Company registration number: 03110601 Charity registration number.. 1049742 LAMBOURN VALLEY HOUSING TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
Lambourn Valley Housing Trust Contents Page Reference and Admlnistrative Details Trustees, Report Independent Auditor's Report Statement of Financial Activities (including Income and Expenditure Account) Balance Sheet 10 Notes to the Financial Statements 11-18
Lambourn Valley Housing Trust Reference and Admlnistrative Details For The Year Ended 31 January 2025 Trustees Mrs C A Dunlop Mr M J Fetherston Godley Mr W S Harford (appointed 2710812024) Mr M J Kershaw Mr S D Marsh Captain R M Smyly Ms L E Snowden Mr O M Sherwood (reslgned 27/0812024) Company Secretary Captain R M Smyly Char5ty Number 1049742 Company Number 03110601 Reglstered Office 2 The Old Estate Yard East Hendred Wantage Oxfordshire OX12 8JY Audltors UHY Ross Brooke Suite I, Windrush Court Abingdon Business Park Abingdon Oxfordshire Page I
Lambourn Valley Housing Trust Company No. 03110601 Trustees. Report For The Year Ended 31 January 2025 The trustees present their report and the financial statements for the year ended 31 January 2025. Objectives and Activities Aims and Objectives The objective and aims of the trust is to aid the welfare of the persons employed or formerly employed or active in the horse race industry (together with their wives, widows and dependent children). This is achieved in particular by the provision of housing and also by supporting associated needy causes. Publlc Beneflt The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake. Achlevements and Performance Maln Achlevements In 2023 the trust purchased an additional 7 properties in furtherance of the charltable objectives. The trust continues to save In order to buy more properties to Increase the number of properties available. Plans lor future periods The charlty will continue to help needy causes associated wlth the stable staff although nothing specific is planned. Flnanclal Revlew Flnanclal Posltlon During the year the charity received donations which contributed to the surplus for the year of £56,879 (2024 £563,282). Reserves Pollcy It Is the policy of the charitable company that accumulated unrestricted funds are held to invest in further accommodation for the purposes of the charity's mission. Reserves as at the 31 January 2025 totalled £2,873,434 (2024 £2,816,555). Funds are held and accumulated by the charity whilst the trustees search for appropriate properties to acquire. Major rlsks The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. This includes ensuring the properties are properly maintained and insured. Page 2
Lambourn Valley Housing Trust Trustees, Report (continued) For The Year Ended 31 January 2025 Other Information Structurei governance and management The charitable company is a company limited by guarantee. Its governing document is its memorandum and articles of associatlon. The trustees, who are also the directors for the purpose of company law, and who served duringthe year and up to the date of slgnature of the financial statements were: Mrs C A Dunlop Mr M J Fetherston Godley Mr W S Harford (appointed 27/0812024) Mr M J Kershaw Mr S D Marsh Captain R M Smyly Ms L E Snowden Mr O M Sherwood (resigned 27/0812024) Statement of Trustees, Responslbilities The trustees (who are also the directors of Lambourn Valley Housing Trust for the purposes of company law) are responsible for preparlng the Trustees, Report and the financial statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requlres the trustees to prepare flnanclal statements for each flnanclal year. Under company law the trustees must not approve the financial statement unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the Income and expenditure, of the charitable company for that period. In preparing the financial statements the trustees are required to: select suitable accounting pollcies and then apply them conslstentlyi observe the methods and principles in the Charity SORP. make judgments and accounting estimates that are reasonable and prudent. and prepare the financial statements on the going concern basis unless It Is inap&>roprlate to presume that the company will continue in business. The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdlctions. Page 3
Lambourn Valley Housing Trust Trustees. Report (continued) For The Year Ended 313anuary 2025 Statement of Dlsclosure of Inforniation to Auditors Each of the persons who are trustees at the time when this trustees, report is approved has confinned that: so far as the trustee Is aware, the is no relevant audlt Information of which the charltable company's auditor5 a Ljnaware; and they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audlt Infomiation and to establish that the charitable company's auditors are awa of that information. Independ•nt Audltors The auditors, UHY Ross Brooke, have indicated thelr willingness to contlnue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting. Small Company Rul•s Thls report has been prepared in accordance wlth the speclal provlsions relatlng to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The tNstees' report was approved by the board of trustees and signed on its behalf by: Captaln R M Smyly Trustee Date l¥liolLois Page 4
Independent Auditor's Report to the Members of Lambourn Valley Housing Trust Opinion We have audited the financial statements of Lambourn Valley Housing Trust (the "charitable cornpany ) for the year ended 31 January 2025 which comprise the Statement of Financial Activities (including Income and Expenditure Account), Balance Sheet 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 January 2025 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requlrements of the Companies Art 2006. Basis for Opinlon 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 charitable company 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. Concluslons Relatlng to Golng Concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accountlng in the preparation of the financial statements is approprlate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, Individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a perlod of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements doe5 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 thls gives rise to a material misstatement in the financial statements themselves. 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. Page 5
Independent Auditor's Report (continued) to the Members of Lambourn Valley Houslng Trust Opinlons on Other Matters Prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Report, which includes the Director's Report prepared for the PLSrposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Director's Report included within the Trustees, Report have been prepared in accordance with applicable legal requirements. Matters on Whlch We Are Required to Report by Exceptlon In the light of the knowledge and understanding of the charltable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report included within the Trustees, Report. We have nothing to report in respect of the following matters In relation to which the Companies Act 2006 requires us to report to you if, in our opinion., adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not vislted by us; or the financial statements are not in agreement with the accounting records or returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we requlre for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companles regime and take advantage of the small companles, exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Responslbllltles of Trustees As explalned more fully in the Trustees, Responslbilities Statement set out on page 2 4, the trustees (who are also directors of the charitable company for the purposes of company law) 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 mlsstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company'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 Ilquldate the charity or to cease operations, or have no realistic alternative but to do so. Page 6
Independent Auditor's Report (continued) to the Members of Lambourn Valley Housing Trust Auditor's Responslbilities for the Audlt of the Financial Statements 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 auditorfs 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. the nature of the charity and sector, control environment and operating performance. the charity's own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error; any matters we identified having reviewed the charity's policies and procedures relating to: l. identlfying, evaluating and complylng wlth laws and regulations and whether they were aware of any instances of non-compliance; 2. detecting and responding to the risks of fraud and whether they have knowledge of any artual, suspected or alleged fraud,. and 3. the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; the matters dlscussed amongst the engagement team. As a result of these procedures, we considered the opportunities and incentives that may exist withln the organisation for fraud and identified the greatest potential for fraud In the areas in which management is required to exercise significant judgement, such as the recognition of income. In common with all audits under ISAS (UK), we are also required to perform speclflc procedures to respond to the risk of management override. We also obtalned an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and dlsclosures in the financial statements. The key laws and regulations we considered in this context were the Companles Act, tax legislation and environmental regulatlons. Because of the inherent Ilmitations of an audit, there is a risk that we will not detect all Irregularities, including those leading to a material misstatement in the financial statements or non compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilitles for the audit of the flnanclal statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Page 7
Independent Auditor's Report {contlnued) to the Members of Lambourn Valley Housing Trust Use Of Our Report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters that we are required to state to thern 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 charitable company and the charitable cornpany's members as a bodyi for our audit work, for this report, or for the opinions we have formed. Carollne Webster FCA (Senior Statutory Auditor) for and on behalf of UHY Ross Brooke, Statutory Auditor Date 2811012025 UHY Ross Brooke Suite I, Windrush Court Abingdon Business Park Abingdon Oxfordshire Page 8
Lambourn Valley Housing Trust statement of Flnanclal Activitles (including Income and Expenditure Account) For The Year Ended 31 January 2025 2025 Unrestricted Unrestricted funds funds 2024 Notes INCOME AND ENDOWMENTS FROM: Donations and legacies Charitable activities: Charitable rental income 25,886 534,660 234,023 202,867 737,527 259,909 EXPENDITURE ON: Charitable activities: Charitable expenditure NET INCOME (203,030) 56,879 (174,245) 563,282 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD 56,879 563,282 2,816,555 2,253,273 15 2,873,434 2,816,555 The statement of financial activities includes all gains and losses recognised In the year. All Income and expenditure derive from continuing activities. The notes on pages 11 to 18 form part of these financial statements. Page 9
Lambourn Valley Housing Trust Balance Sheet As At 31 January 2025 2025 Unrestricted funds 2024 Total funds Notes FIXED ASSETS Tangible Assets io 3,415,084 3,467,946 3,415,084 3,467,946 CURRENT ASSErs Debtors Cash at bank and In hand li 8,977 37,250 30,085 59,479 89,564 46,227 Credltors: Amounts Falllng Due Wlthln One Year 12 (162,877) (15,955) NET CURRENT ASSETS (LIABILITIES) (116,650) 73,609 TOTAL ASSETS LESS CURRENT UABILITIES 3,298,434 3,541,555 Credltors: Amounts Falllng Due After More Than One Year 13 (425,000) {725,000) NET ASSETS 2,873,434 2,816,555 FUNDS OF THE CHARITY Unre5trirted Funds 2,873,434 2,816,555 2,873,434 2,816,555 TOTAL FUNDS 15 These accounts have been prepared In accordance wlth the provisions appllcable to cornpanies subject to the small companies regime. On behalf of the board Captaln R M Smyly Trustee Date The notes on pages 11 to 18 form part of these financial statements. Page 10
Lambourn Valley Housing Trust Notes to the Financial Statements For The Year Ended 31 January 2025 l. General Informatlon Lambourn Valley Housing Trust is a company limited by guarantee, incorporated in England & Wales, registered number 03110601 and registered charity number 1049742. The registered office is 2 The Old Estate Yard, East Hendred, Wantage, Oxfordshire, OX12 8JY. 2. Accountlng Pollcies 2.1. Basls of Preparation of Flnanclal Statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019)" Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006, The charitable company is a Public Benefit Entity as defSned by FRS 102. 2.2. Flnancial Reportlng Standard 102 - Reduced Dlsclosure Exemptlons The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": the requirements of Section 7 Statement of Cash Flows and Sectlon 3 Financial statement Presentation paragraph 3.17 (d). 2.3. Golng Concern Dlsclosure The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charitable company's ability to continue as a 90ing concern. 2.4. Fund Accountlng Unrestricted funds are avallable for use at the discretion of the trustees in furtherance of thelr charitable objectives. Restricted funds are subject to speclfic conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintalned by the charitable company. Page 11
Lambourn Valley Housing Trust Notes to the Financial Statements (continued) For The Year Ended 31 January 2025 2.5. Incoming Resources Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise If the charitable company has been notified of an impending distribution, the amount is known, and recelpt is expected. If the amount Is not known, the legacy is treated as a contingent asset. 2.6. Resources Expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure Is classified by actlvity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs Involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of tlme spent, and depreciation charges are allocated on the portion of the asset's use. Expenditure is recognised once there Is a legal or constructive obligation to make a payment to third party, it is probable that settlement will be required and the amount of the obligatlon can be measured reliably. Charitable activities include expenditure associated with meeting the charitable objectives. Support costs are those functlons that assist the work of the charity but do not directly undertake charitable activities. Governance cost include those incurred In the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. 2.7. Tanglble Flxed Assets and Depreclatlon Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Freehold 20/0 on buildings, land is not depreciated Fixtures & Fittings 3 years straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. Unless there is information to the contrary the Trustees have assumed that the freehold cost is split of 33.33010 land and 66.670/0 buildings. Page 12
Lambourn Valley Housing Trust Notes to the Financial Statements (continued) For The Year Ended 31 January 2025 2.8. Cash and Cash Equivalents Cash and cash equivalents are basic financial assets and Include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts. 2.9. Taxation The charity is exempt from tax as all its income is charitable and applied for charitable purposes. 3. Income from Donations and Legacles 2025 Unrestrlcted Unrestrlcted funds funds 2024 Donations and gifts 25,886 534,660 4. Income from Charltable Actlvltles 2025 2024 Unrestrlcted Unrestrlcted funds funds Charitable rental income 234,023 202,867 5. Analysls of Expendlture 2025 Activitles undertaken directly (see note 6) Support costs (see note 7) Total Charitable expenditure 144,302 58,728 203,030 2024 Actlvitles undertaken directly (see note 6) Support Costs (see note 7) Total Charitable expenditure 106,705 67,540 174,245 Page 13
Lambourn Valley Housbng Trust Notes to the Financial Statements (continued) For The Year Ended 31 January 2025 6. Dlrect Costs 2025 Charitable expendlture General administration.. Management fees Repairs, renewals and malntenance Insurance Depreciation: Depreciation 30,517 52,527 8,396 52,862 144,302 2024 Charltable expendlture General admlnlstration: Management fees Repairs, renewals and maintenance Insurance Depreciation: Depreciation 30,652 29,849 6,558 39,646 106,705 Page 14
Lambourn Valley Housing Trust Notes to the Financial Statements (continued) For The Year Ended 31 January 2025 7. Support Costs 2025 Charitable expenditure General administration: Printing, postage and stationery Sundry expenses Interest payable: Bank loan interest Governance costs: Audit fees Accountancy fees 64 300 47,332 7,200 3,832 58,728 2024 Charitable expendlture General administration: Printing, postage and stationery Bank charges Bad debts written off Sundry expenses Interest payable: Bank loan Interest Governance costs: Audit fees Accountancy fees 205 8,010 6,165 67 41,637 9,000 2,456 67,540 8. Auditor's Remuneration Remuneration received by the charitable company's auditors and their associates during the year was as follows: 2025 2024 Audlt Servlces Audit of the company's financial statements 7,200 9,000 Page 15
Lambourn Valley Housing Trust Notes to the Financial Statements (continued) For The Year Ended 31 January 2025 9. Average Number of Employees Average number of employees during the year was: NIL (2024: NIL) 10. Tanglble Assets Land & Property Freehold Fixtures & FSttings Total Cost As at l February 2024 As at 31 January 2025 3,964,642 3,964,642 1,417 3,966,059 1,417 3,966,059 Depreclation As at l February 2024 Provided during the period As at 31 January 2025 496,696 52,862 549,558 1,417 498,113 52,862 550,975 1,417 Net Book Value As at 31 January 2025 3,415,084 3,415,084 As at l February 2024 3,467,946 3,467,946 As of September 2017 the trustees are no longer requlred to offer the Councll the first opportunity to purchase the Francomes Field's properties 1- 18 should the trustees choose to sell. Francomes Field's carrylng value as at the 31 January 2025 totalled £1,388,094 (2024 £1,388,094). Land and buildings are included in the accounts at cost. The properties, excluding the addition of St Michael's Close held at cost, have been valued at £5,520,046. This valuation was carried out by Pilgrim Bond Chartered Surveyors in September 2022. The trustees deem this valuation to continueto be a falr presentation of the market value as at the year end. I l. Debtors 2025 2024 Due wlthln one year Trade debtors other debtors 4,086 4,891 8,977 25,607 4,478 30,085 Page 16
Lambourn Valley Housing Trust Notes to the Financial Statements (continued) For The Year Ended 31 January 2025 12. Creditors: Amounts Falling Due Within One Year 2025 2024 Trade creditors Bank loans and overdrafts Accruals and deferred income 869 150,000 12,008 3,177 12,778 15,955 162,877 13, Creditors: Amounts Falllng Due After More Than One Year 2025 2024 Bank loans 425,000 725,000 14. Loans The total loan balance comprises of two separate loans. The first loan is for £300,000 and is a secured interest only loan. Interest on the loan is charged at a fixed rate of 5.990/0 until the expiry date of 30 May 2028 when the loan balance becomes payable. The second loan Is for £275,000 and Is an interest only loan. Interest Is charged at 2.640/0 over the base rate. At the year end, the interest rate payable was 7.390/0. This loan is due for payment at the expiry date of 30 April 2033. 2025 2024 Amounts falling due within one year or on demand: Bank loans 150,000 2025 2024 Amounts falling due between one and five years.. Bank loans 425,000 725,000 Page 17
Lambourn Valley Housing Trust Notes to the Flnancial Statements (continued) For The Year Ended 31 January 2025 15. Movement In Funds Asati February 2024 Asat31 January 2025 Income Expenditure Unrestricted funds General: General unrestricted fund 2,816,555 259,909 (203,030) 2,873,434 Total funds 2,816,555 259,909 (203,030) 2,873,434 Asatl February 2023 Asat31 January 2024 Income Expendlture Vnrestrlcted funds General: General unrestrlcted fund 2,253,273 737,527 (174,245) 2,816,555 Total funds 2,253,273 737,527 (174,245) 2,816,555 16. Transactlons wlth Trustees During the year the expenses reimbursed to the trustees or paid directly to third parties were as follows.. 2025 2024 Other Expenses 3,912 3,261 Number of trustees reimbursed for expenses during the year was 2 (2024: 2) 17. Related Party Dlsclosures During the year, management fees relating to St Michael's Close of £3,840 (2024 - £1,920) were paid to C Dunlopi a Trustee of Lambourn Valley Housing Trust. 18. Company Ilmlted by guarantee The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the companyi in the event of a winding up, such an amount as may be required not exceeding £1. Page 18