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2021-12-31-accounts

STEPHEN HUTCHEN’S CHARITY TRUST FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 2021

Registered Charity No. 204758

Homes & Communities Agency No. A4024

ALKE CHARTERED ACCOUNTANTS PENZANCE

STEPHEN HUTCHEN’S CHARITY TRUST

Page 1

TRUSTEES ANNUAL REPORT FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 202i

REFERENCE AND ADMINISTRATIVE DETAILS

The Trustees submit their Report and the Financial Statements for the year ended 31 December 2021 for Stephen Hutchen’s Charity Trust. The financial statements have been prepared in accordance with current statutory requirements, the Trust Deed and Statement of Recommended Practice for Social Housing Providers (Housing SORP 2018).

Charity Registration Number

The registered number of the Charity is 204758.

Homes & Communities Agency No.

The registered number of the Charity is A4024.

Principal Address

Stephen Hutchen’s Charity Trust Paul Penzance Cornwall TR19 6UA

Trustees (All whom manage the Charity)

The Governing Body consists of the following members who meet quarterly and administer the charity. The Trustees who served during the year were:

Ex-officio:

The Reverend Vicar of Paul, Rev. A Yates

Nominative:

Cllr. RA Mann (resigned April 2021) Cllr. N Davis Cllr. S Bosworth (appointed Apri! 2021)

Co-optative:

Mr GK Prowse (Treasurer) Mrs PA Jones (Secretary) Mrs SJ Stephens (Minutes Secretary) Mr CG Osborne (Chairman) Mrs RD Bond

Mrs C Oats Mrs L Burton (Vice Chairman) Mrs MG Griffiths Mrs OJ Pickford

Bankers

Land Agent Barclays Bank Antony Richards 8/9 Market Jew Street Jupiter House Penzance 10 Market Place Cornwall Penzance TR1i8 2TW Cornwall TR18 2JA

CCLA 80 Cheapside London EC2V 6DZ

2

STEPHEN HUTCHEN’S CHARITY TRUST

Page 2

TRUSTEES ANNUAL REPORT FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 2021

Solicitors Accountants / Independent Examiner Cornish Venning Paula Thomas BA FCA DChA Unit N Walker Moyle Ltd Questmap Business Park Alverton Pavilion Longrock Trewithen Road Penzance Penzance Cornwall Cornwall TR20 8AS TR18 4LS

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisation

The Charity is administered by the Trustees, as established by the Trust Deed dated 7 May 1875 and as revised by the Trust Deed dated 7 April 1966 and updated 20 July 2010.

Governance

The Charity is governed by a Scheme Document approved on 7 April 1966 by the Charity Commissioners for England and Wales, which is implemented by the Trustees. The Trustees confirm they have complied with the governance and financial viability standards required.

Nomination and Appointment of Trustees

Risk Assessment

The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems or procedures are in place to manage those risks.

OBJECTIVES AND ACTIVITIES

Obiecti

The Charity's main objective is the provision of Almshouse accommodation.

Activities

In determining activities Trustees have given due regard to the Charity Commission’s guidance on Public Benefit. The activities deliver public benefit as follows:

The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to guidance on public benefit, published by the Charity Commission.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 3

TRUSTEES ANNUAL REPORT FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 2021

The Regulator of Social Housing requires all registered social housing providers to report on Value
for Money metrics published in the Value for Money Standard 2018. These have been calculated		 The Regulator of Social Housing requires all registered social housing providers to report on Value
for Money metrics published in the Value for Money Standard 2018. These have been calculated		 The Regulator of Social Housing requires all registered social housing providers to report on Value
for Money metrics published in the Value for Money Standard 2018. These have been calculated		 The Regulator of Social Housing requires all registered social housing providers to report on Value
for Money metrics published in the Value for Money Standard 2018. These have been calculated
as follows:
2021 2020
Metric 1: Reinvestment 0% 0%
Metric 2: New supply (social housing units) 0% 0%
Metric 3: Gearing 0% 0%
Metric 4: EBITDA MRI (major repairs included) Interest 0% 0%
cover
Metric 5: Headline social housing cost per unit £6,006 £5,383
Metric 6a: Operating margin (sociai housing fettings) 12.90% 6%
Metric 6b: Operating margin (overall) 11.95% 13%
Metric7: Returnoncapitalemployed 0.81% 0.9%

The Trustees confirm the charity achieves value for money by ensuring that the Trust provides tenants with high quality accommodation and services. Consistent with its charitable aims, the income from its activities is invested into the provision of such services and accommodation which benefits its residents.

ACHIEVEMENTS AND PERFORMANCE ~ WHO USED AND BENEFITED FROM OUR SERVICES

Review of the Year Eight flats were fully occupied during the year. This is a 100% occupancy rate. All residents were elderly and from the area of benefit.

One Trustee has been reimbursed for a total of £56 (2020: £72) for expenses that they had incurred during their duty as Committee Officer. The expenses incurred consist of postage. At the year end Enil (2020: Enil) was owed to the Trustee.

Investments The Trustees have been approved by the Charity Commissioners to hold and administer investments for the benefit of the Charity.

FINANCIAL REVIEW

Results and Reserves

Income received in the year amounted to nearly £56,000 (2020: over £54,000), of which over £48,700 (2020: over £47,000) has been generated from the residents at the Almshouses. The Trustees have established by reference to future anticipated costs that unrestricted funds may be kept at the level of £350,848 (2020: £316,665) as shown on Page 8. The level of free reserves excluding accumulated gains on investments and designated funds is £71,217 (2020: £68,295) which represents 12 months (2020: 12 months) of expenditure.

Investments Investments are held in COIF Charities Investment Funds. The market value of the investments at 31 December 2021 was £205,226 (2020: £176,816). This exceeds the original cost by £170,661 (2020: £142,251),

The investments have been held for a number of years, and the Charity intends to continue to hold these investments. The policy for the investments is to ensure that the value exceeds cost and a return is received each year.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 4

TRUSTEES ANNUAL REPORT FOR THE PERIOD 1 JANUARY 2021 To 31 DECEMBER 2021

Reserve Policy

The Trustees have decided that the Charity should hold reserves which are neither restricted nor designated equivalent to twelve months expenditure.

£350 per flat is to be transferred each year to the cyclical maintenance designated fund and £150 per flat is to be transferred each year to the extraordinary maintenance designated fund within unrestricted funds.

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 2021

Registered Social Housing Legislation and Charity legislation require Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Charity as at the end of the financial year and its income and expenditure for that period. In preparing those accounts the Trustees are required to:

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enables them to ensure that the financial statements comply with the Housing and Regeneration Act 2008, The Accounting Direction for Private Registered Providers of Social Housing from April 2019, the Charities Act 2011 and the Statement of Recommended Practice - Accounting by Registered Social Housing Providers 2018. The Trustees 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.

This report was approved by the Board of Trustees and signed on its behalf by:

Mr CG Osborne (Chairman)

Date: /ah aly Wrz

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STEPHEN HUTCHEN’S Page 5 CHARITY TRUST ON ACCOUNTS FOR THE PERIOD J JANUARY 2021 TO 31 DECEMBER 2021 CHARITY NO. 204758

I report to the trustees on my examination of the accounts of Stephen Hutchen’s Charity Trust for the year ended 31 December 2021, which are set out on pages 7 to 19.

RESPONSIBILITIES 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 Charities Act 2011 (‘the Act’). The Charity’s trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (‘the Act’) and Section 136(3) of the Housing and Regeneration Act 2008) and that an independent examination is needed.

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, the Housing and Regeneration Act 2008 and The Accounting Direction for Private Registered Providers of Social Housing from April 2019. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

INDEPENDENT EXAMINER’S STATEMENT

I have compieted my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that, in any material respect:

I also confirm that the accounts comply with the Homes and Communities Agency requirements as set out below:

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF STEPHEN HUTCHEN’S Page 6 CHARITY TRUST ON ACCOUNTS FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 2021 CHARITY NO, 204758 (CONTINUED)

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.

Paula Thomas BA FCA DChA

Chartered Accountant Walker Moyle Ltd Alverton Pavilion Trewithen Road Penzance Cornwal! TR18 4LS

Date: 25 July 2022

STEPHEN HUTCHEN’S CHARITY TRUST

Page 7

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR 1 JANUARY 2021 TO 31 DECEMBER 2021

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Year|Ended|Year|Ended| |31|December|31|December| |Note|2021|2020| |£|£| |TURNOVER|1(c)|&|4(a)|55,868|54,269| |Less|Operating|Expenditure|4(a)|(49,192)|(47,088)| |OPERATING|SURPLUS/(DEFICIT)|6,676|7,181| |Interest|receivable|and|similar|income|6|2,147|2,219| |Movement|in|fair|value|of|investments|10|28,410|13,647| |SURPLUS/(DEFICIT)|FOR|THE|YEAR|AND| |TOTAL|COMPREHENSIVE|INCOME|FOR THE|YEAR|37,233|23,047|

----- End of picture text -----

CONTINUING OPERATIONS

None of the Charity’s fundamental activities were acquired or discontinued in the above two financial years.

These financial statements were approved by the Committee of Management and signed on its behalf by:

Mr CG Osborne (Chairman) Orn,

Mr GK Prowse (Treasurer)

fate 1-7— 23m.

The notes on Pages 11 - 19 form part of these financial statements.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 8

STATEMENT OF CHANGES IN EQUITY - YEAR ENDED 31 DECEMBER 2021

Income and
Expenditure Restricted Endowment Unrestricted
Reserve Reserve Fund Fund Total
£ £ £ £
Balance at 1 January 2021 65,655 176,310 316,665 558,630
Surplus/ (deficit)
from statement
of comprehensive
income 3,050 - 34,183 37,233
Balanceat31December2021 68,705 176,310 350,848 595,863

The notes on Pages 11 - 19 form part of these financial statements.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 9

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |STATEMENT|OF|FINANCIAL|POSITION| |T|ER|202i| |Note|2021|2020| |£|£| |FIXED|ASSETS| |Tangible|Fixed|Assets|9|550,678|551,825| |Investments|10|205,226|176,816| |755,904|728,641| |CURRENT|ASSETS| |Debtors|and|prepayments|11|4,217|3,344| |Cash|at|Bank|84,569|73,935| |Less|CREDITORS|-|amounts|falling|88,786|77,279| |due|within|one|year|12|(15,620)|(11,033)| |NET CURRENT ASSETS|73,166|66,246| |TOTAL ASSETS|LESS|CURRENT|LIABILITIES|829,070|794,887| |CREDITORS| |Amounts|falling|due|after|1|year|13|(233,207)|(236,257)| |TOTAL|NET ASSETS|595,863|558,630| |RESERVES| |Restricted|Reserves| |-|Endowment|Fund|15|(a)|176,310|176,310| |-|Restricted|Fund|15|(b)|68,705|65,655| |Unrestricted|Income|and| |Expenditure|Reserve|15|(c)|350,848|316,665| |TOTAL RESERVES|595,863|558,630|

----- End of picture text -----

These financial statements were approved by the Committee of Management and signed on its behalf by: i Bah. Mr CG Osborne (Chairman) Mr GK Prowse (Treasurer)

Date: (F- OD -2OzS

The notes on Pages 11 - 19 form part of these financial statements.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 10

STATEMENT OF CASH FLOWS

Year ended Year ended Year ended
31
December
2021
£		 31
December
2020
E
Net cash generated from operating
activities (See Note 1 below) 8,487 5,373
Purchase of tangible fixed assets < (540)
Interest received 2,147 2,219
Net change in cash and cash equivalents 10,634 7,052
Cash and cash equivalents at beginning
of the year 73,935 66,883
Cash and cash equivalents at end of the year 84,569 73,935
Note 1
Surplus/(deficit) for the year 37,233 23,047
Depreciation of tangible fixed assets 1,147 1,163
(Increase)/decrease in trade and other debtors (873) 717
Increase/(decrease) in trade and other creditors 4,587 (638)
(Decrease)/increase in provisions (3,050) (3,050)
Adjustments for investing or financing activities: (28,410) (13,647)
Interest received (2,147) (2,219)
Cashflowfromoperatingactivities 8,487 5,373

The notes on Pages 11 - 19 form part of these financial statements.

STEPHEN HUTCHEN’S CHARITY TRUST

Page il

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 2021

  1. PRINCIPAL ACCOUNTING POLICIES

  2. a. Establishment of Registered Social Housing Provider registered with the Homes and Communities Agency:

The Charity is administered by the Trustees, as established by the Trust Deed dated 7 May 1875 and as revised by the Trust Deed dated 7 April 1966 and updated 20 July 2010.

The Charity constitutes a public benefit entity as defined by FRS 102.

The Financial Statements have been prepared in accordance with the historical cost convention except for investments, and the Accounting Direction for Private Registered Providers of Social Housing April 2019. In preparing the financial statements the Charity follows best practice as set out in the Statement of Recommended Practice - Accounting by Registered Social Housing Providers 2018, and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.

A summary of the more important accounting policies is set out below.

c. Turnover:

Turnover represents rents receivable and contributions from residents and supporting people service subsidy. It also includes fund raising income, which is recognised when collected by the Charity and amortised Government grants.

d. Housing Properties:

The Stephen Hutchen’s Charity Properties were acquired in the 18th Century and there is no record of the original cost. During 1993 and 2006 extensive refurbishment and extension work was undertaken. The property is shown in the Balance Sheet at the cost of extensions and improvements. The Trustees have not obtained a valuation of the Housing Properties and land surrounding the Housing Properties, however they consider the market value and recoverable amount to be significantly in excess of the carrying value in the accounts and that there is no indication of impairment. Whilst it is the policy to depreciate relevant fixed assets, it is considered that the freehold buildings estimated residual value is equal to the net book value and therefore no further depreciation charge arises.

Assets under £100 are not capitalised.

e. Depreciation:

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life. No depreciation has been charged on buildings in the year due to a high residual value and a long expected useful economic life.

The following rates and bases have been used: Depreciation is provided as follows:

Property - Almshouse Development Not depreciated Plant and Equipment 10% p.a. straight line

STEPHEN HUTCHEN’S CHARITY TRUST

Page 12

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 2021

1. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

A Local Authority Grant and a Housing Association Grant (HAG) were obtained to reduce the cost of development of the Housing Properties. The Grants are repayable under certain circumstances, primarily following the sale of a property but will normally be restricted to net proceeds of sale.

The Housing properties are held at cost in the Balance Sheet therefore the Trust uses the accruals mode! to amortise the grant over the life of the structure or the property. The Trustees estimate the useful economic life of the properties to be at least 100 years.

The following rates and basis have been used.

Housing grants amortised 1% p.a. straight line.

g. Capitalisation of Interest:

Interest incurred on capital expenditure on property improvements is charged to income and expenditure when incurred,

h. Investments

The fixed asset investments held are re-valued to market value on an annual basis and market value is also determined to be equal to fair value. The increase/(decrease) in the value of these assets over their original cost is shown in the Statement of Comprehensive Income.

i. Cyclical Repairs and Maintenance:

Stephen Hutchen’s Charity Trust has established a regular programme of cyclical repairs and maintenance. Costs are to be charged to the provision created when they are incurred. An annual provision for cyclical repairs and maintenance of £350 per unit is designated from reserves.

j. Extraordinary Repairs:

Costs of Extraordinary Repairs, unless representing improvements to the properties, are to be charged to the provision created when they are incurred.

An annual provision for Extraordinary Repairs of £150 per unit is designated from reserves.

k. Restricted Reserve

This represents the endowment fund. The funds were received by the charity.

Additional restricted reserves represent donations received for specific purposes. The expenditure is then matched against these funds.

The Stephen Hutchen’s Charity Trust is not registered for Value Added Tax. In these Financial Statements, where applicable, expenditure is shown inclusive of VAT.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 13

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 2021 1. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)

m. Costs for Land Lettings:

Land lettings are not always at market value.

There are no general costs apportioned to this income only direct costs where applicable.

2. COMMITTEE MEMBERS' REMUNERATION AND RELATED PARTYTRANSACTIONS PARTYTRANSACTIONS
2021
£		 2020
E
Expenses reimbursed to Committee
Members 86 72
Amount owed to Committee Members for
expenses at the year end - 2
Less: amount owed to Committee Members
for expenses brought forward - -
86 72

No (2020: one) related party transaction took place during the year with non-committee members. In 2020, this involved a spouse of a committee member where they purchased materials on behalf of the Charity and the cost of these materials were repaid to the individual in the year. The total amount paid was £1,053 and no amounts were outstanding at the year end.

Three (2020: one) members were reimbursed postage, food and sundry expenses.

No remuneration was paid to the Trustees nor any persons connected with them.

  1. EMPLOYEE INFORMATION
EMPLOYEE INFORMATION
2021 2020
The average monthly number of employees are:
Warden and Assistants 2 2
The average number of full time equivalents
(working every day) are:
Warden 1 1
One warden is required to be available at all times, 24 hours per day.
Staff Costs
£ £
Wages and salaries 13,503 14,161
Social Security Costs - 21
Pension contributions LT 102
13,580 14,284

No employees receive emoluments exceeding £60,000.

There are no retirement benefits accruing to any members of staff. The warden has on site accommodation provided that is a requirement of the position.

STEPHEN HUTCHEN’S CHARITY TRUST

Page 14

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 2021

4. TURNOVER

a) Particulars of turnover, operating expenditure and operating surplus/(deficit).

Operating Operating Operating
Turnover Expenditure surplus/(deficit)
Year Ended 31 December 2021 £ £E £
Social housing lettings (Note b) 51,751 (44,324) 7,427
Non-social housing activities (Note c)
Land rents 4,117 - 4,117
Hire of room - - -
Donations - - =
55,868 (44,324) 11,544
Year Ended 31 December 2020
Social housing lettings (Note b) 5O;123 (47,088) 3,035
Non-social housing activities (Note c)
Land rents 4,117 - 4,117
Hire of room 12 = 12
Donations 17 - 17
54,269 (47,088) 7,181
b) Particulars of income and expenditure from Social Housing Lettings
2021 2020
Supported Housing Supported Housing
and Housing and Housing
for Older People for Older People
£ £ E £
Rent receivable net of identifiable
service charges 39,628 38,377
Service income (food and general household) 9,073 8,696
Government Grant 3,050 3,050
Turnover from social housing lettings 21,751 50,123
Management 13,580 14,284
Services 22,911 20,759
Routine maintenance 3,409 4,931
Planned maintenance 2,218 -
Depreciation of plant 1,147 1,163
Other costs 5,927 5,951
Operating costs on social housing lettings (49,192) (47,088)
Operating surplus/(deficit) on social housing lettings 2,559 3,035
Void losses: 2021:
nil
2020:
nil		 - -

STEPHEN HUTCHEN’S CHARITY TRUST

Page 15

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 2021

5. TURNOVER

c) Particulars of turnover from non-social housing activities

2021
£		 2020
£
Land rents 45147 4,117
Hire of room at Hutchens House for functions - 12
Donations - 17
4,117 4,146
d) Number of units available to let
-
Supported Housing and Housing for Older People
Number of units available at the
31 December 2021 and 2020 8 8
6. INTEREST RECEIVABLE AND SIMILAR INCOME
2021 2020
£ £
Bank and Building Society interest 9 122
Investment income 2,138 2,097
2,147 2,219
7. SURPLUS/(DEFICIT) ON ORDINARY ACTIVITIES BEFORE TAXATION
2021 2020
£ £
Surpius/(deficit) on Ordinary Activities
before taxation is stated after charging:
Depreciation - Tangible Fixed Assets 1,147 1,163
Accountancy and payroll fees (including VAT) 2,321 2,191
Independent Examiner’s Remuneration
(includingVAT) 695 695

STEPHEN HUTCHEN’S CHARITY TRUST

Page 16

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 2021

8. TAXATION

Stephen Hutchen’s Charity Trust is a registered charity and is therefore exempt from liability to taxation on its income and capital gains.

9. TANGIBLEFIXED ASSETS

TANGIBLEFIXED
FIXED ASSETS
Plant and
Property Equipment TOTAL
£ £ £
Cost
At 31 December 2020 549,627 24,114 573,741
Additions - - -
At 31 December 2021 549,627 24,114 573,741
Depreciation
At 31 December 2020 - 21,916 21,916
Charge for year “ 1,147 1,147
At 31 December 2021 - 23,063 23,063
Net Book Value
At 31 December 2021 549,627 1,051 550,678
At31December2020 549,627 2,198 551,825

The Trustees consider the market value of the land and properties owned by the Trust to be in excess of cost.

  1. INVESTMENTS - held to provide an investment return for the charity
Listed (UK) Listed (UK)
2021
£		 2020
£
a) Market value brought forward at
at 31 December 2020 176,816 163,169
Net gain/(loss) on revaluation 28,410 13,647
Market value carried forward at
31 December 2021 205,226 176,816
b) Base Cost: being Market Value at
31stDecemberi992 34,565 34,565

STEPHEN HUTCHEN’S CHARITY TRUST

Page 17

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 2021

11. DEBTORS AND PREPAYMENTS - recoverable within one year
2021 2020
£ £
Electricity owed from residents 780 -
Owed from Warden 688 580
Food paid to Warden in advance 650 900
Land rents receivable 3 3
Prepayments 2,061 1,804
Interest due 2 -
HMRC PAYE refund due 33 57
4,217 3,344
12. CREDITORS - amounts falling due within one year
2021 2020
£ £
Trade Creditors 1,000 946
Other Creditors 3,798 3,765
Accruals and Deferred income 10,822 6,322
15,620 11,033
13. CREDITORS - amounts falling due after one year
2021 2020
£ £
Deferred Income 233,207 236,257
233,207 236,257
  1. DEFERRED INCOME
Deferred
income
represents		 Government grants for Social Housing. The
total		 of
Government grants received as at 31 December 2021 was £304,962 (2020: £304,962).
Deferred income shown in the accounts is as follows:
2021 2020
£ £
Brought forward 239,307 242,357
Recognised in Statement of Comprehensive
Income in the year 3,050 3,050
Carriedforward 236,257 239,307

STEPHEN HUTCHEN’S CHARITY TRUST

Page 18

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 2021

  1. RESERVES
(a) Endowment Reserves
2021 2020
£ £
Endowment Fund
brought forward and carried
forward at 31 December 2021 176,310 176,310
(b) Restricted Reserves 2021 2020
£ £
Brought forward 65,655 62,605
Amortisation of Grant 3,050 3,050
Carried forward 68,705 65,655
(c) Unrestricted Revenue Reserve
2021 2020
£ £
Reserve brought forward as at 1 January 316,665 296,669
Surplus/(deficit) made in year 34,183 19,996
Carried forward 350,848 316,665
(i) Designated Reserves
Cyclical Extraordinary
Maintenance Repair
Fund Fund Total
Reserve brought forward
as at 31 December 2020 24,448 11,120 35,568
Provided in the year 2,800 1,200 4,000
Spent in year - - -
As at 31 December 2021 27,248 12,320 39,568
(ii) Transfer to Designated Reserves
2021 2020
£ £
Cyclical Maintenance Fund
Reserve for the year 2,800 2,800
Less: Expenditure - -
2,800 2,800
Extraordinary Repair Fund
Reserve for the year 1,200 1,200
Less: Expenditure - -
4,000 4,000

STEPHEN HUTCHEN’S CHARITY TRUST

Page 19

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD 1 JANUARY 2021 TO 31 DECEMBER 2021

16. CAPITAL COMMITMENTS

Amounts contracted for but not provided in the financial statements amounted to E£nil (2020: Enil).

17. POST BALANCE SHEET EVENTS

There have been no reportable events since the Balance Sheet date.

18. ESTABLISHMENT OF REGISTERED HOUSING PROVIDER

The Stephen Hutchen’s Charity Trust is governed by a Trust Deed and is a Registered Charity.

19. CONTROLLING PARTY

The Stephen Hutchen’s Charity Trust is controlled by the Trustees.

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