2022-03-31-accounts

COMPANY REGISTRATION NUMBER: 07825327 CHARITY REGISTRATION NUMBER: 1146605

THE WOODSTOCK MIKVAH LIMITED COMPANY LIMITED BY GUARANTEE UNAUDITED FINANCIAL STATEMENTS

31 MARCH 2022

COHEN ARNOLD Chartered accountants New Burlington House 1075 Finchley Road LONDON NW11 0PU

THE WOODSTOCK MIKVAH LIMITED

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

	PAGES
Trustees' annual report (incorporating the director's report)	1 to 4
Independent examiner's report to the trustees	5
Statement of financial activities (including income and expenditure
account)	6
Statement of financial position	7 to 8
Notes to the financial statements	9 to 16

THE WOODSTOCK MIKVAH LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)

YEAR ENDED 31 MARCH 2022

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name The Woodstock Mikvah Limited Charity registration number 1146605 Company registration number 07825327 Principal office and registered New Burlington House office 1075 Finchley Road London NW11 0PU England The trustees Mr J Curtis Mr C Lerner (Retired 1 November 2021) Mr S Mozes Mr P Klein (Appointed 1 November 2021) Independent examiner David Goldberg FCA, DChA New Burlington House 1075 Finchley Road LONDON NW11 0PU

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THE WOODSTOCK MIKVAH LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is constituted as a company limited by guarantee, and as such its governing documents are its Memorandum and Articles of Association.

It is registered as a charity with the Charity Commission and its charity number is 1146605. The company registration number is 07825327.

Appointment, training and recruitment of trustees

The trustees have no beneficial interest in the company as it is a company limited by guarantee and are chosen by agreement of trustees at an annual meeting. The choice is based on applicants' business and community knowledge.

New trustees are subject to trustee induction training which includes an understanding of the content of the Memorandum and Articles of Association, their legal obligations under Charity Act and Company Law, the organisational structure of charity and the recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events which enhance their knowledge and skill thereby improving the performance of their role.

Management of the charity

The day-to-day affairs of the charity are administered by the staff and managed by the council of Trustees.

Related parties and co-operations with other organisations

None of our trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee of the charity with a supplier company must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported.

OBJECTIVES AND ACTIVITIES

The charity's objectives are primarily to provide and maintain a ritual pool or pools for immersion for religious purposes for members of the Jewish faith. In particular the charity was set up to provide and maintain the Woodstock Mikvah in the North West London area.

The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the charity's aims and objectives and in planning future activities.

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THE WOODSTOCK MIKVAH LIMITED COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 31 MARCH 2022

ACHIEVEMENTS AND PERFORMANCE

During the year the charity continued to maintain a ritual pool for immersion for religious purposes.

The trustees consider that the performance of the charity has been satisfactory, notwithstanding the deficit in movements in funds in the year of £64,828 (2021: profit £242,358), as the fundraising efforts in the previous year have more than covered this shortfall.

Total income in the year was £245,329 (2021: £530,541) which represents a decrease of over 54% on the previous year due to the previous year's fundraising campaign.

Total expenditure in the year was £310,157 (2021: £288,183) which represents an increase of over 8% on the previous year.

FINANCIAL REVIEW

Risk Management

The trustees have a risk management strategy which comprises:

• an annual review of the principal risks and uncertainties that the charity face;

• the establishment of policies, systems and procedures to mitigate those risks identified in the annual review;

• the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.

This work has identified that financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due to ensure sufficient working capital by the charity. Attention has also been focussed on non-financial risks arising from fire, health and safety of the service users. These risks are managed by having robust policies and procedures in place, and annual checks and tests by third party companies to ensure a safe environment. The trustees are satisfied that these systems and procedures manage any perceived risks.

Reserves Policy

As at 31 March 2022, £696,569 (2021: £761,397) was held as unrestricted funds.

The charity has a reserve policy to ensure that it is in a position to continue its charitable activities at a level consistent to those which have been maintained in recent years or above that level and to cover contingencies.

PLANS FOR FUTURE PERIODS

The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory incoming resources.

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

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THE WOODSTOCK MIKVAH LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 31 MARCH 2022

The trustees' annual report was approved on 8 November 2022 and signed on behalf of the board of trustees by:

Mr J Curtis Trustee

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THE WOODSTOCK MIKVAH LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WOODSTOCK MIKVAH LIMITED

YEAR ENDED 31 MARCH 2022

I report to the trustees on my examination of the financial statements of The Woodstock Mikvah Limited ('the charity') for the year ended 31 March 2022.

RESPONSIBILITIES AND BASIS OF REPORT

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 charity’s accounts as 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:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements 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

4. the financial statements 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.

David Goldberg FCA, DChA Independent Examiner

New Burlington House 1075 Finchley Road LONDON NW11 0PU

8 November 2022

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THE WOODSTOCK MIKVAH LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 MARCH 2022

		2022		2021
		Unrestricted
		fundsTotal funds		Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	5	245,329	245,329	530,541
		──────────	──────────	──────────
Total income		245,329	245,329	530,541
		══════════	══════════	══════════
Expenditure
Expenditure on charitable activities	6,7	(310,157)	(310,157)	(288,183)
		──────────	──────────	──────────
Total expenditure		(310,157)	(310,157)	(288,183)
		══════════	══════════	══════════
		──────────	──────────	──────────
Net (expenditure)/income and net movement in funds		(64,828)	(64,828)	242,358
		══════════	══════════	══════════
Reconciliation of funds
Total funds brought forward		761,397	761,397	519,039
		──────────	──────────	──────────
Total funds carried forward		696,569	696,569	761,397
		══════════	══════════	══════════

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 9 to 16 form part of these financial statements.

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THE WOODSTOCK MIKVAH LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION

31 MARCH 2022

		2022		2021
	Note	£	£	£	£
FIXED ASSETS
Intangible assets	13		10,631		–
Tangible fixed assets	14		1,098,887		1,148,208
			─────────────		─────────────
			1,109,518		1,148,208
CURRENT ASSETS
Debtors	15	8,588		16,582
Cash at bank and in hand		53,738		87,440
		─────────		──────────
		62,326		104,022
CREDITORS: amounts falling due
within one year	16	(24,486)		(21,984)
		─────────		──────────
NET CURRENT ASSETS			37,840		82,038
			─────────────		─────────────
TOTAL ASSETS LESS CURRENT
LIABILITIES			1,147,358		1,230,246
CREDITORS: amounts falling due
after more than one year	17		(450,789)		(468,849)
			─────────────		─────────────
NET ASSETS			696,569		761,397
			═════════════		═════════════
FUNDS OF THE CHARITY
Unrestricted funds			696,569		761,397
			──────────		──────────
Total charity funds	19		696,569		761,397
			══════════		══════════

For the year ending 31 March 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The statement of financial position continues on the following page.

The notes on pages 9 to 16 form part of these financial statements.

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THE WOODSTOCK MIKVAH LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION (continued)

31 MARCH 2022

These financial statements were approved by the board of trustees and authorised for issue on 8 November 2022, and are signed on behalf of the board by:

Mr J Curtis Trustee

Mr S Mozes Trustee

The notes on pages 9 to 16 form part of these financial statements.

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THE WOODSTOCK MIKVAH LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2022

1. GENERAL INFORMATION

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU, England.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis.

The Woodstock Mikvah Limited meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

These financial statements have been prepared in accordance with accounting principles appropriate to a going concern, as the trustees have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future by meeting its obligations as they fall due, based on the current net asset position of the charity and available sources of finance.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 21.

Taxation

The charity is not liable to direct taxation (income tax) on its income as it falls within the various exemptions available to registered charities.

Fund accounting

General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Restricted funds are funds subject to specific restricted conditions imposed by donors.

Designated funds are funds which have been set aside at the discretion of the trustees for specific purposes. There are no designated funds as at balance sheet date.

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THE WOODSTOCK MIKVAH LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

3. ACCOUNTING POLICIES (continued)

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Defined contribution pension plans

The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. The annual contributions payable are recognised as an expense in the statement of financial activity.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Employee benefits

The charity provides a range of other benefits to its employees, including paid holiday arrangements. An expense is recognised in the statement of financial activities when the charity has a legal or constructive obligation to make payments under the arrangement as a result of past events and a reliable estimate of the obligation can be made.

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THE WOODSTOCK MIKVAH LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

3. ACCOUNTING POLICIES (continued)

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land & building - Over 50 years Plant & machinery - Over 10 years Fixtures & fittings - Over 15 years Equipment - 20% reducing balance

Debtors

Debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and cash 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.

Creditors and provisions

Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Trade and other debtors

Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition, trade and other debtors that are classified as receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Trade and other creditors

Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition trade and other creditors that are classified as payable within one year are measured at the discounted amount of the cash or other consideration expected to be paid.

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THE WOODSTOCK MIKVAH LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

3. ACCOUNTING POLICIES (continued)

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. LIMITED BY GUARANTEE

The company is limited by guarantee and does not have a share capital. The liability of every member is limited to £10 in the event of winding up.

5. DONATIONS AND LEGACIES

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
DONATIONS
Donations	245,329	245,329	530,541	530,541
	══════════	══════════	══════════	══════════

6. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Operating costs of the mikvah	307,099	307,099	283,234	283,234
Support costs	3,058	3,058	4,949	4,949
	──────────	──────────	──────────	──────────
	310,157	310,157	288,183	288,183
	══════════	══════════	══════════	══════════

7. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

	Activities
	undertaken		Total funds	Total fund
	directly	Support costs	2022	2021
	£	£	£	£
Operating costs of the mikvah	307,099	526	307,625	285,651
Governance costs	–	2,532	2,532	2,532
	──────────	───────	──────────	──────────
	307,099	3,058	310,157	288,183
	══════════	═══════	══════════	══════════

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THE WOODSTOCK MIKVAH LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

8. ANALYSIS OF SUPPORT COSTS

8.	ANALYSIS OF SUPPORT COSTS
		Operating
		costs of the
		mikvah	Total 2022	Total 2021
		£	£	£
	Legal and professional fees	1,066	1,066	2,957
	Accountancy fees	1,992	1,992	1,992
		───────	───────	───────
		3,058	3,058	4,949
		═══════	═══════	═══════
9.	NET (EXPENDITURE)/INCOME
	Net (expenditure)/income is stated after charging/(crediting):
			2022	2021
			£	£
	Depreciation of tangible fixed assets		57,561	58,881
			═════════	═════════
10.	INDEPENDENT EXAMINATION FEES
			2022	2021
			£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements		1,992	1,992
			═══════	═══════
11.	STAFF COSTS
	The total staff costs and employee benefits for the reporting period are		analysed as	follows:
			2022	2021
			£	£
	Wages and salaries		46,884	16,856
	Employer contributions to pension plans		434	–
			─────────	─────────
			47,318	16,856
			═════════	═════════
	The average head count of employees during the year	was 3 (2021: 1). The average number of
	full-time equivalent employees during the year is analysed as follows:
			2022	2021
			No.	No.
	Number of staff		2	1
			════	════

No employee received employee benefits of more than £60,000 during the year (2021: Nil).

12. TRUSTEE REMUNERATION AND EXPENSES

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

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THE WOODSTOCK MIKVAH LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

13. INTANGIBLE ASSETS

					Development
					costs
					£
Cost
Additions					10,631
					─────────
At 31 March 2022					10,631
					═════════
Amortisation
At 1 April 2021 and 31 March 2022					–
					═════════
Carrying amount
At 31 March 2022					10,631
					═════════
At 31 March 2021					–
					═════════
TANGIBLE FIXED ASSETS
	Land and	Plant and	Fixtures and
	buildings	machinery	fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2021	809,863	200,000	200,000	106,543	1,316,406
Additions	–	–	8,240	–	8,240
	──────────	──────────	──────────	──────────	─────────────
At 31 March 2022	809,863	200,000	208,240	106,543	1,324,646
	══════════	══════════	══════════	══════════	═════════════
Depreciation
At 1 April 2021	32,394	40,000	26,666	69,138	168,198
Charge for the year	16,197	20,000	13,883	7,481	57,561
	──────────	──────────	──────────	──────────	─────────────
At 31 March 2022	48,591	60,000	40,549	76,619	225,759
	══════════	══════════	══════════	══════════	═════════════
Carrying amount
At 31 March 2022	761,272	140,000	167,691	29,924	1,098,887
	══════════	══════════	══════════	══════════	═════════════
At 31 March 2021	777,469	160,000	173,334	37,405	1,148,208
	══════════	══════════	══════════	══════════	═════════════
DEBTORS
				2022	2021
				£	£
Other debtors				8,588	16,582
				═══════	═════════

14. TANGIBLE FIXED ASSETS

15. DEBTORS

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THE WOODSTOCK MIKVAH LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

16. CREDITORS: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	18,000	18,000
Accruals and deferred income	3,984	3,984
Social security and other taxes	2,502	–
	─────────	─────────
	24,486	21,984
	═════════	═════════

The charity's bank loan is secured on the fixed assets held by the charity.

17. CREDITORS: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	450,789	468,849
	══════════	══════════

The charity's bank loan is secured on the fixed assets held by the charity.

The HSBC Commercial Mortgage facility of £468,789 is repayable by August 2040 and bears interest of 2.75% above The Bank of England's base rate until redemption date.

18. PENSIONS AND OTHER POST RETIREMENT BENEFITS

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £434 (2021: £Nil).

19. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

Unrestricted funds
		At		At 31 March
	1	April 2021	Income	Expenditure	2022
		£	£	£	£
General funds		761,397	245,329	(310,157)	696,569
		══════════	══════════	══════════	══════════
		At			At 31 March
	1	April 2020	Income	Expenditure	2021
		£	£	£	£
General funds		519,039	530,541	(288,183)	761,397
		══════════	══════════	══════════	══════════

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THE WOODSTOCK MIKVAH LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted	Total Funds
	Funds	2022
	£	£
Intangible assets	10,631	10,631
Tangible fixed assets	1,098,887	1,098,887
Current assets	62,326	62,326
Creditors less than 1 year	(24,486)	(24,486)
Creditors greater than 1 year	(450,789)	(450,789)
	─────────────	─────────────
Net assets	696,569	696,569
	═════════════	═════════════
	Unrestricted	Total Funds
	Funds	2021
	£	£
Intangible assets	–	–
Tangible fixed assets	1,148,208	1,148,208
Current assets	104,022	104,022
Creditors less than 1 year	(21,984)	(21,984)
Creditors greater than 1 year	(468,849)	(468,849)
	─────────────	─────────────
Net assets	761,397	761,397
	═════════════	═════════════

21. ACCOUNTING ESTIMATES AND JUDGEMENTS

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation and the physical condition of the assets.

22. CONTROLLING PARTY

The charity was under the control of the trustees throughout the year.

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