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|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|
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|||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||||||||||
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|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|
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|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|
##
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|||||||||||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|
##
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||||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|
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|. 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|
##
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|||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|
##
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|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|
##
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|||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|