2022-03-31-accounts

	Page
Legal and Administrative Details	3
Trustees' Annual Report	4−9
Reporting Accountant's Report	10
Statement of Financial Activities	11
Statement of Financial Position	12
Statement of Cash Flow	13
Notes to the Financial Statements	14 —24

Clerk to the Trustees:	Katie Arengo−Jones
Assistant Clerk to the
Trustees:	Deborah Prescott
Registered office:	C/O The Lygon Almshouses
	313−321 Fulham Palace Road
	Fulham
	London SW6 6TH
Bankers:	NatWest Bank
	45 Fulham Broadway
	London SW6 1AG
Solicitors:	Woodfords
	Fulham High Street
	London SW6
Reporting accountant:	Beever and Struthers
	Chartered Accountants
	15 Bunhill Row
	London
	EC1Y 8LP
Investment advisors:	Waverton Investment Management
	21 St James's Square
	London
	SW1Y 4HB
Statutory registrations:	Registered Charity Number: L2 247066
	Registered Provider Number A1137

Indicator				2022	Actual	Actual	2023
				Target	2022	2021	Target
1. Reinvestment			in	1.0%	0.0%	1.3%	1.0%
development	and		capital
works
2a. New supply	delivered			0.0%	0.0%	0.0%	0.0%
(Social housing	units)
2b. New supply	delivered			0.0%	0.0%	0.0%	0.0%
(Non−social housing		units)
3. Gearing				−	−	−	−
4. Interest cover		including		−	−	−	−
capitalised repairs
(EBITDA−MRI)
5. Social housing		cost per		£5,000	£6,576	£5,334	£6,000
unit
6. Operating margin				2.0%	−27.2%	1.2%	1.0%
(Social housing	lettings)
7. Operating margin		(overall)		24.0%	6.1%	17.9%	6.0%
8. Return	on		capital	2.0%	0.4%	1.3%	1%
employed

			2022		2021
		Unrestricted	Restricted
		Funds	Funds	Total	Total
	Note
Income from:
Charitable activities	2	73,496	−	73,496	77,761
Investments	3	29,305	−	29,305	20,066
Total income		102,801		102,801	97,827
Expenditure on:
Charitable activities	4	93,500	−	93,500	76,848
Other	5	3,066		3,066	3,480
Total expenditure		96,566		96,566	80,328
Net gain / (losses) on sale of investments					11,221
Net gain / (losses) on movement of
investments	9	29,649		29,649	93,587
Net income / (expenditure)		35,884		35,884	122,307
Transfers between funds
Net movement in funds		35,884		35,884	122,307
Reconciliation of funds:
Total funds brought forward	12	1,246,070	255,230	1,501,300	1,378,993
Total funds carried forward	12	1,281,954	255,230	1,537,184	1,501,300

		2022	2021
	Note	£	£
Fixed assets
Tangible assets	7	586,743	601,196
Investment property	8	60,000	60,000
Investments	9	842,697	785,466
		1,489,440	1,446,662
Current assets
Debtors	10	2,539	3,567
Cash at bank and in hand		62,979	56,333
		65,518	59,900
Creditors: amounts falling due within one year	11	17,774	5,262
Net current assets		47,744	54,638
Net assets/(liabilities)		1,537,184	1,501,300
Restricted and unrestricted funds
Unrestricted funds		1,281,954	1,246,070
Restricted funds		255,230	255,230
Total charity funds	13	1,537,184	1,501,300

		2022	2021
	Note
Cash flow from operating activities	14	4,921	8,674
Net cash flow from operating activities		4,921	8,674
Cash flow from investing activities
Purchase of tangible fixed assets			(7,980)
Payments to acquire investments		(27,581)	(30,000)
Proceeds/(loss) from sale of investments			(18,767)
Dividends received		27,582	18,766
Ground rent received from investment property		1,724	1,300
Net cash flow from investing activities		1,725	(36,681)
Cash flow from financing activities
Repayment of borrowings
Net increase in cash and cash equivalents		6,646	(28,007)
Cash and cash equivalents at 1 April 2021		56,333	84,340
Cash and cash equivalents at 31 March 2022		62,979	56,333
Cash and cash equivalents consists of:
Cash at bank and in hand		62,979	56,333
Cash and cash equivalents at 31 March 2022		62,979	56,333

Kitchens	20	years	Boilers	15 years
Bathrooms	30	years	Equipment	5 years
Plumbing	30	years	Structure (shell) including stonework	100 years
Electrics	40	years	Land	Indefinite

	2022	2021
Charges to residents net of voids	73,496	76,261
Donations		1,500
	73,496	77,761
Loss of income due to void periods	5,705	2,759
ncome from investments
	2022	2021
Dividend income	27,582	18,766
Ground rent	1,723	1,300
Lease Extension	−
	29,305	20,066

nalysis of resources expended
	Other Direct	Total	Other Direct
	Support	2022	Support
	Costs		Costs and
			Total
			2021
Charitable activities
Management fee	16,000	16,000	16,000
Insurance	3,308	3,308	3,033
Professional fees	6,157	6,157	1,884
Legal expenses	4,800	4,800	−
Bank charges	129	129	134
Depreciation	14,453	14,453	12,698
Gas	5,294	5,294	4,583
Lighting	2,021	2,021	2,517
Water	1,023	1,023	978
Telephone	354	354	323
Gardening	5,034	5,034	4,398
Equipment Rent and maintenance	1,172	1,172	13,042
Routine maintenance	4,679	4,679	5,574
Welfare and Office costs	1,607	1,607	3,338
Bad debts	−	−	−
Major repairs	27,469	27,469	8,346
	93,500	93,500	76,848

					2022	2021
Reporting	Accountants'	Fee	(including	VAT)	3,066	3,480
					3,066	3,480

6 **Net income / expenditure for the year ending **	6 **Net income / expenditure for the year ending **	31 March
Net income / expenditure is	stated after charging	/ (crediting):
			2022	2021
Depreciation of tangible fixed assets			14,453	12,698
7 Tangible fixed assets
	Almshouse	Almshouse	Equipment	Total
	Property	Components
Cost
At 1 April 2021	4,953	804,049	28,201	837,203
Additions	−		−	−
Disposals	−		−	−
At 31 March 2022	4,953	804,049	28,201	837,203
Depreciation:
At 1 April 2021		211,640	24,367	236,007
Charge for the year		12,996	1,457	14,453
Disposal		−	−
At 31 March 2022		224,636	25,824	250,460
Net book value:
At 31 March 2022	4,953	579,413	2,377	586,743
At 31 March 2021	4,953	592,409	3,834	601,196

		2022	2021
Freehold	property	60,000	60,000

	Total Funds
As at 1 April 2020	631,891
Revaluations	93,587
Additions	59,988
Disposals
As at 1 April 2021	785,466
Revaluations	29,649
Additions	27,582
Disposals
Cash additions
As at 31 March 2022	842,697

	2022	2021
Residents' arrears	1,246	1,892
Prepayments and accrued income	1,293	1,675
	2,539	3,567

	2022	2021
Prepaid Rent	213	159
Creditors	983	303
Accruals	16,578	4,800
	17,774	5,262

	Balance at 31	Income	Expenditure	Gains/	Transfers	Balance at
	March 2021			(losses)		31 March
						2022
Revenue reserve	451,919	102,801	(96,566)	29,649	(72,696)	415,107
Revaluation reserve	103,047				72,696	175,743
Designated reserve	691,104					691,104
Restricted reserve	255,230					255,230
Total	1,501,300	102,801	(96,566)	29,649		1,537,184

	Unrestricted	Restricted
	funds	funds	Total
Fixed assets	1,234,210	255,230	1,489,440
Current assets	65,518		65,518
Current liabilities	(17,774)		(17,774)
Total	1,281,954	255,230	1,537,184

	2022	2021
Net income for year	35,884	122,307
Dividends received	(27,583)	(18,766)
Gain on sale of investment	−	(11,221)
Depreciation and impairment of tangible fixed assets	14,453	12,698
(Gains) / losses on investments	(29,649)	(93,587)
Ground rents from investment property	(1,723)	(1,300)
(Increase) / decrease in debtors	1,027	(711)
Increase / (decrease) in creditors	12,512	(746)
Net cash flow from operating activities	4,921	8,674

		2021	Cash flows	2022
Short	and long term loan liabilities
Total	liabilities	−	−
Cash	and cash equivalents	(56,333)	(6,646)	(62,979)
Total	net debt	(56,333)	(6,646)	(62,979)

he carrying amounts of the charity's financial instruments are as f	ollows:
	2022	2021
Financial assets
Measured at fair value through net income / expenditure:
−Fixed asset listed investments (note 10)	842,697	785,466
Measured at cost:
−Cash at bank and in hand	62,979	56,333
Debt instruments measured at amortised cost:
−Debtors (note 11)	1,246	1,892
Total financial assets	906,922	843,691
Financial liabilities
Measured at amortised cost
−Trade and other creditors (note 12)	983	462
Total financial liabilities	983	462

		2021
	Unrestricted	Restricted
	Funds	Funds	Total
	£	£	£
Income from:
Charitable activities	77,761	−	77,761
Investments	20,066	−	20,066
Total income	97,827	−	97,827
Expenditure on:
Charitable activities	76,848	−	76,848
Other	3,480	−	3,480
Total expenditure	80,328	−	80,328
Net gain / (losses) on sale of investments	11,221	−	11,221
Net gain / (losses) on movement of
investments	93,587	−	93,587
Net income / (expenditure)	122,307	−	122,307
Reconciliation of funds:
Total funds brought forward	1,123,763	255,230	1,378,933
Total funds carried forward	1,246,070	255,230	1,501,300