The Askrigg Foundatlon Financial Statement5 Year Ended 31" December 2023 Charity registration number: 1180846
The Askrigg Foundation Financial Statements Year Ended 31, December 2023 ContÈnts Pa Charity Reference and Administrative Details Trustees, Annual Report Independént Examiner'5 Report Statement tsf Financial Activities Balance Sheet Notes to the Financial Statements 8-16
The Askrigg Foundatlon Charlty Reference and Admini5tratlvè Detalls Year Ended 31" December 2023 Charity registration numb•r 1180846 Charitable Incorporated Organlsation number CE015701 Trustees Mrs G J Anderson Rev DJ Clark Mrs E Fawcett Mrs C P Gosllng Mr H A Kirkbride Mrs K Hodgson Chair Person Mrs E Fawcett Treasurer Mrs E Fawcett Address Askrigg House Main Street Askrigg Leyburn North Yorkshire DL8 3HG Independent Examiner Mr M A Fleming Yorkshire Dales Accountancy Kiln Place. Dryden House Hawe5 North Yorkshire DL8 3RA Sollcitor Hall & Birtles Bank Chambers Main Street Hawès North Yorkshlre DL8 3QL Banker5 CAF Bank Ltd 25 Klngs Hlll Avenue West Malling Kent ME1841Q
The Askrigg Foundation Trustees, Annual Report Year Ended 31" December 2023 The trustees present their réport and the financial statements trf the charity for the year ended 31. December 2023. Th& trustees have adopted the provision5 of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charlty. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the eharlws governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recornrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Trustees of the charity The trustees who have served during the year and since the year end were as follows.. Mrs G J Anderson Rev D I Clark Mrs E Fawcett Mrsc PGosling Mr H A Kirkbride Mrs K Hod£50n Oblectlves and actlvities The prlncipal objectives of the Askri88 Foundation continue to be driven by the orlginal trust deed of 1971, which tasks the trustees to undertake.such Works as are beneficial to the Parish in line with the founding Christian principles." The Foundation became active as Charitable Incorporated OrEanisation with effect from 6, June 2019, havlng previously operated as an ordinary charity, registration number 500838. The objects of the Charity are to promote any charit3ble purpose for the public generally and, in particular, the inhabitants of the Upper Wensleydale 8enef1ce and for the gèneral purpose of such bodies as the trustee5 may from time to tlme decide to support. Publlc beneflt ststement The charity continues to support charitable purposes in the Upper Wensleydale Benefice as and when identified. Thé charity has been delivering public benefit by providing three affordable homes for rent in perpetuity for local people a5 determined by a specific criteria and 3 shop at a reasonable rent. It is doing so from property that the charity own5, which was not previously being fully utili5ed. The trustees consider that they have complied with their duty to have due regard to the commi55ion's public benèfit guldance. Achievements and pertormance The Foundation provides three affordable homes and one retail unit in the village of Askrigg. It has been a fairly settled year for the Foundation with the property in good order requiring minimal maintenance, although small patches of damp continue to be an issue in the rear of the shop. The shop contlnues to be let to Heather & Grouse which seems to be thriving and 15 certainly an important part of the community for both loca15 and vlsitors. The three tenants in the residential properties remain the same and the rents have been paid on time each month without issue. Interest rates increased throughout the year which led to monthly repayment5 increasin8 to over £900. Rents were not Increased due to the cost of living cri515.
The Askrigg Foundation Trustees, Annual Report Year Ended 31" December2023 Flnancial review Ilncludlng reserves polÉcvl With good occupancy levèls the income generated from the property amounted to £18.71012022.' £17,342). However costs also increased to £18,938 from E16,203 in 2022, an increase of £2,735. The majority of this variance was due to ri51ng interest rates which increased borrowing eosts. With rising interest rates, the Trustees decided that it would be pertinent to repay £15,(X)O of the mortgage to brin8 down the Capital owing and reduce the monthly intèrest costs, which was done in in early january 2023. The Trustees consider it appropriate that the cash funds available in the current account do not fall below £10,000. Goin8 forwards the Trustees will look to strengthen cash reserves before furthering its objectives. Whilst the total charity funds are healthy at £251,388, a lot of thi5 is locked into property. Plans for future periods With the properties all being in excellent condition the trustees are hopeful that minimal expenditLJrÈ will bè required on them over the coming years. It is our intention to keep these to a high standard so that people are proud to live in them. The Trustees agree that there is a need to stabilise and re-build reserves. Structure, governance and management The charity Is governed by its Charitable Incorporated Organisation constitution document dated 26 November 2018. The charity is managed by its trustees. Where there is a need for a new Trustee, new Trustees are identified by their skill set by serving Trustees and are invited to join the or8ani5ation. Trustees, responslbllltles The trustees are responsible for preparing theTrusteeg Annual Report 3nd thefinandal statements in accordan wth applicable law and Unf(ed ngdoM Accounting StarKlards Iunrted Kingdom General ACptedAcCaUntIThg Praclcel. The law applicable to charities in Ernand & Wales require5 the trustees to prepare financlal statements for eath financval Vearwhh gwe a trLJeandkirviewofthestate ofaffairsofthe chartyand of theincoming re50urcesand application of resourcesofthe chartyfor that period. In preparingthe financia15tstements,thetrustee5are required to: selettsuitable¥ccounting policiesand then appfythem consistentlv,. obsèNethe methcé5and prinoples in the (hritiesSORP,' make judgements and estimatssthat are asOnable8nd prudent,. tydte whether applicable accounUng stsndards have been followed. subject to any material departure5 discbsed and explalned in thefinanaal 5tatements- prepare the financial statements on the going concern basis unless it i4 inappropriate to presume that the charty wll continue in operaton.
The Askrlgg Foundation Trustees, Annual Report Year Ended 31" December 2023 The trustees are responsible for keeping proper accounting record5 that discle with reaable accuracy at any time the financial position of the charity and enable thetll to ensure that the financial ststements Comp wth the Charttse5 Act 2011, the Chariti (Accounts and Reports) Regulations 2038 . They are a&0 responsible for safeguarding the assets of the charty hence for taking reasonable stepsforthe prevention and detettron offrdud and other irregularf(ie& On beh31f of the board Mrs E Fawcett, Chairperson, Trustee Date:
The Askrlgg Foundation Independent Examiner's Report to the Trustees of The Askrlgg Foundation Year Ended 31$1 December 2023 I report to the charity trustees on my examination of the accounts of the ¢harity for the year ended 31" December 2023 which are set out on pages I to 16. Responslbllltles and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charitie5 Act 20111'the Act'l. I report in respect of my examination of the charitys accounts carried out under section 145 of the Act and In carrylng out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent amIner'S statement I h3ve completed my examination. I confirm that no mèterial matters have ¢ome to my attention in tonnection wlth the examination giving me cause to believe that in any material respect: accountin8 record5 were not kept in rèspect of the charity as required by section 130 of theAct; or the accounts do not accord with those records. 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. Mr M A Fleming ICAEW Member No. 9228615 Yorkshire Dales Accountancy Kiln Place Dryden house Hawes North Yorkshire DL8 3QG Date.. IL 202
The Askrigg Foundation Statement of Financial Activities Year Ended 31" December 2023 Unrestricted funds Restricted funds Year Ended 2023 Total Year Ended 2022 Total Note Income and endowment5 from.. Property income Donation5 and legacies Investments Grant5 Other income 16,427 24 li 2,283 18.710 24 221 17,342 24 220 210 1,615 Total incomè and endowments 16,462 2,493 18,955 19,201 Expendlture on: Overhead5 & administratlon 18,268 670 18,938 16.203 Totsl èxpèndlture 18,268 670 18,938 16,203 Net gains 11105sesl on investments 627 627 18821 Net income I lexpenditurel 11,8061 2,450 644 2,116 Transfers between funds Net movement in fund5 11,8061 2,450 644 2,116 Reconclllatlon of funds.. Funds brought forward 186,360 64,384 250,744 248,628 Total funds carrled forward 184,554 66,834 251,388 250.744 All income and expenditure derlve from continuing actbvities. The statément of financial activitie5 includés all gains and losses re¢ognlsed during the year.
Thg Askrigg Foundatlon Balance Sheet Year Ended 31•t December 2023 2023 2022 Note Fixed assets Tangible a55ets 342,679 349,932 342,679 349,932 Current a55ets Debtors Investments Cash at bank and In hand io li 82 7.332 12,4Q13 73 6,705 22,819 19,817 29,597 Credltor5: 3mounts fallinz due wlthln one year 12 13.1921 119,8561 Net turrent assets I Iliabllitlesl 16,625 9,741 Total assets less current Ilabilities 359,304 359,673 Credltors.. amounts falllng due after more than one year 13 1107,9161 1108,9291 Net assets / Illabilitiesl 251,388 250.744 Charlty Funds Restricted funds Unrestricted funds 14 14 66.834 184.5S4 64,384 186,360 Total charlty fund5 14 251,388 250,744 The financial statements were approved and authorised for issue by the Board. Signed on behalf of the board of the Trustees Mr5 E Fawcett, Chairperson. Trustee Mrs G J Anderson, Trustee 2oz The note5 on page5 8 to 16 form part of these financial Statements.
The Askrigg Foundation Notes to the Financial Statements Year Ended 31st Docember 2023 Summary of 518nificant accountlng policies lal General informatlon and basls of preparation The Askri88 Foundation is a Charitablè Incorporated Organisation in England. In the event of the ¢harity being wound up, the trusteès have no liability to contribute to Its assets and have no personal responsibility for settling its debts and liabilitiès. The contact address is given in the charity information on page l of these financial staternent5. The charity constltutes a publi¢ benefit entity as defined by FRS 102. The financlal statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelarid issued in October 2019. the Financial Reporting Standarcl applicable in the United Kirtgd¢m and Republic of Ireland IFRS 1021,the Charites Act 2011. and UK Generally Accepted Accounting Practice. The financial statement5 have been prepared to give a 'true and fairf 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 the Accounting and Reporting by Ch3rities'. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting bv Charitie5.' Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention. modified to Include certain items at fair value. The financial statements are presented in sterlin8 which 15 the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years psented unless otherwise stated. Ibl Funds Unrestrlcted funds are available for use at the discretion of the trustees in furtherance of the 8eneral objectives of the charity and which have not been designated for other purposes. Designated funds cornprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in acctsrdance with specific restrictions imposed by donors or which have been raised by the charity for particular purpose5. The cost of raising and administerin8 such funds are charged against the specific fund. The aim and use of each restricted fvnd is set out in the notes to the financial statements. Itl lftctsme recognition All incoming resources are included in the Statement of Financial Activities ISOFAI when the charity is leBallv entitled to the income after any performance conditions have been met, the amount can be measured reliablv and it is probable that the income will be received.
The Askrigg Foundation Notes to the Financial Statements Year Ended 31st December 2023 For donatic*ns to be recognised the charity will have beèn notified of the amountg and the settlement date In writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. No amount is included in the flnancial statements for volunteer time in linè wlth the SORP. Where practicable. gifts in kind donated for distributlon to the beneficiaries of the charity are included in stock and donations in the financial 5tètements upon receipt. If it is imprarticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits. then the fair value is retognised as a component of donations when it Is distributed and an eqLilvalent amount recogni5ed as charitable expenditurè. Gifts in kind donated for resale are included at fair value. being the expected proceèds from sale le5S the expected costs of sale. Where estimating the falr value is practicable upon receipt it is recogni5ed in stock and 'lncome from other trading activities.. Upon sale. the value of the stock 15 charged against 'lncome frorn other trading activities. and the proceeds are recogni5ed as'lncome from other trading activities,. Where it 15 impracticable to fair value the iterns due to the volume of low value items they are not Tecognised in the financial statements until they are soSd. This income is recogni5ed within 'lncome from other trading activities,. Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset. For legacies. entitlement 15 the èarlier of the charity being notified of an impendlng distribution or the legacv being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions. the legary is treated as contlngent asset and disclosed. Income from trading activltles include5 income earned from fundraising events and trading activities to T315e funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Income from government and other grants are recognlsed at fair value when the charity has entitlement after any performance conditions have been met, it is prob3ble that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with Tea50nable accuracy the investment income 15 reported net of these costs. It is included when the amount can be measured reliably. Interest income 15 recognlsed using the effective interest method and dividend and rent income Is recognised a5 the charitvs right to receive payment is established. Other income include5 the conversion of endowment funds Into income which arlses when capital funds are released to an income fund from expendable endowments or when a charity has authority to 3dopt a total return approach to its permanent endowment fund. It also includes other income such as gains on disposals of tangible fixed a55et5.
The Askrigg Foundation Notes to the Financial Statements Year Ended 31" December 2023 Idl Expenditure retognition All expenditure is accounted for on an accrua15 basis and has been cla55ified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categori5ed under the following headings., Costs of raising funds- Expenditure on charitable activitie5,' Overheads & administrative costs Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Grants payable to third p3rties are within the ch3rit3ble objectives. Where unconditional grants are offered, thi5 is accrued as soon a5 the recipient is notified of the grant. as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outslde of the control of the charity. lel Tanglble fixed assets Tangible fixed assets are stated at cost lor deemed ctsstl or valvation less accumulated depreciation and accumulated impairment losse5. Cost includes costs directly attributable to making the asset capable of operating as intended. Assets under construction are depreciated when they are brought into use. Depreciation is provided on all tangible fixed assets. at réte5 calculated to write off the cost. le55 estimated residual value, of each asset on a systematic basi5 over its expected useful life as follows.. Freehold buildings Fixtures and fittings 2% straight line 25% reducing balanee In Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction Costs. Subsequently, they are measured at fair value with changes recognised in 'net gain5 111055esl on investments, in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliablv. Other investments are measured at cost less impairment. Current asset investments are short term highly liquid investment5 and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than one year. Igl Dèbtors and credltors receivable I payable withln one year Debtors and creditors with no stated interest rate and receivable or p3yable within one year are recorded at transaction price. Any10sse5 arising from impairment are reco8ni5ed in expenditure. io
The Askrigg Foundation Ngtes to the Financlal Statements Year Ended 31°, December 2023 Ihl L03ns and borrowings Loans and borrowings are initially recognised at the transaction prlce Including tran53Ction Costs. til Impalrment Assets not measured at fair value are reviewed for any indlcatlon that the asset may be Impaired at each balance Sheet date. If such indication exists, the recoverable amount of the a55et, or the asset's cash generating unit. is estimated and cornpared to the carrying amount. Where the carrying amount exceeds its recoverable amount, n irnpairment 1055 15 recognised in profit or loss unless the asset 15 C3rried at a revalued amount where the impairment loss is a revaluation decrease. Ikl Provislons Provlslons are recognised when the charity has an obligation at the balance Sheet date as a result of a past event. it 15 probable that an outflow of economic benefit5 will be required in settlement and the amount can be reliably estimated. 111 Lease5 A55etS 3cquired under finan¢e leases are capitalised and depreclated over the shorter of the leèse term and the expected useful Ilfe of the asset. Minimum lease payment5 are apportioned between the finance charge and the reduction of the outstandin8 lease liability uslng the effective interest rnethod. The related obligations. net of future finance chargès. are included in creditors. Rentals payable and receivable under operating lease5 are charged to the SOFA on a straight line basis over the period of the lease. The charity 15 an exempt charity withir? the meaning of schedule 3 of the Charities Act 2011 and Is considered to pass the tests Set out in Paragraph I Schedule 6 Finance Art 2010 and therefore it meets the deflnition of charitable company ftsr UK corporation tax purposes. Inl Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of fund5 held and the expected level of income and expenditure for 12 months from authorising these financlal statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue a5 a going concern. Property Income 2023 2022 Commercial unit Residential unit 4.200 14,510 4,200 13,142 18,710 17,342 li
The Askrigg Foundation Notes to the Financial Statements Year Ended 31" December 2023 Income from donations and legatles 2023 2022 Donations 24 24 24 24 No restrictions were applied to the above donations. Income from Investments 2023 2022 Dividends Bank interest 201 20 201 19 221 220 Income from investments was £22112022 £2201 E210 of which wa5 attributable to restrirted reserves Grant Income No grant income was received during the year. Trustees, and key management personnel remuneration and expenses The trustees neither received nor walved any remuneration drIng the year. Interest payable and similar expenses 2023 2022 The Charity Bank- mortgage interest 8.783 6.043 8,783 6,043 12
The Askrigg Foundation Notes to the Financial Statements Year Ended 31" December 2023 Overhead & admlnlstration costs Restricted funds Unrestricted funds 2Q23 2022 Light & heat Repairs & renewa15 Insurance Accountancy & examiner5 fees Legal & professional fees Bank charges Mortgage interest Depreciation Sundry 12 317 ios 170 20 14 36 1.059 352 570 65 46 8,783 7.253 104 18,268 48 1,376 457 740 85 60 8,783 7.253 136 18,938 iiooi 1,121 410 770 150 87 6,043 7,253 469 16,203 171 32 670 Tangible fixed assets Land and buildings Total Cost or valuation.. At I" january 2023 Addition5 Disposals 362,624 362.624 At 31" December 2023 362.624 362,624 Depreciation.. At 1st January 2023 Charge for the year Elimin3ted on disposals At 3151 December 2023 12,692 7,253 12,692 7,253 19,945 19.945 Net botsk value: At 31" December 2023 342,679 342,679 At 31" December 2022 349,932 349,932 The Freehold land & buildings, kriown as Askri88 House, Main Street have been pledged as security for the mortgage borrowings. The propertywas converted into affordable comrnunity led houslng, which wa5 completed in March 2021. The properties have a post development value of £350,000 - £360,000, the value being diminished by a section 106 local occupancy restriction. The properties are insured for a rebuild Sum of £814,516 12022.. £743,8501. 13
The Askrigg Foundation Notes to the Financial Statements 5t Year Ended 31 December 2023 io Debtors 2023 2022 Prepayments li Investments 2023 2022 Other investments- COIF Income Units 7,332 6,705 7,332 6,705 The fair value of listed investments is determined by the bid price at the balance sheet date. 12 Credltor5: amounts falllng duè wtthln one year 2023 2022 B3nk mortgage Trade creditors Accrua15 Rent received in advance 1,764 17,572 936 950 398 1,030 398 3,192 19,856 The mortgage is secured by a charge over the property owned by the charity. 13 Creditors.. amounts falling due after more than one year 2023 2022 Bank mortgage 107.916 108.929 107,916 108.929 The mortgage 15 secured by a charge over the property owned by the charity. 14
The Askrigg Foundatlon Notes to the Financlal Statements Year Ended 3181 December 2023 14 Fund reconclliatlon Balance at Gains / Ilossesl Balance at 31, December 2023 Income Expenditure Transfers January 2023 Unrestricted funds Restricted bursary fund5 186,360 64.384 16,462 2,493 118,2681 16701 184,554 66,834 627 250,744 18.955 118,9381 627 251,388 Fund descri tions al Unrestrlcted fvnd5 Unrestricted are unrestricted and can be used at the Trustees discretion in the furtherance of the charities objectives. bl Re5trittèd bursary fund The bursèry funds were origlnally raised by Malcolm Stonestreet. vicar of Askrigg. The funds were Tai5ed to support visit5 to Low Mill through bursaries for disadvantaged children. 15 Analysis of net assets betweèn funds Unrestricted funds 2023 Restricted fund5 2023 Total 2023 Fixed assets Debtors Investments Cash at bank Creditors within one year Creditors after one year 288,917 82 53,762 342,679 82 7,332 12,403 13,1681 1107,9401 7,332 5,740 6,663 13,1681 1107.9401 Total 184,554 66,834 251,388 15
The Askrigg Foundation Notes to the Financial Statements Year Ended 31¥t December 2023 Unrestrlcted fund5 2022 Restricted funds 2022 Total 2022 Fixed assets Debtors Investments Cash 3t bank Creditors within one year Creditors after one year 296,170 73 53,762 349.932 73 6,705 22,819 119,8561 1108,9291 6,705 3,917 18.902 119,8561 1108,9291 Total 186,360 64,384 250,744 16 Related party transactlons There are no related party transactions during the period or the comparative period. 16