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|Contents||||||
|---|---|---|---|---|---|
||||||Page|
|Trustees,|Registered||Office and Advisers|||
|Report of|the|Trustees|||2 —9|
|Independent||Auditor's||Report|10—11|
|Statement|of|Financial||Activities|12|
|Balance Sheet|||||13|
|Statement|of|Cash Flows|||14|
|Notes to the Financial||||Statements|1S—22|
##
|Trustees:||Mr S Holland|(Chair)|(Chair)||||
|---|---|---|---|---|---|---|---|
|||The Very Reverend||J|Lepine|||
|||Mrs JSimpson||||||
|||Reverend
M 5 Evans||||||
|||The Reverend|A Garrow|||||
|||Mr M Wright||||||
|||Mr A Kempston-Parkes||||||
|||Mr A McPhee||||||
|||Mr JAce||||(appointed|15January 2020)|
|||||||(resigned|28September 2020)|
|||Mr P Foskett||||(appointed|28September 2020)|
|Registered|Office:|Crown Chambers||||||
|||Princes Street||||||
|||Harrogate||||||
|||HG1 1NJ||||||
|Registered|Number:|Charity: 236424||||||
|||Regulator ofSocial Housing||||(RSH):A0746||
|||Almshouse
Association|||Member Number; 0203|||
|External Auditors:||Beever and Struthers||||||
|||Statutory
Auditor||||||
|||St George's House||||||
|||215-219Chester Road||||||
|||Manchester||||||
|||M15 4JE||||||
|Bankers:||CAF Bank||||||
|||25 Kings Hill Avenue||||||
|||Kings
Hill||||||
|||West Mailing||||||
|||Kent||||||
|||ME194JQ||||||
|||Yorkshire
Bank||||||
|||21James Street||||||
|||Harrogate||||||
|||North Yorkshire||||||
|||HG1 1QU||||||
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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.||||||||||||||
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|||||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|
##
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|||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|
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|UELs for identified|UELs for identified|components|components|are as follows:|are as follows:|
|---|---|---|---|---|---|
|Structure|||||80years|
|Roofs|||||70years|
|Windows|and doors||||30years|
|Kitchens|||||20 years|
|Bathrooms|||||25 years|
|Boilers|||||15years|
|Electrical and heating|||installations||25 years|
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|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||
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|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|
||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|
||||||||6|6|
||The investments
comprise:||||||||
||Listed||||NAACIF income shares||314,341|326,238|
|12.|Debtors||||||2020|2019|
||||||||f|6|
||Amounts|falling due||within||one year:|||
||Weekly|maintenance||charge||in arrears|||
||Less: Provision||for bad debts||||||
||Prepayments
Other debtors||and accrued||income||1,791|2,310|
||||||||1,791|2,310|
|13.|Cash and|cash|equivalents||||2020|2019|
||||||||6|f|
||Cash at bank||||||178,056|159,017|
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|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|
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|Anal|ysis|ofchanges
in net debt|||||
|---|---|---|---|---|---|---|
||||At 1|||At 31|
||||January||Other non-|December|
||||2020|Cash flows|cash changes|2020|
|Cash|at|bank|159,017|19,039||178,056|
||||159,017|19,036||178,056|