2020-12-31-accounts

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY REGISTERED CHARITY No. 235011

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REGULATOR OF SOCIAL HOUSING No. A3527

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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

ce. KNOX CROPPER

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

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FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

INDEX

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Page

Reference and Administrative Details	1
Trustees’ Report	2-6
Independent Examiner’s Report	7
Statement of Comprehensive Income	8
Statement ofChanges in Reserves	8
Statement of Financial Position	9
Statement of Cash Flows	10
NotestotheFinancialStatements	11-19

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS

Wollaston and Pauncefort Almshouse Charity is regulated by a scheme of the Charity Commissioners of the 9th October 1980 and is administered and managed by a body of Trustees.

Wollaston and Pauncefort Almshouse Charity is a Registered Charity, No. 235011 and Registered with the Regulator of Social Housing, Registration No. A3527.

TRUSTEES

The following Trustees held office during the year and to the date of this report.

Mr R Sage (Chairman) Mr P Crowther Mr A Rose Mr A Betham Mrs T Ayodeji Mrs J Roberts

None of the Trustees had any interest in any contracts or arrangements with the Charity.

The principal officers are:

Chairman: Mr R Sage Clerk: Miss Sarah Wrightson

Professional Advisors:

Independent Examiner: James Holland-Leader FCA Knox Cropper LLP Chartered Accountants Office Suite 1, Haslemere House Lower Street, Haslemere Surrey, GU27 2PE

Bankers: TSB Bank Plc Archway Branch 19 Highgate Hill Archway London, N19 5LS

Solicitors:

Pothecary & Barratt Whitehorse Court North Street Bishops Stortford Herts, CM23 2LD

Principal Office Address: St Michael's Church South Grove London, N6 6B] Address for Correspondence: 10 Highgate Avenue London, N6 5RX

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

TRUSTEES' REPORT

The Trustees submit their report and the financial statements for the year ended 31st December 2020.

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STRUCTURE, GOVERNANCE AND MANAGEMENT

Legal Status and Constitution

The charity is governed by the Scheme of the Charity Commission dated 9th October 1980 as amended by a Scheme of 10th January 1992. The Charity’s Registered Number is 235011 and it is also registered with the Regulator of Social Housing (Registration No. A3527). The Charity is a public benefit entity.

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Trustees Appointment and Training

There are currently six Trustees to the Charity. Mr Richard Sage was re-elected Chair by the Trustees at their meeting in January 2020. The Trustees are persons who either currently reside or who have formerly resided in the locality and recruited in accordance with the aim of the Board of Trustees to provide a mix of professional skills, experience and availability to deal with day-to-day issues relating to the almshouses and their beneficiaries. New Trustees are briefed by the Board of Trustees and may attend courses run by the Almshouse Association and others if they choose. If available a Trustee attends the Almshouse Association Annual General Meeting.

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Organisational Structure

The Board of Trustees met three times during 2020 to deal with matters relating to the almshouses and their beneficiaries, strategy and policy and to ensure that any vacancies that arose were filled. The Clerk to the Charity continues to oversee the compliance responsibilities in consultation with the Trustees. The Clerk may attend the Seminars for Trustees and Clerks organised by the Almshouse Association as appropriate.

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The Trustees also confirm that they have had regard for the Charity Commission guidance in respect of public benefit when reviewing the charity’s aims and objectives and planning future activities.

Risk

The Trustees have identified the risks to which the Charity might be exposed. These are reviewed on an ongoing basis and systems are in place to minimise risk.

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

TRUSTEES’ REPORT

OBJECTIVES AND ACTIVITIES

Objects

The Wollaston and Pauncefort Almshouses were set up to provide unfurnished accommodation for people over the age of 60, with limited financial resources and who were living alone. Residents are expected to be able to live independently.

Aims

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The Charity’s aim is to ensure all the almshouses are in good decorative order, have safe, up-todate equipment and that damp and other typical building problems are eradicated. Personal requests of beneficiaries for extra items of fixtures and fittings are accommodated wherever possible.

Activities

The Charity runs six unfurnished one-bedroomed cottages in the parish of St Michael’s Highgate for elderly people. Routine maintenance has been carried out and the refurbishment of no. 15: This work was done by a group of local tradesmen commencing 10th February 2020. and practically completed on 6th April. Final payments and retention will be carried over into 2021. Full completion of the works was disrupted by the Covid-19 pandemic restrictions from 23rd March on distancing, and the closure of suppliers.

Objectives for the Year

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These were to maintain warm, dry comfortable and safe houses for the beneficiaries and to attend to any problems reported and review the financial position of the Charity.

Public Benefit

The purposes of the Wollaston and Pauncefort Almshouses Charity are of public benefit in that it provides and maintains accommodation for those with a strong association with the locality in need by reason of age and financial hardship. In doing so the trustees have paid due regard to section 4 of the Charities Act and the public benefit guidance published by the Charity Commission.

ACHIEVEMENTS AND PERFORMANCE

Main Achievements

A new resident was able to take possession of cottage no. 15 on 6th April 2020 following an extensive refurbishment. Interest free grants from the Almshouse Association, Highgate School and Lady Gould’s charity totalling £52,500 were carried over from 2019 and with the Interest free loan from the Trustees: these paid for the refurbishment of the 2 cottages (29 & 15), The trustees consider that the refurbishment was carried out to a high standard. As a result, the Trustees felt able to increase the weekly maintenance charge in respect of that Almshouse to a rate considerably in excess of the other almshouses owned by the charity. This increase will assist the Trustees in their aim of building up the Reserves of the Charity.

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

TRUSTEES' REPORT

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Main Achievements (continued)

The Almshouses operate a continuous policy of repair and refurbishment as necessary to ensure compliance with the Decent Homes Standards. Unfortunately, this was rather disrupted by the Coronavirus pandemic, but emergencies were continued to be remedied.

The Trustees reviewed the financial position at each of their meetings during the year.

Value for Money (VFM)

Each year the Charity uses a range of data to measure VFM progress against the housing sector. The results help influence investment decisions and provide the regulators and other stakeholders with information on the progress of the Charity, whilst also ensuring compliance with the regulatory VFM standard. The metrics have been compared to The Smaller Providers Benchmarking Group (SPBG) for industry comparability.

				SPBG
New supply delivered		0%	0%	0%	The Charity runs 6 unfurnished		,
					cottages. This remains as per the
					previous year.
Gearing		(5.55)%	(9.1)%	16.38%	The Charity has no borrowings, having repaid loans of £30,000 in the year.
EBITDA MRI		The Charity undertook significant) (61,665)%	9,338.14%	250.5%	refurbishment work in the year which was funded by grants received in the
					prior year. The Charity also had
					interest free loans which have now
					been repaid in full.
Social Housing Cost Per Unit		£6,227	£8,928	£4,597	Significant refurbishment costs in the year in comparison to the small}
					number of properties held by the
					Charity.
Operating Overall	Margin	21.19%	156.41%	17.52%	The operating margin overall returns j;to a level fairly consistent with industry standard, reflecting the small
					number of units and careful
Social Housing Lettings only		17.39%	(75,88)%	18.1%	monitoring of costs. The prior year reflected grants received for
					refurbishment works.
ROCE		0.76%	6.52%	2.35%	The Charitydeals in social lettingsonly and has minimal liabilities.
					This reflects refurbishment works
Reinvestment		3.22%	2.71%	3,62%	undertaken in the year and is
					consistent with reinvestment by other
					smallproviders.

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

TRUSTEES' REPORT

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Value for Money (VFM) (continued)

These key performance indicators reflect the results for the year ended 31st December 2020, highlighting the refurbishment work undertaken in the year via grants and interest-free loans.

The Trustees intend to continue with their existing investments, (subject to funding requirements of planned refurbishment works) maintaining its favourable social housing cost per unit, and delivering overall efficiency.

FINANCIAL REVIEW

Results for the Year

The Charity returned a surplus for the year amounting to £8,385 compared to a £45,841 surplus in the preceding year. The main contributory factors to the decrease were significant grants received in 2019 for refurbishment works, and increased voids while the works took place.

The operating surplus was boosted by the gain on the market value of investments amounting to £2,626. This resulted in an increase in reserves from £292,204 to £300,589. The two loans of £15,000 were repaid during the year.

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Reserves policy

Wollaston and Pauncefort Almshouse Charity keeps reserves for the maintenance of their ancient buildings which are used as almshouses and used for the welfare of residents. The Charity will aim to maintain a minimum balance of £15,000 in their current account for the upkeep of the buildings. In addition, maintenance contributions receivable from residents will be reviewed annually. The Trustees will also review transfer of funds for investments annually.

Going Concern and Deficits

There are no matters of going concern or deficit to report. The Interest-free loans of £30,000 that were raised by the Board of Trustees to provide funding in advance for the work to nos. 29 & 15, were repaid in 2020. New grants will need to be found for necessary works in 2021.

Investment policy

It is the Charity’s policy to invest any surplus funds in secure investments.

PLANS FOR THE FUTURE

The Trustees intend to continue with their existing investments. The Trustees continue to look for opportunities to raise any necessary funding from grants.

It is proposed to continue to manage the properties ourselves for a trial period, so retaining the full WMC from residents for this purpose.

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

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TRUSTEES' REPORT

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Regulator of Social Housing and Charity legislation require Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of Wollaston and Pauncefort Almshouse Charity and of the surplus or deficit for that period. In preparing those financial statements, the Trustees are required to;

• select suitable accounting policies and then apply them consistently;

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• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for maintaining an adequate system of internal control and keeping proper accounting records which disclose with reasonable accuracy, at any time the financial position of Wollaston and Pauncefort Almshouse Charity and to enable them to ensure that the financial statements comply with the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2019 and the Charities Act 2011: They are also responsible for safeguarding the assets of Wollaston and Pauncefort Almshouse Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm that they have provided the Independent Examiners with all the information and explanations they require for their Independent Examination.

BY ORDER OF THE BOARD

Mr R Sage (Chairman)

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18th May 2021

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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF

WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

Independent examiner's report to the trustees of Wollaston and Pauncefort Almshouse Charity

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I report to the charity trustees on my examination of the accounts of Wollaston and Pauncefort Almshouse Charity (the Trust) for the year ended 31st December 2020.

This report is made to the Trustees, as a body, in accordance with the terms of my engagement. Our work has been undertaken so that we might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees, as a body, for our work or for this report.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

A blland-becclel

James Holland-Leader FCA Knox Cropper LLP . Chartered Accountants Office Suite 1, Haslemere House Lower Street Haslemere Surrey, GU27 2PE

Date:

A Tene. 102

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED

31ST DECEMBER 2020

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			2020	2019
	Notes		£	£
TURNOVER	2		26,353	23,128
Operating Expenditure	3		(21,769)	(40,678)
Other Income	6		1,000	53,725
(Loss) on disposal of fixed assets			(1,671)	(1,971)
OPERATING SURPLUS			3,913	34,204
InvestmentIncome			1,866	1,992
Interest Payable	7		(20)	(215)
Gain on revaluation of investment assets	li		2,626	9,860
SURPLUSAND TOTAL COMPREHENSIVE INCOMEFORTHEYEAR			£8,385	£45,841
STATEMENT OF CHANGES IN		RESERVES
Balance at ist January 2020			292,204	246,363
Surplus from Statement ofComprehensive Income			8,385	45,841
Balanceat31stDecember2020			£300,589	£292,204

Wollaston and Pauncefort Almshouse Charity has not acquired or discontinued any significant activities during the above two financial years.

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

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STATEMENT OF FINANCIAL POSITION

AS AT 31ST DECEMBER 2020

----- Start of picture text -----
Notes 2020 2019
£ £ £ £
FIXED ASSETS
Housing Properties
Depreciated Cost 10 426,761 412,842
Other
Investments 1i 72,189 68,880
498,950 481,722
CURRENT ASSETS
Debtors 12 802 580
Cash at Bank 23,679 67,981
24,481 68,561
Less:
CREDITORS: Amounts falling due
Within one year 13 (8,837) (25,890)
NET CURRENT ASSETS 15,644 42,671
CREDITORS: Amounts falling due
After more than one year 14 (214,005) (232,189)
TOTAL NET ASSETS £300,589 £292,204
CAPITAL AND RESERVES
Unrestricted Reserves 16 300,589 292,204
£300,589 £292,204
----- End of picture text -----

These Financial Statements were approved by the Trustees on 18th May 2021 and signed on their behalf by: 4 é ‘a MrR Sage (Chairman) i wcel (Trustee) ( Amc dose)

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WOLLASTON AND PAUNCEFORT	ALMSHOUSE			CHARITY
STATEMENT OF CASH		FLOWS
AS AT 31ST DECEMBER 2020
			Notes	2020	2019
				£	£
NET CASH GENERATED FROM OPERATING
ACTIVITIES			A	5,941	41,768
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible fixed assets				(21,406)	(18,841)
Proceeds from the sale of tangible fixed assets				-	-
Additions/Accumulated income on investments				(683)	(812)
Investment Income				1,866	1,992
TOTALCASHFLOWSFROM INVESTING ACTIVITIES				£(20,223)	£(17,661)
CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid				(20)	(215)
Repayment of Loans				(30,000)	(2,345)
New Loans				~	30,000
TOTALCASHFLOWS FROM FINANCING ACTIVITIES				£(30,020)	£27,440
NETCHANGE IN CASHAND CASH EQUIVALENTS				(44,302)	51,547
CASH AND CASH EQUIVALENTSAT BEGINNING
OFTHEYEAR				67,981	16,434
CASH AND CASH EQUIVALENTSATENDOF THEYEAR				£23,679	£67,981
A CASH FLOWS FROM OPERATING ACTIVITIES
Surplus for the year				8,385	45,841
Depreciation net ofSHG Release				1,623	750
Investment Income				(1,866)	(1,992)
Interest Payable				20	215
(Increase)/decrease in Debtors				(222)	2,357
(Decrease)/Increase in Creditors (Gains)/losses on Investments				(1,044) (2,626)	2,486 (9,860)
Losses/(gains) on disposal of fixed assets				1,671	1,971
				£5,941	£41,768
B ANALYSIS OF CHANGES IN NET DEBT
At 1t January				At 315* December
2020	Cash		Flows	2020
£		£		£
Cash 67,981 Loans falling due		(44,302)		23,679
within 1 year (15,405)		15,405		-
Loans falling due
after more than 1 year (15,000)		15,000		-
£37,976		£(13,897)		£23,679

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

1. PRINCIPAL ACCOUNTING POLICIES

2. a. Status of the Charity Wollaston and Pauncefort Almshouse Charity is a registered Charity, No. 235011, and is also registered with the Regulator of Social Housing, Registration No. A3527.

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A description of the nature of the Charity’s operations and its principal activity is disclosed in the Report of the Trustees. The charity’s registered office is stated on page 1.

The presentational currency of the financial statements is the Pound Sterling (£).

b. Basis of Accounting:

The financial statements have been prepared in accordance with the Statement of Recommended Practice for Social Housing Providers 2018, in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland. Wollaston and Pauncefort Almshouse Charity is a public benefit entity and applies FRS 102 accordingly. The accounts comply with the Charities Act (2011), the Housing and Regeneration Act (2008), the Accounting Direction for Private Registered Providers of Social Housing in England 2019. The accounts are prepared on the historical cost basis of accounting.

c. Turnover:

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Turnover represents maintenance contributions receivable from residents. Income is recognised on an accruals basis.

d. Housing Properties: Wollaston and Pauncefort Almshouse Charity properties were constructed in the mid 18th Century. The construction and Improvement costs of the Housing Properties were funded by a Housing Corporation (now Homes and Communities Agency) grant, a mortgage loan from The Royal Bank of Scotland secured by a charge on housing, land and buildings and from Wollaston and Pauncefort Almshouse Charity's own resources.

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Housing properties are stated at depreciated cost. The cost of completed housing properties is depreciated over the life of the properties.

In accordance with the requirements of SORP 2018, properties are accounted for on a component cost basis with each component being depreciated over its estimated economic life. The principal components identified and the depreciation rate applied to each component are set out below:

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

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FOR THE YEAR ENDED 31ST DECEMBER 2020

1. PRINCIPAL ACCOUNTING POLICIES (continued)

d. Housing Properties (continued)

Years Fabric 100 Roof 70 Electrics 40 Windows and Doors 30 Bathrooms 30 Mechanical Systems 30 Kitchens 20 Boilers 15

All properties are reviewed for impairment annually and where housing properties have suffered a permanent diminution in value, the fall in value is recognised after taking account of any related capital grants.

e. Social Housing Grant: Where developments have been financed wholly or partly by social housing grant, the grant is shown in creditors and amortised over the life of the components of the building in accordance with the SORP 2018.

Social Housing grant is repayable in the following circumstances:

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(i) If a property is sold (ii) If the development of a property is not completed.

f. Capitalisation of Interest: Interest on the mortgage loan financing a development is capitalised up to the date of practical completion of the scheme.

• g. Cyclical Repairs and Maintenance: Wollaston and Pauncefort Almshouse Charity has established a regular programme of cyclical repairs and maintenance. Costs are charged to the Income and Expenditure Account in the year in which they are incurred.

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• h. Extraordinary Repairs: Costs of Extraordinary Repairs, unless representing improvements to the properties, are charged to the Income and Expenditure Account in the year in which they are incurred.

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31ST DECEMBER 2020

1. PRINCIPAL ACCOUNTING POLICIES (continued)

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• i. Capital Reserve: This represents primarily that proportion of the cost of properties which was financed by charitable donations and the Charity own resources,

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• j. Value Added Tax: Wollaston and Pauncefort Almshouse Charity is not registered for Value Added Tax. In these Financial Statements, where applicable, expenditure is shown inciusive of VAT.

• k. Apportionment of Management Expenses: Finance and Administration costs are apportioned between Management and Services on the 50:50 basis.

• |. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

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• m. Cash at bank and in hand Cash at bank and cash in hand Includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1. Financial instruments The charity has financial assets and financial 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective Interest method.

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1. PRINCIPAL ACCOUNTING POLICIES (continued)

WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31ST DECEMBER 2020

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• p. Concessionary Loans Concessionary loans are initially measured at the amount received or paid and recognised in the statement of financial position. In subsequent years, the carrying amount of concessionary loans in the financial statements is adjusted to reflect any accrued interest payable or receivable. To the extent that a loan that has been made is irrecoverable, an impairment loss shall be recognised in income and expenditure.

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• q. Significant Management Judgements and Estimation Uncertainties The following are the critical judgements and key sources of estimation uncertainty that the Board has made in the process of applying the charity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements:

Identification ofhousing property components

The charity accounts for its expenditure on housing properties using component accounting. Under component accounting, the housing property is divided into those major components which are considered to have substantially different useful economic lives. Judgement is used in allocating property costs between components (land, structure, kitchens, bathrooms etc) and in determining the useful economic lives of each component. Housing property depreciation is calculated on a component by component basis. The identification of such components is a matter of judgement and may have a material impact on the depreciation charge. The components selected are those which reflect how the major repairs to the property are managed.

Amortisation ofgovernment grants

Government grants received for housing properties are recognised in income over the useful life (as identified for the depreciation charge) of the housing property structure (excluding land), on a pro rata basis under the accrual model.

1. TURNOVER

TURNOVER
	2020	2019
	£	£
Gross Maintenance Contributions	24,240	18,660
Losses from voids	(2,080)	(735)
Net Maintenance Contributions	22,160	17,925
Released Social Housing Grant	4,193	5,203
	£26,353	£23,128

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST DECEMBER 2020

4.	DIRECTORS' EMOLUMENTS
	The Directors are defined as the Trustees.
	None of the Directors received any emoluments.
		2020	2019			.
	The total expenses reimbursed to the Directors
	not chargeable to United Kingdom Tax	£24,621	£2,354
5.	EMPLOYEE INFORMATION
	Wollaston and Pauncefort Almshouse Charity does not employ any staff.
6.	OTHER INCOME
		2020	2019
		£	£
	Grants and donations	1,000	53,500
	Miscellaneous income	-	225		.
		£1,000	£53,725
7.	INTEREST PAYABLE AND SIMILARCHARGES
		2020	2019
		£	£	:
	On Loans wholly or partly repayable
	in between one and two years	£20	£215
8.	SURPLUS ON ORDINARYACTIVITIES BEFORE TAXATION
	Surplus on Ordinary Activities before Taxation
	Is stated after charging:
	Depreciation - Housing Properties	£5,816	£5,953
	Independent Examiner’s Remuneration (including VAT)	£1,650	£1,620
9.	TAXATION

Wollaston and Pauncefort Almshouse Charity is a Registered Charity and is, therefore, exempt from liability to taxation on its Income and Capital Gains.

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WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31ST DECEMBER 2020

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10.	FIXED ASSETS
			2020	2019
			£	£
	Freehold Housing Properties
	Carrying Amount
	At 1st January 2020		525,005	513,831
	Additions		21,406	18,841
	Disposals		(7,667)	(7,667)
	At 31st December 2020		538,744	525,005
	Less: Depreciation
	Balance broughtforward at 1st January	2020	112,163	111,906
	Charge for the year		5,816	5,953
	On disposals		(5,996)	(5,696)
	Balance carried forward at 31st December 2020		111,983	112,163
	Net Book Value:
	At 3istDecember 2020		£426,761	£412,842
11.	INVESTMENTS
	Market Value		2020	2019
			£	£
	At 1st January 2020		68,880	58,208
	Additions/Accumulated Dividends		683	812
	Disposal Proceeds		-	-
	Unrealised (Loss)/Gain on Investments		2,626	9,860
	Balance at 31st December 2020		£72,189	£68,880	_
			2020	2019
		Market	Market
		Value	Cost Value	Cost
		£	£ £	£
	The Investments comprise the following
	407 (2019:407) Charinco Income shares	802	500 776	500
	17,813 (2019: 17,813) NAACIF Income
	Shares	14,896	12,400 16,098	12,400
	184 (2019:184) COIF Accumulated units	37,867	7,546 34,482	6,863
	1,009 (2019: 1,009) COIF Income
	Shares	18,132	1,618 17,038	1,618
	392 (2019:392) Charibond CIF Income
	Shares	4920 8H BGS 8
	Balanceat31stDecember2020	£72,189	£22,439 £68,880	£21,756

Page 18

WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

	FORTHE YEAR ENDED 31ST DECEMBER 2020	FORTHE YEAR ENDED 31ST DECEMBER 2020
12.	DEBTORS
		2020	2019
		£	£
	Prepayments	547	580
	Arrears of Maintenance Contributions	255	-
		£802	£580
13.	CREDITORS
					.
	Amounts falling due within one year:
	Mortgage loan repayable within one year	-	405
	Capital Grants (note 15)	4,193	5,203
	Other Loans	-	15,000
	Other Creditors and Accruals	4,384	4,772
	Maintenance Contributions in advance	260	510
		£8,837	£25,890
	The mortgage loan has been repaid.
14.	CREDITORS
		2020	2019
		£	£
	Amounts falling due after more than one year:
	Capital Grants (note 15)	214,005	217,189
	Concessionary Loans	-	15,000
		£214,005	£232,189
	The concessionary loan from the Clerk to the Charity has been repaid.
15.	CAPITAL GRANTS
		2020	2019
		E	E
	Aggregate Amount received
	At ist January 2020
	And 31st December 2020	336,545	336,545
	Released to Statement of Comprehensive Income
	At 1st January 2020	(114,154)	(108,951)
	Released in the year At 31st December 2020	(4,193) (118,347)	(5,203) (114,154)
	SocialHousingGrantCarryingValue	£218,198	£222,391	.

Page 19

WOLLASTON AND PAUNCEFORT ALMSHOUSE CHARITY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31ST DECEMBER 2020

16.	UNRESTRICTED RESERVES		Investment
		General	Revaluation	Designated
		Funds	Reserve	Funds	Total
		£	£	£	£
	Balance at 1stJanuary 2020 Surplus for the year	72,091 5,759	47,125 2,626	172,988 -	292,204 8,385
	Balanceat31stDecember2020	£77,850	£49,751	£172,988	£300,589

The designated reserve represents that proportion of the cost of properties which was financed by charitable donations and the Charity’s own resources.

17.	INVESTMENT REVALUATION RESERVE	2020	2019
		£	E
	Balance Brought Forward Movement in MarketValue ofInvestments	47,125 2,626	37,265 9,860
		£49,751	£47,125
18.	UNITS IN MANAGEMENT
		2020	2019
		No.	No.
	Unfurnishedcottagesinmanagement	6	6

19, CAPITAL COMMITMENTS

There were no capital commitments at the 31* December 2020 (2019: ENil).

20. CONTINGENT LIABILITIES

At 31% December 2020 and 2019, there were no known contingent liabilities,

21. ACCOMMODATION DETAILS

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At 31% December 2020 and at 31% December 2019 the Charity had six one bedroom terraced cottages in management.

1. RELATED PARTY TRANSACTIONS

The Clerk to the Charity received £1,000 in the year to 31: December 2020 (2019: £1,000). This was donated back to the Charity by the Clerk.

During 2019 the Clerk and Chair of the Board of Trustees each made loans to Wollaston and Pauncefort Almshouse Charity amounting to £15,000 each. The balance on the loans at 315 December 2020 totalled ENil.