REGISTERED COMPANY NUMBER: 00761889 REGISTERED CHARITY NUMBER: 229485
Report of the Trustees and
Financial Statements
for the Year Ended 30 September 2021
for
HODGKIN HOUSE LIMITED
HODGKIN HOUSE LIMITED
Contents of the Financial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Statement of Trustees' Responsibilities | 6 |
| Report of the Independent Auditors | 7 to 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 |
| Notes to the Financial Statements | 13 to 22 |
| Detailed Statement of Financial Activities | 23 to 24 |
HODGKIN HOUSE LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES Objectives and aims
To provide comfortable and welcoming accommodation for students attending a university or college in Bristol. This will be at a reasonable cost to residents. In addition, it is the Charity's policy to maintain Hodgkin House in an excellent state of repair in accordance with the full repairing lease from the Bristol Diocese. The trustees also endeavour to provide a measure of pastoral care and to enhance the facilities and overall ambience of this house of multiple occupancy whenever sufficient reserve funds are available.
Significant activities
Of all the objects listed in the Memorandum and Articles of Association, the current activity of the Company, in the year under review, continued to be the provision of accommodation for Post Graduate Students within Hodgkin House, Nos 3-7 Meridian Place, Clifton, Bristol BS8 1JG which is also the registered office.
Public benefit
The Trustees consider that the Charities Commission's guidance on public benefit is met. Hodgkin House provides this by:
(a) aiming to make Hodgkin House as much a home as possible for students;
(b) fostering a sense of community through social events, activities at Christmas and outings; (c) operating a discretionary fund to relieve financial hardship which arises for reasons outside the control of students;
(d) keeping fees as low as possible consistent with enabling the charity to fulfil its leasehold and other contractual obligations.
(e) providing accommodation at no charge for a postgraduate student who is the recipient of the Hodgkin House Bursary and who would otherwise not be able to afford to study in the UK.
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HODGKIN HOUSE LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2021
FINANCIAL REVIEW
Financial position
A summary of the results of the year's trading is given on page 11 of the financial statements. The annualised occupancy rate for the 12 months was 85% (2019 - 90%).
The financial statements show a small deficit of £3,945 (2020 - deficit of £45,350). Major refurbishments of £20,000 to refurbish three bathrooms, £30,000 to enhance fire-doors as per EHO recommendation and £20,000 for hot water boilers.
The Trustees consider the financial state of affairs to be acceptable in view of the Covid-19 pandemic. The charitable company has the ability to meet its obligations from its reserves.
Bursaries awarded
Bursary accommodation amounting to £12,248 (2020 - £22,656) was awarded during the year to enable students to continue and complete their studies in Bristol. In the prior year, the cleaners were furloughed for part of the year., Some Senior Residents received free accommodation for April and May in recompense for the additional duties they performed. This is included in the above figure.
Reserve Funds
It is the charitable company's policy to maintain an unrestricted reserve as a contingency fund for periodic and possibly expensive repairs to the five Victorian terrace houses rented on a full repairing lease by the charitable company. The fund is also to enable the charitable company to undertake large scale refurbishment and enhancement of the facilities at Hodgkin House. This reserve is not expected to exceed circa £300,000 (about one year's income). The level of the reserve is monitored, and the policy for it is reviewed by the Trustees at the end of each financial year. At the year end there were general reserves of £269,393 (2020 - £227,932) and designated reserves of £119,158 (2020 - £164,564).
Covid-19
The trustees have considered the impact that the Covid-19 pandemic will have on the charitable company's current and future financial position. The charitable company has taken the following steps to mitigate the threats that COVID-19 may pose to the organisation by:
-
Ensuring the organisation profile was updated on both UoB and UWE accommodation websites
-
Upgrading the Hodgkin House website
-
Establishing a social media profile
-
Opening occupancy for overseas and UK post graduate students
-
Opting for the flexi furlough scheme operated by HMRC to claim for staff pay
The trustees consider that the charitable company will continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved for the following reasons:
-
The charitable company holds total reserves of £388,551;
-
Occupancy rates have continued to exceed our conservative estimates and budgets and: - Trustees continue to improve and invest in the property and its staff in line with our Aims and Objectives:
The trustees, therefore, consider it appropriate to adopt the going concern basis of preparation of the accounts, as detailed in note 1 to the financial statements.
Painton-Smith Memorial Fund
In 1997 an unrestricted legacy was received in the sum of £34,475 at the bequest of the late Rosemary Painton-Smith. The Trustees set aside one third of the total received to act as a
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hardship/welfare fund, which is expended at the discretion of the Trustees. No funds were used during the year.
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HODGKIN HOUSE LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2021
FUTURE PLANS
The Charity will continue with its primary objective of providing and maintaining accommodation for post graduate students attending universities and colleges in Bristol.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, the Memorandum and Articles of Association dated 23 May 1963 (updated 19 March 2018), which constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
Trustees are appointed, for three years at a time, to the governing body of the Charity, the Council, by the members of the Charity. The Council delegates the day-to-day activities of the Charity to the House Manager and the Treasurer.
Potential Trustees are identified by the members of the Council who submit recommendation to the Council. New Trustees meet with the Chairman when the operation of the Charity is explained, including the legal structure and the responsibilities and liabilities of the Trustees. Once elected, Trustees are provided with copies of relevant guidance documents from the Charity Commission and encouraged to study them.
Risk management
The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems established to mitigate those risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
00761889 (Not specified/Other)
Registered Charity number
229485
Registered office
Hodgkin House 3-7 Meridan Place Clifton Bristol BS8 1JG
Trustees
Re-appointment date
Dr G B Gray Chairman Mr R W D Daniels Mr J D Allen Dr J M Gibbs Mrs M Harrison Mrs M Clements Dr V Holderied-Milis Dr S Hooper
January 2022 January 2022 January 2024 January 2024 January 2024 January 2023 January 2024 January 2022
Company Secretary
Dr V Holderied-Milis
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HODGKIN HOUSE LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2021
REFERENCE AND ADMINISTRATIVE DETAILS Auditors
Haines Watts Partnership (Bristol) Limited Bath House 6-8 Bath Street Bristol BS1 6HL
Bankers
HSBC Bank plc 149 Whiteladies Road Bristol BS8 2RR
CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Nationwide Building Society PO Box 3 5-11 St Georges Street Douglas Isle of Man IM99 1AS
Shawbrook Bank Limited Lutea House Warley Hill Business Park The Drive Great Warley Brentwood Essex CM13 3BE
Triodos Bank UK Deanery Road Bristol BS1 5AS
AUDITORS
The auditors, Haines Watts Partnership (Bristol) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
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HODGKIN HOUSE LIMITED
Report of the Trustees FOR THE YEAR ENDED 30 SEPTEMBER 2021
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 29 November 2021 and signed on its behalf by:
.................................................................... Dr G B Gray - Trustee
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HODGKIN HOUSE LIMITED
Statement of Trustees' Responsibilities FOR THE YEAR ENDED 30 SEPTEMBER 2021
The trustees (who are also the directors of Hodgkin House Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. 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 Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state weather applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable 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 charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
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Report of the Independent Auditors to the Members of Hodgkin House Limited
Opinion
We have audited the financial statements of Hodgkin House Limited (the 'charitable company') for the year ended 30 September 2021 which comprise the Statement of Financial Activities, 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 30 September 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
However, not all future events or conditions can be predicted. The Covid-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The Trustees' view on the impact of Covid-19 is disclosed in the Trustees' Report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to
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be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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Report of the Independent Auditors to the Members of Hodgkin House Limited
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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Report of the Independent Auditors to the Members of Hodgkin House Limited
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates. We determined that the following laws and regulations were most significant: UK GAAP, The Charities Act 2011 and the Charities SORP.
• We obtained an understanding of how the charity is complying with those legal and regulatory frameworks and made enquiries to the management of known or suspected instances of fraud and non-compliance with laws and regulations. We corroborated our enquiries through our review of board minutes, other relevant meeting minutes and review of correspondence with regulatory bodies.
• We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit team included:
-
Identifying and assessing the controls management has in place to prevent and detect fraud;
-
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
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Challenging assumptions and judgments made by management in its significant accounting estimates and judgments,
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Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and
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Assessing the extent of compliance with the relevant laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Members of Hodgkin House Limited
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Geoffrey Speirs (Senior Statutory Auditor) for and on behalf of Haines Watts Partnership (Bristol) Limited Bath House 6-8 Bath Street Bristol BS1 6HL
Date: .............................................
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HODGKIN HOUSE LIMITED
Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 2021 Unrestricted Total funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 600 Charitable activities 3 Provision of hostel facilities 305,877 Investment income 2 1,623 Other income 4 1,582 Total 309,682 EXPENDITURE ON Charitable activities 5 Provision of hostel facilities 318,934 Net gains on investments 5,307 NET INCOME/(EXPENDITURE) (3,945) |
2020 funds £ - 286,291 1,013 8,525 295,829 343,063 1,884 (45,350) |
|---|---|
RECONCILIATION OF FUNDS
Total funds brought forward 392,496 437,846
TOTAL FUNDS CARRIED FORWARD 388,551 392,496
The notes form part of these financial statements
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HODGKIN HOUSE LIMITED (REGISTERED NUMBER: 00761889)
Balance Sheet 30 SEPTEMBER 2021
| 2021 Unrestricted Total funds Notes £ FIXED ASSETS Investments 14 59,001 CURRENT ASSETS Debtors 15 5,969 Prepayments and accrued income - Cash at bank and in hand 348,564 354,533 |
2020 funds £ 53,362 3,846 - 378,732 382,578 |
|---|---|
CREDITORS
Amounts falling due within one year 16
(24,983) (43,444)
NET CURRENT ASSETS 329,550
339,134
TOTAL ASSETS LESS CURRENT LIABILITIES
388,551
392,496
NET ASSETS 388,551
392,496
The notes form part of these financial statements
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FUNDS 18 Unrestricted funds 388,551 392,496
TOTAL FUNDS 388,551 392,496
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 29 November 2021.
............................................ Dr G B Gray - Trustee
............................................. Mr R W D Daniels - Trustee
The notes form part of these financial statements
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HODGKIN HOUSE LIMITED Notes to the Financial Statements FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The charity is a private company, incorporated in England and Wales, limited by guarantee having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute £1 towards the costs of dissolution and liabilities incurred by the charity in the event of the company being wound up.
The accounts have been prepared on the assumption that the charitable company is able to continue as a going concern. However, the Covid-19 pandemic is likely to have a profound impact on the global economy, and may in turn affect the charitable company.
The trustees have considered the impact of this issue on the current and future financial position. The charitable company holds unrestricted, general reserves of £269,393, designated reserves that can be drawn down if necessary of £119,158 and a cash balance of £348,564. The trustees consider that the charitable company has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.
The Trustees have tested their cash flow analysis to take into account the impact on the charitable company of possible scenarios brought on by the impact of Covid-19, alongside the measures that they can take to mitigate the impact.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Critical accounting judgements and key sources of estimation uncertainty
The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:
Investment funds shown at fair value
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
No requirement for a bad debt provision based on year end debtor balance and prior year history of recoverabililty.
Income
Rental income from the provision of accommodation for Postgraduate Students is recognised when the income is due and is accounted for on the accrual basis. Booking fee income is deferred as the booking fee is deducted from the first rental invoice
continued...
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raised. Page 13 continued...
HODGKIN HOUSE LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. ACCOUNTING POLICIES - continued
Income
The charity receives government grants in respect of the job retention scheme. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on cost Plant and machinery - 25% on cost Fixtures and fittings - 25% on cost Computer equipment - 50% on cost
Fixed asset investments in quoted funds are valued at initially at cost and subsequently at fair value (their market value) at the year end.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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HODGKIN HOUSE LIMITED Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
1. ACCOUNTING POLICIES - continued
Debtors
Debtors are measured on initial recognition at settlement amount after any amounts advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
Cash and short term investments
Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.
Creditors
The charity has creditors which are measured at settlement amounts.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2. INVESTMENT INCOME
| 2021 £ Reinvested dividends 332 Deposit account interest 1,291 1,623 3. INCOME FROM CHARITABLE ACTIVITIES 2021 Activity £ Rents Provision of hostel facilities 302,735 Booking fee Provision of hostel facilities 3,142 305,877 4. OTHER INCOME 2021 £ Government grants Job Retention Scheme 1,477 Storage fee 60 Sundry receipts 45 1,582 |
2020 £ - 1,013 1,013 2020 £ 286,291 - 286,291 2020 £ 8,525 - - 8,525 |
|---|---|
continued...
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HODGKIN HOUSE LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
5. CHARITABLE ACTIVITIES COSTS
| Direct | Grant | Support | ||
|---|---|---|---|---|
| Costs (see | funding of | costs (see | ||
| note 6) | activities | note 7) | Totals | |
| £ | £ | £ | £ | |
| Provision of hostel facilities | 288,317 | 12,708 | 17,909 | 318,934 |
Bursaries and welfare payments have been treated as grant funding. The prior year figures have been reclassified accordingly.
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
| 2021 £ Staf costs 114,859 Equipment rental 400 Rent 3,060 Water & sewage 14,154 Insurance 10,489 Light and heat 21,446 Printing, postage & stationery 1,288 Sundries - Household 10,322 Property repairs 32,420 Major refurbishing 64,781 Computer and IT expenses 4,283 Equipment repairs & renewals 547 Health,safety & environmental 5,581 Welfare 1,650 Telephone & broadband 2,756 Bad debts - Subscriptions 281 Training - 288,317 |
2020 £ 105,935 496 3,060 11,504 10,832 21,143 1,488 1,149 12,683 26,862 80,527 8,542 1,305 9,903 542 2,822 265 277 343 299,678 |
|---|---|
continued...
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HODGKIN HOUSE LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
7. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Management | |||
| costs | Totals | ||
| £ | £ | £ | |
| Provision of hostel facilities | 12,449 | 5,460 | 17,909 |
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Hire of plant and machinery | 400 | 496 |
| Other operating leases | 3,060 | 3,060 |
| AUDITORS' REMUNERATION | ||
| 2021 | 2020 | |
| £ | £ | |
| Fees payable to the charity's auditors for the audit of the | ||
| charity's fnancial statements | 4,734 | 3,272 |
| Other non-audit services | 726 | 700 |
9. AUDITORS' REMUNERATION
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2021 nor for the year ended 30 September 2020.
Trustees' expenses
There were no trustees expenses during the year (2020 - £192 paid to one trustee). The charity paid for a hamper and gift cards in place of the annual dinner for the trustees and staff amounting to £837 (2020 - £720).
11. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2021 £ 110,604 2,536 1,719 114,859 |
2020 £ 99,616 3,294 3,025 105,935 |
|---|---|---|
The average monthly number of employees during the year was as follows:
| Full time Part time |
2021 2 5 7 |
2020 2 5 |
|---|---|---|
| 7 |
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HODGKIN HOUSE LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
11. STAFF COSTS - continued
No employees received emoluments in excess of £60,000.
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| funds | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Charitable activities | |
| Provision of hostel facilities | 286,291 |
| Investment income | 1,013 |
| Other income | 8,525 |
| Total | 295,829 |
| EXPENDITURE ON | |
| Charitable activities | |
| Provision of hostel facilities | 343,063 |
| Net gains on investments | 1,884 |
| NET INCOME/(EXPENDITURE) | (45,350) |
RECONCILIATION OF FUNDS
Total funds brought forward 437,846
TOTAL FUNDS CARRIED FORWARD
392,496
13. TANGIBLE FIXED ASSETS
| Improvements | |||||
|---|---|---|---|---|---|
| Fixtures | |||||
| to | Plant and | and | Computer | ||
| property | machinery | fttings | equipment | Totals | |
| £ | £ | £ | £ | £ | |
| COST | |||||
| At 1 October 2020 | |||||
| and | 81,786 | 18,216 | 10,870 | 17,693 | 128,565 |
continued...
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30 September 2021
| DEPRECIATION At 1 October 2020 and 30 September 2021 81,786 NET BOOK VALUE At 30 September 2021 - At 30 September 2020 - |
18,216 - - |
10,870 - - |
17,693 128,565 - - - - |
|---|---|---|---|
continued...
Page 18
HODGKIN HOUSE LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
14. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 October 2020 | 53,362 |
| Additions | 332 |
| Revaluations | 5,307 |
| At 30 September 2021 | 59,001 |
| NET BOOK VALUE | |
| At 30 September 2021 | 59,001 |
| At 30 September 2020 | 53,362 |
There were no investment assets outside the UK.
At the year end, the CCLA Funds held were as follows:
CCLA Investment fund £25,826 (cost £6,609)
CCLA Fixed Interest Securities Fund £13,534 (cost £10,000) CCLA Property Fund £19,641(cost £11,368) The funds are priced on a weekly basis.
15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Accommodation fees | 5,652 | 3,716 |
| Other debtors | 317 | 130 |
| 5,969 | 3,846 |
continued...
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HODGKIN HOUSE LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2021 £ Trade creditors 1,111 Pension contributions payable 325 Other creditors - Residents' deposits 13,200 Accruals and deferred income 10,347 24,983 |
2020 £ 16,881 263 1,200 13,600 11,500 43,444 |
|---|---|
17. LEASING AGREEMENTS
Currently, the charity is paying rent of £3,060 per annum. However, the agreement is currently under review with the Bristol Diocese who are the custodian trustees for the building.
18. MOVEMENT IN FUNDS
| Net | ||
|---|---|---|
| At | movement | At |
| 1.10.20 | in funds | 30.9.21 |
| £ | £ | £ |
Unrestricted funds
General Fund 227,932 41,461 269,393
Painton-Smith Memorial Fund 15,803
-
15,803
Roof Fund 103,137 218 103,355
Boiler Refurbishment Fund 45,624 (45,624)
-
(3,945) 388,551
392,496
continued...
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TOTAL FUNDS 392,496 (3,945) 388,551
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | Movement | |
|---|---|---|---|---|---|
| resources | expended | losses | in funds | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General Fund | |||||
| 309,464 | |||||
| (273,310) | |||||
| 5,307 | |||||
| 41,461 | |||||
| Roof Fund | |||||
| 218 | |||||
| - | |||||
| - | |||||
| 218 | |||||
| Boiler Refurbishment Fund | |||||
| - | |||||
| (45,624) | |||||
| - | |||||
| (45,624) |
309,682 (318,934) 5,307 (3,945)
continued...
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TOTAL FUNDS 309,682 (318,934) 5,307 (3,945)
continued...
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HODGKIN HOUSE LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | Transfers | |||
|---|---|---|---|---|
| At | movement | between | At | |
| 1.10.19 | in funds | funds | 30.9.20 | |
| £ | £ | £ | £ | |
| Unrestricted funds |
General Fund 278,230 (45,350) (4,948) 227,932
Painton-Smith Memorial Fund 15,803 - - 15,803 Roof Fund 108,813 - (5,676) 103,137 Fire Door Repair Fund 35,000 - (35,000) - Boiler Refurbishment Fund - - 45,624 45,624
- 437,846 (45,350) 392,496
continued...
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TOTAL FUNDS 437,846 (45,350) - 392,496
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ Unrestricted funds
General Fund 295,829 (343,063) 1,884 (45,350)
TOTAL FUNDS
295,829 (343,063) 1,884 (45,350)
continued...
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General Fund
The unrestricted general fund is utilised for the normal operations of the Charity in the provision of hostel accommodation and the upkeep of the hostel property.
Painton-Smith Memorial Fund
This designated fund was established in 1997 when a legacy was received in the sum of £34,475 at the bequest of the late Rosemary Painton-Smith. The Trustees set aside one third of the total received to act as a hardship/welfare fund, which is expended at the discretion of the Trustees. No funds were used during the year.
Roof Fund
This designated fund represents amounts set aside for the provision for future roofing repairs.
Fire Door Repair Fund
This designated fund was created to set aside a fund for future provision for the installation and repair of the fire doors within the property. Last year £35,000 was transferred to the general fund.
Boiler Refurbishment Fund
This designated fund reflects amounts set aside to complete the large works to refurbish the boilers. The works relating to the boilers was completed during the year.
continued...
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HODGKIN HOUSE LIMITED
Notes to the Financial Statements - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021
19. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2021 nor for the year ended 30 September 2020.
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HODGKIN HOUSE LIMITED
Detailed Statement of Financial Activities FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 2021 £ INCOME AND ENDOWMENTS Donations and legacies Donations 600 Investment income Reinvested dividends 332 Deposit account interest 1,291 1,623 Charitable activities Rents 302,735 Booking fee 3,142 305,877 Other income Government grants Job Retention Scheme 1,477 8,525 Storage fee 60 - Sundry receipts 45 - 1,582 Total incoming resources 309,682 295,829 EXPENDITURE Charitable activities Salaries 110,604 Social security 2,536 Pensions 1,719 This page does not form part of the statutory fnancial statements |
2020 £ - - 1,013 1,013 286,291 - 286,291 8,525 99,616 3,294 3,025 |
|---|---|
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| Equipment rental | 400 | 496 |
|---|---|---|
| Rent | 3,060 | 3,060 |
| Water & sewage | 14,154 | 11,504 |
| Insurance | 10,489 | 10,832 |
| Light and heat | 21,446 | 21,143 |
| Printing, postage & stationery | 1,288 | 1,488 |
| Sundries | - | 1,149 |
| Household | 10,322 | 12,683 |
| Property repairs | 32,420 | 26,862 |
| Major refurbishing | 64,781 | 80,527 |
| Computer and IT expenses | 4,283 | 8,542 |
| Carried forward | 277,502 | 284,221 |
This page does not form part of the statutory financial statements
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HODGKIN HOUSE LIMITED
Detailed Statement of Financial Activities FOR THE YEAR ENDED 30 SEPTEMBER 2021
| 2021 £ Charitable activities Brought forward 277,502 Equipment repairs & renewals 547 Health,safety & environmental 5,581 Welfare 1,650 Telephone & broadband 2,756 Bad debts - Subscriptions 281 Training - Grants to individuals 12,708 301,025 Support costs Management Professional fees 11,192 Bank & credit card processing 1,257 12,449 |
2020 £ 284,221 1,305 9,903 542 2,822 265 277 343 25,602 325,280 12,582 1,229 13,811 |
|---|---|
Governance costs
Auditors' remuneration
4,734 3,272
Auditors' remuneration for non audit work 726 700
5,460 3,972
Total resources expended
318,934 343,063
This page does not form part of the statutory financial statements
Page 24
Net expenditure (9,252) (47,234)
This page does not form part of the statutory financial statements
Page 24