OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

STEWART'S AND BUDGEN'S ALMSHOUSES

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

~~STEWART'S AND BUDGEN'S ALMSHOUSES~~

For the year ended 31 December 2022

INDEX TO THE FINANCIAL STATEMENTS

Page
Association information 1
Report of the Trustees 2-4
Auditor’s report 5
Income and expenditure account 7
Balance sheet 8
Notes to the financial statements 9-14

ASSOCIATION INFORMATION

CHARITY NUMBER: 205886
HOMES ENGLAND: A3722
REPRESENTATIVE TRUSTEES: Mrs J Reynolds (Chairman)
Mrs D Brickell
Mrs R Elgar (resigned August 2022)
Mr H Shah
ASSOCIATE TRUSTEES: Mr R Banks
Mrs C Searle
Mr T Simmons
Mrs S Lee
Mrs S Fordham
Mrs A Edgar (from April 2022)
TREASURER: Mrs V Christie (until August 2022)
Mr H Shah (from August 2022)
SECRETARY: Mr A Riley
REGISTERED OFFICE: Gladstone House
77-79 High Street
Egham
Surrey
TW20 9HY
AUDITOR: Ian S Anderson
Chartered Accountant &
Statutory Auditor
Greengarth
Thicket Grove
Maidenhead
Berkshire
SL6 4LW
BANKERS: Barclays Bank Plc
210 High Street
Hounslow
TW3 1DL
SOLICITORS: Horne Engel & Freeman
47a High Street
Egham
TW20 9ES

1

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

The Trustees present their report, which incorporates the requirements of a Strategic Report, together with the financial statements for the year ended 31 December 2022.

1. Constitution and Principal Activity

Stewart’s and Budgen’s Almshouses (“the Association”) is a registered social landlord with charitable status. The originating trust deed was dated 16 October 1925 and was varied by schemes dated 12 January 1962 and 27 January 1966, as amended on 20 February 2020. The Association was registered with the Charity Commission in England and Wales on 14 June 1962. The Association is subject to regulation by Homes England and the Regulator of Social Housing.

The Association provides almshouses for poor single or widowed women of not less than 45 years of age who have been parishioners or inhabitants of the Egham area for not less than 20 years.

2. Main points of interest:

Chairman’s review

2022 has been a year with some challenges for residents and almshouse Trustees alike. Health issues have dogged many of the residents, ranging from chronic physical health issues to a dementia diagnosis with rapidly deteriorating behaviour. The Charity is fortunate in having trustees who have shown great wisdom and skill and have managed to walk the line between being ‘Good Neighbours’ and Carers which is no easy task and we continue to grapple with it as the dementia worsens and the family members and other services need to be involved.

We have lost one long term resident suddenly this year and residents are sad and unsettled when their world is disturbed in this way. The Almshouse Trustees are a comforting and constant presence through these times and we are all very grateful for them.

Cyclical repairs have all been undertaken satisfactorily and a new kitchen is planned for the final Pooley Green Road property needing an update. A number of white goods have needed replacement and redecoration has been done both internally and externally at various places on the two sites. The buildings are now in good shape for the years ahead and will continue to offer residents light, warm and airy properties. All residents seem happy and content with their homes and their neighbours and this is in no small part is to do with the great care shown by the almshouse Trustees, Sue Lee, Tina Searle and Sue Fordham to each resident. My warm thanks to these Trustees.

Other revenues

Investment income for the year of £44,625 was up by nearly 15% over last year’s figure of £38,934.

Portfolio values

Our investment policy has been to seek a balance between moderate capital growth and good income returns, obviously taken over a term of years. To date, we have continued our previous policy of primarily investing in the M & G’s Charifund income units to achieve a balanced return. However, these investments reflect the general market trend and, whilst income has increased, in 2022 there was a decrease in value of 5%, with our investments value at the year-end standing at £819,755 (2021 £860,374). The Trustees commissioned a review of the Association’s investments and its performance and will be seeking to implement appropriate recommendations. In that regard, since the year end, our new Treasurer has produced a paper for the Trustees to consider our ongoing investment policy.

Housing stock

The Trustees took professional advice in December 2015 and revalued the housing stock accordingly in the 2015 financial statements. The Trustees believe that, given the restricted charitable objects of the Association, there has been no material change in value to the balance sheet date. The Trustees are conscious of the guidance recommending periodic professional valuations, but feel the benefit would be marginal given the cost of such a further review.

Policy regarding the Association’s Free Reserves - £1,596,940 at 31 December 2022

The Association’s reserves comprise unrestricted funds, with a modest attribution to a designated Extraordinary repair fund. As outlined in previous reports our present assessment is that in the Charity’s local area of benefit, another Almshouse development would not be viable. However, the Trustees do not discount the possibility in the longer term. Our current view is that the income from our portfolio should support the needs of the tenants of our 11 properties (when fully occupied) whose ability to live independent lives in their own home demands some degree of domiciliary help. We do provide support from time to time, but it has to date required the Charity to contribute financially on a very minor scale. Our residents’ needs vary widely from one year to another, so we shall not be concerned if we carry a significant surplus in any one year.

2

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022 (Continued)

Risk Management

The Trustees have sought to identify the major risks to which the Association is exposed and within reason for a small charity, where internal controls are necessarily limited, have established systems to ensure that these risks are reviewed and are minimised as far as possible.

Public Benefit

In setting our views herein and in management of the Charity generally, the Trustees have given careful consideration to the Charity Commission’s guidance on public benefit.

3.

Accommodation of good quality

In the Trustees’ opinion the charity provides excellent value for money and good quality accommodation for its residents at low cost. Our visiting team of Trustees continued as before, with responsibility for the Manor Farm almshouses with Mrs Susan Fordham and Mrs Susan Lee and Mrs Christine Searle for the Pooley Green properties, with the Chairman providing support for both locations.

4. Personnel

The Trustees in office this year are detailed on Page 1

The Trustee Board is very able and hardworking and has had a few changes in 2022. Alison Edgar joined us in April bringing extensive experience in schools and working with young people. In August Ros Elgar left us as after a period of ill health and Treasurer, Vicky Christie left about the same time after many years of dedicated service to the Charity. Our Trustee, Hemang Shah, stepped into the Treasurer’s position at once so the management of the Charity remained in steady hands throughout.

As Chair I have been thankful for all the efforts of the Trustees. They bring the Charity wide ranging skills, energy and a dedication to the task and I thank them warmly for their support. I should especially like to thank Hemang Shah for his skilled advice and Andrew Riley, the Charity Secretary for his energy and enthusiasm for the post. The Charity is fortunate to have Trustees and Officers of this calibre.

5. Trustees and Trustees’ Responsibilities

The Trustees believe they have complied with relevant requirements of the Governance and Financial viability Standard, so far as applicable to a small registered social housing provider.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Association and to enable the Trustees to ensure that the financial statements comply with the requirements of the Charities Act 2011 and the Accounting Direction for private registered providers of social housing in England 2019. The Trustees are also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

6. Tax Status

The Trustees are of the opinion that the Association is not liable for taxation on its charitable activities.

7. External Auditor

A resolution to reappoint the auditor, Ian S Anderson, will be proposed at the Annual General Meeting.

8. Statement As To Disclosure Of Information To Auditors

So far as the Trustees are aware, there is no relevant audit information of which the Association’s auditor is unaware, and each Trustee has taken all the steps that he or she ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the Association's auditor is aware of that information.

3

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022 (Continued)

9. Approval of Financial Statements

The financial statements are approved by the Trustees for submission and approval by the Auditor of the Association.

ON BEHALF OF THE TRUSTEES

............................................. Mrs J Reynolds - Chairman Dated: July 2023

4

REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF STEWART'S AND BUDGEN'S ALMSHOUSES

Opinion

I have audited the financial statements of Stewart’s and Budgen’s Almshouses (“the Association”) on pages 7 to 14. The Association is both a registered charity and a registered social landlord and these financial statements have been prepared in accordance with the Trust Deed dated 16 October 1925 (as amended), the Statement of Recommended Practice (SORP): Accounting by Registered Social Housing Providers (Update 2018), the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022, in compliance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ”The Financial Reporting Standards applicable in the UK and Republic of Ireland”.

In my opinion the financial statements:

Basis for opinion

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. I am independent of the Association in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC’s Ethical Standard, and believe that the audit evidence obtained is sufficient and appropriate to provide a basis for my opinion. I have nothing to report in respect of the following matters which the ISAs (UK) require me to report to you where: the use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or the financial statements fail to disclose any identified material uncertainties that may cast significant doubt on that basis for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

Matters on which I am required to report by exception

I have nothing to report in respect of the following matters where the Housing and Regeneration Act 2008 and the Charities Act 2011 require me to report to you if, in my opinion:

Responsibilities of the Trustees

As explained more fully in the Trustees’ Responsibilities Statement, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Further, the Trustees are responsible for assessing matters relating to going concern and for the use of the going concern basis for accounting.

Auditor’s responsibilities for the audit of the financial statements

I have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. My responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (ISAs (UK).

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

~~Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line w~~ ith

5

my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below:

As part of an audit in accordance with ISAs (UK), I exercise professional judgment and maintain professional scepticism throughout the audit. I also:

  1. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

  2. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Association’s internal control.

  3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

  4. Conclude on the appropriateness of the Trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Association’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the Association to cease to continue as a going concern.

  5. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

A further description of my responsibilities for the audit is located in the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of my auditor’s report.

Uses of my report

This report is made solely to the Association’s trustees, as a body, in accordance with regulations under section 154 of the Charities Act 2011 and section 137 of the Housing and Regeneration Act 2008. My audit work has been undertaken so that I might state to the Association’s trustees those matters I am required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Association and its trustees as a body, for my audit work, for this report, or for the opinions I have formed.

Ian S Anderson Chartered Accountant & Statutory Auditor Greengarth Thicket Grove Maidenhead, Berkshire SL6 4LW Dated: July 2023

6

STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDITURE ACCOUNT) for the Year Ended 31 December 2022

2022
2021
Notes £ £
Turnover 2 39,332 36,129
Operating costs 2 (48,117) (43,708)
______ ______
Operating surplus/ (deficit) (8,785) (7,579)
Interest receivable and other income 5 44,625 38,934
Interest payable and similar charges 6 - -
______ ______
Surplus/ (Deficit) on ordinary activities 7 35,840 31,355
before taxation
Tax on result of ordinary activities - -
______ ______
Surplus/ (Deficit) for the year 15 35,840 31,355
after taxation
Other recognised gains and losses:
Revaluation of tangible fixed assets 9 - -
Movement in investment values 11 (44,889) 98,000
Profit on sale of investments - -
______ ______
Total comprehensive income/ (deficit) for the year (9,051)
~~______~~		 129,355
~~______~~

All of the activities of the charity are classed as continuing.

On behalf of the Trustees:

...........................................

………………………………….

Mrs J Reynolds

July 2023

7

BALANCE SHEET
As at 31 December 2022
2022 2021
Notes £
£
Fixed assets
Tangible assets 9 709,081 715,067
______ ______
Current assets
Debtors 10 2,409 2,686
Investments 11 819,755 860,374
Cash at bank 12 495,532 457,641
______ ______
1,317,696 1,320,701
Less: Creditors
Amounts falling due within one year 13 5,780 5,722
______ ______
Net current assets 1,311,916 1,314,979
______ ______
Total assets less current liabilities 2,020,997 2,030,046
~~______~~ ~~______~~
Provisions for liabilities
and charges 14 3,686 3,686
______ ______
3,686 3,686
Capital and reserves
Income and expenditure account 15 1,596,940 1,605,989
Revaluation reserve 15 420,371 420,371
______ ______
2,020,997
~~______~~		 2,030,046
~~______~~

These financial statements were approved by the Trustees and authorised for issue on July 2023 and are signed on their behalf by:

...........................................

………………………………….

Mrs D Brickell

Mrs J Reynolds

8

~~STEWART'S AND BUDGEN'S ALMSHOUSES~~

For the year ended 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2022

1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with applicable Financial Reporting Standards in the United Kingdom (including the Statement of Recommended Practice (SORP): Accounting by Registered Social Housing Providers (Update 2018) and the Accounting Direction for private registered providers of social housing in England 2022 and FRS 102 ”The Financial Reporting Standards applicable in the UK and Republic of Ireland”, as applicable to small entities per amendments published March 2018. Subject to the foregoing the policies are consistent with previous years. A summary of the more important accounting policies is set out below.

General information and basis of accounting

Stewarts’s and Budgen’s Almshouses is a private registered provider of social housing in the United Kingdom. The address of the registered office is as detailed for the Secretary on page 1. The Association is a public benefit entity and the nature of the Association’s operations and principal activity is as an almshouse charity.

The financial statements are prepared on the historical cost basis of accounting subject to the annual revaluation of investment assets and periodic revaluation of its Freehold property within Tangible fixed assets.

Going Concern in the current economic conditions

The trustees have a reasonable expectation that the Association has adequate resources to continue in operational existence for the foreseeable future. In their opinion the impact of Brexit and the present Covid-19 crisis is not a concern to their adoption of the going concern basis in preparing the annual report and accounts.

Cash Flow Statement

As per FRS 102 published March 2018 by the Financial Reporting Council, as a small entity the Association is not required to produce a cash flow statement.

Turnover

Turnover represents rental income receivable.

Fixed Assets

Freehold Properties are included at 2022 valuation, based on the professional valuation in the 2015 financial statements. Depreciation on buildings is charged on a straight line basis over the useful life of the building - 50 years. As regards other fixed assets, the Association's policy is to charge expenditure on minor items to the Statement of Financial Activities.

Major Repairs

The Association provides for future major repair expenditure on all housing properties developed under the original 1988 Housing Act arrangements and for other properties in so far as the major repairs expenditure is not eligible for grants from Homes England or local authorities.

Social Housing Grant

Where developments have been financed wholly or partly by “housing association” grant, the cost of those developments has been reduced by the amount of the grant received.

Investments

Listed investments are recognised at mid-market value at the balance sheet date. Both realised and unrealised gains and losses on investments are reflected in the statement of financial activities. Investment income is credited to the statement of financial activities on an accruals basis, inclusive of taxation credit where applicable.

Expenditure

Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates.

9

~~STEWART'S AND BUDGEN'S ALMSHOUSES~~

For the year ended 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2022

2. TURNOVER, OPERATING SURPLUS AND SURPLUS BEFORE TAXATION

2022
£
Turnover from lettings:
Eleven units on average (2021 11 units)
41,543
Rent losses from voids and provisions
(2,211)
______
39,332

 2021
£
41,543
(5,414)
______
36,129

Rental income per unit was increased in April 2018 by 1.6%. Rents have been increased by 2% effective April 2023.

One unit which had been vacant from May 2022 has been reoccupied from January 2023.

Those tenants receiving housing subsidy are treated 4 weekly in arears by the Council whereas rental is strictly due on a monthly basis in advance. Tenants, who pay all or part of the rental due, do so on that basis.

2022
£
Operating costs:
Maintenance and running costs of Almshouses
41,553
Support costs
1,208
Governance
5,356
______
48,117

 2021
£
36,568
1,140
6,000
______
44,708

All governance costs are attributable to the Association’s principal activity.

3. TRUSTEES' EMOLUMENTS & RELATED PARTIES

There were no Trustee emoluments paid during the period (2021 £ nil). Reimbursed expenses of £200 (2021 £165) were payable relating to costs expended on behalf of the Charity.

The Trustees also administer two other Charities which serve the same area of benefit: Egham Education Trust and Egham United Charity. Apart from sharing of meeting premises, no transactions took place between the three charities in the year under review. Copies of the accounts of the charities may be obtained from the Secretary.

4. EMPLOYEE INFORMATION

The Secretary to the Trustees appointed in the year has claimed no honorarium. The Acting Secretary until September 2022 was in receipt of a small honorarium of £196. These are the only individuals falling within the remit of key management personnel. There were no employees during the period.

10

~~STEWART'S AND BUDGEN'S ALMSHOUSES~~

For the year ended 31 December 2022

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2022

5.
INTEREST RECEIVABLE AND SIMILAR INCOME
2022
£
Investment income
44,033
Bank and building society interest
592
__
44,625
~~_~~

6.
INTEREST PAYABLE AND SIMILAR CHARGES
2022
£
Interest payable
-

-
~~___~~
The Association has no bank overdrafts or loans
7.
SURPLUS
2022
£
Surplus on ordinary activities before
taxation is stated after charging:
Auditor’s remuneration (incl.VAT £560; 2021 £560)
in their capacity as auditors
3,360
Other governance costs
2,347
Depreciation - buildings
5,986
 2021
£
38,792
142
__
38,934
~~_~~
2021
£
-

-
~~___~~
2021
£
3,360
2,640
5,986

8. TAXATION

The Trustees are of the opinion that the Association is not liable for taxation on its charitable activities.

9. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS
Freehold Freehold
Properties Properties
2022 2021
£ £
COST OR VALUATION:
Valuation as at 1 January 2022 750,984 750,984
Addition in year - -
______ ______
As at 31 December 2022 750,984
~~______~~		 750,984
~~______~~
DEPRECIATION:
As at 1 January 2022 35,917 29,931
Charge for year 5,986 5,986
Release on revaluation - -
______ ______
As at 31 December 2022 41,903
~~______~~		 35,917
~~_____~~
NET BOOK VALUE:
At 1 January 2022 715,067
~~______~~		 721,053
~~______~~
At 31 December 2022 709,081
~~______~~		 715,067
~~______~~

~~11~~

~~STEWART'S AND BUDGEN'S ALMSHOUSES~~

For the year ended 31 December 2022

~~12~~

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2022

9. TANGIBLE FIXED ASSETS (continued)

The freehold properties were professionally revalued on 16 December 2015 on an existing use basis, with a revaluation reserve of £420,371 arising. The above value also includes the cost of a parking space for £10,983 in 2017. The Trustees believe that, in the light of property valuations generally and the specific circumstances relating to the almshouses, that the valuation remains valid for these financial statements. For 2016 onwards depreciation on the deemed buildings element is charged over 50 years useful life.

Housing properties at cost less Homes England grant and internal funding account were:

Housing properties at cost less Homes England grant
internal funding account were:		 and
2022 2021
£
£
Cost of properties 637,512 637,512
Registered Social Landlord grants
from (now) Homes England (226,258) (226,258)
Internal funding account (3,497) (3,497)
______ ______
407,757
~~______~~		 407,757
~~______~~
10. DEBTORS
2022 2021
£
£
Other debtors 1,071 1,017
Prepayments and accrued income 1,338 1,669
______ ______
2,409
~~______~~		 2,686
~~______~~
All debtors are due within one year.
11. INVESTMENTS
2022 2021
£
£
CHARITY:
Quoted investments
Market value brought forward 860,374 759,033
Accumulated income for year 4,270 3,341
Additions/Disposals at cost - -
Realised (gains)/losses - -
Unrealised gains/ (losses) for year (44,889) 98,000
______ ______
Aggregate market value of
listed investments 819,755
~~______~~		 860,374
~~______~~
Breakdown of investment returns:
Charity Multi Asset Fund - Accumulation shares
Cost 27,961 27,961
Accumulated income 45,176 40,906
Unrealised gains 42,611 45,973
______ ______
Market value 115,748
~~______~~		 114,840
~~______~~

~~13~~

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2022

11. INVESTMENTS (continued)

2022 2021
£ £
Charifund – Income Units
Cost 468,599 468,599
Additions at Cost - -
Unrealised gain 235,408 276,935
______ ______
Market value 704,007 745,534
~~______~~ ~~______~~
Total cost 496,560 496,560
Additions/Disposals at cost - -
Accumulated income 45,176 40,906
Unrealised gains 278,019 322,908
______ ______
Total market value 819,755 860,374
~~______~~ ~~______~~
12. CASH AT BANK
2022 2021
£ £
Virgin Saver account 80,000 80,000
Business saver account 413,532 375,641
Community current account 2,000 2,000
______ ______
495,532 457,641
~~______~~ ~~______~~
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Accruals and deferred income 5,780 5,722
______ ______
~~______~~ 5,780
~~______~~		 5,722

~~14~~

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2022

14. PROVISIONS FOR LIABILITIES AND CHARGES

Extraordinary Extraordinary Extraordinary
repair
fund
Total
2022
2021
£ £
As at 1 January 2022 3,686
8,114
Transferred from operating costs:
Income and expenditure account -
(4,428)
______
______
As at 31 December 2022 3,686
3,686
~~______~~
~~______~~
15. RESERVES
Income and
Expenditure
Revaluation
account
Reserve
£ £
As at 1 January 2022 1,605,989
420,371
Surplus/ (deficit) for the year 3
5		 , 8 4 0
-
T r a n s f e r t o
E x t r a o r d i n		 a r y r e p a i r f u n d
- -
Increase/ (decrease) in value of investments ( 4
4		 , 8 8 9 )
-
Revaluation of freehold property
- -
______
______
Surplus carried forward 1,596,940
420,371
~~______~~ ~~______~~

15

15

PROFIT AND LOSS ACCOUNT for the Year Ended 31 December 2022

2022
Operating Expenditure
£
£		 2022
Operating Expenditure
£
£		 2022
Operating Expenditure
£
£		 2021
£		 £
Routine maintenance
10,354
Cyclical maintenance
Extraordinary repair fund
12,214
-
Cleaning and garden
5,747
Community alarm
3,182
Insurance
1,208
Audit & Accountancy
5,160
Light & heat
322
Rates, water charges etc.
2,290
Sundry
1,458
Secretary’s honorarium
196
Bank charges
-
Depreciation
5,986		 10,709
925
4,428
5,511
3,183
1,140
5,460
1,284
3,785
757
540
-
5,986
~~48,117~~ ~~43,708~~

16

16

This page does not form part of the statutory financial statements

17

17