626) | |||
| Proceeds from the disposal | ofinvestments | 2,722,610 | 11,489,424 | |||
| Purchase ofinvestments | (1,860,141) | (11,496,806) | ||||
| Net cash provided by (used in) investing |
activities | 1,079,974 | (320,431) | |||
| Change in cash and cash | equivalents | in | the year | 821,696 | (14,785) | |
| Cash and cash equivalents | at I January | 2021 | 619,836 | 605,051 | ||
| Cash and cash equivalents | at 31December 2021 | I3 | 1,441,532 | 619,836 | ||
| Notes to the statement ofcash floivs | for the year to 31December 2021 | |||||
| Reconciliation ofnet movement in funds to net cash used in operating activities |
| 2021 | 2020 | |||
|---|---|---|---|---|
| Net movement in funds (as per |
the statement | offinancial | ||
| activities) | 1,342,554 | 8,048,590 | ||
| Adjustments for: |
||||
| Depreciation charge |
86,579 | 86,239 | ||
| Gains on revaluation oftangible |
fixed assets | (7,614,704) | ||
| Gains on investments | (1,368,969) | (519,255) | ||
| Dividends and interest from investments |
(295,617) | (332,438) | ||
| (increase) decrease in debtors |
(11,436) | 7,447 | ||
| (Decrease) increase in creditors |
(11,389) | 18,475 | ||
| Net cash used in operating activities |
(258,278) | (305,646) | ||
| Analysis ofcash and cash equivalents | ||||
| 2021 | 2020 | |||
| Cash at bank and in hand | 303,724 | 335,936 | ||
| Cash held by investment managers |
1,137,808 | 283,900 | ||
| Total cash and cash equivalents | 1,441,532 | 619,836 |
| 2 | INVESTMENT | INCOME | |||
|---|---|---|---|---|---|
| Relief in | |||||
| Almshouse | Need | 2021 | |||
| Branch | Branch | Totalf | |||
| Listed investment | income | 217,391 | 78,226 | 295,617 | |
| 217,391 | 78,226 | 295,617 | |||
| Reliefin | |||||
| rtlnrshorrse | Need | 2020 | |||
| Branch | Brunch | Total | |||
| Listed investment | income | 245,234 | 97,204 | 332,438 | |
| 245,234 | 97,204 | 332,438 | |||
| 3 | ANALYSIS OF | CHARITABLE EXPENDITURE | |||
| Direct | |||||
| costs | Support | ||||
| (Note | costs | 2021 | |||
| 5&6) | (Note 4) | Totalf | |||
| Almshouses | 366,126 | 101,182 | 467,308 | ||
| Grants | 250,504 | 43,364 | 2931868 | ||
| 616,630 | 144,546 | 761,176 | |||
| Direct | |||||
| costs | Support | ||||
| (Ptote | costs | 2020 | |||
| 5' 6) | (irtote 4) | Total | |||
| 3imshorrses | 43R431 | 93,025 | 524,456 | ||
| Grants | 258,409 | 39,868 | 298,277 | ||
| 689,840 | 132,893 | 822,733 |
| 4 | ALLOCATION OF SUPPORT COSTS AND OVERHEADS |
ALLOCATION OF SUPPORT COSTS AND OVERHEADS |
Total | Total |
|---|---|---|---|---|
| 2021 | 2020 | |||
| Staffcosts (note 8) | 105,294 | 100,967 | ||
| Administrative expenses |
18,353 | 10,349 | ||
| Governance (note 7) |
20,899 | 21,577 | ||
| 144,456 | 132,893 | |||
| Support costs have been | allocated; | |||
| Almshouses expenditun: |
(709's) | 101,182 | 93,025 | |
| Relief in need expenditure | (30'/o) | 43,364 | 43,364 | |
| 144,456 | 132,893 | |||
| 5 | ALMSHOUSES EXPENDITURE- DIRECT COSTS |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Total | Total | ||||
| 8 | |||||
| Residents' | benefits | 33,050 | 21,621 | ||
| Staff costs | (note 8) | 90,289 | 128,247 | ||
| Property services | 105,012 | 106,215 | |||
| Repairs and | maintenance | 46,737 | 87,709 | ||
| Professional | fees | 4,459 | 1,400 | ||
| Depreciation | 86,579 | 86,239 | |||
| 366,126 | 431,431 | ||||
| 6 | RELIEFIN | NEED EXPENDITURE | |||
| 2021 | 2020 | ||||
| Total | Total | ||||
| 8 | f, | ||||
| Grants to individuals | 39,280 | 45,820 | |||
| Grants to organisations | 210,324 | 211,345 | |||
| Pensions | 900 | 1,244 | |||
| 250,504 | 258,409 |
| 2021 | 2020 | ||||||
|---|---|---|---|---|---|---|---|
| Total | Total | ||||||
| Trustee indemnity | insurance | 2,352 | 2,352 | ||||
| Audit fees | 13,140 | 12,320 | |||||
| Accountancy | 272 | 272 | |||||
| Legal fees and other | advisory | fees | 5,135 | 6,633 | |||
| 20,899 | 21,577 | ||||||
| STAFF COSTS | |||||||
| 2021 | 2020 | ||||||
| Total | Total | ||||||
| Salaries and | wages | 155,601 | 168,258 | ||||
| Employers' | national | insurance | 11,323 | 15,362 | |||
| Pension contributions | 28,659 | 25,770 | |||||
| Termination | payments | 19,824 | |||||
| 195&583 | 229,214 | ||||||
| Staffcosts have been | allocated | as follows: | |||||
| Support costs (note | 4) | 105,294 | 100,967 | ||||
| Almshouses | expenditure | (note | 5) | 90,289 | 128,247 | ||
| 195,583 | 229,214 |
| Fixtures | |||||
|---|---|---|---|---|---|
| Freehold | Plant k. | Fittings 6'c |
|||
| Artefacts | Property | Machinery | Equipment | Total | |
| Cost or valuation | 8 | ||||
| At I January 2021 | 83,861 | 25,800,001 | 1,278,306 | 14,995 | 27,177,163 |
| Additions | 4,898 | — | 71,837 | 1,377 | 78,112 |
| At 31 December 2021 | 88,759 | 25,800,001 | 1,350,143 | 16,372 | 27,255,275 |
| Accumulated depreciation |
|||||
| At I January 2021 | 485,864 | 13,769 | 499,633 | ||
| Charge for the year | 86,579 | 86,579 | |||
| At 31December 2021 | 572,443 | 13,769 | 586/12 | ||
| Net Book Value | |||||
| At 31December 2021 | 88~759 | 25~800~001 | 777~700 | 2)603 | 26~669&063 |
| At 31December 2020 | 83,861 | 25,800,001 | 792,442 | 1,266 | 26,677,530 |
| INVESTMENTS | Listed investnrents | |||
| Permanent | Unrestricted | |||
| Endowment | funds | |||
| 2021 | 2021 | 2021 | ||
| 8 | f, | |||
| Market value at 1 January | 2021 | 13,103,616 | 1,807,526 | 14,911,142 |
| Additions | 1,352,893 | 507,244 | 1,860,137 | |
| Disposals at book value |
(1,980,205) | (549,076) | (2)529,281) | |
| Net unrealised investment |
gains | 1,051,607 | 124,037 | 1,175,644 |
| Market value at 31December 2021 | 13,527,911 | 1,889,731 | 15,417,642 | |
| Cash held by investment | manager | 991,956 | 145,852 | 1,137,808 |
| Total market value at 31December 2021 | ||||
| Cost oflisted investment | at 31 December 2021 | 11,360,983 | 1,649,780 | 13,010,763 |
| Listed inv | eelmenls | |||
| Permanent | Unresmi cted | |||
| Endotument | funds | |||
| 2020 | 2020 | 2020f | ||
| tufarket vahte at IJanuary 2020 |
12,713,058 | 1,671,447 | 14,384,505 | |
| Additions | 10,165,428 | 1,331,377 | 11,496,806 | |
| Disposals at book value | (10,615,568) | (1,271,093) | (11,886,661) | |
| Net unrealisedinvestment | gains | 840 698 | 75,794 | 916,492 |
| Mm ket value at 31 December 2020 | 13,103,616 | 1,807,526 | 14,911,142 | |
| Cash lucid by investment | manager | 228, 66'0 | 55,240 | 283,900 |
| tlfarket value at 31December 2020 | ||||
| Cost oflisted investments | at 31December 2020 | 11,823,039 | 1,690,773 | 13513812 |
| Listed imrestments | Listed imrestments | |||||
|---|---|---|---|---|---|---|
| Permanent | Vnrestricted | |||||
| Endowment | funds | |||||
| 2021 | 2021 | 2021f | ||||
| Fixed interest | (11%) | 1,099,745 | 154,608 | Ir254&353 | ||
| VK equities | (20%) | 3,110,276 | 434,771 | 3,545,047 | ||
| Global equities | (55%) | 7,053,703 | 985,889 | 8,039,592 | ||
| Property | (3%) | 655,940 | 90,739 | 746,679 | ||
| Alternative assets |
(6%) | 1,608,247 | 223,724 | 1,831,971 | ||
| Liquid assets | (5%) | 991,956 | 145,852 | 1,137,808 | ||
| Market value | at 31 | December | 2021 | 14,519,867 | 2,035,583 | 16,555,450 |
| Listed investments | ||||||
| Permanent | Unrestricted | |||||
| Endowment | funds | |||||
| 2020 | 2020 | 2020 | ||||
| Fixed interest | (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 | ||
| Liiptid assets | (5%) | 336,742 | 55,240 | 391,982 | ||
| rMarket value | at 31December | 2020 | 13,332,276 | 1,862,766 | 15,195,042 | |
| %of combined | ||||||
| Material investment |
holdings | at 31 December | portfolio | |||
| 2021; | ||||||
| Sarasin Responsible | Corporate | Bond | 8 | |||
| Sarasin Responsible | Global Equity | 23 | ||||
| Sarasin Responsible | Global Equity (Hedged) | 24 | ||||
| %of combined | ||||||
| Alaterial investment | holdings | at 31 | portfoli o | |||
| December 2020: | ||||||
| Sarasin Responsible | Corporate Bond | 11 | ||||
| Sarasin Re | onsible | Global | ui | 25 | ||
| 24 |
| 11 | DEBTORS | |||||
|---|---|---|---|---|---|---|
| 2021f | 2020 | |||||
| Sundry debtors and | prepayments | 20,939 | 20,741 | |||
| Accrued investment | income | 14,104 | 2,866 | |||
| 35,043 | 23,607 | |||||
| 12 | CREDITORS | |||||
| 2021 | 2020 | |||||
| Amounts falling due within one year; |
||||||
| Investment management |
fee accrual | 2,181 | 3,467 | |||
| Audit fee accrual | 13,621 | 13,771 | ||||
| Trade and other creditors | 747 | 1,702 | ||||
| Sundry creditors |
14,452 | 23,450 | ||||
| 31,001 | 42,390 | |||||
| 13 | MOVEMENT IN FUNDS |
Balance at | Balance at | |||
| I January | Movement | 31December | ||||
| 2021 | in funds | 2021 | ||||
| f. | ||||||
| ALMSHOUSE BRANCH | ||||||
| Endowment Funds |
34,993,959 | 797,048 | 35,791)007 | |||
| Unrestricted Funds |
3, 102,4I I | 165,039 | 3467,450 | |||
| RELIEF IN NEED | BRANCH | |||||
| Endowment Funds |
4,093,355 | 380,467 | 4,473,822 | |||
| 42,189,725 | 1,342,554 | 43,532,779 | ||||
| Balance at | Balance at | |||||
| IJanuary | hdovement | 31December | ||||
| 2020 | infunds | 2020 | ||||
| ALIvISHO USEBBANCH | ||||||
| Endmrment Funds |
27,114,677 | 7,879,282 | 34,993,959 | |||
| Unrestricted Funds |
3,082,999 | 19,412 | 3,102,411 | |||
| RELIEFIN NEED BRANCH | ||||||
| Endowment Funds |
3,943,459 | 149,896 | 4,093,355 | |||
| 34,141,135 | 8,048,590 | 42,189,725 |
| 2021 | 2021 | |||||
|---|---|---|---|---|---|---|
| 2021 | 2021 | Gains and | 2021 | Movement | ||
| Income | Expenditure | revaluations f |
Transfers | in funds | ||
| ALMSHOUSE BRANCH | (90,708) | 887,756 | 797,048 | |||
| Endowment | Funds | |||||
| Unrestricted | Funds | 663,809 | (467,308) | 184,180 | (215,642) | 165,039 |
| RELIEF IN NEED BRANCH | ||||||
| Endowment | Funds | 380,467 | 380,467 | |||
| Unrestricted | Funds | 78,226 | (293,868) | 215,642 | ||
| 742,035 | (851,884) | 1,452,403 | 1,342,554 | |||
| 2020 | 2020 | |||||
| 2020 | 2020 | Gains and | 2020 | Movement | ||
| Income f |
Espenditttre f |
revaluations | Di'ansfers | infimds | ||
| ALMSHOUSE BRANCH | ||||||
| Endmvnient | Funds | (85,181) | 7,964,463 | 7,879,282 | ||
| Unresiri cted | Funds | 669,477 | (524,456) | 72,937 | (198,546) | I9,412 |
| RELIEFIN NEED BRANCH | ||||||
| Endowment | Funds | 149,896 | 149,896 | |||
| Unresiricted | Funds | 99,731 | (298,277) | 198,546 | ||
| 76'9,208 | (907,914) | 8,187,296 | 8,048,590 |
| 2021 | ||||
|---|---|---|---|---|
| 14 | ANALYSIS OF NET ASSETS | Unrestricted | Endowment | Total |
| BETIVEEN FUNDS | Funds | Funds | Funds | |
| Fund balances at 31December 2021 are | ||||
| represented by |
||||
| Tangible fixed assets | 869,062 | 25,800,001 | 26,669,063 | |
| Investments | 2,035,583 | 14,519,867 | 16,555,450 | |
| Net current assets | 362,805 | (55,039) | 307,776 | |
| Total net assets | 3467,450 | 40,264,829 | 43,532,279 |
| 2020 | |||
|---|---|---|---|
| Unresttdcted | Endowment | Total | |
| Funds | Funds | Funds | |
| f | |||
| Fund balances at 31December 2020are | |||
| represented by |
|||
| Tangible jixed assets | 877,529 | 25,800,001 | 26,677,530 |
| Investments | 1,862,766 | 13,332,275 | 15,195,042 |
| Cttrrent assets | 362,116 | (44,963) | 317,153 |
| Cttrrent liabilities | |||
| Total net assets | 3,102,411 | 39,087,314 | 42,189,725 |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Reconciliation | ofmovements | in unrealised | gains | ||
| Unrealised gains at I January |
1,397,329 | I,448,792 | |||
| Less: in respect | to disposals | in the year | (166)094) | (967,955) | |
| Add: net gains | arising on revaluation | 1,175,644 | 916,492 | ||
| Total unrealised | gains at 31December | 2,406,879 | 1,397,329 |