STEPHEN HUTCHEN’S CHARITY TRUST FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022
Registered Charity No. 204758
WALKER MOYLE LTD
CHARTERED ACCOUNTANTS
PENZANCE
STEPHEN HUTCHEN’S CHARITY TRUST
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TRUSTEES ANNUAL REPORT
FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022
REFERENCE AND ADMINISTRATIVE DETAILS
The Trustees submit their Report and the Financial Statements for the year ended 31 December 2022 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 charities (Charities SORP (FRS 102)).
Charity Registration Number
The registered number of the Charity is 204758.
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. N Davis (Resigned October 2022) Cllr. S Bosworth Cllr. D Axford (Appointed October 2022)
Co-optative:
Mr GK Prowse Mrs PA Jones (Secretary) Mrs SJ Stephens (Minutes Secretary) Mr CG Osborne (Resigned August 2022) Mrs RD Bond (Resigned April 2022) Mr A Troup (Appointed April 2022) Ms MJ Stubbings (Appointed October 2022) (Chair) Ms ES Bawden (Appointed April 2023)
Mrs C Oats Mrs L Burton Mrs MG Griffiths Mrs OJ Pickford (Resigned October 2022) Ms LK Thomas (Appointed October 2022) Mr AR Beard (Appointed October 2022) Mr J Scade (Appointed April 2023) (Treasurer)
Bankers
Barclays Bank 8/9 Market Jew Street Penzance TR18 2TW
Land Agent
Antony Richards Jupiter House 10 Market Place Penzance TR18 2JA
CCLA 80 Cheapside London EC2V 6DZ
STEPHEN HUTCHEN’S CHARITY TRUST
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TRUSTEES ANNUAL REPORT
FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022
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
a) Ex-officio Trustee – Shall be the Vicar of Paul. b) Nominative Trustees – Nominated and Appointed by Penzance Town Council. c) Co-optive Trustees – Nominated by agreement of Trustees and appointed by a resolution of the Trustees, being persons residing or carrying on business in the area of benefit. 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
Objectives
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 Charity’s primary benefit is to provide Almshouse accommodation for elderly people in need of assistance who were born in the area of benefit. In default of suitable applicants, the benefactors can be elderly people of good character and in need of assistance who have resided or worked in the area of benefit for at least five years.
-
The local authority assists with funding of residents, where appropriate.
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
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TRUSTEES ANNUAL REPORT
FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022
The charity deregistered from the Register of Social Housing on 1 December 2022.
ACHIEVEMENTS AND PERFORMANCE – WHO USED AND BENEFITED FROM OUR SERVICES
Review of the Year
Six flats were fully occupied during the year. Two flats were only occupied for part of the year. The occupancy rate for the year was 93%. All residents were elderly and from the area of benefit.
One Trustee has been reimbursed for a total of £152 (2021: £56) for expenses that they had incurred during their duty as Committee Officer. The expenses incurred consist of postage and stationery. At the year end £nil (2021: £nil) 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 £56,500 (2021: nearly £56,000), of which over £46,300 (2021: over £48,700) 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 £316,413 (2021: £350,848) as shown on Page 8. The level of free reserves excluding accumulated gains on investments and designated funds is £59,463 (2021: £71,217) which represents 9 months (2021: 12 months) of expenditure.
Investments
Investments are held in COIF Charities Investment Funds. The market value of the investments at 31 December 2022 was £184,571 (2021: £205,226). This exceeds the original cost by £150,006 (2021: £170,661).
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.
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.
STEPHEN HUTCHEN’S CHARITY TRUST
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STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022
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:
-
Select suitable accounting policies and then apply them consistently.
-
Ensure the regularity of transactions by putting in place adequate systems of internal control.
-
State whether applicable Accounting Standards and Statements of Recommended Practice have been followed, subject to any departure disclosed and explained in the financial statements.
-
Agree the remuneration of the independent examiner.
-
Make judgements and estimates that are reasonable and prudent.
-
Prepare the accounts on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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 Charities Act 2011 and the Charities Statement of Recommended Practice FRS 102. 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:
Ms MJ Stubbings (Chair)
Date: 28 September 2023
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF STEPHEN HUTCHEN’S Page 5 CHARITY TRUST ON ACCOUNTS FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022 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 2022, which are set out on pages 6 to 18.
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) the Act).
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. 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 completed 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:
-
the accounting records were not kept in accordance with sections 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
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 Cornwall TR18 4LS Date 26 October 2023
STEPHEN HUTCHEN’S CHARITY TRUST
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STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR 1 JANUARY 2022 TO 31 DECEMBER 2022
| Year Ended | Year Ended | ||
|---|---|---|---|
| 31 December | 31 December | ||
| Note | 2022 | 2021 | |
| As restated. | |||
| £ | £ | ||
| TURNOVER | 1(c) & 4(a) | 56,505 | 52,818 |
| LessOperating Expenditure | 4(a) | (73,275) | (49,192) |
| ______ | ______ | ||
| OPERATING (DEFICIT)/SURPLUS | (16,770) | 3,626 | |
| Interest receivable and similar income | 6 | 2,990 | 2,147 |
| Movement in fair value of investments | 10 | (20,655) | 28,410 |
| ______ | ______ | ||
| (DEFICIT)/SURPLUS FOR THE YEAR AND | |||
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (34,435) | 34,183 | |
| ======== | ======== |
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:
Ms MJ Stubbings (Chair)
Mr J Scade (Treasurer)
Mrs L Burton (Trustee)
Date: 28 September 2023
The notes on Pages 10 - 18 form part of these financial statements.
STEPHEN HUTCHEN’S CHARITY TRUST
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STATEMENT OF CHANGES IN EQUITY – YEAR ENDED 31 DECEMBER 2022
----- Start of picture text -----
Income and
Expenditure Restricted Endowment Unrestricted
Reserve Reserve Fund Fund Total
----- End of picture text -----
| Reserve |
Reserve |
Fund |
Fund |
Total |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Balance at 1 January 2022 | ||||
| (As restated) | 304,962 | 176,310 | 350,848 | 832,120 |
| Surplus/(deficit) | ||||
| from statement | ||||
| of comprehensive | ||||
| income | - | - | (34,435) | (34,435) |
| _ | _ | _ | _ | |
| Balance at 31 December 2022 | 304,962 | 176,310 | 316,413 | 797,685 |
| ========= | ========= | ========= | ========= |
The notes on Pages 10 – 18 form part of these financial statements.
STEPHEN HUTCHEN’S CHARITY TRUST
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STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022
| Note | 2022 | 2021 | |
|---|---|---|---|
| As restated | |||
| £ | £ | ||
| FIXED ASSETS | |||
| Tangible Fixed Assets | 9 | 550,742 | 550,678 |
| Investments | 10 | 184,571 | 205,226 |
| _ | _ | ||
| 735,313 | 755,904 | ||
| CURRENT ASSETS | |||
| Debtors and prepayments | 11 | 4,138 | 4,217 |
| Cash at Bank | 65,212 | 84,569 | |
| ______ | _ | ||
| 69,350 | 88,786 | ||
| LessCREDITORS - amounts falling | |||
| due within one year | 12 | (6,978) | (12,570) |
| ______ |
_ | ||
| NET CURRENT ASSETS | 62,372 | 76,216 | |
| _ | _ | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 797,685 | 832,120 | |
CREDITORS |
|||
| Amounts falling due after 1 year | - | - | |
| _ | _ | ||
| TOTAL NET ASSETS | 797,685 | 832,120 | |
| ========= | ========= | ||
| RESERVES | |||
| Restricted Reserves | |||
| - Endowment Fund | 13 (a) | 176,310 |
176,310 |
| - Restricted Fund | 13 (b) | 304,962 |
304,962 |
| Unrestricted Income and | |||
| Expenditure Reserve | 13 (c) | 316,413 |
350,848 |
| _ | _ | ||
| TOTAL RESERVES | 797,685 | 832,120 | |
| ========= | ========= |
These financial statements were approved by the Committee of Management and signed on its behalf by:
Ms MJ Stubbings
(Chair)
Mr J Scade (Treasurer)
Date: 28 September 2023
The notes on Pages 10 – 18 form part of these financial statements.
STEPHEN HUTCHEN’S CHARITY TRUST
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STATEMENT OF CASH FLOWS
Net cash (expected on)/generated from operating activities (See Note 1 below) Purchase of tangible fixed assets Interest received Net change in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year Note 1 (Deficit)/surplus for the year Depreciation of tangible fixed assets Decrease/(increase) in trade and other debtors (Decrease)/increase in trade and other creditors Adjustments for investing or financing activities: Interest received Cash flow from operating activities |
Year ended 31 December 2022 £ (21,873) (474) 2,990 __ (19,357) 84,569 _ 65,212 ======== (34,435) 410 79 (5,592) 20,655 (2,990) ___ (21,873) ======== |
Year ended 31 December 2021 As restated. £ 8,487 - 2,147 __ 10,634 73,935 _ 84,569 ========= 34,183 1,147 (873) 4,587 (28,410) (2,147) ___ 8,487 ========= |
|---|---|---|
The notes on Pages 10 – 18 form part of these financial statements.
STEPHEN HUTCHEN’S CHARITY TRUST
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NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022
1. PRINCIPAL ACCOUNTING POLICIES
- a. 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.
- b. Accounting Convention and Compliance with Accounting Standards:
The Financial Statements have been prepared in accordance with the historical cost convention except for investments. In preparing the financial statements the Charity follows best practice as set out in the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.
The presentation currency is £ sterling.
Transition to the Charities SORP
The Trust has deregistered as a registered provider of social housing, as such the Trust presents its results under the Charities SORP (FRS102). Set out below are the changes in accounting policies which reconcile income and expenditure for the year ended 31 December 2021, and total equity as at 1 January 2021 and 31 December 2021, between the Housing SORP as previously reported and under the Charity SORP in these financial statements.
Reconciliation of equity
| Under Housing SORP as previously reported Deferred income in respect of Housing Grants Under Charity SORP (FRS 102) Reconciliation of income and expenditure |
31 December 2021 595,863 236,257 832,120 |
1 January 2021 |
|---|---|---|
558,630 233,207 791,837 |
| Under Housing SORP as previously reported Government Grant Under Charity SORP (FRS 102) Changes for Charity SORP (FRS 102) |
31 December 2021 |
|---|---|
| 37,233 (3,050) 34,183 |
- i. Housing grants are no longer treated as deferred income. Instead, such grants are treated as income on receipt.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022
1. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
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 an indefinite useful economic life.
Depreciation is provided as follows:
Property - Almshouse Development Not depreciated Plant and Equipment 10% p.a. straight line
f. Government Grants – Housing Grants Received
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. The Trust uses the performance model to recognise the grant when received.
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.
STEPHEN HUTCHEN’S CHARITY TRUST
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022
1. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
- 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.
- l. Value Added Tax:
Financial Statements, where applicable, expenditure is shown inclusive of VAT.
- 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.
- COMMITTEE MEMBERS' REMUNERATION AND RELATED PARTY TRANSACTIONS
| Expenses reimbursed to Committee Members Amount owed to Committee Members for expenses at the year end Less: amount owed to Committee Members for expenses brought forward |
2022 £ 839 - - ____ 839 ====== |
2021 £ 86 - - ____ 86 ====== |
|---|---|---|
Related party transactions took place during the year with non-committee members (2021: none). In the year, this involved a spouse of a committee member where they paid for services on behalf of the Charity and the cost of these services were repaid to the individual in the year. Also repair work to the Charity’s property was undertaken by the spouse of a committee member and a company which is owned 50% by the spouse of a committee member. The total amount paid to Bosworth Roofing Ltd was £1,440 and to RN Burton was £1,470 and no amounts were outstanding at the year end.
STEPHEN HUTCHEN’S CHARITY TRUST
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022
Two (2021: three) members were reimbursed postage, food and sundry expenses.
No remuneration was paid to the Trustees nor any persons connected with them.
3. EMPLOYEE INFORMATION
| 3.EMPLOYEE INFORMATION | ||
|---|---|---|
| 2022 | 2021 | |
| The average monthly number of employees are: | ||
| Warden and Assistants | 1 | 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 | 12,319 | 13,503 |
| Pension contributions | 114 | 77 |
| _____ | _____ | |
| 12,433 | 13,580 | |
| ====== | ====== |
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.
4. TURNOVER
a) Particulars of turnover, operating expenditure and operating (deficit)/surplus.
| Year Ended 31 December 2022 Social housing lettings (Note b) Non-social housing activities (Note c) Land rents Donations Year Ended 31 December 2021 (as restated) Social housing lettings (Note b) Non-social housing activities (Note c) Land rents Donations |
Turnover £ 46,326 4,117 6,062 __ 56,505 ======= 48,701 4,117 - ____ 52,818 ======= |
Operating Expenditure £ (73,275) - - __ (73,275) ======= (49,192) - - ____ (49,192) ======= |
Operating (deficit)/surplus £ (26,949) 4,117 6,062 __ (16,770) ======= (491) 4,117 - ____ 3,626 ======= |
|---|---|---|---|
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022
b) Particulars of income and expenditure from Social Housing Lettings
| 5. 6. |
2022 2021 Supported Housing Supported Housing and Housing and Housing for Older People for Older People (as restated) £ £ £ £ Rent receivable net of identifiable service charges 37,924 39,628 Service income (food and general household) 8,402 9,073 __ _ Turnover from social housing lettings 46,326 48,701 Management 12,432 13,580 Services 30,587 22,911 Routine maintenance 15,121 3,409 Planned maintenance 6,090 2,218 Depreciation of plant 410 1,147 Other costs 8,635 5,927 Operating costs on social housing lettings (73,275) (49,192) Operating surplus/(deficit) on social housing lettings (26,949) (491) ======== ======== TURNOVER c) Particulars of turnover from non-social housing activities 2022 2021 £ £ Land rents 4,117 4,117 Donations 6,062 - 10,179 4,117 ======== ======== SUPPORTED HOUSING AND HOUSING FOR OLDER PEOPLE Number of units available at the 31 December 2022 and 2021 8 8 ==== ==== INTEREST RECEIVABLE AND SIMILAR INCOME 2022 2021 £ £ Bank and Building Society interest 794 9 Investment income 2,196 2,138 ___ 2,990 2,147 ======== ======== |
|---|---|
STEPHEN HUTCHEN’S CHARITY TRUST
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022
7. (DEFICIT)/SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION
| (Deficit)/surplus on Ordinary Activities before taxation is stated after charging: Depreciation - Tangible Fixed Assets Accountancy and payroll fees (including VAT) Independent Examiner’s Remuneration (including VAT) = |
2022 2021 £ £ 410 1,147 2,569 2,321 695 695 ====== ======= |
|---|---|
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. TANGIBLE FIXED ASSETS
| Property £ Cost At 31 December 2021 549,627 Additions - _ At 31 December 2022 549,627 ============ Depreciation At 31 December 2021 - Charge for year - _ At 31 December 2022 - ============ Net Book Value At 31 December 2022 549,627 ============ At 31 December 2021 549,627 ============ |
Plant and Equipment TOTAL £ £ 24,114 573,741 474 474 ___ 24,588 574,215 ======================= 23,063 23,063 410 410 _____ 23,473 23,473 ======================= 1,115 550,742 ======================== 1,051 550,678 ======================== |
|
|---|---|---|
The Trustees consider the market value of the land and properties owned by the Trust to be in excess of cost.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022
10. INVESTMENTS - held to provide an investment return for the charity
| 11. 12. |
Listed(UK) 2022 2021 £ £ a) Market value brought forward at at 31 December 2021 205,226 176,816 Net gain/(loss) on revaluation (20,655) 28,410 __ _ Market value carried forward at 31 December 2022 184,571 205,226 ======== ======== b) Base Cost: being Market Value at 31st December 1992 34,565 34,565 ======== ======== DEBTORS AND PREPAYMENTS– recoverable within one year 2022 2021 £ £ Electricity owed from residents 793 780 Owed from Warden 523 688 Food paid to Warden in advance 684 650 Land rents receivable 3 3 Prepayments 1,968 2,061 Interest due 166 2 HMRC PAYE refund due 1 33 _ 4,138 4,217 ======== ======== CREDITORS- amounts falling due within one year 2022 2021 £ £ Trade Creditors 527 1,000 Other Creditors 1,650 3,798 Accruals and Deferred income 4,801 7,772 ___ 6,978 12,570 ======== ======== |
|---|---|
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022
13. RESERVES
| (a) (b) (c) (i) (ii) |
Endowment Reserves 2022 2021 £ £ Endowment Fund brought forward and carried forward at 31 December 2022 176,310 176,310 ======== ======== Restricted Reserves 2022 2021 (As restated) £ £ __ _ Brought forward and carried forward at 31 December 2022 304,962 304,962 ======== ======= Unrestricted Revenue Reserve 2022 2021 £ £ Reserve brought forward as at 1 January 350,848 316,665 (Deficit) /surplus made in year (34,435) 34,183 _ _ Carried forward 316,413 350,848 ========= ======== Designated Reserves Cyclical Extraordinary Maintenance Repair Fund Fund Total Reserve brought forward as at 31 December 2021 27,248 12,320 39,568 Provided in the year 2,800 1,200 4,000 Spent in year (4,650) (1,440) (6,090) _ As at 31 December 2022 25,398 12,080 37,478 ======== ========= ======= Transfer to Designated Reserves 2022 2021 £ £ Cyclical Maintenance Fund Reserve for the year 2,800 2,800 _ 2,800 2,800 Extraordinary Repair Fund Reserve for the year 1,200 1,200 4,000 4,000 ======= ======== |
|---|---|
STEPHEN HUTCHEN’S CHARITY TRUST
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD 1 JANUARY 2022 TO 31 DECEMBER 2022
14. CAPITAL COMMITMENTS
Amounts contracted for but not provided in the financial statements amounted to £nil (2021: £nil).
15. POST BALANCE SHEET EVENTS
There have been no reportable events since the Balance Sheet date.
16. ESTABLISHMENT OF CHARITY
The Stephen Hutchen’s Charity Trust is governed by a Trust Deed and is a Registered Charity.
17. CONTROLLING PARTY
The Stephen Hutchen’s Charity Trust is controlled by the Trustees.