STEPHEN HUTCHEN'S CHARITY TRUST FINANCIAL STATEMENTS FOR THE PERIOD ANUARY 2024 TO 31 DECEMBE 15tered Charit No. 204758 BKP IMITED CHARTERED CERTIFIED ACCOUNTANTS PENZANCE
STEPHEN 14UTCHEN'S CHARITY TRUST Page I TRUSTEES ANNUAL REPORT FOR THE PERIOD I JANUARY 202 IDE EMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS The Trustees submit their Report and the FinanciBI Statements for the year ended 31 December 2024 for Stephen Hutchen's Charlty Trust. The financial statements have been prepared in accordance with current statutory requirements, the Trust Deed and Statement of Recommended Practice for charities (Charitie5 SORP (FRS 1021). Charit Re istration Number The registered number of the Charity is 204758. Princi l Address stephen Hutchen's Charity Trust Paul Penzance Cornwall TR19 6UA rustees All whom mana e the Charit 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 (Resig ned) Nominative.. Cllr. S Bosworth (Resigned) Cllr. D Axford (resigned) Co-optative.. Ms MJ Stubbings (Chair) Mrs L Burton (Vice Chair) Mrs SJ Stephens (Minutes Secretary) Mr J Scade ITreasurerl Mrs PA Jones (Secretary) Mr TJ Pullen (Appointed 24 July 20241 Mrs MG Griffiths (Resigned) Ms LK Thomas Mr GK Prawse Mr AR Beard Ms ES Bawden Bankers Barclays Bank 819 Market Jew Street Penzance TR18 2TW Antony Richards Jupiter House 10 Market Place Penzance TR18 2JA CCLA 80 Cheapside London EC2V 6DZ
STEPHEN HUTCHEN'S CHARITY TRUST Page 2 TRUSTEES ANNUAL REPORT FOR THE PERIOD I IANUARY 2024 TO 31 DECEMBER 2024 Solicitors Accountants Inde endent Examiner Cornish Venning Unit N Questmap Business Park Longrock Penzance Cornwall TR20 8AS David Ha5tlngs FMAAT ACA BK Plus Limited Alverton Pavilion Trewithen Road Penzance Cornwall TR18 4LS TRUCTURE GOVERNANCE AND MANAGEMENT anisatio 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 20 10. Governance The Charity is governed by a Scheme Document approved on 7 Aprll 1966 by the chèrity 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. Nomlnation and A ointment of Trustees a) Ex-officio Trustee Shall be the Vicar of Paul. b) Nomlnatlve Trustees Nominated and Appointed by Penzance Town Council. c) Co-optlve Trustees Nominated by agreement of Trustees and appointed by a resolution of the Trustees, being persons residing or cbrrying on business i n the area of benefit. Risk Assessment The Trustees have a55essed the major risks to which the cha rity is exposed and are satisfied that systems or procedures are in place to manage those risk5. IVITIES Ob ectives The Charity's main objectlve 15 the provlslon of Almshouse accommodation. n determinlng actlvities Trustees have given due regard to the Charity Commission's guidance on Public Benefit. The 3ctlvitles deliver public benefit as fDIIows.' The Charity's primary benefit is to provlde Almshouse accommodatlon 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 as515ts 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 benefiti published by the Charity Commission.
STEPHEN HUTCHEN'S CHARITY TRUST Page 3 TRUSTEES A NUAL EPORT FOFi THE PERIOD I JANUARY 2024 T IDE EMBER 2 24 ACHIEVEMENTS AND PERFORMANCE - WHO USED AND BENEFITED FROM OUR SERVICES Review of the Year Elght flats were fully occupled during the year. This is a IOOO/o occupancy rate. All resldents were elderly and from the area of benefit. One Trustee has been reimbursed for a total of £326 (2Q23.' £32) for expenses that they had incurred durlng thelr duty as Cotnmittee Officer. The expenses incurred consist of postage and stationery. At the year end £nil (2023.. £n il) was owed to the Trustee. Investments The Trustees have been approved by the Charity Commls5ioner5 to hold and administer investments for the benefit of the Charity. FINANCIAL REVIEW Results and Reserve5 Income received in the year amounted to £66,329 (2023.. £58,757), of which over £61,700 (2023.. aver £54,600) 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 £285,530 (2023.. £302,184) as shown on Page 8. The level of free reserves excluding accumulated gains on investments and designated funds is £27,824 (2023.. £28,510) which represents 3 months (2023.. 3 months) of expenditure. Investments Investments are held in COIF Charlties Investment Funds. The market value of the investments at 31 December 2024 was £198,074 (2023.. £205,065). Thls exceods the original cost by £166,664 (2023: £170,500). The investments have been held for a number of years, and the Charity intends to continue to hold these investments. The policy for the Investment5 IS to ensure that the value exceeds cost nd è return is received each year. The Trustees have declded that the Charity should hold reserves which are neither restricted nor designated equivalent to twelve months expenditure. E350 per flat is to be tronsferred each year to the cyclical maintenance designated fund and £150 per flat is to be transferred each year to the extraordinary maintenance designated fund wlthln unrestricted funds.
STEPHEN HUTCHEN'S CHARITY TRusr Page 4 TATEMENT OF TRUSTEES, RESPONSIBILITIES OR THE PERI ARY2 24T 2024 Charity legislatSon require TrLJStees to prepare Financial Statements for each financial year which glve a true and falr view of the state of affairs of the Charlty as at the end of the financial year and its income alld expendlture for that period. In preparlng those accounts the Trustees are required to: Select sultable 8ccountlng pollcies 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 financlal statements. Agree the remuneration of the Independent examlner. Make judgements and estlmates that are reasonable and prudent. Prepare the accounts on a golng concern basls unless It Is Inapproprlate to presume that the charity will continue in operation. The Trustees are responsible for malntainlng proper accounting records which disclose wlth reasonable accuracy at any tlme the financlal 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 responslble for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities, This report was approved by the Board of Trustees and slgned on its behalf by.. Ms MJ Stubbings (Chair) Date: JLF
INDEPENDENT FXAMINER'S REPORT TO THE TR EES CHARITY TRUST ON ACCOUNTS FOR THE PERIOD I JA CHARI F STEPHEN HUTCHEN'S Page 5 UA Y 2024 TO DECEMBER 2024 I report to the trustees on my examination Df the accounts of Stephen Hutchen's Charlty Trust for the year ended 3 1 December 2024, which are set out on pages 6 to 18. RESPONSIBIUTIES AND BASIS OF REPORT As the Charity's trustees, you are responsible for the preparation of the accoursts In accordance with the requirements of the Charities Act 2011 I'the Act,). The Charity's trustees consider that an audit is not requi red for this year (under section 144{2) the Act). I report in respect of my examination of the Charlty's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, L have followed all the applicable Directions glven by the Charity Commission Lsnder 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 Dr disclosures in the accounts, and seeking explanations from you a5 trustees concerning any such matters. The procedLSres undertaken Llo not provide all the evldence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and falr vlew, and the report 15 limited to those matters set out in the statement below. ENDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirm that no materlal matters have come to my attentlon in connection with the examination whlch give5 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 wlth the accounting record5, or the accounts dld not comply with the applicable requirements conttrning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts glve 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 examlnation to which attention should be drawn in thi5 report in order to enable a proper understandillg of the accounts to be reached. David Hasting5 FMAAT ACA Chartered Accountant BK Plu5 Limited Alverton Pavilion Trewithen Road Penzance Cornwall TR18 4LS Date: 2 1 July 2025
STEPHEN HUTCHEN'S CHARITY TFiUS Page 6 STATEMENT OF COMPREHENSIVE INCOME FOR THE Y ANUARY 2024 TO 31 DECEMBER 2024 All unrestricted, restricted and endowed funds Not 2024 2023 TURNOVER l{c) & 4(a) 66,329 58,757 Less Operating Expenditure 4(a) (93,867) (97,556) OPERATING (DEFICIT)ISURPLUS (27,5381 (38,799) Interest recelvable and slmilar income 14,720 4,076 Movement in falr value of investments io (3,836) (20,494) (DEFICm/SURPLUS FOR THE YEAR AND TOTAL COMPREHENSIVE INCOME FOR THE YEAR (16,654) (14,229) Net movement in funds (16,654) (14,229) Reconc tion of Total funds brought forward 783,456 797,685 TOTAL FUNDS CARRIED FORWARD 766,802 783,456 TINUI TIONS None of the Charity's fundamental actlvltie5 were acqulred or discontinued In the above two financial years. These financial statements were approved by the Commlttee of Management and signed on Its behalf by.. Ms MJ Stubbing5 (Chair) Mr J Scade (Treasurer) Mr GK Prowse (Trustee) Date.. Loa£ The notes on Page5 10 - 18 form part of these financlal statements.
STEPHEN HUTCHEN'S CHAFiITY TRUST Page 7 STATEMENT OF CHANGES IN E UITY - EAR ENDED 31 DECEMBER 2024 Income and Expenditure Reserve Restricted Reserve Endowment und Unrestricted Fund Total Balance at l January 2024 304,962 176,310 302,184 783,456 Surplusl(deficit) from statement of comprehensive income 116,654) (16,654) Balance at 31 December 2024 304,962 176,310 285,530 766,802 The notes on Pages 10 - 18 form part of these financial statements.
HEN, RITY TRUST Page 8 TATE EPIT OF FINAN IA AS AT 31 DECEMBER 202 Tl ote A55 Tangible Fixed Assets 552,120 550,972 Investnients io 198,074 205,065 750,194 756,037 CURRENT ASSETS Debtors and prepayments Cash at Bank li 4,919 23,509 4,897 31,429 28,428 36,326 Less CREDITORS amounts fèlllng due within one year 12 (11,820) (8,907) NET CURRENT ASSETS 16,608 27,419 TOTAL ASSETS LESS CURRENT LIABILITIES 766,802 783,456 CREDITORS Amounts falllng due after l year TOTAL NET ASSETS 766,802 783,456 RESERVES Restricted Reserves Endowment Fund Re5trlcted Fund Unrestricted Income and Expendlture Reserve 13 (a) 13 (b) 176,310 304,962 176,310 304,962 13 (c) 285,530 302,184 TOTAL RESERVES 766,802 783,456 These financial statements were approved by the Comrnlttee of Management and slgned on its behalf by: Ms MJ Stubbings Mr J Scade Treasurer) Date.. JÉ The notes on Pages 10 - 18 form part of these flnanclal statements.
STEPHEN HUTCHEN, HARITY TRUST Page 9 TATEMENT OF CAS FLOWS Year ended Year ended b r 2024 31 Dece ber 2023 31 Net cash (expected onllgenerated from operating activities (See Note i below) (7, 106) (37,405) Purchase of tangible fixed assets (1,560) (454) Interest received 746 4,076 Net change in cash and cash equlvalents (7,920) (33,783) Cash and cash equivalents at beginning of the year 31,429 65,212 Cash and cash equivalents at end of the year 23,509 31,429 Note I (Deficit)Isurplus for the year (16,654) { 14,229) Depreciation of tanglble fixed assets 349 224 Loss on dlsposal of fixed assets 62 (Ilicrease)/decase in trade and other debtors (21) 1759) {Decrease)/increase in trade and other creditor5 2,913 1,929 Adjustments for investing or financlng activities.. 6,991 (20,494) Interest received (746) (4,076) Cash flow from operatlng activities 17,106) (37,405) The notes on Pages 10 - 18 form part of these financial statements.
STEPHEN HUTCHEN'S CHARITY TRUST Page 10 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD I JANUAIY 2024 TO 31 DECEMBER 2024 PRINCIP COUNTING P LICIES . The Charity is admlnistered 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 20 10. The Charlty 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 wlth the historical cost converillon except for investments. In preparing the flnancial statements the Charity follows best practice as set out in the Financial Reporting Standard applicable in the United Klngdom and Republic of Ireland (FRS 102) and with the Charities Act 2011. The presentatic)n currency 15 £ sterling. Going Concern.. The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. A summar of the reim ortant accountin is set out below. d. Turnover.. Turnover represents rents receivable and contributions from residents. It also includes fund raising income, whlch is recognlsed when Collected by the Charity. e, Housing Properties.. The Stephen Hutchen's Charlty 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 Dbtained 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 flxed assets, it 15 considered that the freehold buildings estimated residual value is equal to the net book value and therefore no further depreclation charge arises. Asset5 under £100 are not capitalised. f. Expenditure: All expenditure is recognised once there is 3 legal or constructive obligatlon to that expenditure, It is probable that a transfer of economic benefits will be required in settlement and the amount can be measured reliably. Expenditure 15 accounted for on an accruals basis. g. Deferred Income.. Deferred incorne represents amounts received for future perlods and is released to incoming resources in the period for which it has been received or the performance conditions Imposed have been met.
TEPHEN HUTCHEN'S HARIry TRU Page 11 NOTES TO THE FIPIANCIAL STATEMENTS CONTINUED FOR THE PERIOD I JANUARY 2024 TO 31 DECEMBER 2024 I. PRINCIPAL ACCOUNTING POLICIES CONTINUED h. 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 vear due to a hlgh resldual value and an indefinite useful economic life. Depreciation is provided as follows.. Property - Almshouse Deve5opment Not depreciated Plant and Equipment IOO/o p.a. stralght line i. Government Grants - Houslng Grants Received A Local Authority Grant and a Housing Association Grant (HAG) were obtaineci to reduce the cost of development of the Housing PropÈrtles. 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 propertles are held at cost in the Balance Sheet. The Trust uses the performènce model to recognise the grant when received. j. Capitalisation of Intere5t.' Interest incurred on capltal expenditure on property improvements 15 charged to income and expenditure when incurred. k. Investments The Nxed asset investments held are re-valued to market value on an annual basis and market valLJe is also determlned to be equal to fair value. The increase/(decrea5e) in the value of these assets over their original cost is Shown In the Statement of Comprehensive Income. l. Cyclic31 Repalrs and Maintenance.. stephen Hutchen's Charity Trust has established a regular programme of cyclical repalrs and maintenance, Costs are to be charged to the provision Cfeated when they are incurred. An annual provision for cyclical repairs and mainteriance of £350 per Ljnit IS designated from reserves. Extraordinary Repairs,. Costs of Extraordinary Repairs, unless representing improvements to the properties, are to be charged to the provision creat@d when they are incu rred. An annual provision for Extraordlnary Repalrs of £150 per unlt is designated from reserves. n, Restricted Reserve This represents the endowment fund. The funds were received by the charity. Additional restricted reserves represent donations received for speaffic purposes. The expenditure Is then matched against these funds.
STEPHEN HUTCHEN'S CHARITf TRUST Page 12 NOTES TO THE FINANCIAL STATEMENTS CONTINUED THE ERIOD I IANUARY 2024 TO 31 DECEMBER 2024 o. Pension Costs and Other Post-Retirement Benefit5- The Charity operates a defined contrlbution penslon scheme which is a pension plan. Contributions phyable to the Charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. p. Value Added Tax: The Stephen Hutchen's Charity Trust is not registered for Value Added Tax. In these Financial Statemer)ts, where applicable, expenditure is shown incluslve of VAT. q. 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. COMMIrrEE MEMBERS. FiEMUNERATION AND RELATED PARTY TRANSACTIONS 2023 2023 Expenses reimbursed to Commlttee Members Amount owed to Committee Member5 for expenses at the year end Less: amount owed to Commlttee Members for expenses brought fonva rd 326 32 326 32 During the year the Charity made the followlng related party transactions.. MrR Burton se of a committee member Mr Burton carried out repairs works during the year and was pald 3 total of £507 (2023: £724). No amounts were outstanding at the year end. One (2023.. one) member was reimbursed postage and stationery expenses. No remuneration was paid to the Trustees nor any persons connected with them.
STEPHEN HUTCHEN, HARITh TRUST Page 13 OTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE PERIOD I JANLIARY 202_4 TO 31 DECEMBER 2024 3. EMPLOYEE INFORMATION 2024 2023 The average monthly number of employees are.. Warden and Ass1Stants The average number of full time equivalents (working every day) are.. Warden One warden is requlred to be available at all times, 24 hours per day. Staff Costs Wages and salaries Pension contributions 24,921 303 18,172 253 25,224 18,425 No employees recelve 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.TURNOVE a) Particulars of turnover, operatlng expenditure and operating Ideficit}Isurplus. Operating Ex enditur Operating deficit sur lus Turnover Year Ended 31 December 2024 Social houslng lettings ( Note b) Non-social housing activities l Note c) Land rents Donations 61,736 (93,867) 132,131) 4,185 408 4,185 408 66,329 {93,867) 127,538) Year Ended 31 December 2023 Social housing lettlngs (Note b) Non-social housing activlties (Note c) Land rents Donations 54,622 (97,556) (42,934) 4,135 4,135 58,757 (97,556) (38,799)
STEPHEN HUTCHEN'S HARITY TRUST Page 14 NOTES TO THE FINANCIAL STATEMENTS CONTINUED R THE PERIOD I JANUARY 2024 TO 31 DECEMBER 2024 b) Particulars of Income and expenditLJre from Social Housing Lettings 2024 Supported Houslng and Housing for Olde 2023 Supported Housing nd Housing for Older Peo Rent receivable net of identifiable service charges Service income (food and general household) 52,340 9,396 44,634 9,988 Turnover from social housing letting5 Management Servlces Routine malntenance Planned maintenance Depreciation of plant Loss on dlsposaS of plant other costs 61,736 54,622 25,224 28,869 10,638 16,131 349 62 12,594 18,425 32,328 10,099 8.000 224 28,480 Operating costs on social housing lettings (93,867) 197,556) Operating surplus}{deficit) on social housing lettings (32,131) (42,934) TURNOVER c) Particulars of turnover from non-social housing activities 2024 2023 Land rents Donations 4,185 408 4,135 4,593 4,135 5. SUPPORTED HOUSING AND H ING FOR OLDER PEOPLE Number of units available at 31 December 2024 and 2023 6. INTEREST RECEIVABLE AND ILAR INCOME 2024 2023 Bank and Building Society interest Investment income Profit on disposal of investment 746 2,129 11,845 1,873 2,203 14,720 4,076
STEPHEN H TCHEN'S CHARIf¢ TRUST Page 15 NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE PERIOD I JANUAFiY 2024 TO 31 DECEMBER 2024 DEF IT SURPLUS ON DLNARY ACTIVITIES BEFORE TAXATtON 2024 (Deficit)/surplus on Ordinary Activlties before taxation is stated after charging: Depreciation Tangible Fixed Assets Loss on disposal of plant Accountancy and payroll fees (includi ng VAT) Independent Examiner's Remuneration (including VAT) 349 62 5,364 224 4,329 850 775 8. TAXATION Stephen Hutchen's Charity Trust Is a registered charity and is therefore exempt from Ilabilitv to taxation on its income and cap1tal gains. 9. TANGI IXED ASSETS Plant and ment Pro ert TOTAL Cost At 31 December 2023 Disposal Additions 549,627 25,042 (2,865) 1,560 574,669 (2,8651 1,560 At 31 December 2024 549,627 23,737 573,364 De reciation At 31 December 2023 Disposal Charge for year 23,697 (2,802) 349 23,697 (2,802) 349 At 31 December 2024 21,244 21,244 Net Book Value At 31 December 2023 549,627 1,345 550,972 At 31 December 2024 549,627 2,493 552,120 The Trustees consider the market value of the 13nd and properties owned by the Trust to be in excess of cost.
STEPHEN HUTCHEN, CHARITY TRUST Page 16 NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE PEFiIOD I JANUARY 2024 TO 31 DECEMBFR 2024 10, INVESTMENT held to provlde an investment return for the charity 2024 a) Market value brought forward at at 31 December 2023 205,065 184,571 Cost of disposal Net (loss)/gain on revaluation (3,155) (3,836) 20,494 Market value carried forward at 31 December 2024 198,074 205,065 b) Base Cost.. being Market Value at 31st December 1992 31,410 34,565 11. DEBT RS AND PREPAYME recoverable within one year 2024 Electricity owed from residents Owed from Warden Rents receivable Land rents receivable Prepayments Interest due 1,636 792 828 958 63 2,250 12 634 2,512 131 4,919 4,897 12. CREDITORS amounts falllng due within one year 2024 2023 Trade Creditors other Creditors Accruals and Deferred income PAYE and Social Securlty 959 4,299 6,318 244 512 2,223 6,172 2024 2023 Deferred Income Deferred income at l January 2024 ResoL5rces deferred in the period Amounts released from previous periods 1,157 1,198 {1,157) 1,145 1,157 (1,145) Deferred income at 31 December 2024 1,198 1,157 Deferred income above consists of rents in advance.
TEPHEN HUTCHEM'S CHAR TY TFiUST Page 17 NOTES TO THE FINANCIAL STATEMENTS NTINUED FOR THE PERIOD I JANUARY 2024 TO 31 DECEMBER 2024 13. ERVES (3) Endowm nt Reserves 2024 2023 Endowment Fund brought forward and carried forward at 31 December 2024 176,310 176,310 (b) Restricted Rese 2024 2023 Brought forward and carried forward at 31 December 2024 304,962 304,962 (c) stricted Reserves 2024 2023 Reserve brought forward as at l Januarv (Deficit) Isurplus made in year 302,184 (16,654) 316,413 (14,229) Carried forward 285,530 302,184 esi nated Reserves Cyclical Maintenance Fund Extraordinary Repair Fun Total Reserve brought forward as at 31 December 2023 Provided in the year Spent in yea r 20,198 2,800 (10,609) 13,280 1,200 (5,523) 33,478 4,000 (16,132) As at 31 December 2024 12,389 8,957 21,346 Transfer to Desi nated Reserves 2023 Cyclical Mdintenance 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
STEPHE HEN'S CHARIT¥ TRUST Page 18 NOTES T THE FINANCIAL TATEMENTS CONTINUED FOR THE PERIOD I JANUARY 2024 TO 31 DECEMBE 14. CAPITAL COMMI ENTS Amounts contracted for but not provlded in the financlal statements amounted to £n11k (2023: £nil). 15. POST BALANCE SHEET EVENT There have been no reportable events since the Balance Sheet date. 16. ESTABLISHMENT OF C The Stephen Hutchen's Charity Trust is governed by a Trust Deed and Is a Registered Charity. 17. CO TROLLING PAR The Stephen Hutchen's Charity Trust is controlled by the Trustees.