2020-12-31-accounts - St Joseph's Almshouses

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Metric		2020	2019 as restated	SPBG 2020	Commentary
New supply		0%	0%	0%	The Charity	has 10 Almshouses in
delivered					management.	This remains as per the
					previous year, with no new supply of
					social housing or new supply of
					non-social housin .
Gearing		(6.91)%	(7.00)%	16.38%	The Charity	has minimal borrowings
					corn ared to	indust standard.
EBITDA	MRI	10,854.31%	9,000.71%	250.5%	The Charity	has only minor borrowings
					and minimal	interest in the ear.
Social Housing		F3,440	F3,772	E4,597	The charity	has done well to monitor
Cost Per	Unit				expenditure	in the year, particularly in
					respect of	repairs and maintenance
					costs, which	were able to be kept to a
					minimum.
Operating	Margin	16.05%	12.99%	17.52%	As a Charity,	St Joseph's Almshouses
Overall					receives a significant level of income
					from its Investments, which produced
Social Housing		16.36%	12.64%	18.1%	616,713 in	2020, thus impacting the
Lettings	only				operating margin. This income also
					underwrites	part of the charity's
					operating costs. Lower maintenance
					costs in 2020 has resulted in an
					improvement	compared to industry
					standard.
ROCE		1.11%	0,94%	2.35%	This is particularly low due to the
					minimal liabilities ofthe charit .
Reinvestment		0%	0%	3.62%	Following the	major refurbishment works
					undertaken in recent years, no capital
					improvements	were required. The
					trustees are	satisfied that the properties
					have been	maintained to a good
					standard.

					2020	2019
		Unrestricted	Restricted	Endowment	Total	Total
		funds	fund	fund	funds	funds
						as restated
	Notes	E
INCOME AND
ENDOWMENTS FROM
Donations and legacies		75			75	900
Charitable activities
Housing Activities		61,190			61,190	62,640
Investment income		16,713			16,713	8,877
Total		77,978			77,978	72,417
EXPENDITURE ON
Charitable activities
Housing Activities		48,963	2,469		51,432	55,289
Net gains/(losses) on investments		$16,015)			$16,015)	41,717
NET
INCOME/(EXP ENDITURE)		13,000	(2,469)		10,531	58,845
RECONCILIATION OF
FUNDS
Total funds brought
forward
As previously reported		696,478		1,125	697„603	798,682
Prior year adjustment			159,924		159,924
As restated		696,478	159,924	1,125	857,527	798,682
TOTAL FUNDS CARRIED
FORWARD		709,478	157,455	1,125	868,058	857,527

					2020	2019
		Unrestricted	Restricted	Endowment	Total	Total
		funds	fund	fund	funds	funds
						as restated
	Notes	F
FIXED ASSETS
Tangible assets	12	335,403	157,455		492,858	509,637
Investments	13	370,374		1,125	371,499	355,894
		705,777	157,455	1,125	864,357	865,531
CURRENT ASSETS
Debtors	'i4	7,051			7,051	1,580
Cash at bank		24,885			24„885	29,580
		31,936			31,936	31,160
CREDITORS
Amounts falling due within
one year	15	(7,446)			(7,446)	(15,024)
NET CURRENT ASSETS		24,490			24,490	16,136
TOTAL ASSETS LESS
CURRENT LIABILITIES		730,267	157,455	1,125	888,847	881,667
CREDITORS
Amounts falling due after
more than one year	16	(20,789)			(20,789)	(24,140)
NET ASSETS		709,478	157,455	1,125	868,058	857,527

FUNDS		18
Unrestricted	funds
Restricted	funds
Endowment	funds
TOTAL FUNDS

709,478	696,478
157,455	159,924
1,125	1,125
888,058	857,527

3.	INCOME FROM	CHARITABLE	CHARITABLE	ACTIVITIES
						2020	2019
						f	as restated f
	Gross maintenance Losses from voids		contributions	from residents	62,640 ~1,455)		62,640
						61,190	62,640
4.	CHARITABLE ACTIVITIES COSTS
					Direct	Support
					Costs (see	costs (see
					note 5) f	note 6) f	Totals f
	Housing Activities				43,030	8,402	5ll,432
5.	DIRECT COSTS	OF	CHARITABLE ACTIVITIES
						2020	2019
							as restated
						f	f
	Rates and water					1,448	1,127
	Insurance					2,998	2,991
	Light and heat					8,084	8,029
	Telephone					414	379
	Property repairs	& maintenance				8„680	14,869
	Cleaning &gardening					1„497	1,020
	Alarm costs					3122	1,079
	TV licence					8	8
	Depreciation					16„779	17,671
						43,030	47,173
6.	SUPPORT COSTS
						Governance
				Management f	Finance f	costs f	Totals f
	Housing Activities			6,531	251	1„620	8,402

Management
		2020	2019
			as restated
		Housing	Total
		Activities	activities
		f
Clerks' fees		5,760	5,760
Sundries		250	201
Subscriptions		521	312
		6„531	6,273
Finance
		2020	2019
			as restated
		Housing	Total
		Activities	activities
		E	F
Loan		251	283
Governance	costs
		2020	2019
			as restated
		Housing	Total
		Activities	actwities
Independent	Examination	1,620	1,560

COMPARATIVES FOR THE STATEMENT	COMPARATIVES FOR THE STATEMENT	OF FINANCIAL	ACTIVITIES
		Unrestricted	Restricted	Endowment	Total
		funds	fund	fund	funds
					as restated
					E
INCOME AND ENDOWMENTS	FROM
Donations and legacies		900			900
Charitable activities
Housing Activities		62,640			62,640
Investment income		8,877			8,877
Total		72,417			72,417
EXPENDITURE ON
Charitable activities
Housing Activities		52,820	2,469		55,289
Net gains on investments		4'I,717			41,717
NET INCOME/(EXPENDITURE)		61,314	(2,469)		58,845
RECONCILIATION OF FUNDS
Total funds brought forward		635,164	162,393	1,125	798,682
TOTAL FUNDS CARRIED FORWARD		696,478	159,924	1,125	857,527

		As Previously
At 1stJanuary 2019		Stated	AdJustment	As Restated
		F	E
Fixed assets		812,131		812,131
Current assets		20,598		20,598
Creditors due	within one year	(9,057)	2,469	(6,588)
Creditors due	in more than one year	(187,383)	159,924	(27,459)
		636289		798682
Unrestricted Funds		635,164		635,164
Restricted Funds			(162,393)	162,393
Endowment Fund		1,125		1,125
		636289		798,682

During t	he year ended	31st Dece	mber 20	19the following adjustme	nts were made:
					2019
Surplus Reversal	for the year as of amortisation	previously of social	reported housing	grant	61,314 ~2,469I
As restated					58,845

					2020	2019
						as restated
					E
Turnover Operating	from Social Housing costs of Social Housing				61,190 ~80,816)	62,640 ~55,006)
Operating	surplus	and surplus	on Social Housing	activities	10,374	7,634

Aggregate amount	received
At 31st December	2020 and 31st December 2019

Aggregate amount received
At 31st December 2020 and 31st December 2019	286,266
Released to Statement of Financial Activities At 31st December 2020 and 31st December 2019	~286,266)

TANGIBLE FIXEDASSETS
		Fixtures
	Housing	and
	properties	fittings	Totals
		E	F
COST
At 1 January 2020 and
31 December 2020	616,168	28,106	644,274
DEPRECIATION
At 1 January 2020	117,225	17,412	134,637
Charge for year	14,104	2,675	16,779
At 31 December 2020	131,329	20,087	151,416
NET BOOK VALUE
At 31 December 2020	484,839	8,019	492,858
At 31 December 2019	498,943	10,694	509,637

13.	FIXED ASSET INVESTMENTS	FIXED ASSET INVESTMENTS	FIXED ASSET INVESTMENTS	FIXED ASSET INVESTMENTS
								Listed
								investments
								E
	MARKET VALUE
	At 1 January 2020							355,894
	Additions							15,000
	Revaluations							(16,015)
	Accumulated dividends							16„620
	At 31 December 2020							371,499
	NET BOOK VALUE
	At 31 December 2020							371,499
	At 31 December 2019							355,894
	There were no investment			assets outside the UK.
14.	DEBTORS:AMOUNTS		FALLING		DUE WITHIN ONE YEAR
							2020	2019
								as restated
								F
	Prepayments and accrued			income			7,051	1,580
15.	CREDITORS: AMOUNTS			FALLING DUE WITHIN ONE YEAR
							2020	2019
								as restated
	Other creditors						7,446	15,024
16.	CREDITORS: AMOUNTS			FALLING DUE AFTER MORE		THAN ONE YEAR
							2020	2019
								as restated
	Other creditors						20,789	24,140
17.	LOANS
	An analysis ofthe maturity			of loans	is given below;		2020	2019
								as restated
								E
	Amounts falling due	within		one year on demand:
	National Association	ofAlmshouses			Loan		3,351	3,319
	Amounts falling between one and two years: National Association ofAlmshouses Loan -1-2 years						3,384	3,351
	Amounts falling due	between two and five years:
	National Association	ofAlmshouses			Loan - 2-5 years		ll7,405	17,243
	Amounts falling due	in more than five years:
	National Association	ofAlmshouses			Loan more 5yrs			3,546
	The National Association		ofAlmshouses Loan is unsecured			and interest free.

MOVENIENT IN	FUN	D	S
					Prior	Net
					year	movement	At
				At 1.1.20	adjustment	in funds	31.12.20
				E	E
Unrestricted funds
General fund				362,446		14,104	376,550
Investment Revaluation			Fund	131,028		(16,015)	115,013
Cyclical Maintenance		Fund		32,664		86	32,750
Extraordinary Repairs			Fund	170,340		14,825	185,165
				696,478		13,000	709,478
Restricted funds
Housing Property	Fund				159,924	(2,469)	157,455
Endowment funds
Endowment Fund				1,125			1,125
TOTAL FUNDS				697,603	159,924	10,531	868,058
Net movement in	funds,		included	in the above are as follows:
				Incoming	Resources	Gains and	Movement
				resources	expended	losses	in funds
						E	E
Unrestricted funds
General fund				63,067	(48,963)		14,104
Investment Revaluation			Fund			(16,015)	(16,015)
Cyclical Maintenance		Fund		86			86
Extraordinary Repairs		Fund		14,825			14,825
Restricted funds				77,978	(48,963)	(16,015)	13,000
Housing Property	Fund				(2,469)		(2,469)
TOTAL FUNDS				77,978	)51,432)	)16,015)	10„531

Comparatives fo	r mo		veme	nt in fun	ds
							Net	Transfers
							movement	between	At
						At 1.1.19	in funds	funds	31.12.19
								F	E
Unrestricted funds
General fund						369,675	12,771	(20,000)	362,446
Investment Revaluation			Fund			89,311	41,717		131,028
Cyclical Maintenance			Fund			22,497	167	10,000	32,664
Extraordinary Repairs			Fund			153,681	6,659	10,000	170,340
						635,164	61,314		696,478
Restricted funds
Housing Property	Fund					162,393	(2,469)		159,924
Endowment funds
Endowment Fund						1,125			1,125
TOTAL FUNDS						798,682	58,845		857,527
Comparative net	movement			in funds,	included	in the above	are as follows:
						Incoming	Resources	Gains and	Movement
						resources	expended	losses	in funds
						F		.F
Unrestricted funds
General fund						65,591	(52,820)		12,771
Investment Revaluation			Fund					41,717	41,717
Cyclical Maintenance		Fund				167			167
Extraordinary Repairs			Fund			6,659			6,659
						72,417	(52,820)	41,717	61,314
Restricted funds
Housing Property	Fund						(2,469)		(2,469)
TOTAL FUNDS						72,417	~55,289)	41,717	58,845

		2020	2019
			as restated
			F
INCOME AND ENDOWMENTS
Donations and legacies
Donations		75	900
Investment Income
Investment income		16,627	8,710
Deposit account interest		86	167
		16,713	8,877
Charitable activities
Housing Activities		61,190	62,640
Total incoming resources		77,978	72,417
EXPENDITURE
Charitable activities
Rates and water Insurance Light and heat Telephone		1,448 2,998 8,084 414	1,127 2,991 8,029 379
Property repairs 8 maintenance Cleaning &gardening		8,680 1,497	14,869 1,020
Alarm costs TV licence		3 122 8	1,079 8
Depreciation of housing Fixtures and fittings	properties	14,104 2,675	14,104 3,567
		43,030	47,173
Support costs
Management
Clerks' fees Sundries		5,760 250	5,760 201
Subscriptions		521	312
		6,531	6,273
Finance
Loan		251	283
Governance costs
Independent Examination		1,620	1,560
Total resources expended		51,432	55,289
Net income		26,546	17,128