REGISTERED CHARITY NUMBER: 209301
TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
FOR
DAVID HENRY WARING HOME TRUST
LEES Chartered Certified Accountants Ingram House Meridian Way Norwich Norfolk NR7 0TA
DAVID HENRY WARING HOME TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |||
|---|---|---|---|
| Trustees' Report | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
DAVID HENRY WARING HOME TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
In setting their objectives and planning their activities, the Directors of the Trustee Company have given careful consideration to the Charity Commission's guidance on public benefit.
The objectives of the Directors are to maintain and administer the Charity and its almshouses, which provide housing for the benefit of those with limited means.
The almshouses, known as David Henry Waring Home, are situated at David Henry Waring Court, Staines Road, Bedfont, Middlesex, TW14 8PE and consists of 28 units of 1 bedroom and bedsit flats and extensive and attractive communal spaces including a lounge, library and kitchen. In addition there is a 2 bedroomed bungalow on the estate. The estate benefits from a large and attractive garden with many established trees.
The buildings comprise of a large Victorian House with an extension built in the 1980's and a separate but linked wing containing 20 bedsit flats, built in the 1970's.
The Directors are intent on maintaining a comfortable and relaxed environment for the beneficiaries and all their efforts are concentrated in this direction.
ACHIEVEMENT AND PERFORMANCE
Corporate trusteeship of David Henry Waring Home was taken over from the London Borough of Hounslow on 24th July 2019. One member of staff joined the charity under TUPE arrangements.
Of the 28 flats and bungalow, only 8 flats located in the Victorian building, were occupied. The 20 bedsit flats and bungalow has been empty for some years. In the case of the bedsit flats they have remained unoccupied since substantial amounts of asbestos was found in the structure. The bungalow had been used for accommodation for the gardener but upon his retirement and moving away the task was given to contractors and the bungalow boarded up.
The Charity has obtained permission from the Charity Commission to let the bungalow at a commercial rate to help the Charity's finances. Work has started to bring the house up to letting standards.
Directors undertook weekly meetings with residents, attending coffee mornings. The meetings have proved a useful way to engage residents about the Charity's future plans (see below).
An occupancy level of 7 out of 8 habitable flats has been maintained during the year.
COVID-19 Pandemic
The UK onset of the COVID-19 outbreak in March 2020 has resulted in a significant impact on the UK and global economy and the uncertainty brought about by ongoing lockdown measures created ongoing uncertainty and challenges for the UK economy. The Charity was in a fortunate position in that it was, from a financial perspective, relatively immune from these issues. Even though there is a mass vaccination programme underway in the UK currently and controlled relaxations of lockdown measures there is still inherent uncertainty over COVID-19. However, on the basis that the Charity has successfully navigated the first 12 months of the pandemic with no significant impact upon sources of income and given the strong financial position of the Charity, the Directors of the Corporate Trustee are confident that that the Charity can meet its liabilities as they fall due. The Directors of the Corporate Trustee are not complacent and will continue to monitor the situation and on the basis of the above have concluded that it is appropriate to prepare the financial statements on the going concern basis.
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DAVID HENRY WARING HOME TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
FINANCIAL REVIEW
The charity came into the control of The Charity of Elizabeth Jane Jones Trustee Ltd. in July 2019. The budget and general profile of expenditure and income was inherited from the previous corporate trustee.
Irrespective of such measures, the Directors recognise that the scheme at present with the potential maximum of only 8 flats and one bungalow let commercially is not financially viable in the long term and that to secure the charity's future, additional units of accommodation must be constructed. As Greater London Authority grant funding will be sought, it will be required of the Charity to set WMC rates higher than social rent levels. Once this is determined the Charity will seek to review the charges of the original 8 flats to bring them into line with the new charging regime.
The Charity has also engaged the services of a professional fundraising company to help raise funds for the redevelopment.
Reserves policy
The Charity holds investments with Blackrock and CCLA. The former is a long-term reserve for capital expenditure and the latter a short-term reserve.
The Charity is aware that it must charge sufficient to cover its operating costs and allow for capital works. To achieve this a higher number of units on the site must be achieved. The Charity's efforts will be focussed on achieving that goal.
Once the scheme is fully redeveloped the Directors would seek to building up reserves to the equivalent of one year's operating costs in line with its practise for the other charity it controls.
Staff
The Charity employs one part time member of staff.
FUTURE PLANS
The Directors of the Corporate Trustee are aware that David Henry Waring Home must construct new properties to ensure the long-term financial viability of the Charity. The Directors want to provide accommodation that meets the needs and aspirations of older people and that the buildings will remain fit for purpose for many years to come. Our intention is that our design of buildings will meet all standards in terms of carbon reduction, fire safety and be of the highest possible quality.
During the year, the Charity engaged the services of a project manager to oversee the demolition and rebuilding of the 1970's bedsit flats. As part of the demolition process it has been necessary to remove asbestos within the building. This has resulted in demolition costs of C. £300,000. In addition, it sought and received permission to renovate the bungalow to let commercially.
There is a great deal of work to be done including raising of funds and applications for grants from the Greater London Assembly. At the date of signing this report no funding has yet been secured. The Charity and its project manager and the Local Authority believe a new 30 unit development of 1 bedroomed flats for the over 65's is possible and the Charity is working towards this ambitious goal.
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DAVID HENRY WARING HOME TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Under the agreement to transfer the transfer of Corporate Trusteeship to the Charity of Elizabeth Jane Jones Trustee Ltd, three former trustees of David Henry Waring Home joined the Board of Directors at the AGM in October 2019, bringing the total number of Directors to eleven.
The Board of Directors of the Corporate Trustee shall consist of at least eight, and no more than twelve, competent persons. New directors are appointed by a resolution of the board for a term of five years. Directors may seek re-appointment after their term of office expires.
At bi-monthly board meetings, the Board agrees the broad strategy and major policy decisions of the Charity including consideration of investment policy, reserves policy and risk management.
Day to day management is undertaken by the Chief Executive and staff of the Charity of Elizabeth Jane Jones assisted by the member of staff based at David Henry Waring Home. The Charity has three sub committees that undertake the functions of:
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Approving new applications for accommodation
-
Overseeing the demolition and rebuilding of the 1970's wing, reporting to the Full Board for appropriate authorities
-
Assessing and reporting to the Full Board and planned borrowings in relation to the new build
The major risks, to which the Charity is exposed, as identified by the Directors, are regularly monitored and periodically reviewed. Steps have been taken to establish systems and procedures to mitigate these risks.
The Board keeps its skill requirements under review and, in the event that a Director permanently retires or additional Directors are required, the Board of Directors actively seek to recruit suitable persons in order to maintain or improve the overall standard of expertise required to run the Charity effectively.
The induction process for any newly-appointed Directors comprises attendance at least one Board Meeting as an observer, an initial meeting with the Chair and CEO. There follows a series of short meetings with the CEO with discussions on investments, and the powers and responsibilities of the Trustee Company Board and the Sub Committees.
The welcome pack includes a brief history of the Charity, copy Board and Sub Committee Minutes, a copy of the last three years of Annual Reports and Accounts, a copy of the governing trust deed and a copy of the Charity Commission's guidance 'The Essential Trustee: What You Need To Know'.
The Charity is an active member of following bodies:
-
The Almshouse Association
-
The National Housing Federation
-
The G320 group of smaller London based housing associations
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
209301
Principal address
Staines Road Feltham TW14 8PE
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DAVID HENRY WARING HOME TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021
Trustees
THE TRUSTEE
The charity is served by the Corporate Trustee; Elizabeth Jane Jones Trustee Limited.
The Directors of Elizabeth Jane Jones Trustee Limited
The Directors who served the Corporate Trustee during the period were as follows:Mr C J Gage (Chairman)
Mr A V Groves (Deputy Chairman) Mrs S Alderson Mrs A Gupta Miss H Mammatt (Resigned 1 July 2020) Revd P J Smith Mrs C F Mays Mrs A T McCreadie Mrs S Brewerton Mr D I Harvey Mr W R Jinks
Clerk
Mr N Lucas
Independent Examiner Anthony Brain FCA LEES Chartered Certified Accountants Ingram House Meridian Way Norwich Norfolk NR7 0TA Bankers Allied Irish Bank (GB) PO Box 123 92 Ann Street Belfast BT1 3AY Solicitors Bircham Dyson Bell 50 Broadway London SW1 0BL Chartered surveyors Sneller Commercial Bridge House 74 Broad Street Teddington TW11 8QT
Approved by order of the board of trustees on 31 March 2022 and signed on its behalf by:
C J Gage - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DAVID HENRY WARING HOME TRUST
Independent examiner's report to the trustees of David Henry Waring Home Trust
I report to the charity trustees on my examination of the accounts of David Henry Waring Home Trust (the Trust) for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
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 giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of 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.
Anthony Brain FCA LEES Chartered Certified Accountants Ingram House Meridian Way Norwich Norfolk NR7 0TA
31 March 2022
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DAVID HENRY WARING HOME TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds Other Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 11 Other recognised gains/(losses) Gains on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 7,100 40,975 48,075 496 165,577 166,073 - (117,998) (167,285) - (285,283) 238,862 (46,421) |
Restricted funds £ - 2,563 2,563 - - - 122,494 125,057 167,285 350,000 642,342 2,912,485 3,554,827 |
2021 Total funds £ 7,100 43,538 50,638 496 165,577 166,073 122,494 7,059 - 350,000 357,059 3,151,347 3,508,406 |
2020 Total funds £ - 65,116 65,116 - 219,222 219,222 (67,727) (221,833) - 558,000 336,167 2,815,180 3,151,347 |
|---|---|---|---|---|
The notes form part of these financial statements
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DAVID HENRY WARING HOME TRUST
BALANCE SHEET 31 MARCH 2021
| Notes FIXED ASSETS Tangible assets 6 Investments 7 CURRENT ASSETS Debtors 8 Investments 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS/(LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ - - - 17,305 - 287,706 305,011 (351,432) (46,421) (46,421) (46,421) |
Restricted funds £ 2,420,000 762,712 3,182,712 225,124 74,340 72,651 372,115 - 372,115 3,554,827 3,554,827 |
2021 Total funds £ 2,420,000 762,712 3,182,712 242,429 74,340 360,357 677,126 (351,432) 325,694 3,508,406 3,508,406 (46,421) 3,554,827 3,508,406 |
2020 Total funds £ 2,070,000 637,995 2,707,995 69,715 74,000 337,874 481,589 (38,237) 443,352 3,151,347 3,151,347 238,862 2,912,485 3,151,347 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 31 March 2022 and were signed on its behalf by:
C J Gage - Trustee
The notes form part of these financial statements
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DAVID HENRY WARING HOME TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments and freehold property which are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost Fixtures and fittings - 25% on cost
Freehold land and buildings, used for charitable purposes are shown at an "existing use" valuation in accordance with the revaluation policy adopted by the Charity. Other fixed assets are show at historical cost.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investments
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The charity does not acquire put options, derivatives or other complex financial instruments. Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise. Other investments are included at cost, which is considered to be approximate to their market value.
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DAVID HENRY WARING HOME TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
2. INVESTMENT INCOME
| Rents received Investment distribution Deposit account interest |
2021 £ 40,785 2,563 190 43,538 |
2020 £ 60,592 - 4,524 |
|---|---|---|
| 65,116 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
5.
| Administration No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Investment income 65,116 EXPENDITURE ON Other 219,222 Net gains/(losses) on investments (67,727) NET INCOME/(EXPENDITURE) (221,833) Transfers between funds (802,644) Other recognised gains/(losses) Gains on revaluation of fixed assets 67,727 Net movement in funds (956,750) RECONCILIATION OF FUNDS Total funds brought forward 1,195,612 TOTAL FUNDS CARRIED FORWARD 238,862 |
|
|---|---|
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DAVID HENRY WARING HOME TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
6. TANGIBLE FIXED ASSETS
| Freehold property £ COST OR VALUATION At 1 April 2020 2,070,000 Revaluations 350,000 At 31 March 2021 2,420,000 DEPRECIATION At 1 April 2020 and 31 March 2021 - NET BOOK VALUE At 31 March 2021 2,420,000 At 31 March 2020 2,070,000 Cost or valuation at 31 March 2021 is represented by: Freehold property £ Valuation in 2021 2,420,000 Cost - 2,420,000 |
Plant and machinery £ 4,102 - 4,102 4,102 - - Plant and machinery £ - 4,102 4,102 |
Fixtures and fittings £ 18,043 - 18,043 18,043 - - Fixtures and fittings £ - 18,043 18,043 |
Totals £ 2,092,145 350,000 |
|---|---|---|---|
| 2,442,145 | |||
| 22,145 | |||
| 2,420,000 | |||
| 2,070,000 | |||
| Totals £ 2,420,000 22,145 |
|||
| 2,442,145 |
A revaluation adjustment of £350,000 was made in the current year's accounts after consultation and a report from Sneller Commercial Chartered Surveyors to reflect the uplift in the housing market since the last professional valuation was obtained.
There would be no potential tax liability if the properties were sold at current market value provided the gains were applied for charitable purposes.
7. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 April 2020 | 637,995 |
| Additions | 2,223 |
| Revaluations | 122,494 |
| At 31 March 2021 | 762,712 |
| NET BOOK VALUE | |
| At 31 March 2021 | 762,712 |
| At 31 March 2020 | 637,995 |
| There were no investment assets outside the UK. | |
| Cost or valuation at 31 March 2021 is represented by: | |
| Listed | |
| investments | |
| £ | |
| Valuation in 2021 | 762,712 |
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DAVID HENRY WARING HOME TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
| 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income 9. CURRENT ASSET INVESTMENTS Other 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors 11. MOVEMENT IN FUNDS At 1.4.20 £ Unrestricted funds Revenue 238,862 Restricted funds Extraordinary Repairs 72,651 Fixed Asset 2,839,834 2,912,485 TOTAL FUNDS 3,151,347 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Revenue 48,075 Restricted funds Fixed Asset 2,563 TOTAL FUNDS 50,638 |
Net movement in funds £ (117,998) - 475,057 475,057 357,059 Resources expended £ (166,073) - (166,073) |
2021 £ 11,271 389 230,769 242,429 2021 £ 74,340 2021 £ 124,570 226 226,636 351,432 Transfers between funds £ (167,285) - 167,285 167,285 - Gains and losses £ - 472,494 472,494 |
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|---|---|---|---|---|---|---|---|
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DAVID HENRY WARING HOME TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.4.19 in funds £ £ Unrestricted funds Revenue 1,195,612 (154,106) Restricted funds Amenities 5,149 - Capital 754,967 - Housing Property Revaluation 212,122 - Investment Revaluation 574,679 - Extraordinary Repairs 72,651 - Fixed Asset - 490,273 1,619,568 490,273 TOTAL FUNDS 2,815,180 336,167 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds Revenue 65,116 (219,222) Restricted funds Fixed Asset - - TOTAL FUNDS 65,116 (219,222) |
Transfers between funds £ (802,644) (5,149) (754,967) (212,122) (574,679) - 2,349,561 802,644 - Gains and losses £ - 490,273 490,273 |
At 31.3.20 £ 238,862 - - - - 72,651 2,839,834 2,912,485 3,151,347 Movement in funds £ (154,106) 490,273 336,167 |
|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
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DAVID HENRY WARING HOME TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 7,100 | - |
| Investment income | ||
| Rents received | 40,785 | 60,592 |
| Investment distribution | 2,563 | - |
| Deposit account interest | 190 | 4,524 |
| 43,538 | 65,116 | |
| Total incoming resources | 50,638 | 65,116 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Sundries | 496 | - |
| Other | ||
| Staff costs | 21,758 | 20,933 |
| Repairs and maintenance | 49,868 | 39,875 |
| Grounds maintenance | 29,091 | 17,370 |
| Heating and lighting | 14,926 | 19,348 |
| Council tax and water | 36,651 | 44,156 |
| Insurances | 4,337 | 3,314 |
| Telephone etc | 444 | 332 |
| Management fees | - | 3,000 |
| Other expenses | 44 | 999 |
| Audit fees | - | 7,000 |
| Accountancy | 7,852 | 3,357 |
| Professional fees | 492 | 15,124 |
| Computer expenses | 20 | 1,921 |
| Bank charges | 94 | 75 |
| Bad debts | - | 2,724 |
| Freehold property depreciation | - | 36,000 |
| Fixtures and fittings depreciation | - | 3,694 |
| 165,577 | 219,222 | |
| Total resources expended | 166,073 | 219,222 |
| Net expenditure | (115,435) | (154,106) |
This page does not form part of the statutory financial statements
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