**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
Page 2
**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.
Page 2
**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.
Page 3
**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.
Page 4
**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.
Page 5
**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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- 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
Page 6
**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:
1. 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
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 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
Page 7
**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
Page 8
**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
Page 9
**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).
Page 10
continued...
**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.
Page 11
continued...
**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|
|---|---|---|
Page 12
continued...
**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**|
Page 13
continued...
**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|
|---|---|---|
Page 14
continued...
**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) **
**-**|
|---|---|
Page 15
continued...
**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.
Page 16
continued...
**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.
Page 17
continued...
**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**|
|---|---|
Page 18
continued...
**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
Page 19
continued...
**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
Page 21
**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