| Generallnformation | ||
|---|---|---|
| Trustee's Report |
2-5 | |
| Independent Auditor's |
Report | 6-8 |
| Financial Statements | ||
| Statement of Financial |
Activities | |
| Balance Sheet | 10 | |
| Cash flow statement | ||
| Notes to the Financial | Statements | 12-21 |
| Detailed l&E Account |
22 |
| Notes | Unrestricted | Endowment | Total funds | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2020 | 2020 | 2020 | 2019 | |||
| INCOME | E | |||||
| Income and endowments | from: | |||||
| Investments | 17,552 | 17,552 | 22,744 | |||
| Charitable activities: |
||||||
| Residents' contributions |
339,427 | 339,427 | 330,425 | |||
| Total income | 356,979 | 356,979 | 353,169 | |||
| EXPENDITURE | ||||||
| Charitable activity |
||||||
| Almshouse accommodation |
||||||
| Services | 128,060 | 128,060 | 144,287 | |||
| Management | 66,905 | 66,905 | 59,395 | |||
| Routine maintenance | 68,945 | 68,945 | 55,918 | |||
| Depreciation | 19,447 | 19,447 | 17,288 | |||
| Maintenance —major |
items | 9,097 | 9,097 | 39,152 | ||
| Total expenditure | 4 | 273,007 | 19,447 | 292,454 | 316,040 | |
| Net income/(expenditure) | before | 83,972 | (19,447) | 64,525 | 37,129 | |
| investment gains |
||||||
| Net gains on investments | 5,278 | 5,278 | 46,699 | |||
| Net income/(expenditure) | for the | 89,250 | (19,447) | 69,803 | 83,828 | |
| year | ||||||
| Transfers between funds |
(58,395) | 58,395 | ||||
| Net movement in funds |
30,855 | 38,948 | 69,803 | 83,828 | ||
| Funds brought fonvard |
752,599 | 1,136,385 | 1,888,984 | 1,805,156 | ||
| Funds carried forward | 783,454 | 1,175,333 | 1,958,787 | 1,888,984 |
| Notes | 2020 | 2020 | 2019 | 2019 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Fixed Assets | |||||||||
| Tangible: | |||||||||
| Housing property |
1,302,944 | 1,279,220 | |||||||
| Investments | 10 | 608,497 | 603,219 | ||||||
| 1,911,441 | 1,882,439 | ||||||||
| Current Assets | |||||||||
| Debtors | 2,028 | 5,245 | |||||||
| Cash at bank | and | in hand | 187,293 | 160,669 | |||||
| 189,321 | 165,914 | ||||||||
| Creditors | |||||||||
| Amounts falling due within |
one | 12 | 30,379 | 32,532 | |||||
| year | |||||||||
| Net current | assets | 158,942 | 133,382 | ||||||
| Total assets | less current | liabilities | 2,070,383 | 2,015,821 | |||||
| Creditors: | |||||||||
| Amounts falling due after |
one year | 13 | 111,596 | 126,837 | |||||
| Net assets | 1,958,787 | 1,888,984 | |||||||
| Funds | |||||||||
| Unrestricted | Funds | 14 | 783,454 | 752,599 | |||||
| Endowment | Funds | 15 | 1,175,333 | 1,136,385 | |||||
| Total | 1,958,787 | 1,888,984 |
| 2020 | 2019 | |||||||
|---|---|---|---|---|---|---|---|---|
| Net movement in funds |
69,803 | 83,828 | ||||||
| Investment gains |
(5,278) | (46,699) | ||||||
| Deduct: investment income shown |
in investing | activities | (17,552) | (22,744) | ||||
| Add: depreciation | 19,447 | 17,288 | ||||||
| Decrease/(Increase) In debtors |
3,217 | (1,208) | ||||||
| (Decrease)/Increase in creditors (excluding |
loans) | (2,153) | 868 | |||||
| Net cash from operating activities |
67,484 | 31,333 | ||||||
| Cash flows from investing activities |
||||||||
| Investment income |
17,552 | 22,744 | ||||||
| Purchase of tangible fixed assets |
(43,171) | (55,247) | ||||||
| Net cash from Investing activities |
(25,619) | (32,503) | ||||||
| Cash flows from financing activities |
||||||||
| Repayment of loans |
(15,241) | (15,220) | ||||||
| Increase/(Decrease) in cash and cash equivalents |
in the year | 26,624 | (16,390) | |||||
| Cash and cash equivalents at the start ofthe year |
160,669 | 177,059 | ||||||
| Total cash and cash equivalents |
at the | end | of | the year | required | for | 187,293 | 160,669 |
| operational purposes |
| Staff costs: | 2020 E |
2019 f |
|---|---|---|
| Wages and salaries | 70,209 | 69,629 |
| Social security costs | 6,278 | 6,498 |
| Pension contributions | 3,135 | 3,006 |
| Other | (70) | 1,298 |
| 79,552 | 80,431 |
| Turnover | Operating | Turnover | Operating | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| costs | costs | |||||||||
| 2020 | 2020 | 2019 | 2019 | |||||||
| E | f | f | E | |||||||
| Income | and | Expenditure | from | |||||||
| Lettings | ||||||||||
| Residents' contributions |
354995 | 349,993 | ||||||||
| Less; voids | (15,568) | (19,568) | ||||||||
| Housing | Income | and expenditure | 339,427 | (289,379) | 330,425 | (312,945) | ||||
| Investment | income | 17,552 | 22,744 | |||||||
| Interest | payable | and similar | (3,075) | (3,095) | ||||||
| charges | (note 5) | |||||||||
| Total | 356,979 | (292,454 | 353,169 | 316,040 | ||||||
| Net income | 64,525 | 37,129 | ||||||||
| 5. Interest | payable | and similar charges | ||||||||
| 2020 | 2019 | |||||||||
| f | f | |||||||||
| On loans | wholly or partially | |||||||||
| repayable | in | more | than | 5years | 3,075 | 3,095 | ||||
| 6. Net income | ||||||||||
| Net incoming | resources | are stated | after | charging | 2020f | 2019 f |
||||
| Depreciation | —tangible | fixed assets | 19,447 | 17,288 | ||||||
| Auditors' | remuneration | (including | VAT) in their capacity | as | ||||||
| audltoi 5 | 5,900 | 5,060 |
| . Tangible Assets | |||||
|---|---|---|---|---|---|
| HOUSING PROPERTY (Freehold) |
Buildings | Kitchen & | Roofing | Total | Total |
| (incl. major | Bathroom | Housing | Housing | ||
| repairs) | refurbishments | Properties | Properties | ||
| 2020 | 2020 | 2020 | 2020 | 2019 | |
| Deemed Cost | E | f | f | E | E |
| At 1January 2020 | 551,970 | 165,050 | 627,604 | 1,344,624 | 1,289,377 |
| Additions | 43,171 | 43,171 | 55,247 | ||
| At 31December 2020 | 551,970 | 208,221 | 627,604 | 1,387,795 | 1,344,624 |
| Depreciation | |||||
| At 1January 2020 | 15,143 | 16,242 | 34,019 | 65,404 | 48,116 |
| Charge for the year | 2,760 | 10,411 | 6,276 | 19,447 | 17,288 |
| At 31December 2020 | 17,903 | 26,653 | 40,295 | 84,851 | 65,404 |
| Net BookValue | |||||
| At 1January 2020 | 536,827 | 148,808 | 593,585 | 1,279,220 | 1,241,261 |
| At 31December 2020 | 534,067 | 181,568 | 587,309 | 1,302,944 | 1,279,220 |
| 2020 | 2019 | |||
|---|---|---|---|---|
| f | f | |||
| Market | value | b/f | 603,219 | 556,520 |
| Increase | in market value | 5,278 | 46,699 | |
| At 31December 2020 | 608,497 | 603,219 | ||
| Historic | cost | 367,137 | 455,847 |
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| f | f | ||||
| Other | debtors | and | prepayments | 2,028 | 5,245 |
| 2020 | 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| f | 6 | |||||||||
| Related party | creditors: | |||||||||
| Weavers' Company |
General | Fund | 331 | 65 | ||||||
| Deferred income: rents received | in | advance | 2,313 | 1,786 | ||||||
| Accruals and | sundry | creditors | 11,720 | 14,684 | ||||||
| Loan from Fresh Pic | 1,015 | 997 | ||||||||
| Interest-free | loan from Weavers' | Company | Benevolent | 15,000 | 15,000 | |||||
| Fund | ||||||||||
| Total | 30,379 | 32,532 | ||||||||
| 3. Creditors due after | one year | |||||||||
| 2020 | 2019 | |||||||||
| 6 | 6 | |||||||||
| Housing loans |
for refurbishment | scheme: | ||||||||
| Loan from Fresh pic | 31,596 | 31,837 | ||||||||
| Interest-free | loan from |
Weavers' | Company | Benevolent | ||||||
| Fund | 80,000 | 95,000 | ||||||||
| Total Housing | Loans | 111,596 | 126,837 |
| Designated | Funds | Total | |||||
|---|---|---|---|---|---|---|---|
| General | Cyclical | Extraordinary | |||||
| Fund | Maintenance | Repair Fund | |||||
| Fund | |||||||
| 2020 | 2020 | 2020 | 2020 | ||||
| f | f | E | E | ||||
| Balance | 1January 2020 | 153,266 | 273,461 | 325,872 | 752,599 | ||
| Net incoming resources |
66,583 | 7,949 | 9,440 | 83,972 | |||
| Transfer | in respect | of current | 9,098 | (4,342) | (4,756) | ||
| years repairs and maintenance | |||||||
| Transfers | to fund future | repairs | (70,000) | 50,000 | 20,000 | ||
| and maintenance | |||||||
| Transfer | to property | fund | (58,395) | (58,395) | |||
| Unrealised gains |
2,413 | 2,865 | 5,278 | ||||
| Balance | 31December 2020 | 100,552 | 329,481 | 353,421 | 783,454 |
| General | Designated | Endowment | Total | ||
|---|---|---|---|---|---|
| Fund | Funds | Funds | |||
| 2020 | 2020 | 2020 | 2020 | ||
| f | E | f | f | ||
| Tangible | fixed assets | 1,302,944 | 1,302,944 | ||
| Fixed asset investments | 608,497 | 608,497 | |||
| Net current assets | 100,552 | 74,405 | (16,015) | 158,942 | |
| Creditors | falling due after one | (111,596) | (111,596) | ||
| year | |||||
| Balance | 31December 2020 | 100,552 | 682,902 | 1,175,333 | 1,958,787 |
| Unrestricted | Endowment | Total Funds | ||||
|---|---|---|---|---|---|---|
| Fund | Funds | |||||
| 2019 | 2019 | 2019 | ||||
| INCOME | ||||||
| Income and endowments | from: | |||||
| Investments | 22,744 | 22,744 | ||||
| Charitable activities: |
||||||
| Residents' contributions |
330,425 | 330,425 | ||||
| Total income | 353,169 | 353,169 | ||||
| EXPENDITURE | ||||||
| Charitable activity |
||||||
| Almshouse accommodation |
||||||
| Services | 144,287 | 144,287 | ||||
| Management | 59,395 | 59,395 | ||||
| Routine maintenance | 55,918 | 55,918 | ||||
| Depreciation | 17,288 | 17,288 | ||||
| Maintenance —major |
items | 39,152 | 39,152 | |||
| Total expenditure | 298,752 | 17,288 | 316,040 | |||
| Net income before Investment | gains/(losses) | 54,417 | (17,288) | 37,129 | ||
| Net gains on investments | 46,699 | 46,699 | ||||
| Net income/(expenditure) | forthe year | 101,116 | (17,288) | 83,828 | ||
| Transfers between funds |
representing | net | (70,452) | 70,452 | ||
| addition to the endowment | ||||||
| Net movement in funds |
30,664 | 53,164 | 83,828 | |||
| Funds brought forward |
721,935 | 1,083,221 | 1,805,156 | |||
| Funds carried forward | 752,599 | 1,136,385 | 1,888,984 |
| HOUSING PROPERTY (Freehold) |
HOUSING PROPERTY (Freehold) |
Buildings | Kitchen & | Roofing | Total | ||
|---|---|---|---|---|---|---|---|
| (incl. major | Bathroom | Housing | |||||
| repairs) | refurblshments | Properties | |||||
| Deemed Cost | 2019 f |
2019 E |
2019 f |
2019 f |
|||
| A t 1January 2019 |
551,970 | 109,803 | 627,604 | 1,289,377 | |||
| Additions | 55,247 | 55,247 | |||||
| At 31December 2019 | 551,970 | 165,050 | 627,604 | 1,344,624 | |||
| Depreciation | |||||||
| At 1January 2019 | 12,383 | 7,990 | 27,743 | 48,116 | |||
| Charge for the year | 2,760 | 8,252 | 6,276 | 17,288 | |||
| At 31December 2019 | 15,143 | 16,242 | 34,019 | 65,404 | |||
| Net BookValue | |||||||
| At 1January 2019 | 539,587 | 101,813 | 599,861 | 1,241,261 | |||
| At 31December 2019 | 536,827 | 148,808 | 593,585 | 1,279,220 | |||
| nrestricted Funds |
|||||||
| Designated | Funds | Total | |||||
| General | Cyclical | Extraordinary | |||||
| Fund | Maintenance | Repair | |||||
| Fund | |||||||
| 2019 | 2019 | 2019 | 2019 | ||||
| f | f | E | f | ||||
| Balance 1January 2019 | 165,575 | 254,668 | 301,692 | 721,935 | |||
| Net incoming resources |
42,292 | 5,550 | 6,575 | 54,417 | |||
| Transfer in respect ofcurrent |
39,152 | (36,757) | (2,395) | ||||
| years repairs and maintenance | |||||||
| Transfers to fund future | repairs | (70,000) | 50,000 | 20,000 | |||
| and maintenance | |||||||
| Transfer to property fund |
(70,452) | (70,452) | |||||
| Unrealised gains |
46,699 | 46,699 | |||||
| Balance 31December 2019 | 153,266 | 273,461 | 325,872 | 752,599 |
| General | Designated | Endowment | Total | ||
|---|---|---|---|---|---|
| Fund | Funds | Funds | |||
| 2019 | 2019 | 2019 | 2019 | ||
| E | f | f | E | ||
| Tangible | fixed assets | 1,279,220 | 1,279,220 | ||
| Fixed asset investments | 3,886 | 599,333 | 603,219 | ||
| Net current assets | 149,380 | (15,998) | 133,382 | ||
| Creditors | falling due after one | (126,837) | (126,837) | ||
| year | |||||
| Balance | 31December 2019 | 153,266 | 599,333 | 1,136,385 | 1,888,984 |
| Value for Mone | Metrics | Metrics | Weavers' | Almshouse | Almshouse | Charities | |||
|---|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | ||||||||
| Business Health: | Operating | Margin- | Social housing | 14.74% | 5.29% | ||||
| Operating | margin- | overall | 18.07% | 1051/ | |||||
| EBITDA interest cover | 273047/ | 1758.14% | |||||||
| New supply as a % | of | current | units | n/a | n/a | ||||
| (No new units | developed) | ||||||||
| Gearing | -10,07% | -8.39% | |||||||
| Outcomes | Reinvestment % |
4.11% | |||||||
| Effective Asset Mana | ement | ROCE | 3.12% | 1.84% | |||||
| Headline | social housing cost | 9,211 | 9,520 |