CHARITABLE INCORPORATED ORGANISATION (CIO) CHARITY NUMBER: 1165878 SOCIAL HOUSING REGISTRATION NUMBER: 4859
The Blue House
Unaudited Financial Statements
31 March 2022
The Blue House
Financial Statements
Year Ended 31 March 2022
| Page | |
|---|---|
| Trustees annual report | 1 - 4 |
| Independent examiner’s report to the trustees | 5 |
| Statement of financial activities | 6 |
| Balance Sheet | 7 |
| Statement of cash flows | 8 |
| Notes to the financial statements | 9 - 17 |
The Blue House
Trustees Annual Report (continued)
Year Ended 31 March 2022
The trustees 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 Blue House Charity registration number CIO 1165878 Principal office The Blue House The Bridge Frome Somerset BA11 1AP The trustees Mr. C Rose Mrs. J Campbell Mr. J Dowling Mr. D Oakensen (Chair) Mrs. A Oakes Mrs. M Cheal The Rev R Isherwood Mrs. Sarah Sandon Mrs. Maeve England (appointed 27 June 2022) Mr. Stuart Barnes (appointed 27 June 2022) Mr. H Daniel (resigned on 6/12/21) Mr. B Lowe (resigned on 18/10/21) Mr. P Pang (resigned on 27/6/22) Independent examiner Joshua Kingston BSc (Hons) ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
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Trustees Annual Report (continued)
Year Ended 31 March 2022
The Blue House
Structure, governance and management
The Blue House was registered with the Charity Commission as a Charitable Incorporated Organisation (CIO) with effect from 4th March 2016 under number 1165878. The governing document is the Constitution of The Blue House. A document entitled Rules of The Blue House Trustees, as allowed for in Clause 26 of the Constitution, was adopted by the Trustees at a Board meeting held on 4th April 2016. This document sets out the rules by which the Trustees manage the Blue House. The Blue House is registered with the Home and Communities Agency (HCA) (registered number 4859) as a non-profit private registered provider of social housing.
The Board of Trustees meets six times a year. The executive Sub Committee meets on alternate months to the Board, with two representatives of the residents in attendance.
CO-OPTED TRUSTEES
Where a vacancy occurs, the Trustees will debate whether there are any areas of expertise that are not covered adequately by the Trustees and should try to recruit a suitable person to fill the vacancy.
- In the event of more possible names being put forward than vacancies, each prospective Trustee will be asked to prepare a brief statement of their skills and experiences, and to meet with the Chair. The decision will then be put to the vote at the next Trustees’ meeting, providing there is a quorum.
The charity employs four part time staff including a manager, who deal with all day to day matters.
Objectives and activities
The Blue House provides residential accommodation for beneficiaries is in accordance with its Constitution. This is to provide affordable, sheltered housing to poor aged persons who were born in, or who are at the time of their appointment inhabitants of the area of benefit. The area being the town of Frome and surrounding parishes. In the activities of the charity the Trustees have considered the Charity Commission's guidance on public benefit and fee charging. Income is mainly derived from the Weekly Maintenance Contributions (WMCs of residents.
The Trustees aim to:
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keep WMCs at the minimum level using guidelines from the Homes and Communities Agency
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assist residents in claiming all benefits to which they are entitled,
-
ensure high levels of occupancy,
-
maintain the building to a high standard and improve accommodation as it becomes vacant.
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Maintain the grounds as an amenity for residents.
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Encourage and facilitate the involvement of residents.
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Trustees Annual Report (continued)
Year Ended 31 March 2022
The Blue House
Achievements and performance
This last year has been a very challenging one for The Blue House following on from the Covid-19 pandemic. At the start of the financial year the manager resigned leaving a large void in the day to day running of the house and putting the remaining staff and trustees under a lot of pressure to maintain services. It is to their credit that they managed to keep things running under such challenging circumstances. However, the old manager was replaced in September by a new manager who brought with him a wealth of experience in running and maintaining large properties. This has led to a great deal of works being undertaken over a short duration to catch up and put things back onto an even keel. This is reflected in the financial spend which has increased significantly over the last 6 months.
Following the new manager starting, the existing handyman immediately resigned, but was replaced by an extremely competent tradesman who has been a splendid addition to the team.
Whilst there were a number of long-term voids during the early part of the year, these were filled in the first part of 2022 with all flats now occupied apart from Flat 21, which is undergoing refurbishment and extension. The second half of the previous year has seen a steep rise in enquiries for accommodation, reflecting the increasing need for affordable housing in the general community. We now have a healthy waiting list should any existing flats become void again.
As was mentioned in last year’s report, Flat 21 has undergone a complete refurbishment with a separate bedroom and new bathroom being added. Whilst there have been a number of challenges in completing the build, particularly around the delivery of materials, works are now virtually complete, and a new resident should be taking up occupancy in the early part of the financial year.
Financial review
The Charities Act 2011 requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of The Blue House at the end of the year and the surplus or deficiency for the year then ended.
The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of The Blue House and to enable them to ensure that the financial statements comply with the Charities Act 2011.
The Trustees are also responsible for safeguarding the assets of The Blue House and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In preparing those financial statements, the Trustees are required to select suitable accounting policies as described in this document, and then apply them on a consistent basis, making judgements and estimates that are prudent and reasonable. The Trustees must also prepare the financial statements on a going concern basis unless it is inappropriate to presume that The Blue House will continue in business.
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Trustees Annual Report (continued)
The Blue House
Year Ended 31 March 2022
The Blue House is obliged to invest in approved funds. The Executive Committee monitors the financial situation and makes any recommendations for changes to the Trustees.
The permanent endowment investments are restricted to providing income and capital growth. Other holdings which are not restricted may be used for major repairs. Reserves are maintained sufficient to ensure the upkeep of the building and the maintenance of services.
- The value for money metrics for the year ended 31 March 2022 are as follows: Reinvestment 30.2% New supply delivered 0% Gearing 0% EBITDA MRI interest cover Not applicable, no finance interest Headline social housing cost per unit £6,784 Operating margin 0.70% per unit ROCE (Return of capital employed) 1.54%
During the year the Charity achieved a surplus on its ordinary activities of £12,870 (2021: £70,530).
The trustees have reviewed the Charity’s needs for reserves in line with the guidance issued by the Charity Commission. The Trustees have not yet developed a reserves policy due to there being no manager in post for a large period of the year, the handyman resigning and no gardener in place however do endeavor to do so in the future.
At the end of 31 March 2022, the unrestricted uncommitted funds (free reserves) amount to £40,386.
Plans for future periods
The Blue House will continue to provide accommodation within the existing premises to beneficiaries from the area of benefit. The building will be maintained in an appropriate manner in accordance with its historic status.
The Trustees intend to continue with a regime of restoration and refurbishment to the existing building in accordance with its status and the requirements of the residents.
With effect from 1st April 2022, the WMCs from residents were increased in accordance with the guidelines set by the HCA. High standards of service will be continued within a balanced budget.
The trustees' annual report was approved on .................................... and signed on behalf of the board of trustees by:
Miriam Cheal (Chairman) Trustee
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The Blue House
Independent Examiner’s Report
Year Ended 31 March 2022
Independent examiner’s report to the trustees of The Blue House
I report to the trustees on my examination of the accounts of The Blue House (the Charity) for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity trustees of the Charity 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 Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
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:
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accounting records were not kept in respect of the Charity as required by section 130 of the 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 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.
Joshua Kingston BSc (Hons) ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
Date: …………………………………….
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THE BLUE HOUSE
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 MARCH 2022
| Note Income from: Donations and legacies Charitable activities 2 Investments 3 Total income Expenditure on: Raising funds Charitable activities 4 Total expenditure Net gains/(losses) on investments 13 Net income/(expenditure) 8 Transfers between funds 18 Net movement in funds Total funds at start of year 18 Total funds at end of year 18 |
Unrestricted Funds £ 2,260 107,471 9,002 118,733 - 115,320 115,320 10,368 13,781 (123,066) (109,285) 349,666 240,381 |
Restricted Funds £ - - - - - - - (911) (911) - (911) 189,807 188,896 |
Endowment Funds £ - - - - - - - - - 123,066 123,066 284,847 407,913 |
Total Funds 2022 £ 2,260 107,471 9,002 118,733 - 115,320 115,320 9,457 12,870 - 12,870 824,320 837,190 |
Total Funds 2021 £ 200 112,043 10,053 122,296 5 87,785 87,790 36,024 70,530 - 70,530 753,790 824,320 |
|---|---|---|---|---|---|
The Charity has no recognised gains or losses other than the results for the year as set out above.
All of the activities of the charity are classed as continuing.
The notes on pages 9 to 17 form part of these financial statements See note 11 for prior year fund comparatives
6
THE BLUE HOUSE
BALANCE SHEET
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AS AT 31 MARCH 2022 CIO Charity Number: 1165878
2022 2021
Note £ £
Fixed assets
Tangible assets 12 407,913 284,847
Investments 13 276,668 267,211
684,581 552,058
Current assets
Stock 100 100
Debtors 14 14,386 8,875
Cash at bank and in hand 150,536 271,494
165,022 280,469
Liabilities
Creditors : amounts falling due within one year 15 (12,413) (8,207)
Net current assets 152,609 272,262
Net assets 837,190 824,320
FUNDS
Unrestricted funds 19 240,381 272,082
Restricted funds 19 188,896 267,391
Endowment funds 19 407,913 284,847
Total funds 837,190 824,320
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These financial statements were approved by the Trustees on ......…..................... 2022 and are signed on their behalf by:
D Oakensen Chair of Trustees
The notes on pages 9 to 17 form part of these financial statements
7
THE BLUE HOUSE
CASH FLOW STATEMENT
YEAR ENDED 31 MARCH 2022
| Note Net cash inflow from operating activities 16 Non-operational cash flows: Investing activities Investment income Purchase of property plant and equipment Net cash inflow/(outflow) for the year 17 |
2022 £ (6,894) 9,002 (123,066) (114,064) (120,958) |
2021 £ 23,400 10,053 - 10,053 33,453 |
|---|---|---|
Cashflow Restrictions
Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows on any fund outside its own objects, except on special authority. In practice, this restriction has not had any effect on cash flows for the year.
The notes on pages 9 to 17 form part of these financial statements
8
THE BLUE HOUSE NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
1 Accounting policies
Accounting convention
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity is a public benefit entity as defined under FRS102. The Trustees consider that there are no material uncertainties affecting the ability of the charity to continue as a going concern.
Income
Income from donations is included in income when these are receivable, except as follows:
I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods;
II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met.
Legacies are included on a receivable basis where charity is entitled to the income, it can be measured reliably and receipt is probable. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is not included in income but is treated as a contingent asset and disclosed if material.
Investment income is included on a receivable basis.
Donations in kind comprise donated services where the costs are measurable and the services would otherwise have to be paid for to maintain operational effectiveness.
Expenditure
Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered.
Raising funds
Raising funds expenditure include those costs incurred in seeking voluntary contributions, costs of goods sold and other costs which include the costs of running and participating in fundraising events and collections and cost of goods purchased for resale.
Charitable Activities
Grants awarded are allocated to charitable activities.
Grants awarded are treated as expenditure and a liability in the accounts as soon as they become legal or constructive obligations. In the case of multi-year grant awards, the funding for all years is immediately recognised unless there are conditions which need to be met by the recipient to enable the release of subsequent years’ funding.
Governance costs
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs.
Allocation and apportionment costs
Certain expenditure is directly attributable to specific activities and this has been included in those cost categories. Other costs, which are attributable to more than one category, are apportioned across cost categories on the basis of an assessment of workload carried out from time to time.
9
THE BLUE HOUSE NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
- 1 Accounting policies (continued)
Allocation and apportionment costs (continued)
Overhead support costs have been allocated to charitable activities. The apportionment has been allocated on the basis of usage and is analysed in note 6.
Pension costs and other post-retirement benefits
The charity contributes to defined contribution pension schemes. Contributions payable to the charity's pension schemes are charged to the Statement of Financial Activities in the period to which they relate.
Tangible fixed assets
Fixed assets are held at cost less accumulated depreciation. Depreciation is calculated so as to write off the cost of an asset, less its estimated ultimate residual value, over the useful life of that asset. No depreciation is provided on the freehold endowment property on the basis that annual repairs and maintenance expenditure counteracts any depreciation in value.
Fixed asset investments
Investments are included at market value at 31 March. The SOFA includes the net gains and losses arising on revaluations and disposals during the year.
Stock
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Donated items are not valued in stock and recognised in income only when sold.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objects 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.
Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees.
Further explanation of the nature and purpose of each fund is included in note 20 of the financial statements.
2 Income from: Charitable activities
| Weekly maintenance, contributions & utilities |
Unrestricted Funds £ 107,471 107,471 |
Restricted Funds £ - - |
Endowment Funds £ - - |
Total Funds 2022 £ 107,471 107,471 |
Total Funds 2021 £ 112,043 112,043 |
|---|---|---|---|---|---|
The prior year comparatives are all represented by unrestricted funds
| The charity owns and manages 17 (2021:17) supported social housing units: Annual WMCs and utilities Less voids Actual income for the year |
2022 £ 122,053 (14,582) 107,471 |
2021 £ 119,736 (7,693) 112,043 |
|---|---|---|
10
THE BLUE HOUSE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
3 Income from: Investments
| Interest received | Unrestricted Funds £ 9,002 9,002 |
Restricted Funds £ - - |
Endowment Funds £ - - |
Total Funds 2022 £ 9,002 9,002 |
Total Funds 2021 £ 10,053 10,053 |
|---|---|---|---|---|---|
The prior year comparatives are all represented by unrestricted funds
4 Expenditure on: Charitable activities
| Core activity costs - almshouse Prior year comparative Core activity costs - almshouse Particulars of income and expenditure from social housing lettings Income from letting activity: Weekly maintenance contributions and utilities Turnover from social housing lettings Management Maintenance Utilities & insurance Other support costs Operating expenditure on social housing lettings Operating surplus / (deficit) on social housing lettings |
Direct Costs £ 98,434 98,434 Direct Costs £ 78,493 78,493 |
Support Costs (Note 6) £ 16,886 16,886 Support Costs (Note 6) £ 9,292 9,292 2022 £ 107,471 107,471 25,241 48,095 25,098 16,886 115,320 (7,849) |
Total Funds 2022 £ 115,320 115,320 Total Funds 2021 £ 87,785 87,785 2021 £ 112,043 112,043 28,504 26,108 23,881 9,292 87,785 24,258 |
|---|---|---|---|
5 Particulars of income and expenditure from social housing lettings
11
THE BLUE HOUSE NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
6 Support costs
Support costs are allocated between raising funds and charitable activities on the basis of staff time.
Support costs, included in note 4, are as follows:
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|||||
|---|---|---|---|
|Charitable|Charitable|
|Activities|Activities|
|2022|2021|
|£|£|
|Staff costs|7,166|5,400|
|IT & telephone|4,724|1,500|
|Office costs|(92)|889|
|Governance costs|(Note 7)|5,088|1,503|
|16,886|9,292|
|Governance costs|
|Total Funds|Total Funds|
|2022|2021|
|£|£|
|Accountancy, legal and professional|
|fees and subscriptions|4,991|1,433|
|Bank charges|97|70|
|5,088|1,503|
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7 Governance costs
8 Net income/(expenditure) for the year
This is stated after charging:
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||||
|---|---|---|
|2022|2021|
|£|£|
|Accountants' fees|
|- for independent examination|1,540|1,433|
|-|-|
|Trustees' travel, meeting and training expenses|
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No Trustee received any remuneration during the year (2021 Nil).
Aggregate donations from Trustees, key management personnel, and other related parties was £Nil (2021: £Nil).
12
NOTES TO THE FINANCIAL STATEMENTS
THE BLUE HOUSE
YEAR ENDED 31 MARCH 2022
9 Staff costs and numbers
The aggregate payroll costs were:
| Wages & salaries | 2022 £ 29,769 29,769 |
2021 £ 31,885 31,885 |
|---|---|---|
No employee received emoluments of more than £60,000 in the current or prior year.
The average weekly number of employees during the year was 4 (2021: 4), calculated on the basis of average headcount.
10 Taxation
The charity is exempt from tax on its charitable activities.
11 Statement of Financial Activities comparative figures
| For the year ended 31 March 2020 Income from: Donations and legacies Charitable activities Investments Total income Expenditure on: Raising funds Charitable activities Total expenditure Net gains/(losses) on investments Net income/(expenditure) Transfers in funds Net movement in funds Total funds at start of year Total funds at end of year |
Unrestricted Funds £ 200 112,043 10,053 122,296 5 87,785 87,790 36,024 70,530 (37,849) 32,681 316,985 349,666 |
Restricted Funds £ - - - - - - - - - - - 189,807 189,807 |
Endowment Funds £ - - - - - - - - - 37,849 37,849 246,998 284,847 |
Total Funds 2021 £ 200 112,043 10,053 122,296 5 87,785 87,790 36,024 70,530 - 70,530 753,790 824,320 |
|---|---|---|---|---|
13
THE BLUE HOUSE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
12 Tangible fixed assets
| Cost At 31 March 2021 Additions At 31 March 2022 Depreciation At 31 March 2021 & 31 March 2022 Net book value At 31 March 2022 A1 31 March 2021 |
Freehold Property £ 284,847 123,066 407,913 - 407,913 284,847 |
Total £ 284,847 123,066 407,913 - 407,913 284,847 |
|---|---|---|
The freehold property represents the Blue House, a Grade 1 listed building built in 1726 as an almshouse and boy's charity school and situated on an island in the River Frome adjacent to the town centre.
13 Investments
| Valuation At 1 April 2020 Net gains/(losses) Net book value at 31 March |
2022 £ 267,211 9,457 276,668 |
2021 £ 231,187 36,024 267,211 |
|---|---|---|
Investments in the year comprise of M&G securities, Black Rock and CAF investments.
14 Debtors
| Due in less than one year: Trade debtors Prepayments and accrued income Other debtors |
2022 £ 10,081 4,287 18 14,386 |
2021 £ 4,717 4,158 - 8,875 |
|---|---|---|
14
THE BLUE HOUSE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
| 15 Creditors: amounts falling due within one year Trade creditors Taxation and social security Accruals and deferred income |
2022 £ 6,002 884 5,527 12,413 |
2021 £ 103 605 7,499 8,207 |
|---|---|---|
| 16 Reconciliation of net movement in funds to net cash inflow from operating activities Statement of Financial Activities: Net movement in funds Investment income (Gains) / losses in investments Increase / (decrease) in creditors Decrease / (increase) in debtors Net cash (outflow)/inflow from operating activities 17 Analysis of changes in cash during the year 2022 £ Cash at bank and in hand 150,536 2021 £ Cash at bank and in hand 271,494 |
2022 £ 12,870 (9,002) (9,457) 4,206 (5,511) (6,894) 2021 £ 271,494 2020 £ 238,041 |
2021 £ 70,530 (10,053) (36,024) 1,435 (2,488) 23,400 Change £ (120,958) Change £ 33,453 |
|---|---|---|
15
NOTES TO THE FINANCIAL STATEMENTS
THE BLUE HOUSE
YEAR ENDED 31 MARCH 2022
18 Movement in funds
For the year ended 31 March 2022
| Restricted funds Extraordinary repairs fund Cyclical maintenance fund Clock maintenance fund Unrestricted funds General funds Endowment funds Permanent endowment fund Total funds |
At 1 Apr 2021 £ 107,175 54,875 27,757 189,807 349,666 349,666 284,847 284,847 824,320 |
Income £ - - - - 118,733 118,733 - - 118,733 |
Expenditure £ - - - - (115,320) (115,320) - - (115,320) |
£ 926 - (1,837) (911) 10,368 10,368 - - 9,457 Gains/Losses |
Transfers £ - - - - (123,066) (123,066) 123,066 123,066 - |
At 31 Mar 2022 £ 108,101 54,875 25,920 188,896 240,381 240,381 407,913 407,913 837,190 |
|---|---|---|---|---|---|---|
For the year ended 31 March 2021
| Restricted funds Extraordinary repairs fund Cyclical maintenance fund Clock maintenance fund Unrestricted funds General funds Endowment funds Permanent endowment fund Total funds |
At 1 Apr 2020 £ 107,175 54,875 27,757 189,807 316,985 316,985 246,998 246,998 753,790 |
Income £ - - - - 122,296 122,296 - - 122,296 |
Expenditure £ - - - - (87,790) (87,790) - - (87,790) |
Gains/Losses £ - - - - 36,024 36,024 - - 36,024 |
Transfers £ - - - - (37,849) (37,849) 37,849 37,849 - |
At 31 Mar 2021 £ 107,175 54,875 27,757 189,807 349,666 349,666 284,847 284,847 824,320 |
|---|---|---|---|---|---|---|
16
THE BLUE HOUSE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
18 Movement in funds (continued)
Restricted funds
Extraordinary Repair Fund - The fund may be used for one off repairs or updates that the Trustees approve that do not come within the Cyclical fund.
Cyclical Maintenance Fund - This fund is available to use for planned maintenance that reoccurs on a regular basis or cycle.
Clock Maintenance Fund - This is a fund given to the Blue House which may only be used by the Trustees to repair and maintain the Clock and the Clock Tower.
Permanent Endowment Fund
This fund represents the grade 1 listed property. A transfer to the fund this year corrects prior year missallocations of investment losses to the endowment fund.
19 Analysis of net assets between funds
| As at 31 March 2022 Tangible fixed assets Investments Other net assets As at 31 March 2021 Tangible fixed assets Investments Other net assets |
Unrestricted Restricted Endowment Total Funds Funds Funds £ £ £ £ - - 407,913 407,913 199,995 76,673 - 276,668 40,386 112,223 - 152,609 240,381 188,896 407,913 837,190 Unrestricted Restricted Endowment Total Funds Funds Funds £ £ £ £ - - 284,847 284,847 189,627 77,584 - 267,211 82,455 189,807 - 272,262 272,082 267,391 284,847 824,320 |
|---|---|
20 Related party transactions
There are no transactions with trustees or other related parties other than those disclosed as required by the SORP elsewhere in the financial statements.
17