2020-06-30-accounts

Current Trustees	Current Trustees	Mr M Henderson	Mr M Henderson	(Chairman)	(Chairman)
		Ms Charlotte	Lambeth		( Vice
		Chairman)
		Mrs B Pillidge
		Mr G Murrin
		Ms G Harflett
		Rev'd S Swarbrick
		Mrs J Grainger				(Appointed	17July 2019)
Clerk to the	Trustees	LWoodward
		Simpkins Edwards		LLP
		Michael House
		Castle Street
		Exeter
		EX4 3LQ
Charity number		247190
Auditor		Bush 8 Co Limited
		2 Barnfield Crescent
		Exeter
		EX1 1QT
Bankers		Natwest
		Exeter Bank	Branch
		59 High Street
		Exeter
		Devon
		EX4 3DL
Investment	advisors	Investec
		16 Dix's Field
		Exeter
		EX1 1QA

		Page
Trustees' report		1-4
Statement oftrustees'	responsibilities
Independent auditor's	report	6-8
Statement offinancial	activities
Balance sheet		10
Statement ofcash flows
Notes to the financial	statements	12-25

					Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
					funds	funds		funds	funds
					2020	2020	2020	2019	2019	2019
				Notes	f			F
Income from:
Charitable activities					326,868		326,868	255,029		255,029
Other trading	activities				8,452		8,452	9,648		9,648
Investments					237,988	10,825	248,813	279,073	11,777	290,850
Total income					573,308	10,825	584,133	543,750	11,777	555,527
Ex enditure on:
Raising funds
					69,371	287,916	357,287	87,527	8,872	96,399
Charitable activities
					239,356	83,824	323,180	199,454	22,955	222,409
Other costs					10,701		10,701	18,568		18,568
Total resources
expended					319,428	371,740	691,168	305,549	31,827	337,376
Net gains/(losses)			on
investments				12	(23,013)	(19,204)	(42,217)	8,948	9,147	18,095
Net incomingl
(outgoing) resources
before transfers					230,867	(380,119)	(149,252)	247,149	(10,903)	236,246
Gross transfers
between funds					(205,408)	205,408		(119,198)	119,198
Net movement		in	funds		25,459	(174,711)	(149,252)	127,951	108,295	236,246
Fund balances	at 1 July
2019					5,989,364	877,760	6,867,124	5,861,413	769,465	6,630,878
Fund balances		at	30
June 2020					6,014,823	703,049	6,717,872	5,989,364	877,760	6,867,124

					2020		2019
				Notes			f
Fixed assets
Tangible assets				13		3,400,156	3,371,790
Investment	properties			14		2,750,297	2,750,297
Investments				15		1,100,268	1,225,002
						7,250,721	7,347,089
Current assets
Debtors				16	102,139		62,547
Cash at bank and		in	hand		117,610		181,458
					219,749		244,005
Creditors:	amounts		falling due within
one year					(186,268)		(162,279)
Net current	assets					33,481	81,726
Total assets less		current liabilities				7,284,202	7,428,815
Creditors:	amounts		falling due after
more than	one year			19		(566,330)	(561,691)
Net assets						6,717,872	6,867,124
Income funds
Restricted	funds			21		703,049	877,760
Unrestricted	funds					6,014,823	5,989,364
						6,717,872	6,867,124

					2020		2019
				Notes	F
Cash flows from operating		activities
Cash absorbed by operations				24		(358,750)		(70,882)
Investing	activities
Purchase	oftangible fixed assets				(42,698)		(1,076,001)
Purchase	of investments				(336,692)		(191,952)
Proceeds	on disposal of investments				419,208		490,423
Interest received					248,813		290,850
Net cash	generated from/(used		in)
investing	activities					288,631		(486,680)
Financing	activities
Repayment	of borrowings				50,000
Repayment	of bank loans				(43,729)		487,856
Net cash	generated from financing
activities						6,271		487,856
Net decrease in cash and		cash	equivalents			(63,848)		(69,706)
Cash and	cash equivalents	at beginning		ofyear		181,458		251,164
Cash and	cash equivalents	at end of		year		117,610		181,458

trustees	responsibilities	with respect to the mainten	ance ofthe almshouse a
Property Church	Extraordinary at St Petrock	repair fund: ERIF:	8200,000 f50,000
Reserve Cyclical	fund: maintenance	fund:	F65,000 f73,000

			UnrestrictedUnrestricted	UnrestrictedUnrestricted
			funds	funds
			2020	2019
			f	f
Contributions	from Almshouse	residents	326,868	255,029
Other trading	activities
			Unrestricted	Unrestricted
			funds	funds
			2020f	2019 f
Solar panel income			8,452	9,648

		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds		funds	funds
		2020	2020	2020	2019	2019	2019
		f.				f
Rental	income	224,680		224,680	261,937		261,937
Interest	and dividends	13,308	10,825	24,133	17,136	11,777	28,913
		237,988	10,825	248,813	279,073	11,777	290,850

			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds	funds
			2020	2020f	2020	2019 E	2019 F	2019 f
Service costs			9,949		9,949	14,921		14,921
Insurance			3,654		3,654	11,890		11,890
Legal and professional
fees			20,814		20,814	12,681		12,681
Clerk's fees			11,960		11,960	11,474		11,474
Depreciation	and
impairment			2,140		2,140	3,828		3,828
Support costs							5,012	5,012
			48,517		48,517	54,794	5,012	59,806
Property repairs			3,749	284,960	288,709	14,714		14,714
Queen Street
management	fee		12,000		12,000	12,785		12,785
			15,749	284,960	300,709	27,499		27,499
Investment	mana	ement
fees			5,105	2,956	8,061	5,234	3,860	9,094
			69,371	287,916	357,287	87,527	8,872	96,399

		Unrestricted	Restricted	TotalUnrestricted	TotalUnrestricted	Restricted	Total
		funds	funds	2020	funds	funds	2019
		2020	2020		2019	2019
Depreciation	and
impairment		12,192		12,192	5,882		5,882
Bad debts					438		438
Service costs		95,835		95,835	80,004		80,004
Insurance		5,821		5,821	6,767		6,767
Property repairs		39,705	83,824	123,529	44,800	22,955	67,755
Legal and professional		6,851		6,851	2,522		2,522
Clerk's fees		32,893		32,893	31,553		31,553
Other expenses		2,743		2,743	5,047		5,047
Loan interest		20,832		20,832	15,091		15,091
		216,872	83,824	300,696	192,104	22,955	215,059
Grant funding	ofactivities
(see note 8)		22,484		22,484	7,350		7,350
		239,356	83,824	323,180	199,454	22,955	222,409
Analysis by	fund
Unrestricted	funds	239,356		239,356	199,454		199,454
Restricted funds			83,824	83,824		22,955	22,955
		239,356	83,824	323,180	199,454	22,955	222,409

			Unrestricted	Unrestricted
			funds	funds
			2020	2019
			F	f
Grants	to	institutions:
Other			20,000	5,000
Grants	to	individuals	2,484	2,350
			22,484	7,350

Other costs
		Unrestricted	Unrestricted
		funds	funds
		2020	2019
		f.
Clerk's fees		4,984	4,781
Audit		4,824	4,758
Legal, professional	and bank fees	893	2,811
Cost ofobtaining	loan		6,218
		10,701	18,568

				Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
				funds	funds		funds	funds
				2020	2020	2020	2019	2019	2019
				f				F
Revaluation	of
investments				(28,580)	(24,764)	(53,344)	17,314	10,176	27,490
Gain/(loss)	on	sale	of
investments				5,567	5,560	11,127	(8,366)	(1,029)	(9,395)
				(23,013)	(19,204)	(42,217)	8,948	9,147	18,095

13	Tangible fixed assets
			Freehold	land	Leasehold	Fixtures and	Solar panels	Total
			and buildings		land and	fittings
					buildings
	Cost
	At 1 July 2019		2,928,738		338,207	60,945	76,585	3,404,475
	Additions		42,698					42,698
	At 30June 2020		2,971,436		338,207	60,945	76,585	3,447,173
	Depreciation and impairment
	At 1 July 2019					5,882	26,803	32,685
	Depreciation charged	in the year				12,192	2,140	14,332
	At 30June 2020					18,074	28,943	47,017
	Carrying amount
	At 30June 2020		2,971,436		338,207	42,871	47,642	3,400,156
	At 30June 2019		2,928,738		338,207	55,063	49,782	3,371,790
14	Investment property
								2020
	Fair value
	At 1 July 2019and 30	June 2020						2,750,297

15	Fixed as	set inves	tments
						Listed
						investments
	At 1 July	2019				1,225,002
	Additions					336,692
	Valuation	changes				(42,216)
	Changes	in bank cash holdings				22,661
	Disposals					(441,871)
	At 30June 2020					1,100,268
	Carrying	amount
	At 30June 2020					1,100,268
	At 30June 2019					1,225,002
16	Debtors
					2020	2019
	Amounts	falling due within one year:			F
	Other debtors				87,469	59,723
	Prepayments and		accrued income		14,670	2,824
					102,139	62,547
17	Loans and overdrafts
					2020	2019
					P	E
	Bank loans				444,127	487,856
	Other loans				50,000
					494,127	487,856
	Payable	within one year			49,082	47,450
	Payable	after one	year		445,045	440,406
	Amounts	included	above which	fall due after five years:
	Payable	by instalments			190,209	232,225

Creditors: amounts	falling due within one year
			2020	2019
		Notes
Bank loans		17	49,082	47,450
Trade creditors			25,516
Other creditors			36,375	3,925
Accruals and deferred	income		75,295	110,904
			186,268	162,279
Creditors: amounts	falling due after more than one year
		Notes	2020f	2019
Bank loans		17	395,045	440,406
Other borrowings			50,000
Deferred income		20	121,285	121,285
			566,330	561,691
Deferred income
			2020	2019f
Arising from deferred	grant income		121,285	121,285

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22	Analysis ofnet assets	Analysis ofnet assets	between funds
			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds	funds
			2020	2020	2020	2019	2019	2019
			f.				f	f
	Fund balances at 30
	June 2020	are
	represented	by:
	Tangible assets		3,400,156		3,400,156	3,371,790		3,371,790
	Investment	properties	2,750,297		2,750,297	2,750,296		2,750,296
	Investments		622,804	477,464	1,100,268	724,393	500,609	1,225,002
	Current assets/
	(liabilities)		(192,104)	225,585	33,481	(295,424)	377,151	81,727
	Long term	liabilities	(566,330)		(566,330)	(561,691)		(561,691)
			6,014,823	703,049	6,717,872	5,989,364	877,760	6,867,124

24	Cash generated from	operations	operations					2020f		2019
	(Deficit)/surpus for the	year						(149,252)		236,246
	Adjustments for:
	Investment income recognised		in statement		offinancial	activities		(248,813)		(290,850)
	(Gain)/loss on disposal	of investments						(11,127)		9,395
	Fair value gains and losses on		investments					53,344		(27,490)
	Depreciation and impairment oftangible			fixed assets				14,332		9,710
	Movements in working	capital:
	(Increase) in debtors							(39,591)		(39,156)
	Increase in creditors							22,357		31,263
	Cash absorbed by operations							(358,750)		(70,882)
25	Analysis ofchanges	in net (debt)/funds
							At1 July 2019	Cash flows	At 30June 2020
								f
	Cash at bank and in hand						181,458	(63,848)		117,610
	Loans falling due within	one year					(47,450)	(1,632)		(49,082)
	Loans falling due after	more than one year					(440,406)	(4,639)		(445,045)
							(306,398)	(70,119)		(376,517)