| INDEX | PAGE |
|---|---|
| REPORT OF THE TRUSTEES FOR THE YEAR | 1-3 |
| TRUSTEES' RESPONSIBILITIES | |
| STATEMENT OF FINANCIAL ACTIVITIES | |
| BALANCE SHEET | |
| NOTES FORMING PART OF THE FINANCIAL STATEMENTS | 6-9 |
| STATEMENT OF FINANCIAL ACTIVITIES SPLITBETWEEN OLD | |
| AND NEW TRUST | 10 |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES |
| FOR THK | YEAR | ENDED 31DECE | MBER 2022 | ||||
|---|---|---|---|---|---|---|---|
| See below | See below | ||||||
| Restricted | Funds | Designated | Funds | General | 2022 | 2021 | |
| Capital | Extra- | Cycltcal | Fund | Total | Total | ||
| ordinary | maintenance | ||||||
| repairs | |||||||
| INCOME AND ENDO~TS IROM: | |||||||
| Residents' Contributions |
528/30 | 52,930 | 48,432 | ||||
| Bank interest | 860 | ||||||
| Investment income |
263 | ||||||
| TOTAL INCO22EE AND ENDOWMENTS | 52,930 | 52R30 | 49 555 | ||||
| EXPENDITURE ON: | |||||||
| Direct Charitable expenditure |
|||||||
| Services | 6,098 | 6,098 | 4,953 | ||||
| Insurance | 1,198 | 1,198 | 1,131 | ||||
| Maintenance | 8+04 | 11,475 | 19,779 | 32,406 | |||
| Resident related expenditum | 1,711 | 1,711 | 2,148 | ||||
| Other expenditure | 1/93 | 1,393 | 1,619 | ||||
| 8,304 | 21,874 | 30,178 | 42,257 | ||||
| Administration expenditure |
5+70 | 5,570 | 4,800 | ||||
| Legal and professional fees |
2,465 | 2,465 | 3,000 | ||||
| Independent Examination |
690 | 690 | 654 | ||||
| Investment fees Trustee~e |
4/83 340 |
4,283 340 |
7,153 333 |
||||
| TOTAL EXPENDITURE | 8/04 | 35/21 | 43,525 | 58,197 | |||
| NET INCOME/EXPENDITURE | (8+04) | 17,709 | 9,406 | 8,642 | |||
| BEFORE GAINS ON INVESTMENTS | |||||||
| NET GAINS(LOSSES) ON INVESTMENTS Gains/Losses on investments |
~146423 | (4/99) | 150822 | 112,571 | |||
| NET INCOME/EXPENDITURE | (146,423) | (12,703) | 17,709 | (141,417) | 103,929 | ||
| TRANSFERS BETWEEN FUNDS | |||||||
| Transfers to Cyclical Fund | (28/88) | 28,388 | |||||
| NET MOVEMEiVT IN FUNDS | |||||||
| (1741811) | 15,685 | 17,709 | (141,417) | 103,929 | |||
| RECONCILIATION OF FUNDS |
|||||||
| TOTAL FUNDS BROUGHT FORWARD | 22,864 | 891,664 | 12,041 | 146,506 | 1,073,075 | 969,146 | |
| TOTAL TOIOIE CARRIED TORW~ | 22 064 | 716053 | 27 726 | 164/15 | 931,650 | 1,1173,075 |
| See below | See below | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Note | |||||
| FIXEDASSETS | |||||
| Freehold property | 332,347 | ||||
| Springetts Almshouses |
|||||
| Investments | 506,528 | 991,633 | |||
| CURRENT ASSETS | |||||
| Debtors | 130 | ||||
| Prepayments | 963 | 15,507 | |||
| Bank Balances | |||||
| Current Account | 94,434 | 67,646 | |||
| 95,398 | 83,283 | ||||
| CURRENT LIABILITIES | |||||
| Accrued expenses | (2,614) | (1,841) | |||
| Net Current Assets | 92,783 | 81,442 | |||
| Net assets | 931,658 | 1,073,075 | |||
| Capital Fund - Restricted Funds | 22,864 | 22,864 | |||
| Unrestricted Funds |
|||||
| Extraordinary Repairs |
Fund | 716,853 | 891,664 | ||
| Cyclical Maintenance | Fund | 27,726 | 12,041 | ||
| General Fund | 164,215 | 146,506 | |||
| Total Unrestricted | Funds | 908,794 | 1,050,211 | ||
| 931,658 | 1,073,075 |
| Cyclical | ||||
|---|---|---|---|---|
| Main investment | Maintenance | |||
| Fund | (ERF)Fund | Total | ||
| Market valuation: | ||||
| At 1 January 2022 | 991,633 | 991,633 | ||
| Additions | 760,753 | 760,753 | ||
| Dispo sais | (1,095,036) | (1,095,036) | ||
| Reallocation | (28,388) | 28,388 | ||
| Realised Loss | (116,752) | (2) | (116,754) | |
| Unrealised | Loss | 29,671 | 4,397 | 34,068 |
| At 31December 2022 | 482,540 | 23,989 | 506,528 |
| BASED ON TR | BASED ON TR | ANSFER OF FI | JNDS AND ACT | IVITKS O | N 2 | 6 MAY 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Eliza | Sprlngett | Eliza | Springett | Eliza | Springett | |||||||
| Springett Trust |
Almshouses Trust |
Total | Springett Trust |
Almshouses Trust |
Total | Springett Trust |
Almshouses Trust |
Total | ||||
| Cyclical | Cyclical | Cycgcai | Extra- | Extra- | Extra- | |||||||
| maintenance | maintenance | maintenance | ordlaaly | ordinary | ordinary | |||||||
| General | Fund | General Fund | General Fund | Fund | Fund | Fund | repairs | repairs | repairs | |||
| f | ||||||||||||
| INCO1VIE AND ENDOWMENTS | FROiM: | |||||||||||
| Residents' Contributions |
21,172 | 31,758 | 52,930 | |||||||||
| Bank interest | ||||||||||||
| investment income |
||||||||||||
| TOTAL LVCOMK AND Kfs11OWMEVTS | ||||||||||||
| EXPENDITURE ON: | ||||||||||||
| Direct Charitable expenditure |
||||||||||||
| Services | 2,439 | 3,659 | 6,098 | |||||||||
| Insurance | 479 | 719 | 1,198 | |||||||||
| Mamtc nance | 4,590 | 6,885 | 11,475 | 3,321 | 4,982 | 8,304 | ||||||
| Resident related expenditure | 684 | 1,026 | 1,711 | |||||||||
| Other expenditure | 557 | 836 | 1,393 | |||||||||
| Admi 'strahon expenditure |
2/28 | 3,342 | 5,570 | |||||||||
| Legal and professional fees Independent Examination Investment fees |
986 276 1,713 |
1,479 414 2,570 |
2,465 690 4,283 |
|||||||||
| Trustee lnsufarlce | 136 | 204 | 340 | |||||||||
| TOTAL EXPENDITURK | 5/39 | 8,008 | 13@47 | |||||||||
| NET LVCOME/EXPENDITURE | 7,084 | 10,626 | 17,709 | (3,321) | (4,982) | (8,304) | 0 | 0 | 0 | |||
| BEFORE GAD1S ON INVESTMENTS | ||||||||||||
| NET GAINS(LOSSES) ON DVESThIKNTS Gains/Losses on investments |
I 760 | 2,640) | 4399 | 58569) | 87,854 | 146,423 | ||||||
| NETINCO~ENDITUIK | 7,084 | 10,626 | 17,709 | (5,081) | (7,622) | (12,703) | (58,569) | (87,854) | (146,423) | |||
| TRANSFERS BETWEEN FUNDS Transfers to Cyclical Fund |
11/55 | 17,033 | 28,388 | (11/55) | (17,033) | (28@88) | ||||||
| NKT MOVEMENT IN FUNDS | 7,084 | 10626 | 17,709 | 6 | 74 | 9411 | 15685 | 69 25) | 104887 | 174811 |
| Analysis ofnet | assets | at the date ofthe merger | |||
|---|---|---|---|---|---|
| Eliza | Springett | ||||
| Sprlngett | Almshouses | ||||
| Trust | Trsult | Combined | |||
| Net assets | 1,016,508 | 1,016,508 | |||
| Represented by Capital Fund Extraordinary General Fund |
Repairs Fund | 22,864 821,739 153,590 |
22,864 821,739 153,590 |
||
| Cyclical Maintenance | Fund | 18,315 | 18,315 | ||
| 1 016508 | 1 016,508 |