PEACE COTTAGES CHARITY
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED
31 DECEMBER 2020
REGISTERED CHARITY NO. 293663
RSL NO. A3648
REPORT AND FINANCIAL STATEMENTS
CONTENTS
Page Report of the trustees Report of the auditors Statement of comprehensive income Statement of financial position Statement of cash flows Notes to the Financial Statements
PEACE COTTAGES CHARITY
PAGE 1
REPORT OF THE TRUSTEES
ADMINISTRATIVE INFORMATION
The trustees present their annual report and the audited financial statements of the charity for the year ended 31 December 2020.
The charity was established by a trust deed dated 30 December 1899, and is registered with the Charity Commission, No. 293663 and the Homes and Communities Agency, RSL No. A3648. Its address is Barnhill House, Barn Hill, Hunton, Maidstone, Kent ME15 0QT.
The trustees who served the charity during the year were as follows:
Mr R M Sawtell Mrs C A Ellman-Brown Mrs E M Oliver Rev P S Callway Ms F Joyce Mrs C Kennedy ~~- S~~ loane Ms L Halliday
The operation of the charity is carried out by the trustees.
Treasurer : I P Pinks Banker: CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent. Auditor: Julie Griggs, Levicks, Chartered Accountants & Business Advisers & Statutory Auditors, Maidstone, Kent.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity is run by a small number of volunteer trustees who meet frequently. New trustees are recruited by word of mouth as a vacancy arises. All trustees are required to acquaint themselves with the residents’ handbook and the Almshouse Association handbook which contain details of trustees’ responsibilities and the regulations relating to Almshouses.
OBJECTIVES AND ACTIVITIES
Peace Cottages Charity was established in 1899 as a charity to provide housing for elderly people with a family link to Hunton. The row of five cottages was built as an attractive single story building on the corner of West Street and Bishops Lane, opposite the village primary school. The cottages are currently occupied by four ladies.
As the residents are all of low income, the provision of a cottage by the charity has enabled them to remain within the village, in familiar surroundings, close to family and friends. This provides a degree of community cohesion, as a requirement of the charity scheme is that residents of the cottages must have been previously resident or have a family link in the Parish of Hunton. In addition, as the residents are generally elderly, the cottages provide the benefit of enabling them to retain their independence in their own homes as the cottages are closely supervised by the trustees.
PEACE COTTAGES CHARITY
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REPORT OF THE TRUSTEES (CONT’D)
ACHIEVEMENTS AND PERFORMANCE
There were seven meetings of the trustees of Peace Cottages Charity in 2020.
The 5 cottages have been generally 90% occupied throughout this year and the residents’ contribution remained at £125 a week, as the trustees had decided not to increase maintenance contributions given the financial position of the charity.
Throughout the year, various electrical repairs have been carried out to the cottages including showers, light fittings and ovens. A gardener regularly cuts the grass and carries out minor repairs when necessary and the grass is well kept since the moss has been treated by Green Thumb. The actions highlighted in the 2015 quinquennial inspection, have been completed.
During the year, a new heating system was installed in each of cottages at a total cost of £ 21,672. A car park has been created on ground adjacent to the cottages, at a cost of £10,080. Access to this additional land has granted by the landowner on a verbal informal arrangement
Three cottages were vacated at various times during the year and the Trustees took the opportunity to refurbish those cottages, whilst they were vacant.
PLANS FOR THE FUTURE
The quinquennial review is currently due and the trustees expect to resolve any highlighted problems
FINANCIAL REVIEW
Total income for the year was £27,861 as detailed in the statement of financial activities which is lower than the previous year of £32,500, due the vacancy periods. Assuming the cottages remain fully occupied, it is anticipated that income will remain at a similar level for future years. The trustees are not considering a significant increase, if any, to maintenance contributions for the next year. Any increases would be in line with ‘fair rent’ assessments.
Peace Cottages Charity has built up funds over the recent years to cover future planned projects.
Additional investment holdings were purchased this year. The current holdings continue to generate a modest income and have fallen in value, as the various financial markets have fluctuated during the year.
PEACE COTTAGES CHARITY
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REPORT OF THE TRUSTEES (CONT’D)
RESERVES POLICY
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity. This provides sufficient funds to cover management and administration and support costs and to respond to emergency applications for grants which arise from time to time. Unrestricted funds were maintained in excess of this in anticipation of the required level of funds needed for works and capital expenditure in future years. The trustees are aware that the charity may need to incur substantial capital costs in the future, particularly with regard to the roof, windows and doors and so have increased the extraordinary reserve, from the general reserve to meet these requirements.
RISK MANAGEMENT
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
TRUSTEES’ RESPONSIBILITIES
The Homes and Communities Agency and charity legislation requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit for that period.
The trustees have complied with the duty in Section 17 (5) of the 2011 Charities Act to have due regard to guidance published by the Charities Commission in respect of public benefit.
In preparing these financial statements, the trustees are required to:
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Select suitable accounting policies then apply them consistently;
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Make judgements and estimates that are reasonable and prudent;
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Follow applicable accounting standards, subject to any material departures disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for maintaining adequate accounting records, for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are also required to indicate where the financial statements are prepared other than on the basis that the charity is a going concern.
Signed on behalf of the Trustees:
Rev P S Callway
28 April 2021
PEACE COTTAGES CHARITY
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF PEACE COTTAGES CHARITY
YEAR ENDED 31 DECEMBER 2020
Opinion
We have audited the financial statements of Peace Cottages Charity (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Comprehensive Income and Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the Charities Act 2011.
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
PEACE COTTAGES CHARITY INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF PEACE COTTAGES CHARITY (Continued)
PAGE 5
YEAR ENDED 31 DECEMBER 2020
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the report of the trustees, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
PEACE COTTAGES CHARITY
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF PEACE COTTAGES CHARITY (Continued)
YEAR ENDED 31 DECEMBER 2020
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
PEACE COTTAGES CHARITY
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF PEACE COTTAGES CHARITY (Continued)
YEAR ENDED 31 DECEMBER 2020
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
J A Griggs FCA (Senior Statutory Auditor)
For and on behalf of Levicks Chartered accountant & statutory auditor 61 London Road Maidstone Kent ME16 8TX
7 May 2021
PEACE COTTAGES CHARITY
PAGE 8
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2020
| Cyclical | |||||||
|---|---|---|---|---|---|---|---|
| Routine | Repairs & | Extraordinary | Total | Total | |||
| General | Maintenance | Maintenance | Repairs | Funds | Funds | ||
| Fund | Reserve | Reserve | Reserve | 2020 | 2019 | ||
| Note | £ | £ | £ | £ | £ | £ | |
| Social Housing Activity income | |||||||
| Weekly maintenance contributions | 1b | 29,301 | - | - | - | 29,301 | 32,500 |
| Hardship Fund | (1,440) | - | - | - | (1,440) | - | |
| ______ | ______ | ______ | ______ | ______ | ______ | ||
| Total Social Housing Activity income | 27,861 | - | - | - | 27,861 | 32,500 | |
| Social Housing Activity expenditure | 4 | (21,601) | - | - | - | (21,601) | (10,603) |
| Extraordinary expenditure | 4 | - | - | - | (31,752) | (31,752) | - |
| ______ | ______ | ______ | ______ | ______ | ______ | ||
| Operating surplus/(deficit) on Social | 6,260 | - | - | (31,752) | (25,492) | 21,897 | |
| Housing Activities | |||||||
| Other income | |||||||
| Gain/(loss) on investments held | 8 | (17,563) | - | - | - | (17,563) | 24,624 |
| Investment income | 5 | 8,488 | - | - | - | 8,488 | 8,547 |
| ______ | ______ | ______ | ______ | ______ | ______ | ||
| Total surplus/(deficit) | (2,815) | - | - | (31,752) | (34,567) | 55,068 | |
| Transfers | 12 | (97,802) | (2,000) | ( 4,000) | 103,802 | - | - |
| Fund balances b/fwd at 1 January 2020 | 302,558 | 2,000 | 4,000 | 27,950 | 336,508 | 281,440 | |
| ______ | ______ | ______ | ______ | ______ | ______ | ||
| Fund balances c/fwd at 31 December 2020 | 201,941 | - | - | 100,000 | 301,941 | 336,508 | |
| ______ | ______ | ______ | ______ | ______ | ______ |
PEACE COTTAGES CHARITY PAGE 9
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible fixed assets | 6 | 38,414 | 38,414 | ||
| _ | _ | ||||
| 38,414 | 38,414 | ||||
| CURRENT ASSETS | |||||
| Debtors | 7 | 1,224 | 1,365 | ||
| Investments | 8 | 250,335 | 224,994 | ||
| Cash at bank and in hand | 16,908 | 73,903 | |||
| ______ | ______ | ||||
| 268,467 | 300,262 | ||||
| CREDITORS: Amounts | |||||
| falling due within one | |||||
| year | 9 | 4,940 | 2,168 | ||
| ______ | ______ | ||||
| NET CURRENT ASSETS | 263,527 | 298,094 | |||
| _ | _ | ||||
| TOTAL ASSETS LESS | |||||
| CURRENT LIABILITIES | 301,941 | 336,508 | |||
| _ | _ | ||||
| CAPITAL AND RESERVES | |||||
| Designated reserves | 100,000 | 33,950 | |||
| Accumulated general reserve | 201,941 | 302,558 | |||
| ______ | _ | ||||
| 301,941 | 336,508 | ||||
| ______ | _ |
These Financial Statements were approved by the trustees on 28 April 2021
L Halliday - Trustee C Kennedy-Sloane -Trustee
PEACE COTTAGES CHARITY PAGE 10
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMER 2020
| Note CASH FLOWS FROM OPERATING ACTIVITES: Net cash provided by (used in) operative activities 10 CASH FLOWS FROM INVESTING ACTIVITES: Investment income Purchase of investments Net cash provided by (used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Net cash provided by (used in) financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 11 Cash and cash equivalents at the end of the year 11 |
2020 £ (22,575) 580 (35,000) _ (34,420) - (56,995) 73,903 16,908 |
2019 £ 21,758 550 - _ 550 - 22,308 51,595 73,903 |
|---|---|---|
PEACE COTTAGES CHARITY PAGE 11
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. PRINCIPAL ACCOUNTING POLICIES
a) Basis of preparation and assessment of going concern
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the ‘Charities Act 2011’, ‘The Accounting Direction for Private Registered Providers of Social Housing from 2015’, the ‘Housing SORP 2018: Statement of Recommended Practice for Registered Social Housing Providers’ effective 1 January 2019 and the ‘Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102) effective 1 January 2015.
The Charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
b) Income
Income represents weekly maintenance contributions receivable from residents during the year. The weekly maintenance contribution includes water rates. Electricity is paid for by the residents. Contributions were collectable on all five cottages during the year to 31 December 2020.
c) Housing Properties
The cost model is used, properties are maintained in a state of repair such that their estimated residual value is not less than the original cost, therefore no annual charge for depreciation is required.
d) Housing Corporation Grant
The Housing Corporation Grant (HCG) was paid by the Housing Corporation to reduce the cost of development, and is therefore, shown as a deduction from the cost of the properties on the statement of financial position. The HCG is repayable under certain circumstances, primarily following the sale of a property but will normally be restricted to the net proceeds of sale.
e) Current Asset Investments
Current asset investments are stated at market value at the balance sheet date. Any gain or loss on revaluation is taken to the statement of comprehensive income.
f) Cyclical Repairs and Maintenance
Peace Cottages Charity has established a regular programme of cyclical repairs and maintenance. Costs are charged to the revenue reserve in the year in which they are incurred.
PEACE COTTAGES CHARITY PAGE 12
NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR THE YEAR ENDED 31 DECEMBER 2020
PRINCIPAL ACCOUNTING POLICIES (CONT’D)
g) Extraordinary Repairs
Costs of extraordinary repairs, unless improvements to the properties, are charged to the revenue reserve in the year in which they are incurred.
h) Routine Maintenance Reserve
This revenue reserve represents amounts set aside for routine maintenance to meet costs in excess of budgeted expenditure for any year. The amounts set aside are in accordance with that recommended by the National Almshouse Association. This reserve was closed during the year, with reserves transferred to the General Reserve
i) Cyclical Repairs and Maintenance Reserve
This revenue reserve represents amounts set aside for cyclical maintenance to meet costs in excess of budgeted expenditure for any year. The amounts set aside are in accordance with that recommended by the National Almshouse Association. This reserve was closed during the year, with reserves transferred to the General Reserve
j) Extraordinary Repairs Reserve
This revenue reserve represents amounts set aside to carry out major repairs, improvements or rebuilding of properties. The amounts set aside are in accordance with that recommended by the National Almshouse Association. The reserve was increased to cover the expected costs arising from the next quinquennial review
k) Value Added Tax
Peace Cottages Charity is not registered for Value Added Tax (VAT). In these financial statements, where applicable, expenditure is shown inclusive of VAT.
l) Investment Income
Income from investments is accounted for on an accruals basis.
m) Expenditure
Expenditure is recognised when there is an obligation for payment and is accounted for gross.
n) Taxation
Peace Cottages Charity is a registered charity and is, therefore, exempt from liability to taxation on its income and capital gains.
PEACE COTTAGES CHARITY PAGE 13
NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR THE YEAR ENDED 31 DECEMBER 2020
2. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL
No trustee or related party to the charity has been paid or is payable remuneration, benefits or expenses from the funds of the charity.
The charity has no employees.
3. AUDIT FEES
The fee charged by the auditor is £1,080 for audit services, VAT inclusive.
4. SOCIAL HOUSING ACTIVITY EXPENDITURE
| 2020 | 2019 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Service Costs | ||||
| Insurance | 1,193 | 1,221 | ||
| Water rates | 1,573 | 1,177 | ||
| Alarm system | 1,351 | 1,002 | ||
| Light and heat | 304 | 325 | ||
| Bank charges | 74 | 88 | ||
| ______ | ______ | |||
| 4,495 | 3,813 | |||
| Management Costs | ||||
| Audit fee | 1,080 | 1,194 | ||
| Almshouse Association | 140 | 413 | ||
| subscription | ||||
| Sundries | 145 | 205 | ||
| Reg. Soc. Housing | 225 | 6 | ||
| subscription | ||||
| ______ | ______ | |||
| 1,590 | 1,818 | |||
| Maintenance Costs | ||||
| External maintenance | 1,760 | 3,852 | ||
| Internal maintenance | 13,756 | 1,120 | ||
| Extraordinary maintenance | 31,752 | - | ||
| ______ | ______ | |||
| 47,268 | 4,972 | |||
| _____ | _ | |||
| 53,353 | 10,603 | |||
| _____ | _ |
PEACE COTTAGES CHARITY PAGE 14
NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR THE YEAR ENDED 31 DECEMBER 2020
| 5. INVESTMENT INCOME | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Gross interest receivable from bank deposits | 4 | 8 |
| Dividend income | 8,484 | 8,539 |
| _____ | _____ | |
| 8,488 | 8,547 | |
| _____ | _____ | |
| 6. TANGIBLE FIXED ASSETS | ||
| Completed | ||
| Housing | ||
| Properties | ||
| £ | ||
| COST | ||
| At 1 January 2020 and 31 December 2020 | 187,906 | |
| ______ | ||
| HOUSING CORPORATION GRANT | ||
| At 1 January 2020 and 31 December 2020 | (149,492) | |
| ______ | ||
| NET BOOK VALUE | ||
| At 1 January 2020 and 31 December 2020 | 38,414 | |
| ______ |
HOUSING PROPERTIES
Peace Cottages were constructed in 1899. There is no record of the original cost and no value is attributed thereto. The above details relate to improvements carried out in 1987 and 1988 in converting the accommodation to provide four single and one double elderly category 1 units. This was funded by a Housing Corporation Grant of £149,492 and a residual mortgage loan of £37,705. The loan was advanced on 31 March 1989 and repaid early on 2 March 2006. The balance of £709 was provided from Peace Cottages Charity own resources.
PEACE COTTAGES CHARITY PAGE 15
NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR THE YEAR ENDED 31 DECEMBER 2020
7. DEBTORS
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Amounts falling due within one year: | ||
| Weekly maintenance contributions and KCC income | 175 | 375 |
| receivable | ||
| Prepayments | 1,049 | 990 |
| _____ | ______ | |
| 1,224 | 1,365 | |
| _____ | ______ |
PEACE COTTAGES CHARITY PAGE 16
NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR THE YEAR ENDED 31 DECEMBER 2020
8. CURRENT ASSET INVESTMENTS
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Market value as at 1 January 2020 | 224,994 | 192,373 |
| Additions at cost | 35,000 | - |
| Accumulated dividends | 7,904 | 7,997 |
| Gain/(Loss) in year | ( 17,563) | 24,624 |
| _____ | _____ | |
| Market value as at 31 December 2020 | 250,335 | 224,994 |
| _____ | _____ | |
| The investments (all listed) at cost comprise the following:- | ||
| (2020: 47,366.583) M&G Charibond Fixed Interest Units | 60,000 | 25,000 |
| (2020: 1,704.224) M&G Charity Multi Assess Accumulation | ||
| Units | 93,697 | 93,697 |
| (2020: 136.401) M&G Charifund Accumulation Units | 25,000 | 25,000 |
| ______ | ______ | |
| Cost as at 31 December 2020 | 178,697 | 143,697 |
| ______ | ______ | |
| 9. CREDITORS: Amounts falling due | ||
| within one year | ||
| 2020 | 2019 | |
| £ | £ | |
| Other creditors | 4,940 | 2,043 |
| Weekly maintenance contribution income deferred | - | 125 |
| _____ | ||
| 4,940 | 2,168 | |
| _____ |
PEACE COTTAGES CHARITY PAGE 17
NOTES TO THE FINANCIAL STATEMENTS (CONT’D) FOR THE YEAR ENDED 31 DECEMBER 2020
10. RECONCILATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITES
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Net income/(expenditure) for the reporting | ||
| period (as per the statement of comprehensive | ( 34,567) | 55,068 |
| income) | ||
| Adjustments for: | ||
| (Gains)/losses on investments | 17,563 | ( 24,624) |
| Investment income | (8,484) | (8,547) |
| (Increase)/decrease in debtors | 141 | ( 239) |
| Increase/(decrease) in creditors | 2,772 | 100 |
| ______ | ______ | |
| Net cash flow from operating activities | (22,575) | 21,758 |
| ______ | ______ |
11. ANALYSIS OF CASH AND CASH EQUIVALENTS
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Cash at bank and in hand | 16,908 | 73,903 |
| ______ | ______ |
12. TRANSFERS BETWEEN FUNDS
During the year £2,000 was transferred from the Routine Maintenance Reserve to the General Fund. £4,000 was transferred from the Cyclical Repairs and Maintenance Reserve to the General Fund. £103,802 was transferred from the General Fund to the Extraordinary Repairs Reserve.
13. RELATED PARTY TRANSACTIONS
There were no related party transactions in the year.