REGISTERED CHARITY NUMBER: 1141661
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2024
for
Cantiacorum Foundation
Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
Cantiacorum Foundation
Contents of the Financial Statements for the Year Ended 31 March 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 14 |
Cantiacorum Foundation
Report of the Trustees for the Year Ended 31 March 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
To apply the net income of the Trust Fund and any part of the capital to or towards the benefit or in furtherance of such Charitable purposes or Charitable institutions in such proportion and manner as the Trustees in their absolute discretion from time to time think fit.
The Charity will only operate within the historic county of Kent.
Public benefit
In deciding on how to direct the grant-making activities of the Charity, the Trustees have regard to the guidance of the Charity Commission on public benefit.
Grantmaking
Applications are received either online (our website includes online application forms for completion) or via the post. Applications are circulated to all Trustees upon receipt in order that they may be considered in detail before the quarterly meetings. Urgent applications are treated as such. Further information may be requested or checks carried out, for example on the Charity Commission website, as necessary. Applications are fully discussed at the quarterly meetings and applicants are contacted as soon as possible after the meeting in order to let them know if a grant is to be made. We try to support the widest possible range of causes. We ask those we support to let us know when the funding has been used and often receive very detailed feedback which we share on our website, subject to the appropriate consents.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trustees have provided financial assistance to organisations previously supported and also to organisations new to Cantiacorum Foundation. It remains the aim of the Trustees to provide support to the widest possible range of organisations to ensure that grants benefit the widest range of causes in terms of age, needs and conditions. The website has been redesigned and it is hoped that this will assist in raising awareness of the support we can provide.
The Trustees continued to meet quarterly in order to assess applications received, and to consider whether we are aware of any organisations we should approach to see if we can assist. We continue to recognise the need to be pro-active in order to grow our network of contacts. Urgent applications are considered immediately upon receipt.
During the period 1st April 2023 to 31st March 2024 grants in the sum of £79,829 were awarded to 36 charities and 2 individuals which provide assistance to a wide number of causes to include hospice care, community projects, respite breaks, support for those with sight and hearing loss, aids and equipment for those suffering from illnesses such as respiratory disease, multiple sclerosis, cancer and motor neurone disease. The number of applications received continues to grow.
The Charity will only operate within the historic County of Kent.
Investment performance
Two new properties have been acquired in the year taking the total property investment value to £681,000.
The investment portfolio generated income of £3,810 (2023: £2,837) in the period. The capital value of the portfolio rose by £7,429 (2023: fell by £10,714)
Given the current economic circumstances, the trustee's expected a slight reduction in the valuation of their investments however, they do believe that the performance will improve in years to come.
FINANCIAL REVIEW
Principal funding sources
The Charity's income currently derives solely from gifts from the Founder, gift aid rebate, rental income and interest from cash reserves. It is likely that a further property will be received by the charity, and the rentals from this will be an additional income stream which will assist the charity in funding its charitable activities.
Considerations will always be given to the partial use of ethical funds as requested by the Founders.
Page 1
Cantiacorum Foundation
Report of the Trustees for the Year Ended 31 March 2024
FINANCIAL REVIEW
Reserves policy
At the end of the year the total reserves were £1,022,336 (2023: £816,616), £133,118 (2023: £371,434) of which is in the form of cash.
Total unrestricted free reserves were £326,179 (2023: £379,929).
When making decisions regarding grants, the Trustees will ensure that they retain adequate cash resources to meet the maintenance costs of the properties and a reserve for unforeseen costs. The grants paid in 2024 were approximately £80,000, maintenance and other costs were £25,000 totalling £105,000. The trustees therefore feel that reserves of around £150,000 will allow them to be reactive to grants and cover the costs of the charity.
The current free reserves are above the policy due to the charity changing its investment property.
The Trustees continue in their view that as the Charity has no-ongoing commitments such as contracted expenditure and there are no restrictions on the spending of capital, there is no requirement to provide a contingency reserve. Should circumstances materially change i.e. the receipt of further properties, the Trustees will review the reserves policy seeking professional advice.
FUTURE PLANS
The charity aims to complete the sale of their remaining property in Canterbury with the aim of reinvesting in properties within Lincolnshire. The rental income generated from these properties will enable grants to be made as per the trust deed.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
Trustees are appointed by resolution of the Trustees or by deed.
Risk management
The Trustees regularly review the risks of the charity and ensure that there are sufficient safeguards in place.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1141661
Principal address
PO Box 1255 Lincoln LN5 5PP
Trustees
C H Kemp Ex Officio P E Kemp Ex Officio A N Hurton N J Hurton C J Hurton A R Hurton F J McBarron (resigned 27.5.23) J McCarter
Independent Examiner
Paul Colcomb FCCA Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
Page 2
Cantiacorum Foundation
Report of the Trustees for the Year Ended 31 March 2024
REFERENCE AND ADMINISTRATIVE DETAILS Solicitors
Sills & Betteridge Silver Street Lincoln LN2 1ED
Bankers
HSBC Stonebow Branch Lincoln LN1 1TS
Charity website
www.cantiacorumfoundation.org.uk
Approved by order of the board of trustees on 20 November 2024 and signed on its behalf by:
Alison N Hurton
Alison N Hurton (Nov 29, 2024 15:21 GMT)
A N Hurton - Trustee
Page 3
Independent Examiner's Report to the Trustees of Cantiacorum Foundation
Independent examiner's report to the trustees of Cantiacorum Foundation
I report to the charity trustees on my examination of the accounts of Cantiacorum Foundation (the Trust) for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Paul Colcomb
Paul Colcomb (Nov 30, 2024 09:01 GMT)
Paul Colcomb FCCA
Wright Vigar Limited Chartered Accountants & Business Advisers 15 Newland Lincoln Lincolnshire LN1 1XG
20 November 2024
Page 4
Cantiacorum Foundation
Statement of Financial Activities for the Year Ended 31 March 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Grant Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 282,500 27,265 309,765 31,644 79,829 111,473 7,428 205,720 816,616 1,022,336 |
Restricted fund £ - - - - - - - - - - |
2024 Total funds £ 282,500 27,265 309,765 31,644 79,829 111,473 7,428 205,720 816,616 1,022,336 |
2023 Total funds £ 75,100 24,234 99,334 21,471 84,145 105,616 (10,714) (16,996) 833,612 816,616 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
Cantiacorum Foundation
Balance Sheet 31 March 2024
| Notes FIXED ASSETS Intangible assets 10 Tangible assets 11 Investments Investments 12 Investment property 13 CURRENT ASSETS Debtors 14 Cash at bank CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds TOTAL FUNDS |
Unrestricted fund £ 4,394 1,003 9,760 681,000 696,157 206,343 124,118 330,461 (4,282) 326,179 1,022,336 1,022,336 |
Restricted fund £ - - - - - - 9,000 9,000 (9,000) - - - |
2024 Total funds £ 4,394 1,003 9,760 681,000 696,157 206,343 133,118 339,461 (13,282) 326,179 1,022,336 1,022,336 1,022,336 1,022,336 |
2023 Total funds £ 5,149 667 160,871 270,000 436,687 20,468 371,434 391,902 (11,973) 379,929 816,616 816,616 816,616 816,616 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 20 November 2024 and were signed on its behalf by:
Alison N Hurton
Alison N Hurton (Nov 29, 2024 15:21 GMT)
A N Hurton - Trustee
The notes form part of these financial statements
Page 6
Cantiacorum Foundation
Notes to the Financial Statements for the Year Ended 31 March 2024
1. STATUTORY INFORMATION
Cantiacorum Foundation is an unincorporated Charity, registered in England and Wales. The charities registered number and registered office can be found on the Report of the Trustees.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The presentational currency of the Charity is Sterling.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption 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.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Intangible fixed assets
Website costs are carried at cost less accumulated amortisation and accumulated impairment losses. These costs are amortised to the Statement of Financial Activities (SOFA) using the straight-line method over their estimated useful lives of ten years.
Tangible fixed assets
Depreciation is provided at the following annual rate in order to write off each asset over its estimated useful life.
Computer equipment - 25% on cost Fixtures and fittings - 25% on cost
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value are recognised in the Statement of financial activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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continued...
Cantiacorum Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
2. ACCOUNTING POLICIES - continued
Fixed Asset Investments
Fixed asset investments are shown at their market value as at the year end date. Any aggregate surplus or deficit arising from changes in market value during the year are recognised in the Statement of Financial Activities.
3. INVESTMENT INCOME
| Rents received Interest and dividends Interest Sundry income |
2024 £ 21,134 3,810 2,321 - 27,265 |
2023 £ 18,500 2,837 1,468 1,429 |
|---|---|---|
| 24,234 |
4. RAISING FUNDS
Raising donations and legacies
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages | 1,676 | 557 |
| Accountancy | 3,445 | 2,648 |
| Legal fees | 4,849 | 2,999 |
| Rates and water | 515 | - |
| Insurance | 1,260 | 2,071 |
| Postage and stationery | 1,439 | 666 |
| Light and heat | 262 | - - |
| Telephone | 203 | |
| Travel costs | 989 | 349 |
| Sundries | 428 | 1,338 |
| Website design | 2,895 | 5,569 |
| Subsistence | 1,425 | 1,120 |
| Amortisation | 755 | 755 |
| Depreciation | 262 | 174 |
| Repairs and renewals | 8,064 | 785 |
| Portfolio management | 736 | 2,379 |
| Interest | 2,441 | 61 |
| 31,644 | 21,471 | |
| Investment management costs | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Portfolio management | 736 | 2,379 |
| Aggregate amounts | 31,644 | 21,471 |
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Cantiacorum Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
| 5. | CHARITABLE ACTIVITIES COSTS | ||
|---|---|---|---|
| Grant | |||
| funding of | |||
| activities | |||
| (see note | |||
| 6) | |||
| £ | |||
| Grant | 79,829 | ||
| 6. | GRANTS PAYABLE | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Grant | 79,829 | 84,145 |
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Cantiacorum Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
6. GRANTS PAYABLE - continued
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| 21 Together | - | 2,000 |
| 3 hands | 2,000 | - |
| Age UK Tunbridge Wells | 1,600 | - |
| Asthma relief | 900 | 950 |
| Blesma | - | 1,500 |
| Blind Veterans | 2,062 | - |
| British Limbless Association | 1,500 | - |
| Cruse Bereavement | - | 2,616 |
| Calvert Trust Exmoor | 1,250 | 2,500 |
| Canterbury Girls Choir | 900 | - |
| Carers UK Register | - | 3,000 |
| Catching Lives | 5,000 | - |
| Celebration Church | 1,000 | - |
| Child Autism UK | - | 2,000 |
| Combat Stress | - | 1,000 |
| DAID | 1,600 | - |
| Dartford and Gravesham NHS Trust | 2,500 | - |
| Deaf Blind | 2,254 | 1,700 |
| Demelza Hospice | 3,000 | 2,800 |
| Dogs For Good | 1,000 | - |
| East Kent Multiple Sclerosis Society | 2,100 | - |
| Girl Guilding | 876 | - |
| Group 587 HCPT | 1,100 | - |
| Go Beyond | (2,200) | - |
| Handicapped Children's Action Group | 1,133 | - |
| Happy Days Childrens Charity | - | 3,500 |
| Haven Project | 1,200 | - |
| Heart of Kent Hospice | 2,170 | - |
| HI Kent | - | 5,000 |
| Hospice in the Weald | 2,000 | 1,250 |
| Independent Age | 2,040 | - |
| Kent Multiple Sclerosis | 2,550 | 2,500 |
| Kent Wish Foundation | 5,000 | - |
| Learn & Thrive | - | 3,070 |
| Lennox Childrens | 2,080 | 2,080 |
| Life and Soul Youth | - | 1,500 |
| Little Hearts Matter | 3,000 | 3,000 |
| Make A Wish Foundation | 3,105 | - |
| Martha Trust | - | 4,595 |
| Meningitis Now | - | 3,000 |
| Mortimer Society | - | 3,200 |
| Motor Neurone | 2,000 | - |
| MND Association | - | 2,000 |
| New Life | 2,500 | 3,000 |
| Orchid Cancer Appeal | - | 1,485 |
| Pilgrims Hospice | - | 2,304 |
| Red Eagle | 4,650 | 5,000 |
| Revitalise | - | 1,386 |
| R N I B | - | 1,080 |
| Romney Resource Centre | - | 2,500 |
| Sea Scouts | 6,400 | - |
| Sense Trusts | 3,120 | 2,128 |
| Sunny Days Children's Fund | 2,000 | - |
| The Movement for N (Whizz Kidz) | 2,600 | 6,000 |
| The Young Lives Foundation | 875 | - |
| Valley Hospital Charity | - | 700 |
| Whitstable Lower Tennis Club | 2,400 | - |
| 79,265 | 80,344 | |
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Cantiacorum Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
6. GRANTS PAYABLE - continued
The following Individuals were the recipients of the grants made during the year:
Emma Pearce Kings school - Choral scholarship Mrs C L Roe Mr and Mrs Judge 7. SUPPORT COSTS Management Finance £ £ Raising donations and legacies 16,581 6,263 |
2024 | 2023 |
|---|---|---|
| £ | £ | |
| - | 2,788 | |
| - | 1,013 | |
| 64 | - | |
| 500 | - | |
| 564 | 3,801 | |
| Information technology £ 8,064 |
Totals £ 30,908 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash of kind. Expenses were paid to 5 trustees in the year totalling £5,202 (2023: £2,135), the balance outstanding to 1 trustee is £21 (2023: £Nil).
9. INDEPENDENT EXAMINATION
The total fees paid in respect of the independent examination were as follows:
Independent examination fees 10. INTANGIBLE FIXED ASSETS COST At 1 April 2023 and 31 March 2024 AMORTISATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
2024 |
2023 |
|---|---|---|
| £ | £ | |
| 1,860 | 1,650 | |
| Website costs £ 7,555 2,406 755 3,161 4,394 5,149 |
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Cantiacorum Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
11. TANGIBLE FIXED ASSETS
| 11. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Fixtures | |||||
| and | Computer | ||||
| fittings | equipment | Totals | |||
| £ | £ | £ | |||
| COST | |||||
| At 1 April 2023 | 143 | 1,824 | 1,967 | ||
| Additions | 249 | 349 | 598 | ||
| At 31 March 2024 | 392 | 2,173 | 2,565 | ||
| DEPRECIATION | |||||
| At 1 April 2023 | 143 | 1,157 | 1,300 | ||
| Charge for year | 26 | 236 | 262 | ||
| At 31 March 2024 | 169 | 1,393 | 1,562 | ||
| NET BOOK VALUE | |||||
| At 31 March 2024 | 223 | 780 | 1,003 | ||
| At 31 March 2023 | - | 667 | 667 | ||
| 12. | FIXED ASSET INVESTMENTS | ||||
| Listed | |||||
| investments | |||||
| £ | |||||
| MARKET VALUE | |||||
| At 1 April 2023 | 160,871 | ||||
| Additions | 1,460 | ||||
| Disposals | (160,000) | ||||
| At 31 March 2024 | 2,331 | ||||
| PROVISIONS | |||||
| Change in market value | (7,429) | ||||
| NET BOOK VALUE | |||||
| At 31 March 2024 | 9,760 | ||||
| At 31 March 2023 | 160,871 | ||||
| There were no investment assets outside the UK. | |||||
| Cost or valuation at 31 March 2024 is represented by: | |||||
| Listed | |||||
| investments | |||||
| £ | |||||
| Cost | 2,331 |
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Cantiacorum Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
13. INVESTMENT PROPERTY
£
| 13. | INVESTMENT PROPERTY | £ | |||
|---|---|---|---|---|---|
| FAIR VALUE | |||||
| At 1 April 2023 | 270,000 | ||||
| Additions | 411,000 | ||||
| At 31 March 2024 | 681,000 | ||||
| NET BOOK VALUE | |||||
| At 31 March 2024 | 681,000 | ||||
| At 31 March 2023 | 270,000 | ||||
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Other debtors | 195,000 | 15,000 | |||
| Prepayments and accrued income | 11,343 | 5,468 | |||
| 206,343 | 20,468 | ||||
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Trade creditors | 1,475 | - | |||
| Other creditors | 11,807 | 11,973 | |||
| 13,282 | 11,973 | ||||
| 16. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1.4.23 | in funds | 31.3.24 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 816,616 | 205,720 | 1,022,336 | ||
| TOTAL FUNDS | 816,616 | 205,720 | 1,022,336 | ||
| Net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Gains and | Movement | ||
| resources | expended | losses | in funds | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 309,765 | (111,473) | 7,428 | 205,720 | |
| TOTAL FUNDS | 309,765 | (111,473) | 7,428 | 205,720 |
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Cantiacorum Foundation
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1.4.22 | in funds | 31.3.23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 833,612 | (16,996) | 816,616 | |
| TOTAL FUNDS | 833,612 | (16,996) | 816,616 | |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Gains and | Movement | |
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 99,334 | (105,616) | (10,714) | (16,996) |
| TOTAL FUNDS | 99,334 | (105,616) | (10,714) | (16,996) |
Rent Deposit Fund
The Rent Deposit fund arose from deposits received from tenants. These are to be held by the charity until the rental period ceases where these will be returned in full or in part after deducting for any repairs subject to the rental agreements.
17. RELATED PARTY DISCLOSURES
During the year, the Charity incurred legal fees of £1,565 (2023: £2,999) from Sills and Betteridge, a company in which A Hurton is a partner. However, the purchase of the two new properties was completed through Sills and Betteridge. There was no balance due at the year end.
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