Report of the Directors and Unaudited Financial Statements for the year ended 31 March 2021 for The Housley Bequest Limited
The Housley Bequest Limited
Contents of the Financial Statements for the year ended 31 March 2021
| Page | ||
|---|---|---|
| Company information | 1 | |
| Report of the Directors | 2 | |
| Profit and Loss Account | 3 | |
| Balance Sheet | 4 | |
| Notes to the Financial Statements | 5 | |
| Report of the Accountant | 7 | |
| Profit and Loss Account detail | 8 |
The Housley Bequest Limited Company Information for the year ended 31 March 2021 Directors: J P Heath (resigned 2nd April 2021) Mrs P M Torry H Housley (resigned 6th July 2020) J W Torry R Housley Secretary: Mrs P M Torry Registered Office: Highcliffe House Sheffield Road Hathersage Hope Valley England S32 1DA Registered Number: 4179409 Accountant M E Vinall Haycot 8 Gill Close Wickersley Rotherham S66 1EX
Page 1
The Housley Bequest Limited Report of the Directors for the year ended 31 March 2021
The Directors present their report with the financial statements of the company for the year ended 31 March 2021
PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of charitable purposes. The Company is a registered charity with the Charity Commission, number 1088555.
DIRECTORS
Except where otherwise indicated, the Directors shown below have held office during the whole of the period from 1 April 2020 to the date of this report.
J P Heath (resigned 2nd April 2021) Mrs P M Torry H Housley (resigned 6th July 2020) J W Torry R Housley
Notes
In May 2019 The Housley Bequest purchased a property at No 18 Weetwood Gardens, Sheffield S11 9SU for the sum of £310250, with the intention of renting the property to two disabled tenants. Unfortunately, one of the intended tenants became ill and was (and still is) unable to take up the tenancy. The other chose to make alternative arrangements. The property remained unoccupied, pending a decision by the Directors as to future use or disposal of the property, which was exacerbated by the Covid-19 crisis. At the AGM held in July 2020, the Directors decided to retain the property as an investment and seek alternative tenants.
Tenants moved into the property in August 2020 and the accounts have benefitted from rental income for 8 months.
The financial worth of the Bequest over the 12 months, has increased by £27000 due to a significant profit on disposal of investments and the increase in unrealised profits on investments. This reflects the recovery in the value of investments generally, which had suffered large losses at the previous year end arising from the covid-19 issue . Donations continue to be made to those charitable causes which have regularly been supported by the Bequest, and who are suffering financial challenges at this time.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015)
ON BEHALF OF THE BOARD:
P M Torry Director
Page 2
The Housley Bequest Limited
Profit and Loss Account for the year ended 31 March 2021
| Notes TURNOVER Property Rental Income Administrative Expenses Donations Made Other Operating Income OPERATING LOSS 2 Interest Receivable and similar income Profit/(loss) on disposal of investments Unrealised profits/(losses) 3 Donations Rec'd PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION Tax on profit/(loss) on ordinary activities 4 PROFIT/(LOSS) FOR THE FINANCIAL YEAR AFTER TAXATION |
31.3.21 £ 7,200 -17,619 -8,173 -18,592 0 -18,592 5,745 20,594 19,398 13 27,158 0 27,158 |
31.3.20 £ 0 -15,810 -19,377 |
|---|---|---|
| -35,187 0 |
||
| -35,187 6,255 -841 -27,139 13 |
||
| -56,899 0 |
||
| -56,899 |
The notes form part of these financial statements
Page 3
| FIXED ASSETS Tangible Assets CURRENT ASSETS Cash at bank and in hand Investments managed by Investec CREDITORS Amounts falling due within 1 year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES RESERVES |
The Housley Bequest Limited Balance Sheet 31 March 2021 Notes £ £ 5 295,543 37,404 5a 248,715 6 0 286,119 581,662 7 581,662 581,662 31.3.21 |
£ £ 303,299 39,363 211,842 0 251,205 554,504 554,504 554,504 31.3.20 |
£ £ 303,299 39,363 211,842 0 251,205 554,504 554,504 554,504 31.3.20 |
|---|---|---|---|
| 554,504 | |||
| 554,504 | |||
| 554,504 |
For the year ending 31st March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Board of Directors on 11th May 2021 and were signed on its behalf by:
P M Torry Director
The notes form part of these financial statements Page 4
The Housley Bequest Limited Notes to the Financial Statements for the year ended 31 March 2021
1 ACCOUNTING POLICIES
Accounting convention
The financial accounts have been prepared under the historical cost convention and in
accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Buildings 40 yrs
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated
but not reversed at the balance sheet date.
2 OPERATING LOSS
The operating loss is stated after charging:
| The operating loss is stated after charging: | ||
|---|---|---|
| 31.3.21 | 31.3.20 | |
| £ | £ | |
| Directors emoluments and other benefits etc | 0 | 0 |
3
INVESTMENTS
Investments are managed by Investec Wealth and Investment Ltd and are included in the accounts as at 31st March 2021 at the current market value as reported by them.
Unrealised profits or losses have been included in the Profit and Loss account recognising the difference between the market value and book cost of the investments.
4 TAXATION
Analysis of the tax charge.
No liability to UK corporation tax arose on ordinary activities for the year ended 31 March 2021 nor for the year ended 31 March 2020.
5
| TANGIBLE FIXED ASSETS COST At 1 April 2020 Additions Disposals 31 March 2021 DEPRECIATION At 1 April 2020 Depreciation Apr20-Mar21 Less Depreciation on Disposals 31 March 2021 NET BOOK VALUE At 31 March 2020 At 31 March 2019 Page 5 |
Land and Buildings £ 310250 0 0 310,250 6951 7756 14,707 295,543 303,299 continued... |
Plant and machinery etc £ 0 0 0 |
|---|---|---|
| 0 0 0 0 |
||
| 0 0 |
||
| 0 | ||
The Housley Bequest Limited
| Notes to the Financial Statements-continued | |||
|---|---|---|---|
| 5a | for the year ended 31 March 2021 | ||
| Investec Wealth Management Funds | 31.3.21 | 31.3.20 | |
| £ | £ | ||
| Cash held by Investec | 4928 | 10233 | |
| Dividends in transit from Investec | 967 | 849 | |
| Investments managed by Investec** | 242820 | 200760 | |
| 248715 | 211842 | ||
| ** Book cost | 219603 | 196941 | |
| 6 | |||
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 31.3.21 | 31.3.20 | ||
| £ | £ | ||
| Other Creditors | 0 | 0 | |
| 7 | |||
| RESERVES |
| At 1 April 2020 Profit for the year At 31 March 2021 |
Profit and loss account £ 554,504 27,158 |
|---|---|
| 581,662 |
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The Housley Bequest Limited
Report of the Accountant to the Directors of The Housley Bequest Limited
As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2021 set out on pages three to six and you consider that the company is exempt from an audit.
In accordance with your instructions, I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to me.
M E Vinall Haycot 8 Gill Close Wickersley Rotherham S66 1EX
I have conducted an Independent Examination of the accounts and can confirm that no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that, in any material respect, the requirements
-
to keep accounting records in accordance with Section 130 of the 2011 Act; and
-
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
P E Brown 21A Meadowhead Sheffield S8 7UA
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The Housley Bequest Limited
Profit and Loss Account for the year ended 31 March 2020
| Incoming Resources Property Rental Income Donations received Bank Interest Dividends receivable Accrued Dividends/Interest - incr/(decr) Profit/(Loss) on Disposal of Investments Unrealised Profits/(Losses) - incr/(decr) Expenditure Insurance Rent & Rates Property Management Fees Legal & Professional Fees Companies House Service Charges House Running Costs Donations Investment Management Fees Depreciation on Fixed assets Finance costs - Bank charges NET PROFIT/(LOSS) |
£ £ 7200 13 14 5,613 118 20,594 19,398 52,950 287 800 1,289 0 13 3,840 325 8,173 3,237 17,964 34,986 7,756 72 27,158 31.3.21 |
£ £ 13 228 8,477 -2,450 -841 -27,139 -21,712 256 1,640 1,602 13 1,067 782 19,377 3,375 28,112 -49,824 6,952 123 -56,899 31.3.20 |
£ £ 13 228 8,477 -2,450 -841 -27,139 -21,712 256 1,640 1,602 13 1,067 782 19,377 3,375 28,112 -49,824 6,952 123 -56,899 31.3.20 |
|---|---|---|---|
| -49,824 6,952 123 |
|||
| -56,899 |
This page does not form part of the statutory financial statements
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