Registered number: 04422206 Charity number: 1105335
WILLINGTON COURT LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
WILLINGTON COURT LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 - 8 |
| Notes to the financial statements | 9 - 17 |
(A company limited by guarantee)
WILLINGTON COURT LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2023
| Trustees | Marcel Jung |
|---|---|
| Darren Eagles | |
| Neil Pattison | |
| Company registered number 04422206 Charity registered number 1105335 Registered office 28 Harrow Way Maidstone Kent ME14 5TU Company secretary Marcel Jung Accountants IT & Accounting Solutions Limited Certified Public Accountants 28 Harrow Way Maidstone Kent ME14 5TU Bankers HSBC 1/5 Week Street Maidstone Kent ME14 1QW |
Page 1
WILLINGTON COURT LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 APRIL 2023
The Trustees present their annual report together with the financial statements of the company for the 1 May 2022 to 30 April 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Objectives and activities
l Policies and objectives
The principal object of the company is to advance and promote the Christian faith by providing meeting rooms, lecture halls, accommodation and related facilities, particularly but not exclusively for Christian students.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
l Activities undertaken to achieve objectives
The principal object of the charitable company was that of letting it's freehold property to other charitable organisations by providing meeting rooms, lecture halls, accommodation and related facilities.
l Volunteers
The company is grateful for the unstinting efforts of its volunteers who are involved in maintaining and improving the properties and fundraising.
l Main activities undertaken to further the company's purposes for the public benefit
The company has a number of properties around Maidstone which are: Willington Court, 2 Ashford Road, 1b Willington Street and the Woodlands. These facilities are in use on a regular basis by a number of user groups that cover a wide cross section of the population and community organisations.
Strategic report
Achievements and performance
l Review of activities
The company continued renting the facilities to the various tenants during the year.
On the 25 October 2019, Willington Court and 2 Ashford Road were granted House of Multiple Occupation (HMO) status.
The joint venture with the charities King's Reach (charity number 1132261) and Jubilee Chuch Maidstone (charity number 1168027) continued to develop the Woodlands just outside Maidstone.
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(A company limited by guarantee)
WILLINGTON COURT LIMITED
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023
Strategic report (continued)
Financial review
l Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
l Reserves policy
The Trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure and provision for building repairs and maintenance.
l Principal funding
Funding was secured through mortgages which will be repaid from rental income received.
Structure, governance and management
l Constitution
Willington Court Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association dated 22 April 2002 and amended by a Special Resolution passed on 26 July 2004. The Charity Commission registered the company as a charity on 5 August 2004 under registration number 1105335.
l Methods of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
l Organisational structure and decision-making policies
The Trustees would normally meet on a monthly basis and have delegated the day-to-day operation of the company to a property manager on a fee basis.
l Related party relationships
Marcel Jung is a Trustee of the company and also a Director in IT & Accounting Solutions Limited which provide professional accountancy services to the charity.
The company works closely with Jubilee Church Maidstone (charity no 1168027) and Jubilee Resource Hub (charity no 1115331).
Page 3
(A company limited by guarantee)
WILLINGTON COURT LIMITED
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023
Structure, governance and management (continued)
l Financial risk management
The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Members' liability
The Members of the company guarantee to contribute an amount not exceeding £10 to the assets of the company in the event of winding up.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, 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 company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements 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 detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 18 September 2023 and signed on their behalf by:
Neil Pattison
Page 4
WILLINGTON COURT LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 APRIL 2023
Independent examiner's report to the Trustees of Willington Court Limited ('the company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 30 April 2023.
Responsibilities and basis of report
As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.
Signed: Marcel Jung
Dated: 18 September 2023 ICPA (Fellow), FFA/FIPA, FAIA
IT & Accounting Solutions Limited Certified Public Accountants
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WILLINGTON COURT LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2023
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 5,700 79,805 6,872 92,377 81,170 81,170 11,207 887,681 11,207 898,888 |
Total funds 2023 £ 5,700 79,805 6,872 92,377 81,170 81,170 11,207 887,681 11,207 898,888 |
Total funds 2022 £ 5,700 76,812 2,658 |
|---|---|---|---|
| 85,170 | |||
| 63,455 | |||
| 63,455 | |||
| 21,715 | |||
| 865,966 21,715 |
|||
| 887,681 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 17 form part of these financial statements.
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WILLINGTON COURT LIMITED (A company limited by guarantee) REGISTERED NUMBER: 04422206
BALANCE SHEET AS AT 30 APRIL 2023
| Note Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Net assets excluding pension asset Total net assets Charity funds Restricted funds 16 Unrestricted funds 16 Total funds |
211,608 21,583 233,191 (43,343) |
2023 £ 1,053,010 1,053,010 189,848 1,242,858 (343,970) 898,888 898,888 - 898,888 898,888 |
210,058 31,020 241,078 (37,962) |
2022 £ 1,065,058 1,065,058 203,116 1,268,174 (380,493) 887,681 887,681 - 887,681 887,681 |
|---|---|---|---|---|
The company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 18 September 2023 and signed on their behalf by:
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WILLINGTON COURT LIMITED (A company limited by guarantee) REGISTERED NUMBER: 04422206
BALANCE SHEET (CONTINUED) AS AT 30 APRIL 2023
Neil Pattison
The notes on pages 9 to 17 form part of these financial statements.
Page 8
WILLINGTON COURT LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
1. General information
Willington Court Limited was setup on 22 April 2002 as a charitable company limited by guarantee and registered with the Charity Commission for England and Wales (charity number 1105335) on 5 August 2004. The registered address is 28 Harrow Way, Maidstone, Kent, ME14 5TU.
2. Accounting policies
2.1 Basis of preparation of financial 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 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Willington Court Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
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 activity. 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 time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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WILLINGTON COURT LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
2. Accounting policies (continued)
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
Freehold property - 2% straight line on buildings, Land is not depreciated Fixtures and fittings - 20% reducing balance
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.9 Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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WILLINGTON COURT LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
2. Accounting policies (continued)
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Donations | 5,700 | 5,700 | 5,700 |
4. Income from charitable activities
| Unrestricted funds 2023 £ Rental 79,805 5. Investment income |
Total funds 2023 £ 79,805 |
Total funds 2022 £ 76,812 |
|---|---|---|
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Interest income on loans | 6,872 | 6,872 | 2,658 |
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WILLINGTON COURT LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
6. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2023 £ Properties 81,170 7. Analysis of expenditure by activities Activities undertaken directly 2023 £ Properties 68,911 Activities undertaken directly 2022 £ Properties 51,239 |
Total 2023 £ 81,170 Support costs 2023 £ 12,259 Support costs 2022 £ 12,217 |
Total 2022 £ 63,455 |
|---|---|---|
| Total funds 2023 £ 81,170 |
||
| Total funds 2022 £ 63,456 |
8. Independent examiner's remuneration
The independent review was provided pro-bono.
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WILLINGTON COURT LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
9. Staff costs
The average number of persons employed by the company during the year was as follows:
| 2023 No. Property manager (part time) 1 No employee received remuneration amounting to more than £60,000 in either year. The trustees were not paid or reimbursed for expenses during the year. |
2022 No. 1 |
|---|---|
The Property Manager was contracted on a part-time basis and paid £2,700 (2022: £2,700).
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) . During the year ended 30 April 2023, no Trustee expenses have been incurred (2022 - £NIL) .
11. Tangible fixed assets
| Cost or valuation At 1 May 2022 At 30 April 2023 Depreciation At 1 May 2022 Charge for the year At 30 April 2023 Net book value At 30 April 2023 At 30 April 2022 |
Freehold property £ 1,150,209 1,150,209 89,474 11,184 100,658 1,049,551 1,060,735 |
Fixtures and fittings £ 33,309 33,309 28,986 864 29,850 3,459 4,323 |
Total £ 1,183,518 |
|---|---|---|---|
| 1,183,518 | |||
| 118,460 12,048 |
|||
| 130,508 | |||
| 1,053,010 | |||
| 1,065,058 |
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WILLINGTON COURT LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
11. Tangible fixed assets (continued)
HSBC has a fixed and floating charge over the assets of the company.
12. Debtors
| Due within one year Trade debtors Loan - Jubilee Resource Hub (charity no 1115331) Other debtors Prepayments and accrued income |
2023 £ 100 150,000 54,601 6,907 211,608 |
2022 £ 90 149,974 53,492 6,502 |
|---|---|---|
| 210,058 |
Interest on the loan to Jubilee Resource Hub is at 1.5% above base rate which mirrors the mortgage rate charged and has no fixed terms of repayment. Other debtors includes a loan to Michael Harrison (owner 1a Willington Street) amounting to £53,250 (2022: £53,250). Interest on the loan to Michael Harrison will be charged when repayment is made which is anticipated to be made over the next 5 years. No interest accrual has been recognised due to the uncertainty of recovery of the interest. The accumulated interest totals £23,529 (2022: £20,989) which has been calculated at 3.5% per annum.
13. Creditors: Amounts falling due within one year
| Bank loans Trade creditors Rental payments received in advance Accruals and deferred income |
2023 £ 32,985 7,840 1,718 800 43,343 |
2022 £ 28,159 7,305 1,955 543 |
|---|---|---|
| 37,962 |
14. Creditors: Amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Bank loans | 343,970 | 380,493 |
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WILLINGTON COURT LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
Included within the above are amounts falling due as follows:
| Between one and two years Bank loans Between two and five years Bank loans Over five years Bank loans |
2023 £ 34,073 109,112 200,784 |
2022 £ 32,916 |
|---|---|---|
| 105,415 | ||
| 242,162 |
The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:
| Payable or repayable by instalments | 2023 £ 200,784 200,784 |
2022 £ 242,162 |
|---|---|---|
| 242,162 |
The bank loan consist of a monthly repayment mortgage over 25 years at 1.5% above the base rate. The loans are secured by a fixed and floating charge over the assets of the company. * HSBC mortgage secured over land and buildings.
15. Financial instruments
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 21,582 | 31,020 |
Financial assets measured at fair value through income and expenditure comprise cash balances.
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WILLINGTON COURT LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
16. Statement of funds
Statement of funds - current year
| Balance at 1 May 2022 £ Unrestricted funds General Funds - all funds 717,681 Revaluation reserve 170,000 887,681 Summary of funds Summary of funds - current year Balance at 1 May 2022 £ General funds 887,681 Analysis of net assets between funds Analysis of net assets between funds - current year Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Income £ Expenditure £ 92,377 (81,170) - - 92,377 (81,170) Income £ Expenditure £ 92,377 (81,170) Unrestricted funds 2023 £ 1,053,010 233,190 (10,358) (376,954) 898,888 |
Balance at 30 April 2023 £ 728,888 170,000 898,888 Balance at 30 April 2023 £ 898,888 Total funds 2023 £ 1,053,010 233,190 (10,358) (376,954) 898,888 |
|---|---|---|
17. Summary of funds Summary of funds - current year
18. Analysis of net assets between funds Analysis of net assets between funds - current year
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WILLINGTON COURT LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023
19. Related party transactions
Some of the proceeds of the sale of the Jubilee Community Centre were donated to Jubilee Resource Hub in 2018 to allow the setup of a new Community Centre in conjunction with Jubilee Resource Hub at a site in Parkwood Maidstone. There remains an outstanding loan receivable from Jubilee Resource Hub amounting to £150,000 (2022: £149,974) (note 12). The charity receives interest at 1.5% above the base rate on the loan. The full amount of the loan was repaid in July 2023. Both charities have common Trustees.
IT & Accounting Solutions was reimbursed for expenditure incurred on behalf of the charity amounting to £634 (2022: £622) for software subscriptions and statutory company secretarial costs. These transactions were made at open market value or on terms equivalent to those that prevail in arm's length transactions.
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