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||||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|||
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|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|
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|||||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|
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|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|
##
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##
|||||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|
##
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