C J G211ard's Almshouses, Cbaritable Trust Fiti*n¢Aal statements for the year tnded 31st De£ember 2020 Registered Charity No: 209787 Itsdex l Generni inforn)alion 2 Report of the trustees and statenient of responsibilities 5 Inde￿dent examinerfs report 6 Statement of fllJanciAI actiVlfie5 7 s￿e[netst of financial activities- 2019 eompaNive 8 Balance sheet 9 Notes to the financial statrments C J Gallard's Almshouses, Charitable Trust General Inforniation Trustees.. The Charity Trustees who serveAJ during the year were a5 follows: Ex-officio Reverend R Wilson Reverend S Hills The of the Parish of St Thomas, Southborough The Rcctor of the Parish of St Lawrence, Bidlx)rough and St Peter. Southborough Nominative Mrs C Y Marsh Mrs J Pran¢e Councillor T Poile MrMLee appoinled by Sotsthborough fown Council f unlilJuly 2020) appoiiiled by Souihborough Town CouncEI (from June 2020) appoinied by Tunbridge Wells Borough Council ¢7ppoinied by Tunbridge Wells Borough COW￿1/ (unfil Moy 2020) CfroptatTve (persons who have Tesided or cauied on b￿lD￿S in or near Southborough 8md appointed by the Tr￿tees).. Mr G J Coventry Mr N Powell (Vice Chairnon) Ms D. Hill (from Marcb 2020) Mrs B Wisdom (chairn￿n) Clerk alld Treasurer to the Trustees: Mr PILilip Gr8inger Almshouses, Manager. Miss M L M¢Dowall Address.. 27 Gall￿d'S Close. London RO￿ SouthlM)muth Ken1 TN4 ONB Bank¢rs'. CAF Bank Limited 25 Kings Hill Avenue, Kings Hill. West Malling, KenL MEI 9 4JQ Solicitors.. Messrs Gullands 16 Mill Street. Maidstone, Kenl ME15 6xr Invegtwent Advisers.. Courtn¢y Havers LLP 24 London Road. SouthiK¥routh Tunbridge Wells, KenL TN4 OQB AceountaJJts: Begbies Old Printers House, Stone Streel Cranbrook, KeDL TN17 3HF Member of.. The A]msho￿$e Association Billingbear Lodge, Maidenhead Roa4 WokInsba￿ Berkshire. RG40 5RU C J Gallard's Almshouses, Charitable Trust Report of the trnstees and statement of restKJDgibilities Governance: The Tn￿ is a Registered Charity governed by Schcmcs by the Charity Commission having &8 its principal object the management of the properties kno￿1 as the C J G￿l￿rd'S Almshouses, consisting of self-contsined flats in Gallard's Close. London Road. Southborouth KenL TN4 ONB. Applicants have to k poor men and women over the age of 55 years who have resided in the Borough of TunbridEe Wells with priority given to applicants from Southborough. The Charity is financed by Weekly Mainten8nce Contributions ¢'WMCy from the Residents. InC4)n￿ from Investments and Ark Community Room lertings and Donations. Any Surp1￿ must Ee applied for the benefit of residents. The Trust is adMinis￿red by a E¥)dy of up to eight Tn￿ thich include the Vicar of St Thomas's ChuTcIL SouthborOu￿ the Rector of St tAwrence. Bidly)rough and Si Peter, Southknrouth two persons t￿minated by the Tunbridge Wells Borough Council. one nominated by the SouthFx)rough Town Council and four persons who have resided or carried on business in or near Southborougb. The Tnths believe that they have complied with the duty in sectioTr 4 of the ChÉrities Act 2006 to have due regard to public benefit guida[￿ publis1￿1 by the CFthrity . Commission and that they comply with the Governance and Financial Viability StsThdard published by The Homes & Comtnunities Agency. Review of activities". 2020 has been a very ditTicuRt year as a result of the Covid-19 outbTeaE Thankfully atl residents remained safe and in general kept in good healtlL The Tn￿te¢S agreed an increase in WMC of 4.P/o to £99.50 for 2021 following all increase of 3.9 0/0 to £95 the previous yw. However, a non-staiutory valuation carried out by the Valuation Office Agency produced an equivalent fair rent figur¢ of £165 Proving that our charges remain SUb￿ant[allY lower than the market level for comparable smgle bedroomed accommodation iti the are& Sadly, &8 a result of the Covid-19 outbreak the Cl￿Aty suffered a reduetion in income from the usc of the Ark Community Room. It is to ￿ hotd that this will return to normal levels in 2021. Thc trustees agreed to the expansion of the Residents. car pth in Decemi*r 2020. To recoup some of this cost a charge of £5 ￿ week w&s levied on all those residents on possession of a car. This is to be reviewed in January 2023. SoeiaL Staff and Residents. We Are sad to report the death of Mr Eric Wills in De£ern￿. Mr Wills had the previous year stwd dovm &s tr￿stee after twenty years, service. having served for a timc as Chairman and Lead Tntstee for Finance. A numF*r of staff and trusteeg attcndcd his fMneral '*irtually" In May 2020 and July 2020. respectively, Mr M Lee aDd Ntrs C. Marsh stood down as trustees. The ChaÉrnwi thanked both for their loyal service to Gallard's ia writing and we were able to send them gifi vouchers as a token of thanks. C J Gallard's Almshouses, Charitable Trust Report of the trustees and statement of responsibilities We were pleased to welcome Mts J Prance and Ms D. Hill tn￿ - Mrs Prance replacing Mrs Ma￿h ￿ the represenlative of the SouthtK)rough Council. The trustees continue to meet "virtuajly" by 7J)om which has presented certain challenges and it is to be hoped that we rnay be able to meet as normal later in the year, Financial review: 2020 saw a rise in totsl income of £3,727. Expcnditure was up £21,547 with higher maintenance expenditure and the eXt￿lsion kn th¢ residents. car park. The surplus before investment revaluations w&$ £1 1281. The prices of the Trust's income and a¢cumuJation investments declined amd the overall value of the portfolio fell £13,725. Overall, there is a small deficit for the year of £2,444. Reserves policy: The ReseThpes held by the Chority siipport the main objective of the provision of accommodation at C J Gajlard's Almsh"ouses for the knefit of eligible residents of the -Borou8h of Tunbridge Wells. reserves, excludin8 the Testiicted Pernianent Endowment Fund, Extraordinary Repair Fund and Property Fund, tota]led £53,807. These Reserves enable us to meet cyclical njaintenance costs and xnclude a provision for special projects and a general reserve. The Trustees. policy is to hold a general reserve, in addition to the Permancnt Endowment Fund and resiricted and designated funds and reserves, equiva]ent to three months. general expenditure. Thai levcl stands at £23.620, slightly down last year. It is Consider￿ that the rescrvcs are adequate to cover known ￿t￿re needs. Trustee3' respon5ibilitAe5 ID relation to the financial 5tateTnents: The ¢haTity truste¢s arc rc5￿nSIble for preparing a trustees. annual report and financial stateTncnts in accordanc¢ with applicable law and United Kingdom Accountin8 Stsndards (United KiD8dorn Generally Accepted Accountin8 Practice). The law applicable to charities and registered social housing providers in England and Wales requires the trustccs to prep￿¢ financial Statements for each financial year which give a true and fair View of the state of affoits of the cl)arity Ls at the balance sheet date. and of its income 8J)d eXpendltL￿e for that p￿10d. In preparing the fmancial statements the trustees required to." Select suitable accounting policies and then apply them consistently. observe the methods and principles in the applicable Ckwiti¢s SORP. make judgements and e*imatcs that are re&soDabl¢ and pnLdent" state whether applicable accounting Stand￿ have been followd, subject to 8￿Y material departiw that m￿t be disclosed and explained in the financxal statements, and prepare the accounts on the 80ing concern basis uDless it is inappropriate to pre5UTDe that the chan'ty will continue on that basis. C J Gallard's Almshouses, Charitable Trust Report of the trnstees and statement of regponsibilitie8 The trustees are reswnsible for keeping proper accounting records which discloge with rcasonable accuracy at any time the fitlancial tx)sition of the charsty and to enable them to ensure that the fllwKial statements comply with the Charities ACC 2011, the applicable Clwities (Accounts and Reports) R¢gulation& the Ho￿sIng & Regeneration Act 2008 and the Accountsng Direction for Private Registered Providers of SOCÉMI Housing 2015 and the governing docuweuL They are also respO￿lbIt for safeguarding the &ssets of the clwity and Imce for taking rel￿nable steps for the prevention and d¢￿tion of fraud other irregulorities. ApprovAI: The report was forllthlly apwoved by the TrUS￿e5 at thcir meetiDg held on ￿ March 2021 and is signed Oll their behalf by: B wisdo￿ Chainnan of Trugtees: Date: 9 March 2021 Independent examiner's report to the trustees of C J Gallard's Almshovsu, Charitable Trust I report to the In￿tte$ on my examinatiott of the actounts of C J Gailard'> AEnK8howes' Cbaritsblt TTh￿ for the year ended 31 December 2020 whbch ort set out pages 6 to 16. Responsibilities and basis of report A5 the ¢harity trustees of the Tnw YO￿ art reSpL￿5b￿Ie for the prepara¢ion of th¢ accounts in accordance with the requirements of the Charities Act 201 I {Ihe Acf). I report in r¢5peLt of my examin*ioo of the TTU5tees' accouDts e4rried Section 145 of the 2011 Act ond it 8rrying out my examiJw2on I have followed all the applicable Directi￿ given by the Charity Commissioner uTJder section 145{5Xb) of the 2011 Ac Independent examiner's statement I have completed my examtnation. l ¢onfTh that no rnatrTial matters have tom¢ lo atlurtion tn connection with the exarnsn2tion gtVÉTr8 me cause ￿ beli¢vc that in any Jnateria] respect. (l) accouDttDg records were n(rf kryrt in respect of the TnLrt &$ requwtsj by 5eiaion 130 of the Act. or (2) the a¢¢ouDts do Jjot accord with those records" (3) the atcourrt5 do not compfy wtth the applicable requireH)ents f0Dcernin8 the forni and corttent of accounts sel out in the Chuityes (Acco￿ts and Reports) Regul*ton5 2008 other than aJ)y r4uirment that the accounts yve a Irue gjjd fair viewl which is n(rt a matter considered as part of an independetbt txaminaiion. I h8¥e no Concer￿ arml have come acTW no th mattm in tonnedion with the examtnwion to which attention should be drawij in thts report in order to enable a prop¢r w￿¥￿ing of the actotsots to ￿ rcache41 D2rtiel Valentille ACA Begbies CharieredAcrowilants Old Printers Hs)u Stone Strerf Cranbrook IN17 3HF .2021 C J Gallard's Almshouses, Charitable Trust Statement of financial activities for th* year Ènded 3Jsi December 2020 Total 31 Dee 2020 Total 31 £)e¢ 2019 Endow]ntn¢ Cund R¢5trided Designated Unregtritted fund5 funds fund Note Intomt from: Charitable artivitiC5 . Weekly M￿￿ten￿ co]rttibu¢ion Other activities - Fu#dr8ising . tLttings and guest accommodation Donations Inv¢stsncnts 627 IllJ90 124,017 18.197 58 lJ38 1.000 4J91 lJ38 100 7,286 2.933 7J24 Totsl ibcome 2933 627 130.119 133ffj79 129,952 Expendit￿re OD: Charitable activities . Airnshouses, exrKnditiwe - Cy¢li¢al rna1nteT￿nCe spec￿71 projects - Extra-ordinary repair - Management and ats falltftg due after morc than one year Other creditors 3Z5h13 337.652 1325.613>. £2220.964 337.652J. £2,223.408 Capitsl *ad rcs¢rv¢s Unr¢strict¢d fvtLds G¢neral reserve Designated reserves Restricsed fjxed a5S¢t filnts Other restricwi funds PennanenÉ eodowTDCTht 13 &14 14 14 14 14 23.620 53W7 1.97655J 63,IJ07 103.977 £2320,964 26.502 43.680 1.965.450 75.406 112J70 £2223.408 Approved by th¢ Ttustees on 9 Martb 2021 ond SI￿ their ￿halfbY Mrs B Wi8do Cbairm* Mr N Powell Trustee C J Gallard's Almshouses, Charitable Trust Notes to the fRnancial statements 31st December 2020 l AtcountiDg politi (o) Basrs Ofprepar￿$0ry The actour)ts have been prepared in accothet with i) the Statanent of Recommended Prnrticc.. Accounting and Reporting by Charities pteparsng thctr accounts in a¢cordatKe with the FiT￿Cial R¢portÈng Standard applicable in the UK *Jd Republic of Ireland (FRS 102) published on 16 July 2014. ii) the FitwIc￿lI Reporting Sthudard applicable in the UK and Republic of Itcland (FRS 102) and lili the Chariiies A¢t 2011. The financial swemellts have beeD Iry￿ed underthe bistots¢aJ COA umvention. as adjustsj for th¢ revaluation of Investments. The trust constthrtes a public benefit entity as defined by FRS Iirl. Ib) Sffuiutory bof The ctmn.ty is a ￿gIStered charity with the Charry Commissiffj a mcmbcT of the National A&sotiation of Almshouses and 15 reFistered wÈth the Hothes and Communiti¢5 A8ency as asocial laDdlord. (¢) Going concern The tn￿e¢S cotksider that there are no material w]cenait)ti¢s abo￿ the trurf5 ability w continue ￿ a goiTJg (d) Jncome (acluding inV&SDneni guin¥) Incorne is recognised onee the ch*ity has entttJemeDt to the tncome, there is wfficient c¢rta5nty of receipt and $0 it i8 probable that the income will be re£eive¢ atbd the ajnount of incorDe receivable cart be measured reliabty. (e) Expendiiure Expendibjre 1$ re¢wised once there 15 a lega] or fAJliWiffi ￿ make a paiThent to a thiid pany, it i8 probable that 5ettlemert will be required atsd the amourt of the obligation can be me&wred re1￿ly. 47ddediox The charity 15 not res￿red forvalue *Jded tsx. Where applicabl< expcnditiwe w sbowty in¢lv5ive of VAT (g) H¢hL¥iprgproperti&Y The freehtsld land and original 20 ftats la]mshow￿) are trearÈd a5 Donwtitsli5ed wets and ineludtd at nil valuelc05L Subsequent ￿ditIo1￿ and ittwovement ewdtture are stated at cost and iJJclude a¢tributsbl¢ ripa[￿ £05ts during the development perioL Subsequeni finance costs are writteD off in the statement of rin8ncia] affliviiies. No tyeciation 55 ch&rged. A5 the atrtL8h(NL8e5 ar¢ well-mainiaux4 have a long-life and a s%ron8 residual VoSu¢. any depreciation w(wJld ￿ ty)unatetial. Ih) Ftnanciol The chatity ¢JnJy ha5 fujgncial assets and financial liabilities of a kind that g￿lify 95 basic f￿￿cial Instn￿. Basic financial Instrw￿ts are ÈTritialty reco￿)ised * tratssattiojj vajue and subsequently me85wed d their s¢ttl¢Tn¢rEt value. Bank low￿ are subsequenily mea8wed at ￿￿tised cost ￿Sing the sheet datr L%108 the closin8 qLw4 tn8rka price. C J Callard's Almshouses, Charitsble Trust Notes to the financial statements 31st December 2020 (i) JmTeslments All gairL8 and losses art taken to the sratement of fin￿la1 xtbvtti¢s as they arise. RealÉsed gains thnd losses on itivestsn￿ts are calculated as the difftTeu¢* brtweth sales TKoceeds gnd thew owiillg wing value or their purtbase value if acquired subsequcTht to the day of tt* financill year. UrLrealis¢d gains and losses are c&lGu]akd as th¢ diffuettce between fair valuc at the year end and thesr carying value. Realised and Q) Deslgnt7tedreserves purpose. Su¢h desI￿tiOrLS may k reverged by fityre Tnty decision (k} R&¥tricledrEsetVaT charity. 2 Ib¢om< exptndittyre and nei intt)U 2020 IDCIJrn¢ Exptrtditure Net incom¢ Sotial hou$inE #diyities (￿0t¢ 3) Nots-soctal housiug Jctiv¥li . Ark Community lioom letEiDgs DoKEstiotts 124,017 122J98 1.6J9 lJJ8 1,000 7J24 Invt5tmettt jD¢ome 7J24 133.679 £122J98 £11281 2019 Social housiHg %ctivitits (ttote 3) Non-social housing activtties - Fundraising . Ark Community R¢M)m lthgs - Pantiles knom gue￿ ￿*m￿OdatI0n- Investment ititomt 118.197 100.851 17.346 58 4241 70 58 4241 70 86 7286 £29.101 £129,952 £100.851 10 C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2020 2020 2019 3 ParticulaTS of incowe aud expenditsre from 50CTal housing 124.017 £J24.017 Il8,I £118.197 ltyeome from soritil hou5iD8 Almsborw3' ¢5pendTlur Wage5 and salarie5 {note 4} Rout5ne ma¥nten2ntt services Gard¢n w5t5 Uiilities (waw. ¢le¢tricity and gas) 26285 22,850 3,Y7 9,423 2225 98 23.097 14.731 2,051 9264 2,162 98 TV lice¢Ke £64,858 £51.403 Cycliral £1,440 Extra-ordioary repair fllDd £io.000 Sptci#l project fund improvtmettts £488 Man4gemtDt and administratio Wages and salaries (note 4) Fees and sub5CriPtiOTJ5 Telephone artd IT 14,587 488 1,893 13,189 420 1.588 - 2020 provi51orJ - 2019 underprovision L*821 atsd professional ftrs Travel & subsistence 3JllO 2,010 650 201 3 JOO (ooi 3,090 154 41 1,720 £23,442 Ath￿illistratI0n aDd sundry exFaJses £25.009 Interut payable £22531 £25,106 Exptthoitsrt o# social £122J98 £101,879 Net income from so¢ial housing £1,619 £16,318 Restdents are T￿l ttllants ￿rIC1sT¥t& of the Charity UEJder c4)DditiOW of 8 lieetKe to occ%Jpy an Alm5houst fJaL They Wdy a weekly Enalutellall￿ contrkbution IWMQ the TTh&1llte4￿tiee 8rtd seTVtces provided i accordance with the detaÉls laid down ill the Residents. their licence and 0ri8ittal letter of offer. The WMC ra* i% deterri￿ by the TTUSttts ots a non.profrt making bas￿. Vacant flats, usually aTi$ing fr*)m death OT from a resident no IOTW being capable of independent living, are filled from a list of applicarrts who have applied io corne a￿j live at GJllarJ's Close. Void losseg therefore only arise from the Frtriod behveeD a flat faEling vacant 8nd a new ￿Edent b¢ing abl¢ to tsk¢ up o¢cup8tioL. 11 C J Gallard's Almshouses, Charitable Trust Notes to the finaneial statements 31NI December 2020 2020 2019 4 Stsff costs trtssttts, remuD¢r#Oort xnd expenses 40F72 2.877 12J77) £40072 36286 2,293 Empl¢)ycrs' tsational insurant Et5Jploymefft allowance £36286 All(￿at￿l as follo￿. Alrttghouses, expe])diti￿e 26385 14587 £40372 23.097 13.189 £36,286 Averng¢ no of employec5 No trusfees received any remVDCr￿ it) the year {2019￿11). No expenses were reimbursed th¢ yw (2019.. £411. 2020 2019 39 86 7.200 £7286 DLVLdend in¢ome £7J24 £2.933 {2019.. £2.848) of dividend income rel*es to inVest[r￿[ts aIlW*￿ w the rc5tr1rt￿ Etra-ordis)ary bjnd. All other ￿Ves￿ettt inco0￿ is ujjresttided incom¢. 6 TgXatlOD C J Gallard'5 AIrnsho￿8e￿ Charrtablc Tnjll i% a reg￿tt￿l (hriry arf as is t￿ntIalty excmpt from t#xation of tts and gains falling within Incomc Tax Ad 2007 Part 10 And the Taxation of Chargeable Gains Att IW2 $.256 to the exlent that they ar¢ applied w its charitsbie objectives. No tsx liabiity 8risc5 sn the 7 Tattglble fix￿ xssets Frethold property Co￿.. At 1st January 2020 At 31st Detembtr 2020 2 J14J26 2J14J26 At 31st Dttethber 2020 £2J14?26 At 3 1st Decern￿r 2019 £2.314 J26 The Charity the freehold of the Lard at tr JID￿10￿ of t￿ndOn Road and Yew Trte Road in Southborougl Kent with 26 flats {altnsbous¢$1 thereti¥ one of whith is ctttspied by the Ab[shou￿S, Manager, which is part of the Pernunent EndowmenL The laThJ is vested in the Official C￿%￿dian for chaTittes by virbje of the Scheme of RegtJaÉiort dated 2 January 1914 and confirned in a rtvised Scheme dated 15 April 1969. 12 C J Gallard's Almshouses, Charitsble Trust Notes to the financial statements Slsi December 2020 8 Investments National Asso¢iation of Almshouses Common Investment Fuod TY￿ of shares Income Acwnul8tyon hltrket V471ue Totsl At lrt January 2tr20 Additions Unrealised SUTpltt3 on revajtthton At 315t Dettmber 2020 112J70 75.406 2,933 (5,332) £73,007 187,770 2,933 (13,72SJ £176,984 18,393) £103,977 At 31st December 2019 £112.370 £75.406 £187,776 The Énve51metrts conttffise trKome and Accwttul*ion slwes wsth the Natio[￿ As%>ciation of Al[[￿house5 Common lttvestsnerrt Fund (NAACIF). thinist¢rcd by M&G Securities Limited. WhilM the chariti￿ Aet 19Y2 -dtvests resp￿sibl1[ty for inv¢5tsncnts to th¢ Chartty Tn￿. the Income UDity 8Te allrKAted to the P¢mianent EndowThent Fund ar￿ are Restricted caprta] under Ch8rity Corami￿lon contn)18t)d eXp￿di￿re ewld lie. subject to recoupment orders. The Accwnulation units are aliwatrd to tht EXtt3￿rd1n8ry ￿paIr fund and are Restricted (gpital under ttustres, co￿01. txw to the multitith of small ¥ApJisitI￿ over many y¢ary it is T￿t praciica] to de￿Il￿1￿e historic c05L 2020 2019 9 Debtors Piepaym¢tts and accrued incotne 405 316 £405 £316 2020 2019 10 Creditor5: Arnowlts fallingd￿ wrthin orK ye4r J1160 11224 1.325 3JIM PAYE & NIC £J5N60 £15,853 13 C J Gallard's Almshouses, Charitable Trnyt Notes to the financial statements 31s1 December 2020 11 CreditOTS: Arnou￿ f8UIngd￿ mote thzn LMJeyear 2020 Total 2019 Total ank Limittsl £325,613 L125.613 £337,652 LA)ans are repayEbk &8 follo￿. 12.847 43.878 268.888 12,847 43178 12.039 41.123 284.490 Between two and five yvArs After more than five years £325.613 The loar)s from The Charity Bznk Limi￿1 Comprisi￿ f41vances of £150.000 in 2011. £175.000 in 2012, and £I40.000 in 2013 are ryyable over 25 ycats and are secure41 OD the free4￿]d proF*rty. l]tr¢rest is payAbl¢ at 6.50/0 w aDnuiiL £325,613 £337.773 12 Analysii of ntt wets between 2020 fund funds fttnd Tot81 Tamgibk fts¢d x¥sets IAv¢s¢meDts Cash at bank its band Other Bet eurttttt assets Creditors > l year 2J14J26 73,007 2J14J26 176.984 70J22 (15.05SI (325.6131 £2J20,964 IOJ.977 53 165l5 7.105 (21160) 3Z5,613 £2W39560 £103.977 £53107 £23.620 2019 fijnd Total Tatsgible fix￿ assets Irtveslments CastrL 21 bank 8T￿ in hand Other nct airreftt &wts Crcditths > l year 2J14J26 75.406 2,314.326 187,776 74,495 (15,537} 337,6521 £2323.408 112J70 43.680 30,815 (4.313} (11224) (337.652) £2.040.856 £1 12.370 £43.680 £26.502 13 Cetteral reserve At 1st 2020 26502 Stsrplus fort1* year 17.721 Charity Bank loatt repayments Cyclical m8iTrteÈwce fiuMI BW all¢￿tIon (11,103) 9500 £20.6031 £23,620 Al 31st D¢¢ember 2WIO At 3 I￿ Dernnber 2019 £26,502 14 C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2020 14 Movement ol fyods FuDd balaDtes blfv4d Fu￿d balanees Glfwd Gxi45 lossts Trxwfers Income ExptDdilure 2020 Perm4Dent Endowmtht J 12 J70 18J93} 103.977 Restricted r￿ed asset funds Propetty fund I￿an rcserve 2a14J26 2a14a26 (348O76) 1965,4iO 11,103 (337,773) 1.970,553 J 1.103 Otber restrict￿ funds Extra-ordinary repair fund 75J06 2,933 (Jo.000) (5J32) 63.007 75.406 2,933 63,1107 Unrestrkted fands 26A02 130,119 (112 J98) (20ffj03) 23,620 Unrutricted desyated funds Cyc15caJ maintertance fimd Swiaj projects fimd 42.018 627 $1745 J.062 I,lJ62 627 9JOO 53107 TOTAL 2223,408 133,679 (122a98) {lJ.7251 2220,964 Permanc￿t e￿d0￿ment ftynd The Pemlaryertt er￿0￿￿neDt fund compri*the freehold held at no value and the ujcome shar¢ t)p¢ invesknents. Restrieted fixed asset funds The restricted fixed awt futKb reivesem ts tr￿5￿¢￿. investnmrt Iwing propertie5 le•5 the 0￿$t￿t￿li￿g baknce on the Cl)8rity Bank loaJJ. Extra-ordinary repAir fuDd The extra-ordinary repar fimd i8 used for txprnditijre on major repoir5 or 5ignific8Dt improvrnts and ¢ompriseJ accumulati4m shue tyye investsnents. Cyrlkxl Tn4111ten8Tret fund The Cyclical rnaintenance fuDd 15 retsir￿d by the trust¢¢s to wvide for ryjiar upkeep, iticllldillg ]D¢crD￿ and external pair aud re.decoratto Special projects fund The Special proje¢ts fuad is uxd for exrKDdlti￿t onty authwi￿ project& 15 C J Gallard's Alm8houses' Charitable Trllst Notes to the financial ststements 31si December 2020 14 Movement of funds I￿nIt￿￿ed} Fund Fund balances Glfwd Qains atyj TrwLsfer8 2019 98.978 I3)￿2 112.370 Restricted fixed Isset fitnd6 Property fund 2J14326 (375.8251 1.9385OI 2J14,326 348,876) 1.965.450 26,949 26.949 63,775 2,848 8.783 75,406 63.775 2.848 8,783 75.406 G*Jeral reserve 355(X) 126374 (98.923) (36,449) 26.502 33.986 572 (1.440) (488) 9,51)0 42.618 1,062 Spe¢ial projects fund iJ92 158 35 J78 730 {1.￿8} 9.51X) 43.680 TOTAL 2.172.132 129.952 {1￿.851) 22.175 2223.408 16