Lady Lumley’s Almshouses 

Annual Report and Financial Statements 

Year ended 31 March 2021 



## Lady Lumley’s Almshouses 

## BOARD OF TRUSTEES’ REPORT 

The Board of Trustees submit their annual report and accounts for the charity for the year ended 31 March 2021. 

The financial statements are prepared to comply with the Charities Act 2011, the Statement of Recommended Practice “Accounting by Registered Social Housing Providers (update 2018)” and with the Charity’s governing document. 

## LEGAL AND ADMINISTRATIVE INFORMATION 

|Fullname oftheCharity:|Lady Lumley’s Almshouses|
|---|---|
|Registered Charitynumber:|229068|
|HCA Registerednumber:|A3567|
|RegisteredOffice ofthe Charity:|73 OutgangRoad|
||Pickering|
||North Yorkshire|
||YO18 7EL|
|Advisors:||
|Auditors.|Hallgarth Accountants Ltd<br>Chartered Accountants|
||2 Hallgarth, Pickering,North Yorkshire|
||YOI8 7AW|
|Bankers:|National WestminsterBankPle|
||27 Yorkersgate|
||Malton, North Yorkshire|
||YO17 7AZ|
|Stockbrokers:|Messrs Redmayne Bentley|
||9 Bond Court|
||Leeds|
||LS1 2JZ|
|Solicitors:|Crombie WilkinsonLLP|
||Clifford House|
||19 Clifford Street|
||York|
||YOIORI|



[1] 



## Lady Lumley’s Almshouses 

## BOARD OF TRUSTEES’ REPORT — Continued 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

## Governance 

The Charity was founded by deed poll dated 8 October 1657, and comprised in a scheme made under the Endowed School Acts on 14 July 1899 and is administered under the Charity Commissioners’ Scheme dated 22 August 2001. 

The Charity is a housing association registered with the Homes and Communities Agency (formerly the Tenant Services Authority) under the Housing and Registration Act 2008. 

Appointment of Trustees to the Board 

Trustees are appointed at a General Meeting for a four year period. Co-opted Trustees are appointed for a period of five years. 

One nominated Trustee may be appointed by the Parish Council of Thornton le Dale and one by the Parish Council of Sinnington. 

The Incumbents of Thornton Parish and of Sinnington Parish are automatically trustees; though they may ask someone to take that place(s) vicariously. 

## Trustee induction and training 

The Charity uses the existing skills of the trustees and draws on briefings received from the Homes and Communities Agency, The Almshouses Association and the Charity Commission. 

## Organisation 

The Charity is administered by the Trustees. These are local people interested in the well-being of the elderly and infirm, who have skills and knowledge covering personnel and housing in a variety of aspects including financial and social. The Charity works only within the ecclesiastical deanery of Pickering (as at April 2005), an entirely rural area with one small central market town. 

## Risks to which the Charity is exposed 

The major risks to which the Charity is exposed have been identified and systems have been established to mitigate these risks. 

## Related parties 

Details of related party transactions can be found in note 20 to these accounts. 

## Management 

The following are the principal officers and Trustees of the charity: - 

Mrs G Garbutt O.B.E. 

Mrs J Dudley-Smith DrJ Coppack Mrs L Lockwood Mrs R Sharrock Rev’d Cap’t R Barker Rev. DrJ White Mr H Hallsworth 

[2] 



## Lady Lumley’s Almshouses 

## BOARD OF TRUSTEES’ REPORT — Continued 

Day to day management of the charity is carried out by the Trustees and the clerk, Mrs M Fletcher, administers financial matters. 

## OBJECTIVES AND ACTIVITIES 

The objective of the charity is the upkeep and maintenance of the Almshouses and Old Grammar School, the provision of housing and general management of the funds of the Charity. 

## ACHIEVEMENTS, PERFORMANCE AND PLANS FOR FUTURE PERIODS 

Although this has been a challenging year for the country in general, we are pleased to be able to report that our residents have remained safe and well throughout the covid pandemic and all its associated problems. The Trustees and the clerk put systems into place to support residents whilst self- isolating, including two free meals each week, shopping collection and telephone contact with the clerk and Trustees as required. Unfortunately, no trips or social events were held over the year and ‘Tea and Chatter’ social sessions would not operate throughout this time. However, all residents received a festive lunch in December, delivered to their home. Although not quite the same as being able to socialise, everyone enjoyed the traditional turkey and trimmings. 

Our beautiful Lady Lumley’s Almshouses residents’ gardens won a National Alms Houses Award (2019 gardens, judged on submission of photographs and accompanying literature). Unfortunately, due to Covid, the presentation event had been cancelled until mid-2021, subject to further restrictions. Throughout the year, residents have continued to tend their gardens. No Open Gardens Day planned for this year. Meetings of the Trustees were held by ‘zoom’ in order that information could be shared and any issues resolved. Such issues included some on-going construction problems with the roof and velux windows on a couple of the properties. 

Sadly, Vivian Hughes died in October at the grand age of 91. Vivian was a very community minded resident at the Alms Houses and will be remembered fondly by her neighbours and Trustees alike. We welcomed a new resident in January. Judith Robinson was the successful applicant. There continues to be plenty of interest as and when properties become available. 

This pandemic has proven tough for everyone, but older people have the added anxiety of knowing that for them the risks of catching Covid-19 are higher. We are extremely grateful to our residents for the levels of care they have put into place to ensure not only their own safety but also that of their neighbours. It is extremely challenging to be cooped up for months in their own homes, especially not seeing family members. However, as restrictions start to be lifted, we will remain cautious and follow guidelines as issued. We can look forward (hopefully) to happier and healthier times ahead. 

## OPERATING AND FINANCIAL REVIEW 

The Charity continues to receive income from investments in addition to that obtained from the residents’ maintenance payments. Investments are run by professional stockbrokers who monitor the investments closely. 

Resources are kept to cover the costs of repairs following quinquennial inspections, costs of general maintenance to properties together with funds to meet contingencies. 

Trustees increased the weekly maintenance charge to residents in line with their policy. 

[3] 



## RESERVE POLICY 

The Charity has adequate reserves to meet its ongoing commitments and the Trustees allocate funds to designated reserves to cover maintenance liabilities. 

## PUBLIC BENEFIT 

The Trustees have had due regard to the guidance published by the Charities Commission on public benefit. 

## BOARD’S RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS 

- Law applicable to Charities in England and Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are required to:Select suitable accounting policies and then apply them consistently; - Observe the methods and principles in the Charities Statement of Recommended Practice (SORP); - Make judgements and estimates that are reasonable and prudent, - State whether applicable UK Accounting Standards have been followed; and - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. 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. 

We, the board members of Lady Lumley’s Almshouses who held office at the date of approval of these financial statements as set out above confirm, so far as we are aware, that: 

- There is no relevant audit information of which the auditors are unaware; and 

- - We have taken all the steps that we ought to have taken as board members in order to make ourselves aware of that information. 

Approved by the Trustees on 30" September 2021 and signed on their behalf by: 

Mrs G Garbutt O.B.E. Mrs J Dudley-Smith 

Date: 30" September 2021 

[4] 



## Lady Lumley’s Almshouses INDEPENDENT AUDITOR’S REPORT TO THE BOARD OF LADY LUMLEY’S ALMSHOUSES 

We have audited the financial statements of Lady Lumley’s Almshouses for the year ended 31 March 2021 which comprise the Income and Expenditure Account, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 (United Kingdom Generally Accepted Accounting Practice). 

The report is made solely to the Housing Association’s board, as a body, in accordance with regulations made under section 154 of the Charities Act 2011 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might state to the association’s board those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the association and the association’s board as a body, for our audit work, for this report, or for the opinions we have formed. 

Respective responsibilities of the board and auditor 

As explained more fully in the Board’s Responsibilities Statement set out on page 4, the board is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting. 

We have been appointed as auditor under section 145 of the Charities Act 2011 and section 136 of the Housing and Regeneration Act 2008 and report in accordance with regulations made under section 154 of the Charities Act 2011 and section 137 of the Housing and Regeneration Act 2008. 

Scope of the audit of the financial statements 

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: 

- Whether the accounting policies are appropriate to the association’s circumstances and have been consistently applied and adequately disclosed; 

- - The reasonableness of significant accounting estimates made by the board; and - The overall presentation of the financial statements. 

In addition, we read all the financial and non-financial information in the Board of Trustees’ report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatement or inconsistencies we consider the implications for our report. 

[5] 



## Lady Lumley’s Almshouses 

## INDEPENDENT AUDITOR’S REPORT TO THE BOARD OF LADY LUMLEY’S ALMSHOUSES -— continued 

## Opinion of financial statements 

In our opinion the financial statements; 

- e Give a true and fair view of the state of the association’s affairs as at 31 March 2021 and of its incoming resources an application of resources, including income and expenditure for the year then ended; 

- e Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; e Have been prepared in accordance with the requirements of the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2015; 

## Matters on which we are required to report by exception 

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: 

- e The information given in the Board of Trustees’ report is inconsistent in any material respect with the financial statements; or 

- e Sufficient accounting records have not been kept; or e The financial statements are not in agreement with the accounting records, or e We have not received all the information and explanations we require for our audit. 

In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us to report to you if, in our opinion: 

- e A satisfactory system of control over transactions has not been maintained. 


**----- Start of picture text -----**<br>
| aw . 4 C S HallgarthChartered Accountants Accountants Ltd<br>Statutory Auditor<br>2 Hallgarth<br>YO18 7AW<br>i Pickering<br>**----- End of picture text -----**<br>


## Date: 30™September 2021 

Hallgarth Accountants is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 

[6] 



## Lady Lumley’s Almshouses 

## Statement of Comprehensive Income (Including Income and Expenditure Account) for the year ended 31 March 2021 


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||||||
|---|---|---|---|---|
|2021|2020|
|Notes|£|£|
|TURNOVER|2;|43,157|44,360|
|OPERATING COSTS|2|(63,276)|(61,108)|
|OPERATING|(DEFICIT)|2|(20,119)|(16,748)|
|NET SURPLUS/ (LOSSES) ON INVESTMENTS|97,698|(127,659)|
|INTEREST RECEIVABLE AND OTHER INCOME|4|44,078|56,091|
|INTEREST PAYABLE AND SIMILAR CHARGES|5|(7,895)|(10,282)|
|SURPLUS/ (DEFICIT) FOR THE YEAR|6|113,762|(98,598)|

**----- End of picture text -----**<br>


The results for both years are wholly attributable to continuing activities. 

On behalf of the Board 

Mrs G Garbutt O.B.E. Date: ee '<\(-) ° 1-7) 

Mrs J Dudley-Smith 

[7] 



## Lady Lumley’s Almshouses 

## BALANCE SHEET as at 31 March 2021 

||||2021|2020|
|---|---|---|---|---|
||Notes|£|£|i|
|TANGIBLEFIXED ASSETS|||||
|Housingproperties—depreciated costs|8||1,046,527|1,073,766|
|Investments<br>Other|9<br>8||858,370<br>387<br>1,905,284|822,091<br>486<br>1,896,343|
|CURRENTASSETS|||||
|Debtors<br>Cash atbank and in hand|10|4,127<br>75,472||5,030<br>28,774|
|||79,599||33,804|
|CREDITORS: Amountsfallingdue<br>Withinone year|i|(66.963)||(65,268)|
|NET CURRENTASSETS/(LIABILITIES)|||12.636|(31,464)|
|TOTALASSETS LESS CURRENT|||||
|LIABILITIES|||1,917,920|1,864,879|
|CREDITORS:Amountsfallingdue<br>aftermorethan oneyear|12||(632.394)|(693.115)|
||||1,285,526|1,171,764|
|CAPITALANDRESERVES|||||
|Revenue reserve|13||929,794|810,612|
|Designatedreserve<br>Bequestaccounts<br>Revaluationreserve|13<br>13<br>13||52,353<br>194,081<br>109,296|52,353<br>194,081<br>114,716|
|Restricted fund|13||2|2|
||||1,285,526|1,171,764|



These financial statements were approved by the Board of Trustees on 30" September 2021 and were signed on its behalf by: 

Mrs G Garbutt O.B.E. 

Mrs J Dudley-Smith 

[8] 



## Lady Lumley’s Almshouses 

## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 

1. General information and basis of preparation 

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the association’s financial statements. The Registered Social Housing provider is registered under the Charities Act 2011 and is a Registered Social Housing provider. 

## Basis of accounting 

The financial statements have been prepared in accordance with applicable Accounting Standards including Financial Reporting Standard 102, The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102), the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for private registered providers of social housing in England 2019. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity. 

## Uncertainties and estimates 

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. Estimates in relation to the useful life of assets are considered by the Trustees on an annual basis. 

## Turnover 

Turnover represents weekly maintenance contribution and service charges income receivable in the year, supporting people income, revenue grants from local authorities and the Homes and Communities Agency and disposal proceeds from current asset property disposals. 

## Cash Flow 

The accounts do not include a cash flow statement because the charity, having only twelve units in management at the Balance Sheet date, is exempt from the requirements to prepare such a statement. 

Fixed assets and depreciation Housing properties are available for rent and are stated at cost less depreciation. Cost includes the cost of acquiring land and buildings, development costs, interest charges incurred during the development period and expenditure incurred in respect of improvements, which comprise the modernisation and extension of existing properties. Legal title to the twelve Almshouses was vested in the Official Trustee by order of the Charity Commission on 22 July 1941. It is the association’s policy to maintain properties to a high standard through a continuing programme of refurbishment and maintenance. Cost of repairs and maintenance are charged against revenue in the year in which they are incurred. 

Other fixed assets are stated at cost less accumulated depreciation. A full year’s depreciation is charged in the year of purchase, but no charge is made in the year of disposal. Depreciation has been charged on an annual basis as follows: 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|Rate|per annum|Basis|
|Furniture,|fixtures,|fittings|and|equipment|20%|Reducing|balance|
|Freehold housing|properties|2%|Straight|line|
|Roof|3.33%|Straight|line|
|Kitchen,|bathroom &|boiler|4%|Straight line|

**----- End of picture text -----**<br>


The useful economic lives of all tangible fixed assets are reviewed annually. 

[9] 



Lady Lumley’s Almshouses 

## NOTES TO THE FINANCIAL STATEMENTS 

## for the year ended 31 March 2021 

## Fixed assets — Housing land and buildings 

The land and buildings were acquired many years ago and the original cost cannot be identified and is therefore taken to be £1 for housing land and buildings and £1 for other property. The development cost of the housing properties also includes interest charged on the mortgage loans raised to finance the scheme. 

## Social Housing Grant 

Social Housing Grants have been recognised using the accrual model and are included in income on a systematic basis over the expected useful life of the structure which is 50 years. 

## Investments 

Investments held as fixed assets are re-valued at the Balance Sheet date and the gain or loss taken to the Revaluation Reserve. 

## Mortgage 

The mortgage loan was advanced by the Housing Corporation (now known as the Homes and Communities Agency) in respect of improvements made to the Lady Lumley’s Almshouses, 

## Unrestricted funds 

Unrestricted funds are incoming resources receivable or generated for the objects of the Charity without further specified purpose and are available as general funds. 

## Designated funds 

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. 

## Restricted funds 

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs. 

## Taxation 

The association has charitable model rules and its surpluses and gains are free from taxation provided that they are dealt with in accordance with its rules. 

2(a) 

Particulars of turnover. cost of sales. operating costs and operating deficit 

|||2021|||2020||
|---|---|---|---|---|---|---|
|||||||Operating|
|||Costof|Operating|Operating||Surplus/|
||Turnover|sales|costs|(deficit)|Turnover|Deficit|
||£|£|£|z|£|E|
|Socialhousingletting<br>Other activities|42,921<br>236|-<br>-|46,257<br>17,019|(3,336)<br>(16,783)|43,440<br>920|(3,863)<br>(12,885)|
|Total|43,157|—-|93.276|(20,119)|44,360|16,748)|



[10] 



## Lady Lumley’s Almshouses 

## NOTES TO THE FINANCIAL STATEMENTS 

## for the year ended 31 March 2021 

## 2(b) Particulars of income and expenditure from social housing lettings 


**----- Start of picture text -----**<br>
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|General|
|Needs|Supported|2020|
|housing|housing|Other|Total|Total|
|£|£|£|£|£|
|Rent|receivable|net|of|
|Identifiable|service|charges|
|37,081|-|-|37,081|35,952|
|Service|income|5,840|-|-|5,840|7,488|
|Gross|rental|income|42,921|-|-|42,921|43,440|
|Net|rental|income|42,921|-|-|42,921|43,440|
|Housing|corporation|grants|for|major|
|repairs|
|Other Housing|Corporation|revenue|grants|
|Other|revenue|grants|-|-|-|-|-|
|Turnover|from|social|
|Housing|letting|42,921|-|-|42,921|43,440|
|Management|9,484|-|-|9,484|9,191|
|Services|5,656|-|-|5,656|4,822|
|Routine|maintenance|3,879|-|~|3,879|6,052|
|Planned|maintenance|-|-|-|-|-|
|Major|repairs|expenditure|
|Bad|debts|-|“|-|«|.|
|Property|leasing|charges|
|Depreciation|of|housing|properties|
|27,238|-|-|27,238|27,238|
|Impairment|of housing|properties|
|Other|costs|-|-|-|-|-|
|Operating costs|on|social|housing|lettings|
|46,257|-|-|46,257|47,303|
|Operating|deficit|on|
|Social|housing|lettings|(3,336)|-|-|G,336)|(3,863)|
|2021|2020|
|The above|figures|reflect rent|losses|due to|voids|as|follows:-|876|864|

**----- End of picture text -----**<br>


[11] 



Lady Lumley’s Almshouses 

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 


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||||||||
|---|---|---|---|---|---|---|
|2021|2020|
|£|=|
|2(c)|Particulars|of income|and|expenditure from|other|activities|
|Grant received|160|160|
|Donations|_76|760|
|236|—920|
|Management|14,688|P3517|
|Routine|maintenance|2,285|231|
|Depreciation|of property|46|57|
|Operating|costs on|other|activities|17,019|13,805|
|Operating|(deficit) on other activities|(16,783)|(12,885)|
|3|Employee|information|
|The|average|weekly number of persons|employed|during the year was:|
|Office|staff|1|1|
|Staff costs|(for the|above)|
|x|&|
|Wages and|salaries|5,180|55125|

**----- End of picture text -----**<br>


No Trustee received any remuneration or expenses during the year (2020:£nil). 

[12] 



## Lady Lumley’s Almshouses 

## NOTES TO THE FINANCIAL STATEMENTS 

## for the year ended 31 March 2021 


**----- Start of picture text -----**<br>
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2021|2020|
|£|£|
|4|Interest|receivable|and|similar|income|
|Income|from|fixed|assets|and|investments|44,078|56,091|
|Other|interest|receivable|:|-|
|44,078|36,091|
|5|Interest|payable and|similar|charges|
|On|bank|loans,|overdrafts|and|other|loans:|
|Repayable wholly|or partly|in|more than|five|years|7,895|10,282|
|6|Surplus/|(Deficit)|on|ordinary|activities|before|taxation|
|Surplus/|(Deficit)|on|ordinary|activities|before|taxation|is|stated|after|
|charging:|
|Depreciation:|
|Tangible|owned|fixed|assets|27,335|ARDY)|
|Auditors’|remuneration:|
|In|their capacity|as|auditors|2,480|2,480|
|For other|services|1240|1,240|

**----- End of picture text -----**<br>


7 The association has charitable model rules and its surpluses and gains are free from taxation provided that they are dealt with in accordance with its rules. 

[13] 



## Lady Lumley’s Almshouses 

## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 

## 8 Tangible fixed assets 

||Freehold||||
|---|---|---|---|---|
||housing||||
||Properties<br>held for|Fixtures,<br>fittings and|2021|2020|
||letting|equipment|Total|Total|
|Cost or valuation|||||
|Atbeginningof year|1,196,885|18,643|1,215,528|1,215,528|
|Additions|-|-|-|-|
|Disposals<br>Atendofyear|1,196,885|=<br>18,643|—<br>S<br>1,215,528|:<br>~<br>1,215,528|
|Depreciation<br>Atbeginningof year<br>Charge fortheyear|123,118<br>27,238|18,158<br>97|141,276<br>21,3395|113,917<br>27,359|
|Disposals<br>Atendofyear|=<br>150,356|2<br>18,255|=<br>=<br>168,611|a<br>141,276|
|Net book value|||||
|At 31 March 2021<br>At31March2020|1,046,529<br>1,073,766|388<br>486|1,046,917<br>1,074,252|1,074,252<br>1,101,611|



[14] 



NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 

## Lady Lumlev’s Almshouses 

## 9 

## Fixed asset investments 

At 1 April 1984 the Charity’s cumulative holding in National Association of Almshouses Common Investment Fund (NAACIF) Income Shares amounted to 50,626 units. The costs of these shares cannot be identified. 

The Trustees therefore attributed the market value at | April 1984 (the date from which the Charity’s accounts first complied with the Housing Corporation’s Recommended Form of Accounts) as a base cost. 

The investments held are as follows:- 

||2021<br>£|2020<br>&|
|---|---|---|
|Cost or base cost|||
|Atbeginningofyear|707,375|707,375|
|Additions|726,542|-|
|Disposals<br>Atend ofyear|-684.843<br>149,074|-<br>707,375|
|Market value|||
|Atbeginning ofyear|822,091|949,750|
|Additions<br>Disposals|726,542<br>-787,961<br>760,672|-<br>-<br>949,750|
|Net gain/(loss) on investments|97,698|(127.659)|
|Atend ofyear|858,370|$22,091|
|Listed investments|639,259|640,504|
|Common investment funds|219,111|181.587|
||858,570|822,091|



All investments are carried at their fair value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at bid price. The basis of fair value for quoted investments is equivalent to the market value using the bid price. Asset sales and purchases are recognised at the date of trade at cost. 

[15] 



## Lady Lumley’s Almshouses 

## NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 


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||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|2021|2020|
|ne|£|
|10|Debtors:|Amounts|falling due|within|one year|
|Maintenance|debtors|-|276|
|Other|debtors|4,127|4,754|
|4,127|3,030|
|11|Creditors:|Amounts falling due|within|one year|
|Loan|repayable|within one year|(see|note|12)|48,101|45,777|
|Housing|grant|12,620|12,620|
|Other|accruals|and|deferred income|6,242|6,871|
|66,963|65,268|
|12|Creditors:|Amounts falling due|afier more|than|one year|
|Housing|grant:|
|The|housing|grant|is|held|in|creditors|and|released|over|the|useful|life|of|the|structure|which|is|estimated|
|to|be|50|years.|
|2021|2020|
|Repayable|over one|year:|£|ib|
|Between|one and two|years|12,620|12,620|
|Between|three and|five|years|37,860|37,860|
|In|five years|or more|504,807|517,427|
|555,287|567,907|
|Loan:|
|The|loan has|been|secured|with|a|fixed|legal|charge|over|the|Association’s|housing|properties.|The|loan|
|is repayable as follows:-|2021|2020|
|L|E|
|Repayable|over one|year:|
|Between one and two|years|50,731|48,101|
|Between three and|five years|26,376|77,107|
|In|five|years|or more|:|:|
|77,107|125,208|
|Repayable|within one year (see|note|11)|48.101|45,777|
|125,208|170,985|
|The|loan|is repayable|by monthly|instalments|and|interest|is charged|at|5.25%.|

**----- End of picture text -----**<br>


Total amounts falling due after more than one year £632,394 

£693,115 

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## Lady Lumley’s Almshouses 

# NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 

## 13. Reserves 

## Revenue Reserve 

The income and expenditure reserve represents cumulative surplus and deficits. 

## Designated Reserve 

Designated reserves represent unrestricted revenue reserves set aside by the Trustees for items of ordinary maintenance and repair of almshouses belonging to the Charity which recur at infrequent intervals. 

## Revaluation Reserve 

The revaluation reserve represents the cumulative effect of the revaluation of investments. 

## Bequest Account 

The bequest account relate to funds bequeathed to the Charity in the Will of the late Gerald Woffindin HassellMaw and which, on the stipulations of his Will, were released to the Charity on the death of Miss Margery Woffindin Roberts on 2 February 1987. The fund totalling £194,081 was passed to the Official Custodian of Charities with two thirds being held for the use of the Lady Lumley’s Almshouses and one third being held for the use of the Old Grammar School at Thornton Dale. The funds are held in investments by the Charity, and are regarded as part of the Endowment. Income generated from the investments can be spent by the charity however the capital reserves must remain intact in full. 

Restricted Fund The Restricted Fund relates to the £2 deemed cost of the Charity’s housing land and buildings and other property which cannot be disposed of by the Charity. 

## 14 Revaluation reserve 


**----- Start of picture text -----**<br>
|||||
|---|---|---|---|
|2021|2020|
|£|£|
|Investment revaluation|reserve|109,296|114,716|

**----- End of picture text -----**<br>


The major part of this reserve is considered to be in respect of Restricted Funds & Bequest Account. 

## 15 Rent surplus fund 

None of the accommodation is relevant for the purposes of Rent Surplus Fund calculations. 

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NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2021 

## Lady Lumley’s Almshouses 

## 16 Capital commitments 


**----- Start of picture text -----**<br>
|||||||
|---|---|---|---|---|---|
|2021|2020|
|£|£|
|Expenditure|contracted|for and not provided|for|Nil|Nil|
|Expenditure approved|and|contracted|for|Nil|__Nil|

**----- End of picture text -----**<br>


## 17 Contingent liabilities 

There were no known contingent liabilities at 31 March 2021 (2020: Nil). 

## 18 Accommodation in management 

There are 12 units providing housing for older people under the management of Lady Lumley’s Almshouses (2020:12). 

## 19 Related party transactions 

None of the Trustees was paid any remuneration or expenses by the charity during the year (2020 - £Nil). At the date of these financial statements one Board member was a member of a related Local Parish Council. The Trustee concerned was not able to use his position to his commercial advantage. No Board members were tenants of the properties of the charity. 

## 20 Non-audit services 

In common with many other charities of our size and nature, the Charity uses its auditors to assist with the preparation of the financial statements. 

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## Lady Lumley’s Almshouses 

## APPENDIX TO THE ACCOUNTS for the year ended 31 March 2021 

## Management expenses — Social Housing Lettings 

|||||||Depreciation|
|---|---|---|---|---|---|---|
|2020<br>Total||2021<br>Total|Housing<br>Management|Services|Repairs<br>Current|_Housing<br>Properties|
|£||£|£|£|£|£|
||Estate Costs||||||
|6,052|Repairs|3,879|~|-|3,879|-|
|1,653|Insurance|1,458|1,458|-|-|-|
|4,703|Telephone& Lifeline|5,630|-|5,630|-|-|
|87|Electricity|204|204|-|-|-|
||Office overheads||||||
|620|Accountancy|620|620|-|-|-|
|1,240|Audit|1,240|1,240|-|-|-|
|521|Subscription|756|756|-|-|-|
|5,125|Secretarial expenses|5,180|5,180|-|-|-|
|64<br>27,238<br>47,303|Depreciation—officeequipment<br>Depreciation- housing properties|52<br>27,238<br>46,257|26<br>-<br>2.484|26<br>-<br>5,656|-<br>-<br>_3,879|-<br>27,238<br>21,238|



## Management expenses— other activities 

|2020||2021|
|---|---|---|
|231|Repairs|2,285|
|2,334|Insurance|2,502|
|620|Accountancy|620|
|1,240|Audit|1,240|
|1,935|Sundries|3,903|
|389|Heating|560|
|978|Cleaner|524|
|57|Depreciation (incl. loss on sale)|46|
|6,021|Investment admin fee|5,339|
|13,805||17,019|
|61,108|Totalmanagementexpenses|63,276|



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