2022-03-31-accounts - Thorngate Churcher Trust

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	Page	Page
Report ofthe Trustees	1	to	14
Report ofthe Independent Auditors	15	ic	18
Statement of Financial Activities		19
Balance Sheet		20
Cash Flow Statement		21
Notes to the Cash Flow Statement		22
Notes to the Financial Statements	23	to	37

							2022	2021
				Unrestricted	Restricted	Endowment	Total	Total
				funds	fund	fund	funds	funds
			Notes	6				as restated f
INCOME AND
ENDOWMENTS FROM
Donations and legacies			2	7,208			7,208	7,647
Charitable activities			4
Housing for older people				917,323	1,400		918,723	900,820
Care home				2,063,632	110,178		2,173,810	1,938,850
Investment income				27			27	19
Total				2,988,190	111,578		3,099,768	2,847,336
EXPENDITURE ON
Charitable activities			5
Housing for older people				770,616			770,616	780,792
Care home				1,852,750	111,578		1,964,328	1,794,469
Total				2,623,366	111,578		2,734,944	2,575,261
Net gains on investments				42,221			42,221	71,026
NET INCOME				407,045			407,045	343,101
Other recognised
gains/(losses)
Actuarial gains/(losses)		on
defined benefit schemes				65,005			65,005	(289,126)
Net movement in funds				472,050			472,050	53,975
RECONCILIATION	OF
FUNDS
Total funds brought
forward				6,842,636		40,503	6,883,139	6,829,164
TOTAL FUNDS CARRIED
FORWARD				7,314,686		40,503	7,355,189	6,883,139

THORNGATE CHURCHER	TRUST (REGISTERED NUM	BER: 09953572)
	BALANCE SHEET
	31 MARCH 2022
		2022	2021
			as restated
	Notes		F
FIXEDASSETS
Tangible assets	14	8,137,083	7,617,422
Investments	15	409,979	363,052
		8,547,062	7,980,474
CURRENT ASSETS
Stocks	16	6,685
Debtors	17	88,675	91,037
Cash at bank		565,066	267,795
		660,426	358,832
CREDITORS
Amounts falling due within one year	18	(345,800)	(308,952)
NET CURRENT ASSETS		314,626	49,880
TOTAL ASSETSLESSCURRENT
LIABILITIES		8,861,688	8,030,354
CREDITORS
Amounts falling due after more than one year	19	(1,190,738)	(717,540)
PROVISIONS FOR LIABILITIES	22	(315,761)	(429,675)
NET ASSETS		7,355,189	6,883,139
FUNDS	24
Unrestricted funds		7,314,686	6,842,636
Endowment funds		40,503	40,503
TOTAL FUNDS		7,355,189	6,883,139

			FOR T	HE YEAR ENDED	31 MARCH 2022
					2022	2021
						as
						restated
				Notes		8
Cash flows from operating activities Cash generated from operations				1	621,159	467,767
Interest paid Finance costs paid					(35,394) (9,021)	(36,896) (4,098)
Net cash provided	by operating activities				576,744	426,773
Cash flows from	investing		activities
Purchase oftangible fixed assets					(699,005)	(207,456)
Purchase offixed	asset investments				(4,706)
Interest received					27	19
Net cash used in	investing	activities			(703,684)	(207,437)
Cash flows from	financing		activities
New loans in year					500,000
Loan repayments	in year				(75,789)	(74,190)
Net cash provided	by/(used		in) financing	activities	424,211	(74,190)
Change in cash	and cash		equivalents
in the reporting	period				297,271	145,146
Cash and cash equivalents			at the
beginning ofthe	reporting		period		267,795	122,649
Cash and cash equivalents			at the end
ofthe reporting	period				565,066	267,795

							2022	2021
								as
								restated
								6
	Net income for the	reporting		period (as per the Statement	of
	Financial Activities)						407,045	343,101
	Adjustments for:
	Depreciation charges						178,952	170,480
	Gain on investments						(42,221)	(71,026)
	Loss on disposal of	fixed assets					392	395
	Interest received						(27)	(19)
	Interest paid						35,394	36,896
	Finance costs						9,021	4,098
	Increase in stocks						(6,685)
	Decrease/(increase) Increase in creditors	in debtors					2,362 K5,835	(5,691) 50,338
	Difference between	pension	charge and cash contributions				(48,909)	(60,805)
	Net cash provided	by operations					621,159	467,767
2.	ANALYSIS OF CHANGES		IN	NET DEBT
					At	1.4.21	Cash Row	At 31.3.22
						6		6
	Net cash
	Cash at bank				267,795		297,271	565,066
					267,795		297,271	565,066
	Debt
	Debts falling due within 1 year				(75,481)		48,987	(26,494)
	Debts falling due after 1 year				(717,540)		(473,198)	(1,190,738)
					(793,021)		(424,211)	(1,217,232)
	Total				(525,226)		(126,940)	(652,166)

Structure			1%
Roofs			1.4%
Windows	and Doors		33%
Boilers			6.7%
Kitchens			5%
Bathrooms			3.3%
Mechanical		Systems	3 3D/
Electrical	Systems		25%
Lifts			5%
Furniture	and equipment		25%
Computers		and office equipment	25%

			FOR THE YEAR ENDE	FOR THE YEAR ENDE	FOR THE YEAR ENDE	FOR THE YEAR ENDE	D 31 MARCH 2022
2.	DONATIONS		AND LEGACIES
								2022	2021
									as
									restated
								6	6
	Gifts							1	2
	Donations							7,207	7,645
								7,208	7,647
3.	INVESTMENT			INCOME
								2022	2021
									as
									restated
								6	E
	Deposit account				interest			27	19
	All investment			income is derived from assets held			in the United Kingdom.
4.	INCOME FROM				CHARITABLE ACTIVITIES
								2022	2021
									as
									restated
						Activity			F
	Social housing
	maintenance		contributions			Housing for older people		917,323	891,003
	Grants					Housing for older people		1,400	9,817
	Residential	care			home	Care home		2,063,632	1,782,931
	Grants					Care home		110,178	155,919
								3,092,533	2,839,670
	Grants received,				included	in the above, are as follows:
								2022	2021
									as
								6	restated f
	Hampshire	County Council						107,296	125,490
	Surrey County			Council					1,000
	HMRC - CJRSand SSPGrants							4,282	39,246
								111,578	165,736

			Direct	Support
			Costs (see	costs (see
			note 6) F	note 7) f.	Totals f
Housing for	older people		567,785	202,831	770,616
Care home			1,753,317	211,011	1,964,328
			2,321,102	413,842	2,734,944
DIRECT COSTS OF CHARITABLE ACTIVITIES
				2022	2021
					as
				f	restated f
Services				1,917,196	1,831,214
Day to day maintenance				127,415	131,148
Cyclical maintenance				25,006	53,801
Extraordinary	maintenance			32,804	13,348
Other costs				40,902	31,798
Depreciation				133,364	132,157
Interest payable		and similar charges		44,415	40,994
				2,321,102	2,234,460

									2022	2021
										as
										restated
						Housing
						for older			Total	Total
						people F		Care home 8	activities f	activities
Auditors'	remuneration					1,799		4,105	5,904	5,904
Auditors'	remuneration			for	non audit
work							250	500	750	750
Governance		costs				2,798		2,799	5,597	3,000
						4,847		7,404	12,251	9,654
NET INCOME/(EXPENDITURE)
Net income/(expenditure)					is stated after	charging/(crediting):
									2022	2021
										as
										restated
										F
Auditors'	remuneration								5,904	5,904
Other non-audit			services						750	750
Depreciation		-	owned assets						178,952	170,480

STAFF CO	STS
		2022 6	2021 f
Wages and	salaries	1,445,644	1,503,635
Social security costs		97,457	95,545
Employer's	pension costs	44,490	43,298
		1,587,591	1,642,478

The aver	age mon	thly	number ofemployees during th	e year was as follows:
				2022	2021
					as
					restated
Administration				3	3
Maintenance				3	3
Housing,	support	and	care	64	64
				70	70

The number of employees	The number of employees	The number of employees	whose	employee	benefits (excluding	benefits (excluding	employer	pension	costs)	exceeded
f60,000was:
								2022		2021
										as
										restated
670,001 - 680,000										1
COMPARATIVES	FOR	THE STATEMENT OF			FINANCIAL	ACTIVITIES
					Unrestricted	Restricted		Endowment		Total
					funds		fund	fund		funds
									as restated
								E		6
INCOME AND ENDOWMENTS			FROM
Donations and legacies					7,647					7,647
.Charitable activities
Housing for older people					891,003		9,817			900,820
Care home					1,863,896		74,954			1,938,850
Investment income					19					19
Total					2,762,565		84,771			2,847,336
EXPENDITURE ON
Charitable activities
Housing for older people					770,975		9,817			780,792
Care home					1,719,515		74,954			1,794,469
Total					2,490,490		84,771			2,575,261
Net gains on investments					71,026					71,026
NET INCOME					343,101					343,101
Other recognised	gains/(losses)
Actuarial gains/(losses)		on defined		benefit
schemes					(289,126)					(289,126)
Net movement in	funds				53,975					53,975

COMPARATIVES FOR THE STATEMENT OF FINANCIAL	COMPARATIVES FOR THE STATEMENT OF FINANCIAL	COMPARATIVES FOR THE STATEMENT OF FINANCIAL	ACTIVITIES - continued	ACTIVITIES - continued
		Unrestricted	Restricted	Endowment	Total
		funds	fund	fund	funds
					as restated
					6
RECONCILIATION	OF FUNDS
Total funds brought	forward	6,788,661		40,503	6,829,164
TOTAL FUNDS CARRIED FORWARD		6,842,636		40,503	6,883,139

PRIOR YEAR ADJUSTMENT	PRIOR YEAR ADJUSTMENT	PRIOR YEAR ADJUSTMENT	PRIOR YEAR ADJUSTMENT
A prior year audit adjustment				has been		made	to capitalise		698,050 of the		future	housing costs
previously		included within	support		costs	in relation to		the Grove Road housing			development due			to
planning	permission being		probable		as at 31 March		2021.
INCOME	AND EXPENDITURE FROM SOCIAL HOUSING ACTIVITIES
											2022		2021
													as
													restated
											6		6
Charitable		income - fees and maintenance				contributions			2,980,955				2,673,934
Charitable		income - donations		and	legacies						7,207		7,647
Charitable		income - grants								111,578			165,736
Charitable		expenditure							(2,734,944)				(2,575,261)
										364,796			272,056
Adjustment		for pension funds,		investments,		maintenance		reserve	and
capital grant											(28,115)		3,078
Charitable		surplus								336,681			275,134

TANGIBLE FIXEDASSETS
			Fixtures
	Freehold	Plant and	and
	property f	machinery E	fittings E	Totals E
COST
At 1 April 2021	9,766,463	110,081	414,118	10,290,662
Additions	642,586	1,418	55,001	699,005
Disposals	(11,736)	(2,831)	(9,683)	(24,250)
At 31 March 2022	10,397,313	108,668	459,436	10,965,417
DEPRECIATION
At 1 April 2021	2,231,792		376,544	2,673,240
Charge for year	133,364	17,465	28,123	178,952
Eliminated on disposal	(11,736)	(2,806)	(9,316)	(23,858)
At 31 March 2022	2,353,420	79,563	395,351	2,828,334
NET BOOK VALUE
At 31 March 2022	8,043,893	29,105	64,085	8,137,083
At 31 March 2021	7,534,671	45,177	37,574	7,617,422

FIXEDASSETINVESTNIENTS
	Listed	Unlisted
	investments f	investments 6	Totals 8
MARKET VALUE
At 1 April 2021	363,052		363,052
Additions		4,706	4,706
Revaluations	42,221		42,221
At 31 March 2022	405,273	4,706	409,979
NET BOOKVALUE
At 31 March 2022	405,273	4,706	409,979
At 31 March 2021	363,052		363,052

Cost or v	alua	tion at 31 March 2022 is re	presented by:
			Usted	Unlisted
			investments f	investments F	Totals
Valuation	in	2022	405,273	4,706	409,979

			NOTES	NOTES	TO THE	FINANCIAL STATEMENTS - continued	FINANCIAL STATEMENTS - continued
					FOR THE	YEAR ENDED 31	MARCH 2022
16.	STOCKS
								2022	2021
									as
									restated
								F	8
	Stocks							6,685
17.	DEBTORS:AMOUNTS			FALLING DUE WITHIN ONE YEAR
								2022	2021
									as
									restated
								E	F
	Arrears ofmaintenance			contributions		and care home fees		13,326	11,557
	Other debtors							8	2,878
	Prepayments	and accrued			income			75,341	76,602
								88,675	91,037
18.	CREDITORS: AMOUNTS				FALLING	DUE WITHIN ONE	YEAR
								2022	2021
									as
									restated
								E	E
	Bank loans and overdraRs				(see note	20)		24,706	73,501
	Other loans (see		note 20)					1,788	1,980
	Trade creditors							79,847	54,219
	Maintenance	contributions			and care	home fees received	in advance	135,923	94,311
	Social security and other taxes							26,241	20,236
	Other creditors							77,295	64,705
								345,800	308,952
								2022	2021
								E	E
	Brought forward							94,311	28,196
	Amount released		to incoming resources					(94,311)	(28,196)
	Amount deferred		in year					135,923	94,311
	Carried forward							135,923	94,311

			2022	2021
				as
				restated
				F
Bank loans (see note 20)			1,174,922	699,936
Other loans (see note 20)			15,816	17,604
			1,190,738	717,540
LOANS
An analysis ofthe maturity	ofloans is given below:
			2022	2021
			E	E
Amounts falling due within	one year
Bankloans			24,706	73,501
Other loans			1,788	1,980
			26,494	75,481
Amounts falling due between		two and five years
Bank loans			602,154	101,215
Other loans			12,602	9,661
			614,756	110,876
Amounts falling due in more than five years
Bank loans			572,768	598,721
Otherloans			3,214	7,943
			575,982	606,664

	2022	2021
		as
		restated
Bankloans	1,199,628	773,437

						31 March 2022	31 March 2021
						6
Provision at start		ofperiod				426,000	197,000
Unwinding ofthe		discount	factor			9,000	4,000
Deficit contribution		paid				(83,000)	(83,000)
Impact ofchange		in assumptions				(63,000)	289,000
Current service cost						21,000	14,000
Expenses						5,000	5,000
SHPS Provision	at end of		period			315,000	426,000
TPT Retirement	Solutions		- The Growth Plan			761	3,675
Provision at end	ofperiod					315,761	429,675
Income and expenditure			impact
						31 March 2022f	31 March 2021
Interest expense						9,000	4,000
Impact ofchange		in assumptions		8 contribution	schedule	(63,000)	289,000
Current service cost						21,000	14,000
Expenses						5,000	5,000
Assumptions
					31 March 2022	31 March 2021	31 March 2020
					'%%d per annum	'%%d per annum	%%d per annum
Rate ofdiscount					2.79	2.15	2.39

							2022	2021
								as
								restated
				Unrestricted	Restricted	Endowment	Total	Total
				funds	fund	fund	funds	funds
				6	6	F	F	E
Fixed assets				8,137,083			8,137,083	7,617,422
Investments				409,979			409,979	363,052
Current	assets			617,847	2,076	40,503	660,426	358,832
Current	liabilities			(343,724)	(2,076)		(345,800)	(308,952)
Long term liabilities				(1,190,738)			(1,190,738)	(717,540)
Provision	for	liabilities		(315,761)			(315,761)	(429,675)
				7,314,686		40,503	7,355,189	6,883,139
MOVEMENT		IN FUNDS
							Net
							movement
						At 1.4.21	in funds	31.3.22
						6	6	F
Unrestricted		funds
General	fund					6,428,794	421,860	6,850,654
Cyclical	maintenance		reserve			289,368	34,394	323,762
Extraordinary		repairs	reserve			124,474	15,796	140,270
						6,842,636	472,050	7,314,686
Endowment		funds
Endowment		reserve				40,503		40,503
TOTAL	FUNDS					6,883,139	472,050	7,355,189

Net movemen	t in fun	ds, included in th	e above are as follow	s:
			Incoming	Resources	Gains and	Movement
			resoul ces E	expended f	losses 6	in funds E
Unrestricted	funds
General fund			2,988,190	(2,673,556)	107,226	421,860
Cyclical maintenance		reserve		34,394		34,394
Extraordinary	repairs	reserve		15,796		15,796
			2,988,190	(2,623,366)	107,226	472,050
Restricted funds
Coronavirus	Support	Fund	111,578	(111,578)
TOTAL FUNDS			3,099,768	(2,734,944)	107,226	472,050

Comparative	s for m	ovement in fun	ds
				Net	Transfers
				movement	between	At
			At 1.4.20 E	in funds E	funds f	31.3.21 8
Unrestricted	funds
General fund			6,251,237	48,845	128,712	6,428,794
Capital reserve			128,712		(128,712)
Cyclical maintenance		reserve	283,769	5,599		289,368
Extraordinary	repairs	reserve	124,943	(469)		124,474
			6,788,661	53,975		6,842,636
Endowment	funds
Endowment	reserve		40,503			40,503
TOTAL FUNDS			6,829,164	53,975		6,883,139

Compara	tive	net mov	ement in funds,	included in the above	are as follows:
				Incoming	Resources	Gains and	Movement
				resources	expended	losses	in funds
				F	F	F	E
Unrestricted		funds
General	fund			2,762,565	(2,495,620)	(218,100)	48,845
Cyclical	maintenance		reserve		5,599		5,599
Extraordinary		repairs	reserve		(469)		(469)
				2,762,565	(2,490,490)	(218,100)	53,975
Restricted funds
Coronavirus		Support	Fund	84,771	(84,771)
TOTAL	FUNDS			2,847,336	(2,575,261)	(218,100)	53,975