2021-06-30-accounts - Meggs' Almshouse Charity

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Trustee, Independent Examiner and Bankers
Report ofthe Board ofTrustee	4-5
Report ofthe Independent Examiner
Balance Sheet
Statement of Financial Activities
Notes to the Financial Statements	9-15

1.The chanty is the Meggs' Almshouse Chenly with the charity number 234706
2. Meggs' Almhouse Charity is an almshouse charity regulated by a scheme ofthe Charity Commission	dated 1960as varied		on the			29th	August
1980,6th March 1989, and 30th Msy 2003.
3.The charity has a single corporate trustee which delegates its authority to an appropriate person on a day-to-day basis.		Forthis reason						there are
no policies and procedures required for the recruitment, appomtment or induction ofnew trustees.
Statement ofTrustee responsibilities in respect ofthe gnancial statements
The Trustee present their report and reviewed financtal statements for the year ended 30June 2021.
The Trustee is responsible for preparing tha Trustees Report and the financial statements in accordance with applicable law			and Ursted				Krngdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England &Wales requires the trustee to prepare financial statements	for each financial year			which		give	a	true and
lair view ofthe state of sffarrs ofthe charity and of the incomrng resources and application of resources	ofthe charity for that		period. In preparing
these financial statements, the trustee is required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
.make judegments and estimates that are reasonable and prudent;
~state whether applicabls accounting standards have been followed, subject to sny material departures	disclosed and explained				in	the finandal
statements;
prepare the financral statements on the going concern basis unless it is inappropriate to presume that	the charity will continue				in operation.
The Trustee is responsible for keeping accounting records that disclose with reasonable accuracy al any arne the financial		position				ofthe charity snd
enable them to ensure that the financial statements comply with the Charities Act 2011,the Chanty (Accounts Reports) Regulations						2008 and trust
deed. They are also responsible for safeguarding the charittfs assets and hence for taking reasonable	steps for the prevention				and	detecfion offraud
and other irregularities.
The Trustee confirms that they have complied with their duty under section 17ofthe Charities Act 2011 regarding publtc benefit					guidance		published
by the Charity Commission.
The Trustee confirms that they have complied with all relevant laws and regulations.
Results and review ofthe year
During the year, the Charity generated an income of867,418(2020:872,250) and spent f51,432 (2020:844,028), resultmg			m	a surplus			of	f15,985
(2020.828,222)for the year.
Spending this year decreased due to prior year investment m maintenance works to improve key property equipments and		components such ss
communal boiler and heating system, fire protection equipment and conducting electncal testing snd fire nsk assessment.		Maintenance and service
costs have been considerably lower due to the reduction of works and communal services dufing the first Covid-19 lockdown				period. The communal
services and maintenance works have resumed and are done within the government social distancing	requirements. The effect				ofthis has			been
factored mto next year's budgets. The trustees have had regard to the Chanty Commission's guidance	on public benefrt.
There was an unrealised gam m investments of66,989 in line with general stock market trends.
Resenres policy
At year-end, total charity funds are at 8303,207 (2020:f280,232) of which 66,183(2020.66,183)relates to an endowment		reserve.				The	Trustees
consider that the charity should hold reserves equal to 12 months' running costs. The current reserves	are sufficient.

			Notes	2021 6	2020f
Tangible fixed assets
Tangible Assets- housing	properties			230,061	235,498
Tangible Assets - equipment				40,917	36,926
Investments				65,360	58,390
				336,358	330,814
Current Assets
Debtors				2,109	12,259
Cash and cash equivalents				77,322	76,972
				79,431	89,231
Less: creditors
Amounts falling due within	one year		7a	(51,391)	(76,710)
Net current assets I(liabilities)				28,040	12,521
Total assets less current liabilities				364,398	343,335
Creditors
Amounts falling due after	more than one year		7b	(61,191)	(63,103)
Total Net Assets				303,207	280,232
Capital and Reserves
Permanent Endowment Fund				6,163	6,163
Unrestricted Income:
Accumulated Surplus			9	235,341	219,356
Designated - Property Finance			10	24,602	24,602
Designated - Cyclical Maintenace		Fund	10	7,824	7,824
Designated - Extraordinary	Repair	Fund	10	29,257	22,267
				303,207	280,232

			STATEMENT OF FINANCIAL ACTIVITIES	STATEMENT OF FINANCIAL ACTIVITIES	STATEMENT OF FINANCIAL ACTIVITIES	STATEMENT OF FINANCIAL ACTIVITIES
				FOR THE YEAR ENDED 30JUNE		2021
					Notes	2021f	2020 8
						TotelFunds	TotalFunds
Income from:
Charitable activities						67,034	71,937
Investments					12	384	313
Total income						67,418	72,250
Expenditure on
Expenditure resources from:
Chadtable activities					13	51,432	44,028
Total expenditure						51,432	44,028
Net incomel(expenditure)		before		other recognised	gainsl(losses)	15,986	28,222
Other recognised	gains/(losses):
Unrealised gain on	investment		assets			6,989	3,215
Net movement in	funds					22,975	31,437
Operating surplus/deficit
Total funds brought	forward	at	I July			280,232	248,795
Total funds carded	forward at		30June			303,207	280,232

Housing Properties
)he charity separately identifies the major components that comprise lls housing	properties and charges		depreciation	to write down		the
cost ofeach component to ils estimated residual value, an s straight line basis, over its estimated		useful	economic life.
The Chadity depreciates the major components ofits housing properties, at rates	calculated to write offthe cost, over			the following	lives
.Land —Indefinite
Housing properlies —original strucfure -100years straight line
Housing Properties —improvements to skucture —50years
.Housing properties equipment- other components - 12to 30years strarght line
Capital government grants
Where refurbishments have been financed wholly or partly by capital grants, the amount ofthe grant received has been included					as
deferred income end recognised in Turnover over the estimated useful kfe ofthe	associated asset structure (not lend), under the				accruals
model. Capital grant received for items of cost written ofiin the Statement ofFinancial Acttviees		is included as pari ofTurnover.
Where individual components are disposed of and this does not create a relevant	event for recyoling purposes, any grant allocated					to the
component is released to the income and expenditure account. Upon disposal of	the assoaatsd	properly the charity		is required to recycle
these proceed, as such a contingent liability is disclosed to retlect this
Oebtors
Amounts receivable (or paid in advance) at the end ofthe penod are included in the financial statements			under debtors. These mclude
invoiced service and prepaid expenditure.
Amounts payable atthe end ofthe penod ars mduded in the financial statements	under amounls	paysbls within or after one year as
appropriate. This includes amounts due to suppfiers and acorued expenditure (due but not invoiced). These ere measured at amortised
cosL
Investments
Investments are recognised initially st fair value which is nonnagy Ihe transaction	pnce excluding	transaction costs.		Subsequently,		they
sre measured at fair value with changes recognised in 'net gains / (losses) on investments in the		SoFA	if the shares	are publicly	traded or
their fair value can otherwise be measured reliably.
Going Concern
The trustees consider that there are no material uncertamties about the Chanty's	ability to continue as a going concern.
Judgements and key sources ofestimation uncekalnty
The preparation ofthe financial statements requires judgements, estimates and	assumptions that affect the amounts			reported for assets
and fiabilities ss atthe balance sheet date and the amounts reported for revenues and expenses		during	the year. However, the		nature of
estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving
estimates) have had an effect on amounts recognised in the financtal statements;
Tangible fixed assets are dspreasled over their useful lives taking tnlo account residual values,		where	appropnate.	The actual lives ofths
assets and residual values are assessed annually and may vary depending on a	number offactors. In		re-assessing	asset lives,	factors
such ss technological innovatton, product life cycles and maintenance programmes are considered. Residual value				assessments consider
Issues such as future market condifions, Ihe remaining life ofthe asset and projected disposal values.
Financial Instruments
Fmandial instruments such as accounts peyablss, accounts receivables and cash are SassTiied		either	as beam or complex. Afi financial
instruments are initially measured at their fair values at the time the transactions	occur. Subsequently,		basic tnsWmsnts are measured				et
amortised cost and ag complex financial instruments are measured atsfair value through profit		and loss.
Financial inslruments held by the charity are classifie as follows
Fixed asset investments are held at fair value through profit or loss
Cash and cash equivalents are held at cost.
Flnanasl assets and liabilities are held at amortised cost using the effective Interest method.

3.TANGIBLE FIXEDASSETS —HOUSING	PROPERTIES
	Property	Property	Total
		Improvementf
Cost
At 1 July 2020	24,6D4	259,530	284,134
Additions(Sales
As at 30June 2021	24,604	259,53D	284,134
Depreciation
At 1 July 2020 Charge for the year	(19,951) ~247	(28,685)	(46,636) ~5,438
As at 30June 2021	(2D,198)	(SL876)	(54,074)
Net book value at 3DJune 2021	4,4D6	225,655	230,061
Net book value at 1 July 2020	4 653	230,845	235,498

4.TANGIBLE FIXEDASSETS —HOUSING PR	OPER1Y EQUIPISENT
	2021
	f
Cost at 1 July Additions Disposals As at 30June	53,359 6,751 ~1,589 58,521
Depreciation
As at 1 July	(16,433)
Charge for the Year	(2,759)
Disposal	1,589
	(17,604)
Net book value at 30June	40,917
Net book value at 1 July	36,926
5.INVESTMENTS
	2021	2020
	5	f
Fair Value as at 1 July	58,39D	55,175
Additions
Dispose(a
Revaluation	6,99D	3,215
Fair Value as at 30June	65,380	58,399
Cost as at 30June	13,018	13,018

				2021	2020
					f
Amounts	falling		due within one year
Rent/service charge smears				6,527	3,613
Less: provision		for doubfful debts		(4,418)	(2,799)
				2,109	315
Other debtors					11,444
				2,109	12,250
Ta.CREDITORS
				2021 f	2020 f
Amounts	falling	due within one year
Amount	Owed	to L&Q Group		38,394	61,101
Prepaid	Rent			7,421	10,289
Welfare	benefit		&rent adjustment	567	567
Grarits				1912	1912
Accruals	and deferred income			2,216	2,841
Deferred	income creditors			882
				51,391	76,710
lb. CREDITORS
				2021 f	2020 f
Amounts	falling	due 6/ter one year
Social Housing		Grant
At 1st July				65,015	66,927
Amortised	in the		period	(1,912)	(1,912)
As st 30	Juns			63,103	65,015
To be amortised			in less than one year (note 7a)	1,912	1,912
To be amortised			in more than one year	61,191	63,103
				63,103	65,015

											2021	2020
												6
This represents the value ofthe investment					in 1988. The use ofthis fund				is	limited	6,183	6,183
and can only be used to	generate		income from the Trust.
9.ACCUMULATED
SURPLUSES											2021	2020
Opening Balance											219,356	191,134
Surplus/(Deficit) for the year											22,975	31,437
Transfened in designated		reserves									(6,989)	(3,215)
Spend from designated reserves
Closing Balance											235,341	219,356
These surpluses are readily available				at the Trustees		disposal
10.DESIGNATED RESERVES					Property Finance		Extraordinary F d Repairs und			Cyclical Maintenance Fund	2021	2020
								6		f
Balance brought forward	at 1 July					24,602	22,260			7,824	54,694	51,476
Transfers from accumulaled		surpluses					6,989				6,989	3,215
Spent in the year
Balance carried forward	at	30June				24,602	29,257			7,824	61,683	54,691

11.INCOMING RESOURCES	11.INCOMING RESOURCES	FROM CHARITABLE ACTIVITIES	FROM CHARITABLE ACTIVITIES	FROM CHARITABLE ACTIVITIES	2021	2020
					6	6
Charges receivable	(including	service charges)			66,641	72,739
Void losses					(1,519)	(2,714)
Capital grants					1,912	1,912
					67,034	71,937
12.INCOME FROM INVESTMENTS					2021 f	2020 6
Dividends received	from listed	investments	and authorised	units	384	313
Bank interest
					384	313
13.EXPENDITURE	ON CHARITABLE ACTIVITIES				2021	2020
Repairs					13,907	5,496
Rates, insurance and services					26,609	29,420
Management fees					5,641	5,493
Other expenses					3,657	2,034
Governance costs (note 14)					1,538	1,585
Totalresources expended					51,432	44,028
14.GOVERNANCE	COSTS				2021	2020
					6	f
Independent examiners fee (excluding VAT).					1,281	1,321
					1,281	1,321

					Unrestdimed		Permanent	Endowment	Total
Analysis ofnet assets between funds					funds		furtd
					f.			2	2
Fund balances at 30	June 2021 ers		represented	by.
Tangible fixed assets					336,358				336,358
Current assets					73,248			6,183	79,431
Creditors —amounts	falling	due within one year			(51,391)				(51,391)
Creditom —amounts	falling	due after one year			(61,191)				(61,191)
					297,023			6,183	303,206
18.FINANCIAL INSTRUMENTS
Atthe balance sheet date the Charity had the				following:		2021		2020
						8
Financial Assets
Measured at amortised cost
Rent and smvice charge arrears						6,527		3,613
Other debtom								11,444
Measured at rest
Cash at bank and in	hand measured		atcost			77,322		76,972
Finennai assets measured		through	profiuloss
Fixed asset inveslmenls						65,380		56390
Financial Liabilities
Prepaid Rent						7,421		10,289
Accruals and deferred income						2,216		2,841
Other credhors						40,872		63,580