| Generallnformation | ||
|---|---|---|
| Trustee's Report |
2-S | |
| Independent Auditor's |
Report | 6-9 |
| Financial Statements | ||
| Statement of Financial | Activities | 10 |
| Ba IanceSheet | ||
| Cash flow statement | 12 | |
| Notes to the Financial | Statements | 13-23 |
| Detailed IR6 Account |
24 |
| Notes | Unrestricted | Endowment | Total funds | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2022 | 2022 | 2022 | 2021 | |||
| INCOME | ||||||
| Income and endowments | from: | |||||
| Investments | 11,912 | 11,912 | 16,740 | |||
| Charitable activities: |
||||||
| Residents' contributions |
340,573 | 340,573 | 343,495 | |||
| Total income | 352,485 | 352,485 | 360,235 | |||
| EXPENDITURE | ||||||
| Charitable activity |
||||||
| Almshouse accommodation |
||||||
| Services | 158,838 | 158,838 | 152,558 | |||
| Management | 60,498 | 60,498 | 65,137 | |||
| Routine maintenance | 52,261 | 52,261 | 54,403 | |||
| Depreciation | 29,215 | 29,215 | 25,727 | |||
| Maintenance —major items |
7,080 | 7,080 | 240,981 | |||
| Total expenditure | 4 | 278,677 | 29,215 | 307,892 | 538,806 | |
| Net income/(expenditure) | 73,808 | (29,215) | 44,593 | (178,571) | ||
| Net (losses)/gains on investments |
(53,533) | (53,533) | 68,951 | |||
| Net income/(expenditure) | for the | 20,275 | (29,215) | (8,940) | (109,620) | |
| year | ||||||
| Transfers between funds |
(184,105) | 184,105 | ||||
| Net movement in funds |
(163,830) | 154,890 | (8,940) | (109,620) | ||
| Funds brought forward |
541,847 | 1,307,320 | 1,849,167 | 1,958,787 | ||
| Funds carried forward | 378,017 | 1,462,210 | 1,840,227 | 1,849,167 |
| Notes | 2022 | 2022 | 2021 | 2021 | ||||
|---|---|---|---|---|---|---|---|---|
| E | f | |||||||
| Fixed Assets | ||||||||
| Tangible: | ||||||||
| Housing property |
1,559,301 | 1,419,683 | ||||||
| Investments | 10 | 373,916 | 527,449 | |||||
| 1,933,217 | 1,947,132 | |||||||
| Current Assets | ||||||||
| Debtors | 8,602 | 2,343 | ||||||
| Cash at bank | and | in hand | 20,249 | 52,250 | ||||
| 28,851 | 54,593 | |||||||
| Creditors | ||||||||
| Amounts falling due within one |
12 | 40,801 | 56,227 | |||||
| year | ||||||||
| Net current | liabilities | (11,950) | (1,634) | |||||
| Total assets | less | current | liabilities | 1,921,267 | 1,945,498 | |||
| Creditors: | ||||||||
| Amounts falling |
due after one year | 13 | 81,040 | 96,331 | ||||
| Net assets | 1,840,227 | 1,849,167 | ||||||
| Funds | ||||||||
| Unrestricted | Funds | 14 | 378,017 | 541,847 | ||||
| Endowment | Funds | 15 | 1,462,210 | 1,307,320 | ||||
| Total | 1,840,227 | 1,849,167 |
| 2022 | 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Net movement in funds |
(8,940) | (109,620) | |||||||
| Investment losses/(gains) |
53,533 | (68,951) | |||||||
| Deduct: investment income shown |
in | investing | activities | (11,912) | (16,740) | ||||
| Add: depreciation | 29,215 | 25,727 | |||||||
| (increase)/Decrease in debtors |
(6,259) | (315) | |||||||
| (Decrease)/Increase in creditors |
(excluding | loans) | (15,426) | 25,847 | |||||
| Net cash from operating activities |
40,211 | (144,052) | |||||||
| Cash flows from investing activities |
|||||||||
| Investment income |
11,912 | 16,740 | |||||||
| Sale of investments | 100,000 | 150,000 | |||||||
| Purchase oftangible fixed assets |
(168,833) | (142,466) | |||||||
| Net cash from investing activities |
(56,921) | 24,274 | |||||||
| Cash flows from financing activities |
|||||||||
| Repayment of loans |
(15,291) | (15,265) | |||||||
| Decrease in cash and cash equivalents |
in the year | (32,001) | (135,043) | ||||||
| Cash and cash equivalents at the |
start | ofthe year | 52,250 | 187,293 | |||||
| Total cash and cash equivalents |
at | the | end | of the year | required | for | 20,249 | 52,250 | |
| operational purposes |
| Staff costs: | 2022 | 2021 |
|---|---|---|
| E | f | |
| Wages and salaries | 85,806 | 80,422 |
| Social security costs | 8,775 | 7,263 |
| Pension contributions | 3,746 | 3,457 |
| Other | 2,527 | 1,115 |
| 100,854 | 92,257 |
| Turnover | Operating | Turnover | Operating | ||||||
|---|---|---|---|---|---|---|---|---|---|
| costs | costs | ||||||||
| 2022 | 2022 | 2021 | 2021 | ||||||
| 6 | f | f | 6 | ||||||
| Income | and | Expenditure | from | ||||||
| Lettings | |||||||||
| Residents' contributions |
357,779 | 362,410 | |||||||
| Less; voids | (17,206) | (18,915) | |||||||
| Housing | income and expenditure | 340,573 | (304,864) | 343,495 | (535,753) | ||||
| investment | income | 11,912 | 16,740 | ||||||
| Interest | payable and similar |
(3,028) | (3,053) | ||||||
| charges | (note 5) | ||||||||
| Total | 352,485 | 307,892) | 360,235 | (538,806) | |||||
| Net Income/(expenditure) | 44,593 | (178,571 | |||||||
| 5. | Interest | payable and similar charges |
|||||||
| 2022 | 2021 | ||||||||
| f | f | ||||||||
| On loans | wholly or partially | ||||||||
| repayable | in | more than | 5years | 3,028 | 3,053 | ||||
| 6. | Net income | ||||||||
| Net incoming | resources | are stated | after | charging | 2022 E |
2021 f |
|||
| Depreciation | —tangible | fixed assets | 29,215 | 25,727 | |||||
| Auditors' | remuneration | (including | VAT) | in their capacity | as | ||||
| auditors | 8,430 | 6,620 |
| HOUSING PROPERTY |
Buildings | Buildings | Buildings | Kitchen | fk | Boiler | Boiler | Boiler | Roofing | Total | Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Freehold) | (incl. | major | Bathroom | replacements | Housing | Housing | |||||||||
| repairs) | refurbishments | Property | Property | ||||||||||||
| 2022 | 2022 | 2022 | 2022 | 2022 | 2021 | ||||||||||
| Deemed cost | f | f | f | f | f | f | |||||||||
| At 1January 2022 | 604,036 | 268,621 | 30,000 | 627,604 | 1,530,261 | 1,387,795 | |||||||||
| Additions | 110,099 | 58,734 | 168,833 | 142,466 | |||||||||||
| At 31December 2022 | 714,135 | 327,355 | 30,000 | 627,604 | 1,699,094 | 1,530,261 | |||||||||
| Depreciation | |||||||||||||||
| At 1January 2022 | 20,923 | 40,084 | 3,000 | 46,571 | 110,578 | 84,851 | |||||||||
| Charge for the year | 3,571 | 16,368 | 3,000 | 6,276 | 29,215 | 25,727 | |||||||||
| At 31December 2022 | 24,494 | 56,452 | 6,000 | 52,847 | 139,793 | 110,578 | |||||||||
| Net BookValue | |||||||||||||||
| At 1January 2022 | 583,113 | 228,537 | 27,000 | 581,033 | 1,419,683 | 1,302,944 | |||||||||
| At 31December 2022 | 689,641 | 270,903 | 24,000 | 574,757 | 1,559,301 | 1,419,683 | |||||||||
| dditions in the year represented |
the cost | of refurbishing | the | kitchens | and/or | bathrooms | in 3 flats (2021:6 flats) | ||||||||
| eplacing boilers in zero |
flats | (2021;7fiats) | and | creating | new accommodation | for the Deputy Warden. | The current | ||||||||
| nsured value ofthe Almshouses |
is | f9,261,338. | |||||||||||||
| .Investments | |||||||||||||||
| 2022 | 2021 | ||||||||||||||
| f | f | ||||||||||||||
| Market value at 1January 2022 | 527,449 | 608,498 | |||||||||||||
| Disposals | (100,000) | (150,000) | |||||||||||||
| Unrealised (losses)/gains |
(53,533) | 68,951 | |||||||||||||
| Market value at 31December | 2022 | 373,916 | 527,449 | ||||||||||||
| Historic cost | 247,687 | 304,339 | |||||||||||||
| he investments are managed |
as | part ofthe | Weavers' Company |
charitable | funds. | ||||||||||
| . Debtors due within one year | |||||||||||||||
| 2022 | 2021 | ||||||||||||||
| f | f | ||||||||||||||
| Related party debtors: | |||||||||||||||
| Weavers' Company |
Benevolent | Fund | 564 | 520 | |||||||||||
| Other debtors and prepayments |
8,038 | 1,823 | |||||||||||||
| Total | 8,602 | 2,343 |
| 2022 | 2021 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6 | 6 | ||||||||||
| Related party | creditors: | ||||||||||
| Weavers' Company |
General | Fund | 139 | 40 | |||||||
| Deferred income: rents received | in | advance | 898 | ||||||||
| Accruals and | sundry | creditors | 24,611 | 39,257 | |||||||
| Loan from Fresh Pic | 1,051 | 1,032 | |||||||||
| Interest-free | loan from Weavers' | Company | Benevolent | ||||||||
| Fund | 15,000 | 15,000 | |||||||||
| Total | 40,801 | 56,227 | |||||||||
| 13. Creditors due after |
one year | ||||||||||
| 2022 | 2021 | ||||||||||
| f | 6 | ||||||||||
| Housing loans for refurbishment |
scheme: | ||||||||||
| Loan from Fresh pic | 31,040 | 31,331 | |||||||||
| Interest-free | loan | from | Weavers' | Company | Benevolent | ||||||
| Fund | 50,000 | 65,000 | |||||||||
| Total Housing | Loans | 81,040 | 96,331 |
| General | Cyclical | Extraordinary | Total | |||
|---|---|---|---|---|---|---|
| Fund | Maintenance | Repair Fund | ||||
| Fund | ||||||
| 2022 | 2022 | 2022 | 2022 | |||
| f | f | f | E | |||
| Balance | 1January 2022 | 28,151 | 143,397 | 370,299 | 541,847 | |
| Net incoming resources |
61,948 | 4,211 | 7,649 | 73,808 | ||
| Transfer | in respect | of current | 7,080 | (7,080) | ||
| years repairs and maintenance | ||||||
| Transfers | to fund future repairs | (35,450) | 30,450 | 5,000 | ||
| and maintenance | ||||||
| Transfer | to property | fund | (74,006) | (110,099) | (184,105) | |
| Unrealised losses |
(11,361) | (42,172) | (53,533) | |||
| Balance | 31December 2022 | (12,277 | 159,617 | 230,677 | 378,017 |
| . Analysis | o | fnet assets between fu |
nds | |||
|---|---|---|---|---|---|---|
| General | Designated | Endowment | Total | |||
| Fund | Funds | Funds | ||||
| 2022 | 2022 | 2022 | 2022 | |||
| f | E | E | E | |||
| Tangible | fixed assets | 1,559,301 | 1,559,301 | |||
| Fixed asset | investments | 373,916 | 373,916 | |||
| Net current | (liabilities)/assets | (12,277) | 16,378 | (16,051) | (11,950) | |
| Creditors | falling due after one | (81,040) | (81,040) | |||
| year | ||||||
| Balance | 31 | December 2022 | (12,277) | 390,294 | 1,462,210 | 1,840,227 |
| Notes | Unrestricted | Endowment | Total funds | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | |||||
| 2021 | 2021 | 2021 | 2020 | |||
| INCOME | E | |||||
| Income and endowments | from: | |||||
| Investments | 16,740 | 16,740 | 17,552 | |||
| Charitable activities: |
||||||
| Residents' contributions |
343,495 | 343,495 | 339,427 | |||
| Total income | 360,235 | 360,235 | 356,979 | |||
| EXPENDITURE | ||||||
| Charitable activity |
||||||
| Almshouse accommodation |
||||||
| Services | 152,558 | 152,558 | 128,060 | |||
| Management | 65,137 | 65,137 | 66,905 | |||
| Routine maintenance | 54,403 | 54,403 | 68,945 | |||
| Depreciation | 25,727 | 25,727 | 19,447 | |||
| Maintenance —major |
items | 240,981 | 240,981 | 9,097 | ||
| Total expenditure | 4 | 513,079 | 25,727 | 538,806 | 292,454 | |
| Net (expenditure)/income | before | (152,844) | (25,727) | (178,571) | 64,525 | |
| investment gains |
||||||
| Net gains on investments | 68,951 | 68,951 | 5,278 | |||
| Net (expenditure)/income | for the | (83,893) | (25,727) | (109,620) | 69,803 | |
| year | ||||||
| Transfers between funds |
(157,714) | 157,714 | ||||
| Net movement in funds |
(241,607) | 131,987 | (109,620) | 69,803 | ||
| Funds brought forward |
783,454 | 1,175,333 | 1,958,787 | 1,888,984 | ||
| Funds carried forward | 541,847 | 1,307,320 | 1,849,167 | 1,958,787 |
| HOUSING PROPERTY |
Buildings | Kitchen | gr | Boiler | Roofing | Total | Total | ||
|---|---|---|---|---|---|---|---|---|---|
| (Freehold) | (incl. major | Bathroom | replacements | Housing | Housing | ||||
| repairs) | refurbishments | Property | Property | ||||||
| 2021 | 2021 | 2021 | 2021 | 2021 | 2020 | ||||
| Deemed cost | f | E | E | f | f | f | |||
| At 1January 2021 | 551,970 | 208,221 | 627,604 | 1,387,795 | 1,344,624 | ||||
| Additions | 52,066 | 60,400 | 30,000 | 142,466 | 43,171 | ||||
| At 31December 2021 | 604,036 | 268,621 | 30,000 | 627,604 | 1,530,261 | 1,387,795 | |||
| Depreciation | |||||||||
| At 1January 2021 | 17,903 | 26,653 | 40,295 | 84,851 | 65,404 | ||||
| Charge for the year | 3,020 | 13,431 | 3,000 | 6,276 | 25,727 | 19,447 | |||
| At 31December 2021 | 20,923 | 40,084 | 3,000 | 46,571 | 110,578 | 84,851 | |||
| Net Book Value | |||||||||
| At 1January 2021 | 534,067 | 181,568 | 587,309 | 1,302,944 | 1,279,220 | ||||
| At 31December 2021 | 583,113 | 228,537 | 27,000 | 581,033 | 1,419,683 | 1,302,944 | |||
| Unrestricted Funds |
|||||||||
| Designated | Funds | ||||||||
| General | Cyclica | I | Extraordinary | Total | |||||
| Fund | Maintenance | Repair Fund | |||||||
| Fund | |||||||||
| 2021 | 2021 | 2021 | 2021 | ||||||
| f | E | E | f | ||||||
| Balance 1January 2021 | 100,552 | 329,481 | 353,421 | 783,454 | |||||
| Net (outgoing)/incoming | resources | (169,584) | 6,454 | 10,286 | (152,844)) | ||||
| Transfer in respect of current |
years repairs | 240,981 | (240,981) | ||||||
| and maintenance | |||||||||
| Transfers to fund future | repairs and | (38,150) | 28,150 | 10,000 | |||||
| maintenance | |||||||||
| Transfer to property fund |
(105,648) | (52,066) | (157,714) | ||||||
| Unrealised gains |
20,293 | 48,658 | 68,951 | ||||||
| Balance 31December 2021 | 28,151 | 143,397 | 370,299 | 541,847 |
| General | Designated | Endowment | Total | ||
|---|---|---|---|---|---|
| Fund | Funds | Funds | |||
| 2021 | 2021 | 2021 | 2021 | ||
| E | E | E | f | ||
| Tangible | fixed assets | 1,419,683 | 1,419,683 | ||
| Fixed asset investments | 527,449 | 527,449 | |||
| Net current assets | 28,151 | (13,753) | (16,032) | (1,634) | |
| Creditors | falling due after one year | (96,331) | (96,331) | ||
| Balance | 31December 2021 | 28,151 | 513,696 | 1,307,320 | 1,849,167 |
| Value for Mone | Metrics | Metrics | Weavers' | Almshouse | Almshouse | Charities | |||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||||
| Business Health: | Operating | Margin- | Social housing | 10.49% | -55.979o | ||||
| Operating | margin- | overall | 12.65% | 49.569o | |||||
| EBITDA interest cover | 2437.12N | -5006.32%o | |||||||
| New supply as a N | of | current | units | n/a | n/a | ||||
| (No new units | developed) | ||||||||
| Gearing | 1.589' | 0.329o | |||||||
| Outcomes | Reinvestment % |
9.94% | 9.31% | ||||||
| EffectiveAssetMana | ement | ROCE | 2.32N | -9.18% | |||||
| Headline | social housing cost | 12,760 | 11,757 |