REGISTERED CHARITY NUMBER: 238993 REGULATOR OF SOCIAL HOUSING NUMBER: A3456
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2021
for
ST JOSEPH'S ALMSHOUSES
ST JOSEPH'S ALMSHOUSES
Contents of the Financial Statements for the Year Ended 31 December 2021
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 20 |
| Detailed Statement of Financial Activities | 21 to 22 |
ST JOSEPH'S ALMSHOUSES
Reference and Administrative Details for the Year Ended 31 December 2021
TRUSTEES Rev. S Middleton P Abdo Mrs M L Benton M F J Coleby PRINCIPAL ADDRESS C/o St Mary's Rectory Draycott Terrace London SW3 2QR REGISTERED CHARITY 238993 NUMBER REGULATOR OF SOCIAL A3456 HOUSING NUMBER
INDEPENDENT EXAMINER Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD CLERK TO THE TRUSTEES Muriel Akahi INVESTMENT BROKERS CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET M & G Investments PO Box 9038 Chelmsford Essex CM99 2XF BANKERS HSBC PLC 69 Pall Mall London SW1Y 5EY SOLICITORS Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR
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ST JOSEPH'S ALMSHOUSES
Report of the Trustees for the Year Ended 31 December 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity exists to maintain and manage 10 almshouses in its ownership for poor persons of good character who are members of the Roman Catholic Church.
The Trustees have the objective of keeping all the properties and gardens in good condition, thereby providing a comfortable and safe environment for each resident.
Significant activities
2021 saw a continuation of a process which started the previous year whereby the residents are getting more involved with the operations of the Charity and the welfare of fellow residents, taking on activities that were previously undertaken by Trustees or the Clerk. This development allows the Clerk to focus on the administration of the Charity.
In September the first, of what is hoped will be many residents' tea party was held. Initiated by a resident was well attended and enjoyed by all. Throughout the year greater use was made of the conservatory with its new furniture and fittings.
There has been no turnover of residents during the year and thankfully all of the residents remained safe and Covid-free.
Public benefit
The charity provides public benefit by providing accommodation to those who are unable to afford market rents. By being in close contact with these individuals the charity can ensure their health and wellbeing is protected.
Grantmaking
It is not the policy of the Trustees to make grants.
FINANCIAL REVIEW
Financial position
The Charity's financial performance for 2021 shows a surplus for the year of £58,085 compared to a surplus of £10,531 in the previous year. This difference results largely from unrealised gains on investments for the period amounting to £39,648 compared to unrealised losses in 2020 of £16,015.
There has been no turnover of residents during the year, meaning no voids on properties during the period (2020: £1,450).
The Balance Sheet has shown an increase in reserves of £58,085, being the surplus for the year. This is represented by an increase in unrestricted funds of £60,468 and a decrease in restricted funds, amounting to the depreciation of the social housing grant element of housing properties, of £2,383.
Investments at market value have increased by £49,088 as a result of accumulated dividends for the year of £9,439, and unrealised gains on revaluation of £39,649.
Investment policy and objectives
The Charity's Cyclical Maintenance Fund, Extraordinary Repairs Fund and Endowment Fund are invested in low risk investments managed by professional managers on behalf of the National Association of Almshouses Common Investment Fund and COIF Charities Investment Fund.
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ST JOSEPH'S ALMSHOUSES
Report of the Trustees for the Year Ended 31 December 2021
FINANCIAL REVIEW
Reserves policy
Reserves are essential to maintain the fabric and services of the almshouses and will be related to the five-year surveys that will be carried out in future, as well as allowing for extraordinary expenses that could arise in future, given the age of the buildings.
The Trustees consider the present reserves are adequate and will maintain the present reserves with an addition to meet building costs' inflation. Setting aside annually the amounts greater than those advised by the National Association of Almshouses for Extraordinary Repairs, and Cyclical Maintenance will do this.
These amounts will be set at the same time as the draft annual budget and will be reviewed at each meeting of the Trustees.
Going concern
The Board has reasonable expectation that the charity has adequate resources to continue operations for the foreseeable future. For this reason, the going concern basis has continued to be used in preparing the financial statements. The Board has considered the impact of Covid-19 on the short and long term health of the charity, and is content that the measures taken, together with a robust budget provides assurance that the going concern basis is appropriate in preparing the financial statements.
FUTURE PLANS
Security and safety continue to be a concern to the residents. During 2021 a new Entry phone system was installed, together with a new CCTV system which covers the approach (archway) and the Courtyard. During 2022 attention will be paid to securing the frontage to the Almshouses.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is governed by a scheme dated 24th March 1964. The Charity's Registered Number is 238993 and it is also registered by the Regulator of Social Housing (Number A3456).
Charity constitution
St. Joseph's Almshouses and the Endowment Fund is regulated by a scheme of the Charity Commissioners and administered and managed by a body of Trustees.
Recruitment and appointment of new trustees
Trustees are appointed by the Cardinal Archbishop of Westminster, the Chairman of the Trustees being the Parish Priest of St Mary's, Chelsea. New Trustees are inducted by the Board but are able to attend courses run by the Almshouse Association and others.
Organisational structure
The charity is administered by its Trustees, with assistance for the day to day running of the charity from the Clerks to the Trustees.
The Board of Trustees met twice in 2021to oversee the management of the charity and to determine its priorities.
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.
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ST JOSEPH'S ALMSHOUSES
Report of the Trustees for the Year Ended 31 December 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT Internal Controls
The Trustees acknowledge their responsibility for the Charity's system of internal controls, including internal financial controls. The system of controls covers governance, strategy and finance, relating to the safeguarding of assets, the maintenance of proper accounting records and the reliability of financial information used both within the organisation and for publication. The systems established and maintained can provide reasonable but not absolute assurance against material misstatement or loss.
The Trustees give consideration to the major risks to which the charity is exposed and have reviewed the established systems and procedures to manage these risks. It has been agreed that the Trustees will annually review these risks.
Key management remuneration
The trustees receive no remuneration for their services other than the reimbursement of out-of-pocket expenses.
Risk management
The Trustees give consideration to the major risks to which the charity is exposed and have reviewed the established systems and procedures to manage these risks. It has been agreed that the Trustees will annually review these risks.
The Board's focus in the year was on the below principal risks:
Maintaining Properties to Decent Homes Standards
Reports are made to the Board and each meeting to ensure all properties and inspections are up to date. A programme of works is in place for component replacements.
Maintaining good service levels to residents
St Joseph's Almshouses adopts an open forum of communication between residents and key management personnel. During the year the residents became more involved with the operations of the Charity and the welfare of fellow residents, providing key feedback to Trustees.
Covid-19 Global Pandemic
The Board continue to monitor the outbreak and UK Government advice, together with corresponding with residents. There was no turnover of residents in the year, but the regular monitoring of voids and arrears has been identified as a key risk.
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ST JOSEPH'S ALMSHOUSES
Report of the Trustees for the Year Ended 31 December 2021
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 Housemark sector scorecard published by the National Housing Federation.
| Metric | 2021 | 2020 | Housemark Scorecard |
Commentary | |
|---|---|---|---|---|---|
| New supply delivered |
0% | 0% | 0.90% | The Charity has 10 Almshouses in management. This remains as per the previous year, with no new supply of social housing or new supply of non-social housing. |
|
| Gearing | (12.00)% | (6.91)% | 33.82% | The Charity has minimal borrowings compared to industry standard. |
|
| EBITDA MRI | 12,710.50% | 10,608.84% | 216% | The Charity has only minor borrowings and minimal interest in the year. |
|
| Social Housing Cost Per Unit |
£3,459 | £3,440 | £3,891 | The charity has done well to monitor expenditure in the year, particularly in respect of repairs and maintenance costs, which were able to be kept to a minimum. |
|
| Operating Margin Overall Social Housing Lettings only |
25.51% 14.06% |
34.04% 15.95% |
23.54% 25.49% |
As a Charity, St Joseph’s Almshouses receives a significant level of income from its investments, which produced £9,529 in 2021, thus impacting the operating margin. This income also underwrites part of the charity’s operating costs. |
|
| ROCE | 1.95% | 2.99% | 3.10% | This is particularly low due to the minimal liabilities of the charity. |
|
| Reinvestment | 0% | 0% | 5.10% | 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. |
Overall these key performance indicators reflect the results for the year ended 31st December 2021 in comparison to the industry sector scorecard, demonstrating financial strength and robust asset management.
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ST JOSEPH'S ALMSHOUSES
Report of the Trustees for the Year Ended 31 December 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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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 keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Housing and Regeneration Act 2008, the Accounting Direction for Private Registered Providers of Social Housing 2019, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 10 June 2022 and signed on its behalf by:
Rev. S Middleton - Trustee
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Independent Examiner's Report to the Trustees of St Joseph's Almshouses
Independent examiner's report to the trustees of St Joseph's Almshouses
I report to the charity trustees on my examination of the accounts of St Joseph's Almshouses (the Trust) for the year ended 31 December 2021.
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').
Having satisfied myself that the accounts of the Charity are not required to be audited under Section 136(3) of the Housing and Regeneration Act 2008, an independent examination has been carried out.
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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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or section 135(2)(a) of the Housing and Regeneration Act 2008; or
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the accounts do not accord with those records; or
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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 have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
James Holland-Leader FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD
Date: 10 June 2022
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ST JOSEPH'S ALMSHOUSES
Statement of Financial Activities for the Year Ended 31 December 2021
| Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 100 Charitable activities 3 Housing Activities 62,640 Investment income 2 9,528 Total 72,268 EXPENDITURE ON Charitable activities Housing Activities 51,449 Net gains/(losses) on investments 39,649 NET INCOME/(EXPENDITURE) 60,468 RECONCILIATION OF FUNDS Total funds brought forward 709,478 TOTAL FUNDS CARRIED FORWARD 769,946 |
Restricted Endowment fund fund £ £ - - - - - - - - 2,383 - - - (2,383) - 157,455 1,125 155,072 1,125 |
2021 Total funds £ 100 62,640 9,528 72,268 53,832 39,649 58,085 868,058 926,143 |
2020 Total funds £ 75 61,190 16,713 77,978 51,432 (16,015) 10,531 857,527 868,058 |
|---|---|---|---|
The notes form part of these financial statements
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ST JOSEPH'S ALMSHOUSES
Balance Sheet 31 December 2021
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 10 330,420 Investments 11 419,462 749,882 CURRENT ASSETS Debtors 12 1,858 Cash at bank 44,505 46,363 CREDITORS Amounts falling due within one year 13 (8,894) NET CURRENT ASSETS 37,469 TOTAL ASSETS LESS CURRENT LIABILITIES 787,351 CREDITORS Amounts falling due after more than one year 14 (17,405) NET ASSETS 769,946 FUNDS 16 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
Restricted fund £ 155,072 - 155,072 - - - - - 155,072 - 155,072 |
Endowment fund £ - 1,125 1,125 - - - - - 1,125 - 1,125 |
2021 Total funds £ 485,492 420,587 906,079 1,858 44,505 46,363 (8,894) 37,469 943,548 (17,405) 926,143 769,946 155,072 1,125 926,143 |
2020 Total funds £ 492,858 371,499 864,357 7,051 24,885 31,936 (7,446) 24,490 888,847 (20,789) 868,058 709,478 157,455 1,125 868,058 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 10 June 2022 and were signed on its behalf by:
S Middleton - Trustee
M L Benton - Trustee
The notes form part of these financial statements
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ST JOSEPH'S ALMSHOUSES
Notes to the Financial Statements for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The accounts comply with the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing in England 2019.
The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements are presented in sterling, which is the functional currency of the Charity and are rounded to the nearest pound.
The accounts have been prepared to give a 'true and fair view' and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16th July 2014 rather than the Accounting and Reporting by Charities Statement of Recommended Practice effective from 1st April 2005 which has since been withdrawn.
Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
Critical accounting judgements and key sources of estimation uncertainty
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 of housing 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.
Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income from housing represents housing contributions from weekly maintenance charges from residents.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
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ST JOSEPH'S ALMSHOUSES
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES - continued
Income
Investment income is earned through holding assets for investment purposes such as shares. It included dividends and interest. Where it is not practical to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the Charity's right to receive payment is established.
Social Housing Capital grants are recognised only when receivable, or in the period in which a scheme is completed and where the amount of the grant has been determined. Grants are reflected in the restricted Housing Property Fund with depreciation on grant funded assets reducing this fund.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Housing properties
St. Joseph's Almshouses were constructed in the late Nineteenth Century and there is no record of the original cost and no value is attributed thereto. The Housing Properties costs relate to improvements carried out since 1985, which were funded by a Housing Corporation Grant, a mortgage loan from the Royal Bank of Scotland and from St. Joseph's Almshouses' own resources.
Housing properties are stated at depreciated cost. The cost of completed housing properties is depreciated over the life of the properties. 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:
| Years | |
|---|---|
| Fabric | 100 |
| Roof | 70 |
| Electrics | 40 |
| Windows and doors | 30 |
| Bathrooms | 30 |
| Mechanical systems | 30 |
| Kitchens | 20 |
| Boilers | 15 |
Furniture, Fittings and Equipment
Depreciation on Furniture, Fittings and Equipment has been provided in order to write off the cost over its expected useful life on a reducing balance basis. The rate used for this purpose is 25%.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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ST JOSEPH'S ALMSHOUSES
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES - continued
Fund accounting
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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.
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.
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.
Financial instruments
The charity only 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.
Investments
Investments are a form of basic financial investment and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.
2. INVESTMENT INCOME
| Investment income Deposit account interest |
2021 £ 9,523 5 9,528 |
2020 £ 16,627 86 16,713 |
|---|---|---|
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ST JOSEPH'S ALMSHOUSES
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
3. INCOME FROM CHARITABLE ACTIVITIES
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Gross maintenance contributions from residents | 62,640 | 62,640 | |||
| Losses from voids | - | (1,450) | |||
| 62,640 | 61,190 | ||||
| 4. | SUPPORT COSTS | ||||
| Governance | |||||
| Management | Finance | costs |
Totals | ||
| £ | £ | £ | £ | ||
| Housing Activities | 6,920 | 230 | **1,692 ** | 8,842 | |
| Support costs, included in the above, are as follows: | |||||
| Management | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Clerks' fees | 6,135 | 5,760 | |||
| Sundries | 241 | 250 | |||
| Subscriptions | 544 | 521 | |||
| 6,920 | 6,531 | ||||
| Finance | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Bank charges | 11 | - | |||
| Loan | 219 | **251 ** | |||
| 230 | 251 | ||||
| Governance costs | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Independent Examination | **1,692 ** | 1,620 |
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ST JOSEPH'S ALMSHOUSES
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
6. STAFF COSTS
Key Management personnel are defined as the Trustees and the Clerk to the Trustees. None of the Trustees received any emoluments or reimbursement of expenses.
| The emoluments of the Clerk to the Trustees, who was also the highest paid Director, were as follows |
2021 £6,135 |
2020 £5,760 |
|---|---|---|
The average monthly number of employees during the year was as follows:
7.
| Clerk No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds fund £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 75 - Charitable activities Housing Activities 61,190 - Investment income 16,713 - Total 77,978 - EXPENDITURE ON Charitable activities Housing Activities 48,963 2,469 Net gains/(losses) on investments (16,015) - NET INCOME/(EXPENDITURE) 13,000 (2,469) |
2021 1 Endowment fund £ - - - - - - - |
2020 1 Total funds £ 75 61,190 16,713 77,978 51,432 (16,015) 10,531 |
|---|---|---|
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ST JOSEPH'S ALMSHOUSES
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
8.
| Unrestricted funds £ RECONCILIATION OF FUNDS Total funds brought forward As previously reported 696,478 Prior year adjustment - As restated 696,478 TOTAL FUNDS CARRIED FORWARD 709,478 SOCIAL HOUSING ACTIVITIES Turnover from Social Housing Operating costs of Social Housing Operating surplus and surplus on Social Housing activities |
Restricted Endowment fund fund £ £ - 1,125 159,924 - 159,924 1,125 157,455 1,125 2021 £ 62,640 (53,832) **8,808 ** |
Restricted Endowment fund fund £ £ - 1,125 159,924 - 159,924 1,125 157,455 1,125 2021 £ 62,640 (53,832) **8,808 ** |
Total funds £ 697,603 159,924 |
|---|---|---|---|
| 857,527 | |||
| 868,058 | |||
| 2020 £ 61,190 (51,432) 9,758 |
|||
9. SOCIAL HOUSING GRANT
The total Social Housing Grant received for St Joseph's Almshouses as at 31st December 2021 amounted to £286,266 (2020: £286,266).
The full Capital Grant would only become repayable if the Almshouses were disposed of and the grant was not recycled.
| Aggregate amount received At 31st December 2021 and 31st December 2020 Released to Statement of Financial Activities At 31st December 2021 and 31st December 2020 Social Housing Grant Carried forward |
£ 286,266 (286,266) - |
|---|---|
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ST JOSEPH'S ALMSHOUSES
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
10. TANGIBLE FIXED ASSETS
| COST At 1 January 2021 Additions At 31 December 2021 DEPRECIATION At 1 January 2021 Charge for year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Housing properties £ 616,168 - 616,168 131,329 14,104 145,433 470,735 484,839 |
Fixtures and fittings £ 28,106 11,657 39,763 20,087 4,919 25,006 14,757 8,019 |
Totals £ 644,274 11,657 655,931 151,416 19,023 170,439 485,492 492,858 |
|---|---|---|---|
The above details in respect of Housing Properties relate to improvements carried out since 1985, which were funded by Housing Corporation Grants of £286,266 and a Mortgage Loan of £26,893 which was repaid with interest over thirty years from 1st August 1986. The balance was provided from St. Joseph's Almshouses' own resources.
11. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 January 2021 | 371,499 |
| Revaluations | 39,649 |
| Accumulated dividends reinvested | 9,439 |
| At 31 December 2021 | **420,587 ** |
| NET BOOK VALUE | |
| At 31 December 2021 | **420,587 ** |
| At 31 December 2020 | 371,499 |
There were no investment assets outside the UK.
Accumulation share dividends are reinvested in the charity’s investment portfolio. This income assists the capital growth of the investments each year and is therefore not immediately available to contribute to the operations of the charity.
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ST JOSEPH'S ALMSHOUSES
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
11. FIXED ASSET INVESTMENTS
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Market | Market | |||||
| Value | Cost |
Value | Cost | |||
| £ | £ | £ | £ | |||
| The Investments comprise the following: | ||||||
| 2,642 (2020: 2,642) M&G Charity Multi Asset | ||||||
| Fund Income Shares (E.F) | 2,408 | 1,125 | 2,209 |
1,125 | ||
| 516.14 (2020: 516.14) COIF Accumulation | ||||||
| Shares (E.R.F) | 124,996 | 39,305 |
106,425 | 37,445 | ||
| 2,487.3 (2020: 2,487.3) M&G Charity Multi | ||||||
| Asset Fund Accumulation Shares (E.R.F) | 260,429 | 192,741 |
230,114 | 185,165 | ||
| The Charities Deposit Fund (C.M.F) | 32,754 | 32,754 | 32,751 | 32,751 | ||
| Balance at 31 December 2021 | 420,587 | 265,925 |
371,499 | 256,486 | ||
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Prepayments and accrued income | 1,858 | 7,051 | ||||
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN | ONE YEAR | ||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Trade creditors | 243 | - | ||||
| Other creditors | **8,651 ** | 7,446 | ||||
| **8,894 ** | 7,446 | |||||
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER | MORE THAN ONE YEAR | ||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Other creditors | 17,405 | 20,789 | ||||
| 15. | LOANS | |||||
| An analysis of the maturity of loans is given below: | ||||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Amounts falling due within one year on demand: | ||||||
| National Association of Almshouses Loan | **3,384 ** | 3,351 | ||||
| Amounts falling between one and two years: | ||||||
| Other loans - 1-2 years | 3,416 | 3,384 | ||||
| Amounts falling due between two and five years: | ||||||
| Other loans - 2-5 years | 13,989 | 17,405 |
The National Association of Almshouses Loan is unsecured and interest free.
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ST JOSEPH'S ALMSHOUSES
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
16. MOVEMENT IN FUNDS
| At 1.1.21 £ Unrestricted funds General fund 376,550 Investment Revaluation Fund 115,013 Cyclical Maintenance Fund 32,750 Extraordinary Repairs Fund 185,165 709,478 Restricted funds Housing Property Fund 157,455 Endowment funds Endowment Fund 1,125 TOTAL FUNDS 868,058 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 64,688 (51,449) Investment Revaluation Fund - - Cyclical Maintenance Fund 4 - Extraordinary Repairs Fund 7,576 - 72,268 (51,449) Restricted funds Housing Property Fund - (2,383) TOTAL FUNDS 72,268 (53,832) |
Net movement At in funds 31.12.21 £ £ 13,239 389,789 39,649 154,662 4 32,754 7,576 192,741 60,468 769,946 (2,383) 155,072 - 1,125 58,085 926,143 Gains and Movement losses in funds £ £ - 13,239 39,649 39,649 - 4 - 7,576 39,649 60,468 - (2,383) 39,649 58,085 |
|---|---|
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ST JOSEPH'S ALMSHOUSES
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Investment Revaluation Fund Cyclical Maintenance Fund Extraordinary Repairs Fund Restricted funds Housing Property Fund Endowment funds Endowment Fund TOTAL FUNDS |
At 1.1.20 £ 362,446 131,028 32,664 170,340 696,478 - 1,125 697,603 |
Prior year adjustment £ - - - - - 159,924 - 159,924 |
Net movement in funds £ 14,104 (16,015) 86 14,825 13,000 (2,469) - 10,531 |
At 31.12.20 £ 376,550 115,013 32,750 185,165 709,478 157,455 1,125 868,058 |
|---|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| 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 |
| 77,978 | (48,963) | (16,015) | 13,000 | |
| Restricted funds | ||||
| Housing Property Fund | - | (2,469) | - | (2,469) |
| TOTAL FUNDS | 77,978 | (51,432) | (16,015) | 10,531 |
Cyclical Maintenance Fund (C.M.F.)
This fund represents amounts set aside for cyclical maintenance to meet costs in excess of budgeted expenditure for any year.
Extraordinary Repairs Fund (E.R.F.)
This represents amounts set aside to carry out future major repairs to Housing Properties.
Investment Revolution Reserve
This represents the difference between the market value and cost of investments
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ST JOSEPH'S ALMSHOUSES
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
16. MOVEMENT IN FUNDS - continued
Housing Property Fund
This represents the social housing grant received from the Housing Corporation for property improvements to the Almshouses since 1985. Depreciation on housing properties is charged to this fund over the life of the components of the building.
Endowment Fund
This fund was set up in a declaration of trust dated 24th April 1890. Income arising from investments of the endowment fund shall be applied for the general purposes for the charity.
17. RELATED PARTY DISCLOSURES
During the year ended 31st December 2021, no Trustee had any interest in any contract or arrangement with the Charity.
The Clerk to the charity is under contract of employment with St Mary's Cadogan Street, Chelsea. The time spent in administering St Joseph's Almshouses by the Clerk is recharged by St Mary's to St Joseph's Almshouses. This amounted to £6,135 in the year (2020: £5,760). At the 31st December 2021 St Mary's Cadogan Street was due to be reimbursed from St Joseph's Almshouses £Nil (2020: £Nil).
18. UNITS IN MANAGEMENT
The Charity had 10 units in Management during the year. (2020: 10)
Page 20
ST JOSEPH'S ALMSHOUSES
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 100 | 75 |
| Investment income | ||
| Investment income | 9,523 | 16,627 |
| Deposit account interest | 5 | 86 |
| 9,528 | 16,713 | |
| Charitable activities | ||
| Housing Activities | 62,640 | 61,190 |
| Total incoming resources | 72,268 | 77,978 |
| EXPENDITURE | ||
| Charitable activities | ||
| Rates and water | 1,438 | 1,448 |
| Insurance | 3,097 | 2,998 |
| Light and heat | 8,266 | 8,084 |
| Telephone | 1,001 | 414 |
| Property repairs & maintenance | 8,389 | 8,680 |
| Cleaning & gardening | 1,305 | 1,497 |
| Alarm costs | 2,463 | 3,122 |
| TV licence | 8 | 8 |
| Depreciation of housing properties | 14,104 | 14,104 |
| Fixtures and fittings | 4,919 | 2,675 |
| 44,990 | 43,030 | |
| Support costs | ||
| Management | ||
| Clerks' fees | 6,135 | 5,760 |
| Sundries | 241 | 250 |
| Subscriptions | 544 | 521 |
| 6,920 | 6,531 | |
| Finance | ||
| Bank charges | 11 | - |
| Loan | 219 | 251 |
| 230 | 251 | |
| Governance costs | ||
| Independent Examination | 1,692 | 1,620 |
This page does not form part of the statutory financial statements
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ST JOSEPH'S ALMSHOUSES
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Total resources expended | **53,832 ** | 51,432 |
| Net income | 18,436 | 26,546 |
This page does not form part of the statutory financial statements
Page 22