Cliarlty number.. 202887 THE LOUISA LILLEY ALMSHOUSES UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024
THE LOUISA LILLEY ALMSHOUSES CONTENTS Page Reference and administrative details of the charity, its trustees and advi5eTS Trustee5' report Independent examiner's report Staternent of finanEial activities Balance sheet Notes to the finan¢ial statements 10-17 The following pagos do iiot form part of ihe slalutory financial statements.. Detailed income and expenditure account and summaries
THE LOUISA LILLEY ALMSHOUSES REFERENCE AND ADMINISTRATIVE DETLs OF THE CHARITY. ITS TRUSTEES AND ADVISERS For the year ended 31 December 2024 Trustees Mr S Adams Mrs S Morton Mr R Rowlalt Ms J Wilson Mr D Maddock Mrs K Gent (resigned 1 July 20241 rCRCAdaThs MrA J Mayes Mr C J D Morton. Chair¥nan Mr J Barker- Training lappointed 1 November 20241 Charlty reglstered number 202887 Principal office 4 Whytewell Road Wellingborough Northants NN8 5BE Secretary MrMJPort Accountants MHA Chartered Accountants Centtjry House The Lakes Northampton NN4 7HD Bankers Nalwest Bank plc Wellingborough Northants NN8 1AD Page 1
THE LOUISA LILLEY ALMSHOUSES TRUSTEES. REPORT Forthe yearended 31 December 2024 The Iruslees present Iheir report with the financial statements of the charity for the year ended 31 December 2024. The Iruslees have adopted the provisions of Accounting and Reporting by Ch8rilies'. Stalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Objectives and Activitie5 a. OBJECTIVES AND ACTIVITIE5 FOR THE PUBLIC BENEFIT Miss Louisa Lilley died on 4 May 1930. Under her Will, land was to be purchased and almshouses built for occupaliDn by persons of either sex, provided they lived or had lived in Wellingborough or lrthlingborough or in the immediale neighbourhood, Mqlhoul regard lo their political or religious beliefs. Trustees were lo be appointed to build and manage the properties which were to be named The LDuisa Lilley Almshouses. Age and character were lo be taken into account in assessing applicants for occupancy. Six almshouses were built in IrlhlingborDugh and fourteen in Wellingborough. Over Ihe years the properties becatne outmoded and, on a local 1nilialive, in 1976177 the almshouses in Wellingborough were brought up to modern standards wlh grant aid from the Housing Corpo¥alion. In 19B1 the properties in Irthlingborough were also modernised using grant aid via the East Northanls Council. The Tru5115 now a registered housing association employing a salaried part-lime secretary. The Trustees meet regularly lo ensure the properties are managed effectively and a high quality of service provided for the residents. The Trust properties are visited regularly by the part-tirne secretary lo collect the maintenance contributions and ensLire frequent conlaGI between the management and residents. As part of their duties the Trustee5 make an annual inspection of the properties. b. PUBLIC BENEFIT The Trustees Df The Louisa Lilley Almshouse5 accept the need ID have regard lo the Ch8rily Commission's guidance on public benefit. They recognise that il is their responsibility lo ensure that the benefits offered by the charity are realised by promoting the ¢harity within the county. The aim is set out in thp Report of the Trustees. The organisation believes in being fair, open and inclusive. c. OMBUDSMAN A National Ombudsmen has been appointed to help residents who cannot get satisfaction from their18ndlords. That is unlikely lo happen wilh regard to The Louisa Lilley Almshouses. Details are available on request from the Trust's secretary. Page 2
THE LOUISA LILLEY ALMSHOUSES TRUSTEES. REPORT Icontinuedl For the year ended 31 December 2024 d. MANAGEMENT POLICIES Management policie5 have been approved and updated by the Trustees relating lo the following issues= eligibility and seleclion criteria compliant5 procedure equ31 opporlunilies policy financial procedures dala proleclion IGDPRI policy chairman's respDnsibililies execution ol repairs ènd mainlenance policy maintenance contribution policy letter to new residents policy premises contents policy residents personal details policy rules and regulations policy trustees responsihililies voting by proxy policie5 vi ix xiv Achievements and perfom7ance a. MAINTENANCE CONTRIBUTIONS AND FINANCE Maintenance contributions are reviewed annually. Levels are still low Compared wlh rents in both the public and private sector5 but in the long tem the properties will require major investment which could mean asking for financial assis18nce from the successors lo the Housing Corporation or other financial institutions including the Almshouse Association. necessilales the building up of reserves. Help from the successors 10 the Housing Corporation is doubtful bul traditionally to have any hope 81 all the Trust must be seen to be moving towards wh812re known as 'Targel Rents, which are veiy much higher than the existing maintenance contributions. The TFuslees iherefore decided to move in that directioii in accordance with guidance prepared by the then Housing Corporation and The Almsh(iuse Associatir2n. Maintenance conlributiors charged in 2024 and 2023 were as follows.. 2024 2023 3 Bedroom unit {Wellingboroughl Double units Single units 80.00 73.00 67.00 80.00 73.00 67.00 (per weekl (per week) (per weekl If any resident has difficulty meeting the maintenance contribution then financial help may be available through housing benefit. Application can be made tts the appropriate Ioc31 aJlhorily, ie Wellingborough Borough Council lor the properties in Wellingborough,. North Northamptonshire Council for the properties in lrthlingborough. Page 3
THE LOUISA LILLEY ALMSHOUSES TRUSTEES. REPORT (continued) For the year ended 31 December 2024 b. TRUSTEES. REVIEW OF THE YEAR'S ACTIVITIE5 There was a surplus for the period before unrealis2d revaluation gains on investments amounting to £f8,730 12023 - £39,126). Unrealised revaluation gains on investments lor the period 8mounled to £37.021 12023 £83,200). Unrestricted funds at 31 December 2024 amounted to £312,726 (2023 - £293,996). Revaluation reserve funds at 31 December 2024 amounled to £610,14512023 - £573.124) The Trustees, in general, are of the opinion that the affairs of the Trust are in good order. 2024 was a successful year for the Tnjgl. We lost one Resident in 2024 who pass2d away unexpectedly at Wellingborough. A new R2sident moved In fairty quickly and has fitted in well. We have a full, set of Residents at this time. The Trust's Secretary, Michael Port, had a successful year and the Trustees wish to record their appreciation of all his efforts. The gardens Gontinue to improve wlh the new garden al lrthlingborough now being goo/0 complete. Further work on the roofs has been done and will continue in 2025. The Trustees are of the rjpinion thal the affairs of the Trust are in good order. Financial review . RESERVES POLICY The Trustees hands on. approach lo managing the Twst's affairs, since its re-vilalisalion in the late 1970'slearly 1980's, has been very successful resulting in the Trust's current solid financial position. The Trustees have endeavoured, and will continue to endeavour, lo build up reserves which will be required in th$ long term to meet the cost of major enhancernent works but they have had lo balance this against the need, over recent years. lo carry out substantial inlemediale improvement works. The Trust has investment income and the only real SDurce of income, lo build up reserves, is from the maintenance contributions hence the Trustees agreed policy to increase maintenance contributions every year by the maximum permitted amount. Any shortfall In the long term investment required will have lo be mel either by funding Irom the Homes and Communily Agency, which is unlikely. or loans via the Almshouses Association. b. AVERAGE PAYMENT DATE The average time taken between receipt and payment of purchase Invoices is 7 days. c. INVESTMENTS POLICY Funds 1c are surplus to immediate spending needs are held either on interest be8ring deposit accounts or in Charities Investment Fund income or accumulation shares. Units held in these investrnents are shown al market value. Page 4
THE LOUISA LILLEY ALMSHOUSES TRUSTEES. REPORT (continued) Forthe year ended 31 December 2024 structure> governance and management . METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the charity is the responsibility of the Twslees who are elected and co-opted unLler the terms of the Trust deed. The deed of relifement and appointment of Trustees is dated 25 Augusl 2021. b. TRUSTEES The Trustees served duiing the year were.. Mr S Adams Jrs S hAorton Mr R Rowtalt Mrs J Wilson Mr D Maddock Nlrc R CAdams MrA J Mayes Mr5 K Gent (resigned 1 July 20241 Mr J Barker - training lappoinled 1 November 20241 Mr C J D Morton, Chairnian Part-time secretary to the Trust.. MrMJPort 4 Whytewell Road WELLINGBOROUGH Northanls NN8 5BE ¢. RISK MANAGEMENT The Trustees have assessed the major risks lo which the charity is trxposed, in particular those related lo the operations and finances of the charity, and are salislied that systems and procedures are in place lo miligaie our exposure to the major risks. Page 5
THE LOUISA LILLEY ALMSHOUSES TRUSTEES. REPORT Icontinuedl Forthe year ended 31 De¢ember 2024 TRUSTEES. RESPONSIBILITIES STATEMENT The Truslees are responsible for preparing the Trustees, report and the financial statements in accordance wlh applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to CharleS in England & Wales requires the Trustees to prepare financial slalernents for each financial year which give 8 true and 13ir view ol the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial stalemerjts, the Trustees are required ID.. select suileble accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP- make judgments and accounting estimates that are reasonable and prudent-, stole whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial slalemenls on Ihe going concern basi5 unless il is inappropriate lo presume thal the charity will continue in operation. The Trustees are responsible for keeping proper a¢¢ounling records that are suffiaenl lo show and explain the charitys transactions and disclose with reasonable accuracy at any time th2 financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the mainlen3nce 2nd inlegrbty of the charity and financial information Included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial siatemenls may differ from legislation in other jurisdictions. repo twas pproved by Ihe Trustees, onlGEt M 2ub6d signed on Iheir behalf by: MrCJD Chairman orton Page 6
THE LOUISA LILLEY ALMSHOUSES INDEPENDENT EXAMINER'S REPORT Forthe year ended 31 December 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LOUISA LILLEY ALMSHOUSES Ithe 'charity') I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2024. RESPONSIBILITIES AND BASIS OF REPORT As the Truslees ol the ch8rity you are responsible for (he preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe 2011 Acl'l. I report in respect of my examination of the charily's accounts carried out under section 145 of Ihe 2011 Act and in carrying out my examination I have followed all the applicable Directions glven by the Charity Commission under section 14515llbl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Your allenlion 15 drawn to the fact that the Gharily has prepared the accounts in 8CGordance with Accounting and Reporting by Charities.. Stalemanl of ReGommended Praclice appliGable lo charilies preparing their accounts accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Slatemenl of Recommended Practice issued on 1 April 2005 which 15 referred to in the exlanl regulations bul lias been withdrawn. l understand that this hss been done in order for the accounts lo providg a true and fair wew in accordance with the Generally Accepted Accounting Practice effeGtive for reporting periods begiiining on or after 1 January 2015. I have completed my examination. I can confifm that no maller5 have come to my atterilion in connection with the examination giving me cause lo believe that In any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act,. or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concgrning the form and content of accounts set oul in the Charities (Accounts and Report51 Regulations 2008 Either than any requirement that the accounts give a 'lrue and fair, view whiGh is not a matter considered as parl of an independent examination. I have no concerns and hzvo come across no other matters in connection with the examinats'or5 to which allenlion should be drawn in this report in order to enable a proper understanding of the accounts lo be Teached. Signed.. Dated.. 9 June 2025 Rebecca Hughes Bse (Honsl FCCA MHA Chartered Accountants Century Ho*J5e The Lakes Northampton NN4 7HD Page 7
THE LOUISA LILLEY ALMSHOUSES STATEMENT OF FINANCIAL ACTIVITIES Forthe year ended 31 December 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note INCOME FROM: Charitable activities Inveslmenls 69,465 6,440 69,465 6,440 71,066 3,069 TOTAL INCOME 75,905 75.905 74,135 EXPENDITURE ON: Charitable activities 57,175 57.175 34,999 TOTAL EXPENDITURE 57,175 57,175 34,999 NET INCOME BEFORE OTHER RECOGNISED GAINS AND LOSSES Gaii)slllossesl on revaluations of investment8 18,730 37,021 18,730 37,021 39.136 83,200 NET MOVEMENT IN FUNDS 55,751 55.751 122,336 RECONCILIATION OF FUNDS.. Total funds brought forward 867,120 867,120 744,784 922,871 922,871 867,120 TOTAL FUNDS CARRIED FORWARD The nDtes on pages 10 10 17 form part of these financi8151atemenls. Page 8
THE LOUISA LILLEY ALMSHOUSES BALANCE SHEET As at 31 De¢eEnber 2024 2024 2023 Note FIXED ASSETS Tangible assets Inveslmenls 23,949 813,366 23,949 776,345 10 B37,315 800,294 CURRENT ASSETS Debtors 1,308 63,776 23.792 997 41,327 27,925 Investments Cash al bank and in hand 12 88,876 70,249 CREDITORS.. amounts falling due within one ye3T 13 13,320} 13,4231 NET CURRENT ASSETS 85.556 66,826 NET ASSETS 922,871 867,120 CHARITY FUNDS Unrestricted funds= 14 14 Unreslricled funds Revaluation reserve 312,726 610,145 293,996 573,124 14 Totsl unrestricted funds 922,871 867,12CI TOTAL FUNDS 922,871 867,120 The fina cial slalemenls were approved by the Trustees on IbkK * 2oisand signed on their behalf, by. MrCJDMorton Chaimian Mr D W Maddock Trustee The notes on pages 10 10 17 form part of these financial stalemenl5. Page 9
THE LOUISA LILLEY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 Oecember 2024 ACCOUNTING POLICIES 1.1 Basi5 of preparation of financial statements The financial statements have been prepareLI in accordance with the Charities SORP IFRS 102)- Accounting and Reporiing by Charities.. Stalemenl of Recommended Practice applic8ble lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Louisa Lilley Almshouses meets the definition of 8 public benefit entity under FRS 102. Assets and 5iabililies are initially recognised at historical cost or transaction value unless otherwise staled in the relevant accounting policy. The Louisa Lilley Almshouses constitutes a public benefit entity as defined by FRS 102. 1.2 Income All income is recognised once the charity has enlitlemenl lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recDverable in relation lo investment income is recognised at the time the inveslmenl income is receivable. 1.3 Going concern The financial statements have been prepared on a going concern basis. The Trustees have considered relevant informaliDn. including the annual budget. forecast future cash flows and the impact of subsequent events in making their assessment. The Trustees have nol identified any further rnaterial uncertainties that may cast significant doubt about the ability of the charitable company lo continue as a going conGem. Based on these asse5sment5 and having regard lo the resources available lo the charitable company, the Trustees have concluded that there 15 no material uncerl8inly and that they can conlinue lo adopt lh8 going concern b2sis in preparing the onnu21 report and accounts. 1.4 Fixed as5et5 - Housing land and buildings Housing properties are slated al cost. The developmenl cost of housing properties includes the fo15owing'. cost of acquiriiig land aiid buildings". development expendilure., Page 10
THE LOUISA LILLEY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 December 2024 ACCOUNTING POLICIES ICONTINUEDI 1.5 Depreciation - Housing land and butldings Depreciation of housing properties was effectively recognised.. by hovsing association gr3nls which reduced the net inve5tmen15 in housing properties, ie cost less housing association grant, to an amount which can be recovered frDrn the expected net rental income.. and in respect of that proportlDn of Gosl not financed by eilher housing association grant, or by Ions lerrn loan by making a transfer from reserves lo accumulated depreciation. No depreciatlon has been provided on housing properties during the year. The net value of properties shown in the balance sheet is estimated tt) be less than Iheir land value. 1.6 Future cycllcal repalr and malntenance reSee The reserve reflects the Trust's liability to maintain it5 properties in accordance with a planned programme of wDrk5 and is maintained in accordance wilh an order by the Charity Commission daled 14 May 1982. 1.7 Housing Association grant Social Housing Grant ISHGI is receivable from the Homes and Communities Agency and formerly from the Housing Corporation and is utilised to reduce the capital costs of housing properties, including land costs. SHG due from the HCA or received in advance is induded as 8 current asset or liability. SHG received in respect of revenue expenditure Is credited to the incoime and expenditure account in the same period as the expenditure lo which il Telates. SHG is subordinated lo the repayment of loans by agreement with the HCA. SHG released on sale of a property may be repayable bul is normally available lo be recyded and is credited lo a Recyded Capital Grant Fund and iiicluded in the balance sheet in creditors. 1.8 Property management Tho Trust carries Out a programme of maintenance of ils propety Portfolio designed lo keep it in a good slate of repair and suitable for the use for which it was originally ¢onslruGled. After taking account of HAG and other capital granls the Tnjstees hav8 considered that a charge for depreGialion would generally be unnecessary. 1.9 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cosl and subsequently measured al fair value at the Balance sheet dale, unless fair value cannot be measured reliabity in which case il is measured al cost less impairmenL Investment gains and losses, whether realised or unrealised, 8re combined and shown in the heading 'Gainslllossesl on inveslmenls, in the Statement of financial activities. Page11
THE LOUISA LILLEY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 ACCOUNTING POLICIES ICONTINUEDI 1.10 Fund accounting General funds are unreslricled funds which are available for use at the discretion ol the Trustees in furtherance of Ihe general objectives ol the charity and which have not been designated for other purposes. Design3ted funds comprise unreslricled funds that have been sel aside by the Tr*Jslees for particular purposes. The aitn and USE of each designated fund is sel out in the notes tl) the financial stalemenls. 1.11 Taxation The Trust is accepted as a charity by HM Revenue & Customs. Income and capital gains of the Trust are generally exempt from lax if applied for charitable purposes. INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted funds 2024 Total funds 2024 Toial funds 2023 IncDme from maintenance contributions 69,465 69,465 71,066 Tolal 2023 71,066 71,066 INVESTMENT INCOME Unrestricted funds 2024 Total funds 2024 Totsl funds 2023 Bank interest receivable Dividends 2,449 3,991 2,449 3,991 626 2,443 6,440 6,440 3,069 Total 2023 3.069 3,069 Page 12
THE LOUISA LILLEY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 December 2024 DIRECT COSTS Total 2024 Total 2023 Activities Repairs and maintenance Insurance Garden maintenance Light and heat Quinqijennial review costs - Cosl of works Call Care Scheme Management and 8dministr8tion 7,931 2.002 21,357 1,095 9,540 2.000 9,280 7,931 2,002 21,357 1,095 9.540 2,000 9,280 8.846 2,IMO 11,783 1,C)09 1.684 6,816 53,205 53,205 32,178 Total 2023 32,178 32.178 OFFICE OVERHEADS Unrestricted funds 2024 Total funds 2024 Total funds 2023 Accountancy Subsriptions Sundry expenses 1,457 1,130 1,383 1,457 1,130 1.383 1,403 648 770 3,970 3.970 2,821 ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE Staff costs (Xher costs 2024 2024 Total 2024 Total 2023 Eslale costs Office overheads 9,280 43.925 3.970 53,205 3,970 32.178 2,821 9,280 47,895 57,175 34,999 Total 2023 6,816 28.183 34,999 Page 13
THE LOUISA LILLEY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 December 2024 INDEPENDENT EXAMINER'S REMUNERATION The Independent Ex3miner's remuneration amounts lo an Independant Examinalion fee of £1,457 (2023 £1,403) STAFF COSTS Staff costs were as follows.. 2024 2023 Wages and salaries 9.280 6.816 The average number of persons employed by the charity during the year was as follow5-. 2024 2023 No. No employee received remuneration amounting to more than £60,000 in eilher year. Fixed assets 2024 2023 Housing land and buildings Ifreeholdl Cost Less.. Govemment grants received other than Housing Association Grant 130.215 130,215 122,050) 122,0501 Nel cost at 1 January 2023 and 31 December 2023 Less.. Housing Associalion Grant Depreciation 108,165 108,165 172,5621 111.654) 172,5621 111,6541 Net book valsje al 1 January 2023 and 31 December 2Q23 23,949 23,949 Page 14
THE LOUISA LILLEY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 10. FIXED ASSET INVESTMENTS Unlisted securitles other investments Total Market value At l January 2024 Revaluations 87,340 1,973 689.005 35,048 776,345 37,021 At 31 December 2024 89,313 724,053 813.366 11. DEBTORS 2024 2023 Other deblor5 Prepayments and accrLted income 268 1.040 35 962 1,308 997 CURRENT ASSET INVESTMENTS 2024 2023 Charities deposit fund 63,776 41,327 13. CREDITORS: Amounts lalling due within one year 2024 2023 Other creditors and accruals 3,320 3,423 Page 15
THE LOUISA LILLEY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 December 2024 14. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 31 Gainsl December {L055esl 2024 Balance at 1 January 2024 Transfers inlout Incorne Expenditure Designated fund5 FuluTe cyclical repairs Extraordinary repairg Property equity 149,688 135,203 23,949 14,860 12,620 164,548 147,823 23,949 308,840 27,480 336.320 General funds General Funds all funds Revaluation reserves 24,292 533,988 75,905 157,175) 127,4801 15,542 571,009 37,021 558.280 75,905 157,1751 127,480 37,021 586,5S1 Total Unreslricled funds 867,120 75,905 157,1751 37,021 922,871 Total of funds 867,120 75,905 157,175J 37,021 922.871 STATEMENT OF FUNDS - PRIOR YEAR Balance al 31 December 2023 Balance al l January 2023 Transfer5 inlout Gainsl ILoss2sI Income Expenditure Designated funds Future Gyrlical repairs Extraordinary repairs Property equity 129,608 122,923 23,949 20,080 12,280 149.688 135,203 23.949 276,480 32,360 308,840 General funds General Funds - all funds Revaluation reserves 17,516 533,988 74,135 134,9991 {32,3601 24,292 533,988 Total Unrestricted funds 827,984 74,135 134,999) 867,120 Total of funds 827,984 74,135 134.9991 867.120 Page 16
THE LOUISA LILLEY ALMSHOUSES NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestrfcted funds 2024 Total funds 2024 Tangible fixed assels Fixed asset investments Currenl assets Creditors due within one year 23,949 813,366 88,876 13,3201 23,949 813,366 88,876 13,3201 922,871 922,871 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Unrestricted funds 2L123 Total fund5 2023 Tangible fixed assets Fixed assel investments Current assets Creditors due within one year 23,949 716,345 70.249 13.4231 23,949 776.345 70.249 {3,4231 867,120 867,120 16. CAPITAL COMMITMENTS The trust had no capital commitments at 31 December 2024 or 31 December 2023. 17. CONTINGENT LIABILITIES In the opinion of the Tnjstees. there were no conknngent liabilities at 31 December 2024 or 31 December 2023 likely lo cryslalise within 12 months of the approval dale of these accounts. In the event that the Trusvs property were lo be sold, Ihe Trust may be liable to repay the HAG (see page 91 advanced by the Housing Corporation in 197611977. Page 17