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2021-12-31-accounts

ANNUAL REPORT 2021 IHE ALMS140USE Celebratlng 75 uears of supporting and representlng almshouse charlties across the UK

STATE MENT OF R OF R ISK
The board is ultimatekl responsible for "risk". Day-lo-dey responsibility
for risk Is averseen
by the		 CEO
and senior staff' but the board maintains
a keen watch
on		 the Risk Register, regularly
chal(enging		 end
reviewing the highest priority risks. The Register is updated and reviewed at every board and Finance
and Genera( Purposes meetrng. The Almshouse
Association's		 principal
r/sk areas are as follows:
Aspect Key Risk Description Mitigation
Operational Efficiency impacted Staff working
fram home		 Regular cammunicatian
dunng
COVID-19		 and utilising
coefficient
IT.		 with
IT company
crisis. Staff communication CEO acts as main contact to
impacted
by loss of contact.		 aversee service.
Staff sickness. Caver back-up
plan
in place
Operatianal Service to members Members
unable to		 Establish team member
responsible
affected by poor attend events and main for help with wab access issues
communications. communication
reliant		 Maintain
website
information
an telephane,
website		 and guidance.
and emaiL Develop team of regional contacts
to act as an the ground contacts to
signpost
to 1AA over regional issues.
Financial Loss af fundraising Charitable
Trusts are		 Focus on fundraising
high level,
and investment r'ocused
an awarding
grants		 dedicated staff ta develop
relationships
income ta CGVID-19 emergency with corporates,
individuals
and develop
charities and deliver the legacy strategy.
Fewer opportunities
to		 Regular reparts
on fundraising
engage with donars
dunng		 to the board and FIkGP
lockdown. Case for support
with new branding
developed
and being used.
Speciatised
fundraising
consultant
recruited.
Review at six months
and repnonuse
if needed.
Policy New government Government
policy affects		 High level engagement
with MPs,
policies negatively members
and the Association		 civil servants
and Lords.
affect members. is unable ta mfluence. Clear key messages
on behalf af our
members.
Operational
ALMS
HCi'		 Inforrnatian
technology.
E		 Systems
fail to meet
operational
need. Failure		 ta Systems
upgraded
and external
IT support
contracts
in place.
innovate
or update systems,
loss or corruption
of data.
Reputational Poor member Member charities
do not		 Focus on identifying
those members
charity governance. prawde
an acceptable		 wna might
require
support.
standard
af accammadation		 Identifying
training
and resaurces
and support
for their		 required.
residents.
Operational Procedural and Lack af awareness
of		 Ongoing
Compliance
Reviews.
systems procedure
and policies.		 Loan and grant
pohcy procedures
dacumentation Board access to AA pohcy updated
documents Regular senior leadership
team meetings
GDPR and policy reviews.

Notes Unrestricted Restricted Endowment Tote( Total
funds funds funds 2021 2020
f f f 6
Income and endowments from.
Gifts, donations
and legacies		 130,491 374,944 3,014 508,448 158,299
Charitable
activities		 398,571 398,S71 405,544
Investments 95,185 9'l,841 187026 204.554
Total SZA,Z47 4SSTSS 301/ fgg4;848 768397
Expenditure
on:
Raising funds 123,271 45,104 168,375 153,226
Charitable
activities		 696,980 114,054 811,034 975,958
Total 820 251 159158 979409 1129184
Net income/(expendlturel
before Investment
gains		 (196,004( 307627 3,014 11r,637 (360787)
Net gains on investments 6 385,217 512 r 76 236,522 113',215 168230
Net Income/(expenditure(
and net movement
in funds		 189,213 820103 239,536 1,248,852 (192,557(
Reconciliation
or' funds
Total fund balances
brought
forward
at
1 ianuarg		 3386640 6354 364 1790403 11531407 11723967
Fund balances
carried
forward
at 31Oecember		 9 3,575,853 7174467 2,029,939 12,780,259 11,531,407
Fixed assets
Tangible assets
Investments
Total fixed assets
Current assets
Loans ta member charities— 10
Recoverable within one uear
Recoverable after one gear
Other debtars
Cash at bank and in hand
Total current assets

2021 2020
E
32,961 47,056
9,266,101 8,164,887
9989462 8,211,943
507„579 477,227
2.335.709 2,392,251
384i042 334,602
674,286 530,661
3,90'l„616 3,734,741
(419,819] (415,277)
3,481,797 3,319,464
12,780,259 11,531,407
12780,259 11,531,407
2,029,939 1,790,403
7,174,467 6,35A364
9,204,406 8,144,767
378,090 517,527
2,34I,691 1,894,948
370,000 370,000
483,072 604,165
3,575,853 3,386,640
12,780,259 11,531,407

Statement
of Cash Flaws
For the gear ended 31December 2021
2021 2020
Cash flows from operating
activities
Net cash used in operating
activities		 [1.01,336) (429,203)
Cash flows from investing
activities
Dividends
and interest
from investments		 187.D26 207,554
Purchase
of propertg,
plant and equipment		 (1456) (20,3941
New loans made .(494,932) (535,120)
Repauments
of loans made		 521;122 520,709
Proceeds from sale of investments 581,653 1,255,58i
Purchase
of investments		 l516,371) (1,25D156)
Net cash provided
bg investing
activities		 277,242 175,177
Analgsls
of changes
in net cash
Change
in cash and cash equivalents		 in the reporting period 175,906 (257,026)
Cash and cash equivalents
at the beginning		 of the reporting pened 611513 865,539
Cash and cash equivalents
at the end		 of the reporting period 787419 611,513
Reconciliation
of net income to net		 cash flow
from operating
activities
Net increase laxpendiiurei
for the reporting		 period
les per the statement
of Financial
eclivitiesi		 1,248,852 i192,557)
Adjustments
for:
Depreclatton
charges		 15,951 10,251
Gains on investments l1,134,215) (168,230I
Dividends
and interest
from investments		 (187,026) F204 554)
(Increase)/decrease
in debtors		 (49,440) (190,290)
Increase/(decrease)
in creditors		 4,542 316177
Net cash used in operating
activities		 (101,336) (429,203)
Anaigsi-
oi' cash end cash equivalents
Cash at bank and In hand 674,286 530,661
Cash held for Fnvestment 113,133 80,852
Total cash and cash equivalents 787,419 611,513

2 Income end endow 2 Income end endow 2 Income end endow ments from:
Year ended 31December 2021
Unrestricted Restricted Endowment ; ' ':Tel'i9
Gifts, donations
and		 legacies fundsf funds
f		 funds Etfef
public fundraising 104,257 126184 '23tr7447
Members'
donations		 10,178 248,760 288~
Assaciate members' subscriptions 2,050 '2&i0
Other vaiuntaru
income		 14,006 3,014 17028
130,491 374,944 3,014 508.'49
Charitable
activities
Members'
subscriptions		 326,451 .328;451
Panel members'
subscriptions		 13,212 13,212
Serwces to member charities 23,568 23568
Conference
and seminar fees		 900 908
Sales af Gazettes and pubbcations 22,738 22,738
Rent receivable 11,702 11,7tP2
398,571 398,571
investments
Dividends
and distnbutions		 receivable 951I5 91,814 186,959
Interest receivable 40 27 67
95,185 91,841 187,026
Year ended 31 December 2020
Unrestricted Restricted Endowment Total
funds funds funds 2020
Gifts, donations
and		 legacies f f f
Public fundraising 106190 15,500 121,690
Members'
donatians		 10,965 10,965
Assooate members' subscnptions 1,870 1,870
Other votuntaru
income		 20,453 3321 23,774
139,478 15,500 3,321 158,299
Charitable
activities
Members'
subscnptions		 327,029 327029
Panel members'
subscnptions		 11,967 11,967
Services
to member		 chanties 25,I 82 25,I82
Conference
and seminar fees		 4,100 4,100
Sales af Gazettes
snd publications		 23,274 23,274
Rent receivable 13,692 13,692
405,544 405,544
investments
Dividends
and distnbutions		 receivable 102,052 101,771 203,823
interest
receivable		 433 298 731
102485 102,069 20I,554

3 Expenditure
on:
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds 2621 funds funds 2020
6 E
ltaising
funds
Staff costs (Note 11l 4,911 21,307 31,636 15,487 47123
Other direct costs 21,801 8,939 26,271 9,564 35,835
Investment
management
and custodg fees 18,143 1/,858 '33,001 13,857 11,219 25,076
Support costs (Note 4( 78,416 78416 /5192 45192
123,271 4510/, 168375 'I'(6,956 36,270 1S3,226
Charitable
activities
Grants made 77,220 77420 338,005 338,005
Staff costs (Note 11) 253,897 253ABS? 230,380 230,380
Other direct costs 65,363 36,834 TQP187 51,736 22,825 74,561
Support costs (Note 4l 377,720 377720 333,012 333,012
696 980 114054 811034 615128 360830 975958

fi Support costs fi Support costs fi Support costs
Total support costs and their allocation (see Note 1l were
Staff Other Total Staff Other Total
costs costs 2021 costs costs 2020
5
Raising funds 46,446 31,970 78,416 31,290 13,902 /I5,192
Chantable actwities 223 725 153,995 377720 230,573 102,439 333,012
270171 185,965 456136 261,863 116,341 378,204
2021 2020
The above costs include. f 5
Depreciation 15,951 10,251
Legal and professional costs 23,226 8,226
Auditor's remuneration, including expenses and VAT, for auditing the financial statements.
Current gear 10,580 10,500
Prior gear under accruai 4,593
5 Tang(tile fixed assets Freehold
propertg		 Furniture
6
equipment		 Total
Cost E
At 1 Januarg
2021		 118,372 130,083 2/8,455
Additions 1,256 1,256
At 31December 2021 118,372 131,339 2/ 9,711
Depreciation
At 1 Januarg
2021		 111,569 89,830 201,399
Charge for the gear /,311 1164G 15,951
At 31December 2021 115,880 101/70 217350
Net book values
At 31 December 202G 6,803 / L,253 47056
At 31December 2021 2,492 29869 32,361

6 Investments
2021 2020
6
Investments
listed on		 a recognised stock exchange
Market value on 1)anuaru 7.484,t135 7,321,233
Add
Additions
at cost		 '518311 1,250,156
Less: Disposal proceeds (581,653) (125558/I
Net gain on revaluation 1,894,2)5 168,230
Market value at 31December 8,452/988 7,484,035
Cash and settlements pending
held as part of the investment portfolio 103.133 80.852
8586101 7564,987
Investment
Propertg at Valuation		 780,000 600000
Investments
held		 9266101 9,164,987
Listed investments
at		 cost 9,'67744I 6,596,299
Listed Investments
(worldwide)
Equities fv762770 4,029,115
Alternatwes 807174 61S,890
Diversified
investment		 Funds (M&G Charitu Multi Asset Fund) 2,277969 2,089,795
Fixed Income 605,555 749,255
Cash held bg brokers for investment 113133 80,852
9,566,101 7564,887
At 31December 2021, the investment At 31December 2021, the investment At 31December 2021, the investment portfolio portfolio included the following investments which represent a matenal
proportion of the portfolio as a whole.
Market value % of portfolio
Diversified Investment
Funds		 (M&G Chantu Multi Asset Fund) 2,277969 2/I.58%
Waverton Sterling Bond Fund 'A' inc 302,760 327%
Waverton Asia Pacific Fund
'A'		 278,226 3.00%
Waverton Global Strategic Bond Fund 'A' Inc 2/ 2,520 262%
Home Depot Inc 205,291 222%

7 Other Debtors
2021 2020
'K
Debtors Z99218 259,689
Prepauments
and accrued		 income Be926 74,913
334,602
8 Creditors: amounts falling due within
one		 gear 2821
E		 2020
f
Trade creditors 4,183' 10,682
Accruals
and deferred
income		 415;716 391,999
Tax and Social Secuntu 12,596
I19,819 415,277
9 Funds
Year ended 31December 2021 Balance at Income Expenditure Investment Balance at
1 Januarg gains 31December
2021
f		 f and transfers 2021t
Endowment
funds
CJ and EJ Melbourne
Fund		 342,153 3,01/ 44,846 390,013
St John's Housing
Association		 Fund 1,117,79/ 147,941 1,265,735
The Almshouse
Chnstmas		 Fund 330,/ 56 43,735 374,191
1,790,403 3,014 236,522 2,029,939
Restricted funds
Held for almshouse
improvement
and support
generallg
The Almshouse
Association		 2,483,997 384,305 (48,511) 11/,529 2,934,320
The Thomas
Groves Trust		 for Almshouses 373203 3 (485) 372,721
2,857,200 3BI,308 (48,996) 114,529 3,307,041
~eld for specified recipients
or almshouse
groups		 117,560 117,560
The Edward
Kemp Almshouse		 Trust 2,473,250 57,778 (6'3,500) 309,I1/ 2,776,942
The Jubilee Cottages Trust 92,625 '(300) 92,325
The Cragmer
London Trust		 3C3,065 8,507 (520) /,5,558 396,610
The Alfred Wilson Charitg I'or Almshouses Trust 133,947 (35,480) 98,467
The Almshouse
Chnstmas		 Fund 3,490 8,167 (10,062) 1,595
The Marg Joan Hawleu
Fund		 333,227 8,025 (300i I2,975 383,927
6,354,364 466,785 (159158) 512,C76 7174 /,67
Unrestricted
I'unde
General funds 517527 624 2/7 (699158) (6/ 526) 378,090
Designated
funds
Investment
reserve		 1,894,9/ 8 4C9,7/ 3 2,3/ 4,691
Terminal
reserve		 370,000 370,000
Strategic
plan reserve		 60/,165 (121,093) /83,072
3,386,6/IQ 624,247 (820,251l 395,217 3,575,853
Totai funds 11531C07 1094046 (979LGB) 1,134,215 12780 259

9 FIJT)dS (continued) 9 FIJT)dS (continued)
Year ended 31December 2020 Balance at Income Expenditure Investment Balance at
I Januarg gains and 31December
2020 transfers 2020
f F f
Endowment
funds
CJ and EJ Melbaume
Fund		 327,919 3,321 10,913 342153
St John's Housing
Associatton		 Fund 1,081,791 36,003 1,117,794
The Almshouse
Christmas		 Fund 319,813 10,643 330,456
1729523 3321 57559 1790403
Restricted
funds
I-Ieid For almshouse
impravement
and support
generallg
The Almshause
Association		 2,793,143 26,016 (347,331) 12,169 2,483,997
The Thomas
Groves Trust for		 Almshouses 373,640 48 (495) 373,203
3,166783 26,064 (347816) 12,169 2,957,200
Held far specified recipients
ar almshouse
groups		 117,560 117,560
The Edward
)temp Almshouse		 Trust 2,337,347 63,524 (2,920) 75,299 2,473,250
The Jubilee Cottages
Trust		 92,925 (300) 92,625
The Craumer
London Trust		 333,133 9,354 (10,509) 11,087 343,065
The Alfred Wi(san Charitg for Almshouses Trust 159417 (25,470) 133,947
The Almshouse
Christmas		 Fund 3,471 9,803 (9,784) 3,490
The Marg Joan Hawleg
Fund		 314,246 8823 (300) 10,456 333227
6,524,882 117568 (397099) 109,013 6354 364
Unrestricted
funds
General
funds		 521,563 647507 (651,57 3) 517,527
Designated
funds
Investment
reserve		 1,893,290 1,658 1,894,948
Terminai reserve 370,000 370,000
Strategic plan reserve 684706 (80541) 604,165
3,469,559 647,507 (732,084) 1,658 3,386,640
Total funds 11,723,964 768,396 (1,129,183) 168,230 11,531,407

10 Ane(gsis
of net a		 10 Ane(gsis
of net a		 10 Ane(gsis
of net a		 ssets bg f und
Year ended 31December 2021
Unrestricted funds Restricted Endowment Tatal
General Designated funds funds funds
2
Tangible
fixed assets		 32,361 32,361
Investments 212,211 3,197,763 3,832,524 2,023,603 9,266,101
Cash and deposrts 249,303 424,983 674,286
Loans to member
chanties		 (see below) 2,843,288 2,843,288
Other current assets
(excluding
loans), less		 liabilities (115,785) 73,672 6,336 (35,777)
378,090 3197763 7174,467 2,029,939 12,780,259
Linreaased
gains included		 above 57,930 872,934 1,046,212 552 408 2529484
Year ended
31December		 2020
Unrestricted funds Restricted Endowment Total
General
5		 Designatedf funds
8		 funds 1UIids
5
Tangible
fixed assets		 77,056 47056
Investments 124,117 2,869,113 3,384,574 1,787,083 8,164,887
Cash and deposits 397,496 133165 530,661
Loans to member
chanties		 (see below) 2,869,778 2,869,478
Other current assets
(excluding
loans), less Babilities		 (51,142I (32,853) 3,320 (80,67SI
517527 2,869,113 6354 364 1,790,403 11,531,407
Unrealised
gains included		 above 22,945 530,399 625,689 330 369 1,509,402
The totai unrealised
gains		 as at 31December 2021
constitute
movements
on		 revaluation and are as follows 2021 2020
6
Unrealisad
gains included		 above
On investments 1,888,670 968,588
Qn Investment
propertg		 640,814 540,814
Total unrealised
gains at 31		 December 2,529,484 1,509,402
Reconciliation
of movements		 in unraalised gains
Unrealised
gains at 1 Januaru		 1,509,402 1,210,i 39
Less
in respect to disposals		 in the gear (114,133l 130,733
1,395,269 1,341,172
Add
net gains ansing
on revaluation		 during the gear 1,134,215 168,230
Total unrealised
gains at		 31 December 2,529,484 1,509,i 02

Loans to member charities bgi The The Thomas The Edward The Edward The Edward Other Total
Almshouse Groves Trust Kemp Funds
Association for Almshouses Almshouses Trust
E 6 E f
At1)anuarg
2021		 2,598,137 114,556 77,248 79,537 2,869,478
Loans made 275,r 56 219,476 494,932
loans repaid (462,9S2) i31,710) i8,925) (17,535) (521,122)
At 31December 2021 2,410,641 82,846 287798 62,002 2,843,288
Due within
one gear		 432,398 33,286 24,360 17535 507,579
Commitments
)he Association
was, at 31December		 2021, committed to make available to the trustees of member
almshouse
charities
loans of 6723,244 (2020:6495,607).
11Empiol)ees and emp(olfee costs 2021 2020
Salanes 458,734 455,007
Social secunty costs r 1,630 I0,855
Emploger's
pension		 contnbutions 40,547 38,200
540811 534062
Full-time
equmalent		 number of emplogees 9.8 10.2
The above costs were a((ocated to 2021 Number
2020		 Emplogee costs
2021
2020
Raising funds 0.5 09 26,218 47123
Costs of chantabie activities 4.6 253,897 230,380
Support costs 4.7 4.9 260,796 256,559
98 102 540,911 534,062

202f '. 2020
2 f
B74096 28,928

Notes Unrestricted Restricted Endowment Total
funds I'unde funds 2020
f F
Income snd endowments from:
Gifts, donations
snd legacies		 139478 15,500 3,321 158,299
Charitable
activities		 405,544 405,544
Investments 102,485 102,069 204554
Total 847507 117569 3321 768,397
Expenditure
on:
Raising funds 116,956 36,270 153,226
Chantabls
activities		 615,128 360,830 975,958
Total 732,084 397100 1,129,184
Net (expenditure)/income
before investment
(lossesl/gains		 (84,577) (279,5311 3,321 (360,787)
Net (losses)/gains
on investrnsnts		 1,658 109,013 57,559 168,230
Net movement
in funds		 (82,919) (170,5181 60,880 (192,557)
Reconclgatlon
of funds
Total fund baiances
brought		 forward at 1Januarg 3,469,559 6,524,882 1,729,523 11,723,964
Fund balances
carried
forward
at 31December		 9 3,386,640 6,354,364 1,790,403 11,531,407