2020-12-31-accounts - Rogers' Almshouses

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Value for money ("VFM")metrics				Actual 2020	Actual 2019		Actual 2018	Actual 2018	Target 2021	Target 2020		Sector Median			sector Mean
Reinvestment%				3.0%	0.0%			0.0%	66.6%	51.5%		2.3%			4.9%
New supply delivered (social housing	units) %			0.096	0.0%			0.0%	7.1%	7.1%		0.0%			2.6%
New supply delivered ( Non social housing units) 96				0.0%	0.0%			0.0%	0.0%	0.0%		O.OY			0.0%
Gearing%			No debt No debt				No debt		No debt	No debt		(7)%			(5)9I
EBITOA MRI Interest Cover 96			No debt No debt				No debt		No debt	No debt		256%		1,377%
Headline socia I housing cost per unit			E	2,905 E	3,680 E			4,245	E 3,903	E 3,882 E 3,680				E	4,675
Operating Margin (social housing Iettings		only)96		28.2%	3.2%			3.19f	6.2%	3.8%		24.8%			14.4%
Operating Margin (overall)%				28.2%	3.2Y			3.1%	6.2%	3.8%		28.0%			23.5Y
Return on capital employed (ROCE) %				2.6%	0.3%			0.3%	0.6%			2.4%			2.1%
The VFM metrics record the Trustees' intention			to create an		additional			unit at the existing Almshouse site						as noted
earlier in this report. We had expected to complete				the additional		unit	during		2020 but	the intervention ofthe					Covid-
19pandemic and a short delay to	obtain grant funding			support	have	resulted in			work commencing		in 2021. As			the table
above shows, we expect to complete		this project in the current			year.	The		result	we intend	to be an	increase		in	our units
from 14to 15(a 7.1%increase) at	a	cost ofapproximately 6180,000				which		is 66.6%ofthe		value of	the	Charity's		existing
fixed asset base. Please note, the	value ofthe existing properties is,					the	Trustees believe,			considerably		in excess ofthe
cost value reported in the Charity's		balance sheet.

				Unrestricted
				Funds	Total Funds	Total Funds
				2020	2020	2019
			Notes
Income from:
Charitable activities —social		housing		69,366	69,366	63,520
Investments				9,263	9,263	12,517
Total income				78,629	78,629	76,037
Expenditure on:
Charitable activities —social		housing		(49,825)	(49,825)	(61,478)
Total expenditure				(49,825)	(49,825)	(61,478)
Net gains/(losses)	on investments			(19,697)	(19,697)	38,096
Net (expenditure)/income		and
net movement in funds				9,107	9,107	52,655
Reconciliation offunds:
Total funds brought	forward			747,749	747,749	695,094
Total funds carried	forward			756,856	756,856	747,749

					2020		2019
			Notes
Fixed assets
Tangible fixed assets Investments			10 11		270,438 314,341		271,589 326,238
Current assets					584,779		597,827
Debtors Cash and cash equivalents			12 13	1,791 178,056		2,310 159,017
Less:				179,847		161,327
Creditors: amounts	falling due
within one year			14	(7,770)		(11,405)
Net current assets					172,077		149,922
Total assets less current		liabilities			756,856		747,749
Total net assets					756,856		747,749
Funds ofthe chaiity
Unrestricted funds:
Unrestricted general Social Housing Grant	fund fund		15 15		548,901 207,955		539,794 207,955
Total charity funds					756,856		747,749

		2020		2019
Net cash generated from operating activities
(see Note 1below)	25,559			15,901
Cash flow from investing activities
Purchase oftangible fixed assets Purchase ofinvestments Interest and similar income received	(7,984) (7,800) 9,263		(550) (10,986) 12,517
		1,463		981
Net change In cash and cash equivalents Cash and cash equivalents at beginning ofthe year		19,038 159,017		16,882 142,135
Cash and cash equivalents at end ofthe year		178,055		159,017
Note 1
Net income/(expenditure) for the year		9,107		52,655
Adjustments for non-cash items:
Depreciation oftangible fixed assets Decrease in trade and other debtors Increase/(decrease) in trade and other creditors (Gain)/loss on revaluation offixed asset investments		9,135 519 (3,635) 19,697		9,152 1,101 3,606 (38,096)
Adjustments for investing or financing activities:
Interest and similar income received		(9,263)		(12,517)
Net cash generated from operating activities		25,559		15,901

3.	Income from charitable activities		Unrestricted	Funds	Unrestricted	Funds
				2020		2019
	Weekly maintenance charge Service charge income plus water Less: Voids	rates		69,825 4,949 (5,408)		65,918 4,140 (6,538)
	Total Income from charitable activities			69,366		63,520
4.	Investment Income		Unrestricted	Funds	Unrestricted	Funds
				2020		2019
						E
	8ank interest received			94		162
	Income on fixed asset investments			9,169		12,355
				9,263		12,517
5.	Expenditure on charitable activities		Unrestricted	Funds	Unrestricted	Funds
				2020		2019
				E		E
	Management costs Service charge costs Routine maintenance Depreciation gad debts			30,565 8,156 9,931 9,134 24		29,059 8,764 13,692 8,970 993
	Total expenditure on charitable activIties		57,809			61,478
	Net income for the year			2020		2019
				E		6
	Net Income for the year is stated after charging:
	Auditor's remuneration (excluding	VAT):
	In their capacity as auditors In respect ofother services			2,595 510		1,677 508
	Depreciation of housing properties Depreciation offixtures and fittings			8,970 165		8,970 182
7.	AccommodatIon managed by others			2020		2019
			Number ofproperties		Number ofproperties
	General Housing			14		14
					19(Page

and travel, subsistence and stationery	and travel, subsistence and stationery	expenses incurred In the	execution ofthei	r duties.
Tangible fixed assets		SocIal Housing
		Properties for
		LettIng	Assets Under	Fixtures &
		Completed	Construction	Fittings	Total
Cost				E	E
At 1ianuary 2020 Additions		405,755	7,984	4,641	410,396
Disposals
At 31December 2020		405,755	7,984	4,641	410,396
Depreciation
At 1January 2020 Charge for the year		134,822 8,970		3,985 165	138,807 9 135
Eliminated on disposals
At 31December 2020		143,792		4,150	147,941
Net book value
At 31December 2020		261,963	7,984	491	270,438
At 31December 2019		270,933		656	271,589
Housing properties	comprise:
Freeholds Long leasehold					261,963
					261,963

		Usted
Valuation		investments	Total
		6
At 1January 2020 Additions Unrealised gains/loss	in year	326,238 7,800 (19,697)	326,238 7,800 (19,697)
At 31December 2020		314,341	314,341

14.	Creditors: amounts falling	Creditors: amounts falling	due within one year	due within one year	due within one year	due within one year		2020	2019
								E	E
	Trade creditors Weekly maintenance charge			paid in	advance			277	8,099
	Accruals and deferred income							7,493	3,306
								7,770	11,405
	Included in accruals and	deferred income ofE7,493(2019:E6,298) is deferred						income of:
								2020	2019
								E	E
	Deferred income brought forward Income released in the year Amounts deferred in the year								1,108 (1,108)
	Deferred income carried	forward
5.	AnalysIs ofcharitable funds
			At	1January		Income	Expenditure	Gain	At 31December
				2020				on investments	2020
					E		E	E	E
	Unrestricted funds
	Unrestricted general fund Social Housing Grant fund			539,794 207,955		78,629	(57,809)	(19,697)	540,917 207,955
				747,749		747,749	(57,809)	(19,697)	748,872