2020-12-31-accounts

AS AT31DECE	MBER	2020
					2020	2019
				Metr		E
TURNOVER					312,774	251,654
Operating costs					(196&788)	(204,972)
OPERATING SURPLUS				2/5	115,986	46,682
Interest receivable					247	249
SURPLUS BEFORE	TAX				116,233	46,931
Taxatlon
SURPLUS FOR THE YEAR					116,233	46,931
Other recognised	gains /(losses(		in the year; Change	In fair value
of Investments					(45,443)	129,400
TOTAL COMPREHENSIVE		INCOME FOR THE YEAR			70,790	176,331

				2020		2019
		Note				E
FIXEDASSETS
Housing properties Other tangible fbxed assets Investments				299,306 6,892 1,208,500		313,080 8,108 1,274,130
CURRENT ASSETS				1,514,698		1,595,318
Debtors		io	22)314		26,850
Cash and cash equivalents			395,218		199,592
			407,532		226,442
CREDITORS: Amounts	falling due
within one year		ii	61,040		14,244
NET CURRENT ASSETS				346,492		212,198
TOTAL ASSETS LESS CURRENT LIABILmES				1,861)190		1,807,516
CREDITORS: Amounts	falling due after
more than one year				307,949		325,065
TOTAL NET ASSETS				1,553)241		1,482,451
CAPITAL AND RESERVES
Revaluation reserves		15	28,437		91,337
Designated reserves		14	350,586		282,073
Revenue reserves			1,174,218		1,109,041
TOTAL CAPITAL AND RESERVES				1,S53,241		1,482,451

		Revaluation	Designated	Revenue	Total
		reserve	reserves	reserves	Reserves
Balance at 1January 2019		(18,681)	279,805	1,044,996	1,306,120
Surp)us/(deAcit) from statement of				176,331	176,331
comprehensive income year ended 31
December 2019 —Total Comprehensive	Income
Transfer from unrestricted reserves to			2,268	(2,268)
designated reserves
Transfer from revaluation reserves to		110,018		(110,018)
unrestricted reserves
Balance at 31December 2019		91,337	282,073	1,109,041	1,482,451
Surplus / (deficit) from statement of				70,790	70,790
comprehensive Income year ended 31
December 2019-Total Comprehensive	Income
Transfer from unrestricted reserves to			68,513	(68,513)
designated reserves
Transfer to revaluation reserves from		(62,900)		62,900
unrestricted reserves
Balance at 31December 2020		28,437	350,586	1,174,218	1,553,241

2.	(A) TURNOVER,	OPERATING	OPERATING	OPERATING		COSTS AND	COSTS AND	COSTS AND	OPERATING	OPERATING	SURPLUS FOR	THE YEAR
											2020				2019
								Operating			Operating		Operating		Operating
					Turnover				costs		surplus	Turnover	costs		surplus
							f			f	f	f		f	E
	Saclai Housing	Lettings
	(note 9)					171,466			(103,380)		68,086	166,953	(99,576)		67,377
	Activities other	than
	Social Housing	Activities
	(note C)					141,308			(93,408)		47,900	84,701	(105,396)		(20,695)
	TOTAL					312,774			(196,788)		115,986	251,654	(204,972)		46,682
	(8) PARTICULARS OF TURNOVER AND							OPERATING		EXPENDITURE FROM SOCIAL			HOUSING	LETTINGS
	Income										2020f				2019 f
	Rent receivable	net ofvoids									154,350				149,837
	Amortlsed social housing			grant							17,116				17,116
	Turnover from	Social Housing					Lettlngs				171,466				166,953
	Operating expenditure
	Management										36,413				35,844
	Bad debts										2,513				(781)
	Generalrepalrs										13,736				10,745
	Services										35,728				39,910
	Depreciation on housing			properties							13,774				12,427
	Depreciation on other fixed				assets						1,216				1,431
	Operating expenditure		on Social Housing
	Lettlngs										103&380				99,576
	Operating surplus an Social				Housing			Lefflngs			68,086				67,377
	Void Losses										2,883				4,480
	(being rental Income lost			as		a	result	of	property
	not being let)

			2020	2019
Income				f
Donations; Donations	Trinity House, London -General		38,850 1322	38,850
Grant:	Merchant	Navy Welfare Board
Legacy			66,245
Investment	income		34,891	45,851
Turnover from other activities			141,308	84,701
Operating	expenditure
Pension payments			84,411	79,680
Management			7,860	24,142
National association fees			621	795
Other legal	fees
Sundries			516	779
Operating	expenditure on	other activities	93,408	105,396
OperaUng	surplus/ defldt on other activities		47,900	(20,695)

S.	OPERATING SURPLUS
					2020		2019
	The operating surplus for	the	year				f
	Is stated after charging:
	Depreriatlon on housing	properties			13,774		12,426
	Depreciation on other fixed assets				1,216		1,431
	Amortlsatlon of social housing		grant		(17,116)		(17,116)
	Auditor's remuneration				6,000		6,000
6,	TAXATION
	No liability to taxation arises from the			surplus	arising from rent from members	as the Institution	Is entitled
	to relief under 5642 ofthe Corporation			Taxes	Act 2010.
7,	TANGI8LE FIXEDASSETS
	Housing properties —freehold				2020 f		2019 f
	Gross cost
	At 1January				801,210		871,029
	Additions						27,681
	Disposals						(97,500)
	At 31December				801,210		801,210
	Depreciation
	At 1January				488,130		573,204
	Charge				13,774		12,426
	Dlsposals						(97,500)
	At 31December				501,904		488,130
	Net book value 31December				299)306		313,080
6,	OTHER FIXEDASSETS
					2020		2019
					f		f.
	Cost
	At 1January &31December				41,867		41,867
	Depreciation
	At 1January				33,759		32,328
	Charge				1,216		1,431
	At 31December				34,975		33,759
	Net book value 31December				6,892		8,108

									2020	2019
Fair value,									F.	E
As at 1January Additions Dlsposals at opening market value Unreallsed (loss) / gain In period Differenc between gain on market					value	and	gain on		1,274,130 712,105 (745,716) (62,900)	1,147,945 312,936 (298,795) 110,018
historical cost									30,881	2,026
At 31December									1,208,S00	1,274,130
UK Equities									644,924	638,748
Non UK Equities UK Bonds									194)061 335,259	193,229 403,025
Non UK Bonds
Money Market Time									34,2S6	39,128
									1,208,500	1,274,130
(b) Historic Cost
As at 1January Additions									1,182,794 712,105	1,166,627 312,936
Disposals									(714,834)	(296,769)
As at 31December									1,180,06S	1,182,794
(c) Realised Gain /	(Losses)
									2020	2019
									f	f
On Cost Less, Differenc between gains /(losses) cost and fair value						arising	In both		17,457 13,424	19,382 (17,356)
Gain / (loss) realised: fair value dlsposals		Difference between				proceeds and			30,881	2,026
(d) Unreallsed Gain/(Loss)				on Fair Value
									2020	2019
									f	E
Per investment note									(62,900)	110,018
Realised gain/(loss)		on cost							17J457	19,382
Other recognised gains Comprehensive Income			/	(losses)	In	Statement		of	45,443	129,400

9.	INVESTMENTS (contin	INVESTMENTS (contin	ued)	ued)
	At the 31"December		2020 the following		individual	Investments		market value exceeded			SSS of the total
	portfolio market valuation:
	Columbia Thread	Inv UK Fund Class 2						280,828
	Jo Hambro Cap Mgmt		UK Equity					313,586
10,	DEBTORS
								2020			2019
								f			6
	Rent arrears (gross)							12,302			11,225
	Less: bad debt provision							(7,790)			(6,857)
	Other debtors							219			14,319
	Prepayments and	accrued Income						7,583			8,163
								12,314			26,850
11.	CREDITORS: Amounts		falling due within		one year
								2020			2019
								f			f
	Rentln advance							4,683			3,355
	Accruals							10,060			10,890
	Other Creditor							46,297
								61,040			14,244
12.	CREDITORS: Amounts		falling due after more than one year, Induding convertible						debts
								2020			2019
								f			f
	Social Housing Grant (amortlsed cost)							307,949			325,065
	The social Housing	Grant Is amortlsed		In line with the		life ofthe 'structure' component,				at a rate of2ss, and
	released as 'income' to the Statement			of	Comprehensive		Income	on that basis,
	SOCIAL HOUSING	GRANT
								2020			2019
	Amounts received;							f			f
	At 1January &31December							855,818			855,818
	Amortlsation:
	At 1January							530,7S3			513,637
	Released during	year						17,116			17,116
	At 31December							547,869			530,753
	Carrying value:
	At 31December							307,949			325,065

						2020		2019
						f		f
In five years or more						307,949		325,065
DESIGNATED RESERVES
							2020	2019
					Cyclical
				Capital	Repairs and	Contingencies
				Accourtt	Maintenance	Fund	Total	Total
				f	E	E	E	E
As	at 1January		2020	82,095	132,548	67,430	282,073	279,805
Transfer			from	66,245	2,268		68,513	2,268
revenue		reserve
As	at	31 December		148,340	134,816	67,430	350,586	282,073
2020

				2020	2019
				f	E
Opening	Balance			91,337	(18,681)
Unrealised gains/(losses)		In	period	(62,900)	110,018
Closing	Balance			28,437	91,337

19.	ACCOMMODATION M	AN	AGED BYOTHERS
				2020	2019
	General needs housing	units		30	30
20.	ULTIMATE CONTROLLING		PARTY