C J Gallard's Almshouses, Charitable Trust Inaneial statement$ for the year ended 31st De¢¢mber 2022 Registered Charity No.. 209787 Index l General infornution 2 Report of thc trustees and statement of r¢8ponsibilities Indcpendeni examincvs rcport 6 Statement of financial activities 7 Statement of financial a¢tivities - 2021 cornparative 8 Balance sheei 9 Notes to the financial sla*m¢nts
C J Gallard's Almshouses. Charitable Trust General Information Truslees: The Charity Trus*es who served during the year were as follows.. Ex-officio Reverend R Wilson Reverend S Hi118 The Vicar of the Parish of St Thomas. Southborough The Rector of the Parish of St LaNrnce. Bidborough and St Peter. Southborou8lJ Nominative Mrs J Prance appointed by Souihborough Town Council Councillor T Poile appointed by Tunbridge Wells Borough Council Mrs M. Morton Lwpointed by Tunbridge IYell.¥ Borough Council (from May 202J) Co-optgllve (persons who have residcd or carried on business in or near Southborough and appointed by the Trustees).. Mr G J Coventry (Vice Chairnianfrom J3 January 2022) Mr N Powell (Chairmanfrom 13 January 2022) Ms D. Hill Mrs B Wisdom {Chairnian until 13 Januarv 2022) Clerk and Treasurer to the Trustees.. Mr Phllip Graingcr Alm$houses' Manager: Miss M L McDowall Address.. 27 Gallard's Close, London Roa¢ Southborough. KenL TN4 ONB Bankers.. CAF Bank Limited 25 Kin8s Hill Avenuc, Kings Htll, Wast Mallin& KenL MEI 9 4JQ Solieitors: Bates Wells 10 Queen Street Place, London EC4R IBE Investment Advisers: Courtney Havers LLP 24 London Road, SouthEK)rough. Tunbridge Wells. Kenl TN4 OQB Accountants.. Begbics Unit 14. Park Barn, Evegate Busincss ParL Smeeth. Ashford TN25 6SX Member of: The Almshouse Association Billingbear Lodge, Maidenhead Rorf Wokmgban4 Betkshire, RG40 5RU
C J Gallard's Almshouses, Charitable Trust Report of the trustees and ststement of responsibllities GovernAn¢¢: Tbe Tst is a Registered Charity governed by Schemes made by the Cbarity Comrnission having as its principal object the management of the properties known as the C J Gallard's Almshouses, consisting of self-contained flats in Gallard's Close, London Road. Southborougb, Kent. TN4 ONB. Applicants have to be men and women of limited financial means over the age of 55 years who have resided in the Borough of Tunbridge Wells with priority giv¢n to applicants from Southborough. The Charity is financed by Weekly Maintenance Contributions ("WMC") from the Residents, income from Investments and Ark Community Room lettings and donations. Any sutplus must be applied for the benefit of the residents. The Tt is administered by a tY of up to nin¢ Tnte¢S which include the Vicar of St Thomas's Church. Southborough, the Rector of St tawrence. Bidborough and St Peter. Southborough. two persons nominated by the Tunbridge Wells Borough Council, one nominated by the Southborough Town Council and four persons who have resided or carried out business in or near Southborough The Trustees believe that they have complied with th¢ duty in section 4 of the Charities Act 2006 ¢0 have due regard to public ben¢fit guidance published by the Charity Commission and (hat they comply with the Governance and Financial Viability Standard published by The Homes & Communities Agency. In addition to the twstee meetings held every two months, sub committees assemble to agrec on policy matters, obligations under charity law and to monitor the charity's finances and fabric. Revlew of activitle$'. During 2022 we were able to put the effects of the Covid pandemic behind us and income from the Ark Community and Foresters Rooms increased once again. There was inctEased interest from some new hirers which was welcomed. The Trnstees agreed an increase in WMC of 8.50/• to £108 for 2022 following an increase of 4.70/0 to £99.50 the previous year. However. a non-statutory valuation ¢arricd out by the Valuation 07¢¢ Agency pr(KlUC an equivalent fair rcnt fjgure of £165 providing TnLsiees reassurance that our charges remain substantially lower than the market level for comparable single bedroomed accommodation in the area. At the January 2022 Trustees. mceting, MTS Bcatrice Wisdom stood down as Chair of Trustecs. An expre&%ion of thanks w85 made by all present for all the hard work and cotnmitment shown by Mrs Wisdom to Gallards. Mr Nick Powell agreed to stand as Chair from that date onwards. The Charity continued to incur sigwficant legal costs in 2022 owing to a legal dispute with one of our SIdents and our attempts to temiinate thc Licence and Secure re- possession. A final court order was obtained in June 2022 and possession order granted.
C J Gallard's Almshouses, Charitable Trust Report of the trustees and statement of responsibilities Finaneial review: Total income n)se to £154.080 in 2022. an increase of £14,759. Expendith fell £5,194 to £152,834, but remained historically high as a result of the signif1cant legal Costs already Teferred to. The surplus before inveStnnt revaluations was £1246 (2021: a deficit of£18,707). The prices of the Trust's income and accumulation investments fell and the overall value of the portfolio decre&sed by £5.950. Overall, there is a deficit for the year of £4.704. Reserves policy: The reserves held by the Clwity SUPPOrt the matn objective of the provision of accommodklion al C J Gallard's Almshouses for the bcn¢fil of cligible residcnts of the BoTough of Tunbridge Wells. The rese¢5, excluding the Tcstrictcd PcnnancTJt Endowment Fund, Extraordinary Repair Fund and Property bund. totalled £31,626. These reserve.s enable us to meet cyclical maintenance costs and include a provision for special projects and a general reserve. The Trustees, policy is to hold a general reserve equivalent to three months. general expenditure. which equates to approximately £27,500. It Is consid¢rcd thal the reserves are adequate to cover known futurc necds. Tru$tee$' respongibillifies in relatlon to the finaneial sl*tementS: The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accountin8 Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities and regiSted social housing providers in England and Wales requires the trustees to prepare fjnancial statements for each financial year which give a true and fair view of the slate of affairs of the charlty as al the balance sheet date. and of its income and expenditure for that period. In preparing the financial statements the trustees are required to.. select sultable accounting policies and then apply them consistently: observe the methods and principles in the applicable Charities SORP; make judgcments and estimates that are reasonable and prudenL state whether applicable accounting standards have been followed. subject to any material departures that must be disclosed and explained in the financial ststements, and prepare the accounts on the going concern basis unless it is inappropriate to presum¢ that the charity will continue on that basis.
C J Gallard's Almshouses, Charitable Trust Report of the trnstees and statement of responsibilities The Ine8 are responsible for keeping proper aCCountg records wbich disclose with reasonable accurdcy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulation5. the Housing & Regencration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing 2015 and the governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approval.. The report was fornially approved by the Trustres at their meeting held on 9 March 2023 and is 81 on their beha]f by: N Powell. C f Tntees. Dale: 9 March 2023
Independent examiner's report to the trustees ot" C J Gallard's Almshouses, Charitable Trust I report to the tnE5tees on my examination of the accounts of C J Gallards Charitable Trnst for the year cnded 31 D¢cember 2022 which are set pages 6 to 16. Responsibilities and basis of rqrt As tbe charity trSte of Tnjll you are re51b1¢ for the prcparnts"ot) of the aCCOUDts in accordane¢ with the requircmts of the Clwities Act 2011 fthe Aci?. I report in rLyct of niy exan)ination of the T[ste& aUnts Carri out under 8tion 145 of the 2011 Art aTrJ in caTryill8 Out tny examination I h&ve fouowrd all th¢ opplicable Directions 'v¢ll by th¢ Charity COMMI10n¢r under section 145(5)(bl of the 2011 Att Independent examlner's statement I have completed my examination. l ¢onfirni that no rnateriai rn2tter8 have me to my attelltion in Conneetion wry¢h the ¢xaminhkn'on VIng Cae to believe that in any m&terÈ81 res.. 11) accountin8 records were not kept in n¥pect of the Trust as TequirrAJ by section 130 of the Act or {2) the accounts do accord with those re¢ord&' OT (3} thc accounts do noi comply with the applicable rcquir¢Dxnts concemin8 the forni and content of aecow]ts sct out in the Charities (A¢counts aThl Reports) Regulations 2(KJ8 other thatl any requircrn¢ni that the accounts give a nje and hir view, whtch is not a matter Considered L4 part of an indeperthtt examination. I have no concerns and have come across no oth¢r matters in connection with th¢ examinarioll io whieh attention should b¢ dr4wn in 'S repon ill order ethable a prow Understs0d ofthe aeeounts to b¢ r¢ached. DAnlel Vlenthie ACA Begbles C'harteredAccownlants Unit14 Park Barn Evegaie BUSI5¥ Park Smccth, Ashford TN25 6SX . 2023
C J Gallard's Almshouses. Charitable Trust Statement of financial activities for the vear ended 31st December 2022 Total 31De 2022 Total 31 Dec 2021 EndOwnt Restrieted De8igDat¢d Unrestricttd funds fNdS fund Noles Income from: Charitablc activities - Weekly Tnaintenance contribution Other activities . Letting5 and guest accornmodation Donaiions Investh 3925 138.617 142542 131.465 4,017 4,017 945 400 6.511 3,072 4,449 7,521 Total Snconhe 3.072 3925 147,083 154,1180 139,321 Expendliure OD: chlb]e activilie8 - Almshouses, up¢nditur¢ Cy¢lieal maintenance - Extraryordinary repair - Management and administration - Interest pay8bl¢ TotAI expeDdl¢ure 59,006 59,1106 7273 2.142 63,682 20,731 64,834 714 7273 2.142 63,682 211,731 70,948 21,532 1142 7373 143,419 152.834 158,028 Net Income befor¢ g•lDS and losJe$ on Inve$¢m¢nt¥ 930 {JJ48) 1246 {18,707) Galnsl(loMe$) on IDVUttn¢nt •s8¢t$ (3531) (1419) (5,950) 16,570 Net In¢onKllexpendlture) (3WI) (1889) (3J48) (4,704) 12,131) Tranjfen between fuThd$ 12,903 (12,9031 Net movement ID funds (3J31) 11814 (3J48) (9239) (4704) 12.1311 Recnn¢llltlon of funds: Total lld8 brou8ht forvard 14 113J40 2061381) 41J75 2.63 1218033 2,220.964 Total fund$ ¢xrrled forward 14 £109J09 £2.072.694 £38227 £16,601) £2,214,129 £2218.83.3
C J Gallard's Almsbouses, Charitable Trust Statement of financial activities for the year ended 31st December 2021 Comparative Totsl 31 Det 2021 Elldtswmen¢ Reslricted DeMgDted Unrcstri¢t¢d fundi fnd Income from: Cbaritable activities - Weekly rna]nteTw contnljutio Other activities - Lettings and guest accommodation Donations lllv¢stments 3.082 128.383 131.465 945 945 4(K) 6,511 2.404 4.107 Totsl Income 3,482 133.435 139,321 Expenditure on: Chaniable activitics - Altnshouses, expendi¢ur¢ - Cyclical rnaintenance - Extra-ordinary T¢pair . M&sement aThJ admi110 Interest P¥Ydble 64,834 64,834 714 714 70.948 21.532 70,948 21,5.12 Total eXpendItre 714 157,314 158,028 Net Income b¢fore 8#ltts losses on Inves¢rnent$ 2.768 (23,879) {18.707) Calnsl(10sge$> on investment #uets 9J63 7.213 16.576 Nel Incomel{expendlture) 9J63 9,617 2,768 (23,879) (2,1311 Transfers between fvnds 12,103 (]5,() 2.897 Net movennt In funds 9J63 21.720 (12.232) (20,982) (1131) Refon¢iliation of fund8: Total fund5 brought forwaTd 103.W17 2.039,560 53,807 23.620 2220,964 Totsl tsnds ¢arrled fonY*rd £113 J40 £2,061280 £41.575 £2218.813
C J Gallard's Almshouses, Charitable Trust Balance sheet 31si December 2022 No 2022 2021 T•ngible rued 8ssets 2J14J26 2.314.326 IDVeStments 193,086 195,964 Current assets Debtors Cash at bank ar in hand 412 26.911 219 42.230 27J23 42,449 Credltors: Amounts falling du¢ within one year (21J4 (21,1391 N¢t current ets 5.7711 21,310 Total 4ss¢ts lesy ¢urr¢nt li*bllltle5 13,190 2.531,600 Credl¢orn: Amounts falling du¢ after more than QDe y¢•r Other ¢ditorS 299,061 312.767 1299.061) 1312,767) £2,218.833 £2.214.129 Capltil and reserves Unrestricted fvn(ts General reserve DeSigned reseThrs Restricted fixed as%et ffiJnd8 Other restrÈcted funds Pernnent endowmcnt 13&14 (0.601) 38,227 2,001559 71.1.15 109W9 £2a14,129 2,638 41.575 1,988.656 72.624 113.340 £2,218,833 14 14 14 Approved by the TrtteS on 9 March 2023 their behalf by Mr N P•wtll Chglrmsn Mrs B Wlsdom Trustee
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2022 l Aceorynting pollclej (a) Bas&$ ofpreparalion The accounts have prepar&1 in accord with i) the Statement of Rec0mttCd PTa¢tiee.. Accoutitillg alld Rwriing by Charities prepari their acrA)uDts in accordance with the Financjal RepoTtiY8 Standard applicable in th¢ UK aTMI Republic of IrelaNI (FRS 102) pubb.shed on 16 July 2014. ii) the Financial RcpoTttDg Stsndard 8pph"cable the UK and R¢publi¢ of Ir¢lgnd (FRS 102) gtsd iii) the Charities Act 2011. The fncIal Stsl¢ts have b¢¢n pryar&l undcr the histori¢al eost CODv¢ntion, as adjusted for tL revaluation of investsrtnts. The trust COn5titutCS 8 public benefit entity as defin¢d by FRS 102. (b) Stafviory bos The charity is a ye51¢red chaTity with the Charity conunlw0 a memb¢r of the National Association of AlmslKJuse8 and is [Cstered with the Homes and CommunitiG% Agency as a soeial landlord. (cj Going concern Thc tnte¢S WL4ider that thtse are no water1 uwetsiDties about the ability to continue &$ & 80ing concem. (d) Income (excluding InveseI ga$) Incom¢ iy recognised once th¢ chan.ty has ¢ntitlemenl lo the income, th¢re is sutTici¢nt cert#inty of receipt al so it is probabl¢ th&t the Ime will be receive& Ynd thc amount of income rec¢iv3ble can bc m¢asured liably. (e) E¥pendilure Exp¢nditure is recogwsed 0¢ thtte is a legal or constTuetsve obltgatioD to make a payment to a third party, it 1$ pmbabl¢ ¢h#t settlem¢nt will be requir¢d and the wunt of the obligation ¢an be mSured lIablY. Value added ia¥ The charity 1$ not regteI for Yah add t. Where applicable. expaitse 15 shown irnclusive of VAT (g) Howingpropenies The fr¢¢bold land 8tMI 0ri8Lnal 20 flats (alnLshouscs) are trealed as non4capitalised agts and irtcluded at nil valuelwsi. Subsequent addilions and impTov¢ryKnt exndire are slated at eost and include attributable rinan¢t costs dwing Ihe developmenl perioiL StsbqU¢nt f]nance costs e written off in the %tstemeThl of financial activities. No depreciation is cbar%ed. As the alThthus¢s Jr¢ well-m&iDttiitied bave 8 lon8-life and a strong rtsiduai value. any deprecialion would be inh&teria1. (h) Findneiol inxlnunents The chanry onty has tinancial 8&8cts ond titiAllcial lbIll¢S ot. a klnd th8t quality as basic tinancial ill$trunts. Basic fjnancial instrum¢nL8 are initsally recognised ai tsaction Val and subsequently mcasured their settlement Yalue. BaDk IlW are SubsU¢nY TTLeasureAJ at amoniseil cost using (be effectsve interest mdhod 8nd investm¢nts are subsquetttly Meas at their Djarket y¢ as 4t thc balartee sbeet d using the ¢losiD8 qlloted nwket pn¢e.
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2022 (i) Invutments All gatns and losses are takcll to ststcllt of a¢tiviti¢s as they arise. liealis¢d gains and losses on investments are calculated as the difference between salGs prcedS and their opening canying value or their purch&se vae if acquired subsequent to the fitst day of the financi81 year. Unrealised gains and losses are calculated as the diffcrcncc between fair value at the year end and their ¢arying value. Realised and U[]reiSed inv&8ttMrt gains 8TxI losses are combined in the sthtthnent of finial activities. O) Desigwiiedreservaf D¢signated Ksezvcs are part of fut)d8 which hav¢ b¢en eaThllaTk by the Tte¢S for a p8rtseular pwptse. Such de$lOn3 may bc reversed by ffijtttre Trustee decisiorLq. Ik) R&rricied re.ferves Eiestricted fijnds are those for partieular purww. nalW¢r than the overall charitable puTp05es of the charity. 2 ¢xpenditsr¢ Det iDcome 2022 Incott Exp¢ndi¢wrc Net ltheome Soclxl hou•lnz dlvltl¢s (Dote 3) NoModAI hOllng aetlvS¢ - Ark ComTDunity Room IcttiD 1nvt1tnnt Income 142W2 152034 (111,292) 4.017 7J21 4.017 7,52] 1152,834 £1,246 2021 Expenditure Income Net income Socll hDuJing *divillts (not¢ 31 Non-SQCi81 bousing &ctfvttle5 . Ark Commurrity Room lettm8S Donatlon8 131.465 158.028 126,563) 945 945 400 Invekn¢nt ID¢0 6.511 139J21 6.511 {18.707 158,028 10
C J Gallard's Almshouses, Charitsble Trust Notes to the finaneial statements 31st December 2022 2022 2021 3 PrtieulrJ of Intome and ewnditsre from socknl bouslng Weekly maintenance contributions from 30¢iI housing 142542 £142,542 131.465 £131,465 Almsbouses, eipeDditsre Wag¢s and larI¢S (note 4) Routine maintenance and servitts Carcline Gardcn costs Utiliti¢s {wal¢r. electricity and gas) Insurance TV lic¢n¢¢ 27,037 10.686 4,760 4254 9,231 2J14 224 27.745 18,780 6.119 9,651 2,397 142 £59.006 £64,834 Cycllcal n&tellnee £7.273 £714 Extraryordth•ry reIr fund £2.142 Sperknl proJ¢¢l fund lrnproverneDts ManEenhent And gdmlDlstndo Wages and salaries {noie 4) Fccs and subscriptions Telephone &nd IT A¢countan¢y & iD¢kpendent examineMaccO$ Teptyt Legal and professional fees Travcl & subsistcn¢e Trustces, expense$ Bank char8es Administratr'on and SU expenses 15J67 14,859 440 3,011 4.500 45.324 463 4,764 3.750 3&438 263 33 81 2,19) £63,652 97 2.254 £70.948 Inltrest P*y8bk £20.73] £21,532 Expendlture DD 8odAI ho81£ £152,834 £158028 N¢¢ ID¢ome from ebal hoMIAg qIO.292} q26.563) R&4idettL% are noi ten8nt$ but beneficiaries of the Charity der conditions of & licence to ¢UpY an Almshous¢ flat. They pay a weekly rnaintena Contribution {WMC) for tbe maintenance and servic¢s proTridcd in accordance with the detsils laid down tn the Residents, HaNlbooL their lieence #lld Orig[ l¢tter of offer. The WMC rnte is detern by the Tnwtees on a norrfrofit making bls. Vacant flats, usually arising from death or from a residcDt no longer being ¢apabl¢ of independent living, are filled from a list of applicants who have applid to coll alld live at Gallard's Close. Void lo&scs thercfor£ only tirise from thc pcriod between a Ilat falling v8cani and a llew ttsidcnt king able to take up occupation. 11
C J Gallardls Almshouses, Charitable Trust Notes to the financial statements 31st December 2022 2022 2021 4 Staff ¢04ts ¢rusttts' remutter¢•oD xnd ¢xpens Cjross wages and salaries Employcr8' national insutaDee Ernploynnt k)wante 42,604 3.0¥0 (3,080) £42th04 42.604 2,849 {2.849). £42,604 Alloced &$ follows.. Almshouses, expenditure Management and admmisttatiijn 27.1137 15,567 £42,604 27.745 14,859 £42,604 Average no ofemployees No trustees tK¢ived any reniun¢r•tiots iti the year (2021:£il}. Expcns¢s of £33 rre reimbur8¢d in the year 12021.. £nil). 2022 2021 5 Irtvestment In¢oJne Bank interc5t Dividcnd income 97 7824 £7.521 6,507 £6,511 £3,072 {2021.. £2.404) of dividend Incom¢ relales lo investments loted to the restticted Bxtro-ordinary fijnd. All other irtvestsnent income is unrestrictryj incon. 6 T•xdts C J Gallard's Alm5hw8' Chan'tsbl¢ Trusi 18 8 regist¢r¢d ChAn"ty as is potentially exempt from tsxAtion of its income and gains l8llill8 within Incomc T&x Aci 21NJ7 Part 10 and the Tax8tiot] of Chargeable Gain5 Act 1992 $.256 to the extent that they are appli to lis Charlble objxlive$. No tax liabilily ari8&% in th¢ 7 Ta#ilble (kned Freehold property Cost." At 1st January 2022 At 31st De¢ernr 2022 2J14J26 1314J26 book value.. At 31$t Deeember 2022 £1314J26 At 3 1st Dc¢¢rober 2021 £2,314,326 The ChaTity the freehold of the land at the jundion of tAJTwJon Road aThl Yew Tree Road in Southborough. Kent with 26 tlats (altnshO8cs) thereiti. one of which 15 occupied by thc Almsh0C5, Manager. which i.s part of the Pernwnent EndOt The laThJ is vested in the Official Custodian for chan.ties by virtti¢ of th¢ S¢h¢rnc of Reulation dated 2 Januarv 1914 and ¢onfinn¢d in a revisd Schemc daÈcd 15 Aoril 1969. 12
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2022 8 Investm¢nts Natlonal Association of AknLghouses Investment Fwnd Type of shares Ime Acewnulation Markel value Total At January 2022 Additions Unreabsed swplus on rcvalu*ion At 31st Deceffjber 2022 113.340 82.624 3.072 (2,419) £83,277 195.964 3.072 (5,9511) £19J.086 (3,531} £109J09 At 3 1st Dernber 2021 £113,340 £82.624 £195.964 The investments eornpris¢ Ir0% and A¢cumul8tion sharts with the N#titsnal Association of A]nhOuse$ Common Invesimcnt Fund INAACIF). &dministCTcd by M&G Sccurities Limited. Whilst the CharÈtl&8 Act 1992 div¢$ts rcspinsibility for inv¢stsnents to the Cban'ty Tnts1 the Income units ar¢ allocated to th¢ Pcrnianent EndOwInt Fund and are R¢strictcd capitsl under Chariry Conrnission control and any expenditur¢ could be subjec( to r¢¢oupmcnt orders. The Accumul81ion units ar¢ allocated 10 thc Extra-ordinary repair fwnd and are Restricted e#pitai und¢r the trustt¢$' control. Due the multilude of$mall wuisitiolls ov¢r many years it is Mt pw111 to detcnnine hisloric C418L 1022 2021 9 D¢btor8 412 219 £412 £219 2022 2021 10 Credltsn: Amounts fallitig due withi'n otte ychr Loall repats due in les$ than l year PAYE & NJC A£¢nlS 13,706 1099 12,904 1,435 6,800 £21,545 £21.139 13
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 3Jst December 2022 11 Credltsr& Atnounts fallin8 due after nJ)re than one year Thcawi"ty 2022 Toti 2021 Total £299.061 £299,061 £312,767 Loans are repayable as follows: Between one alld two years Betwcen two and five years After more than five years 13,706 46.832 238,523 13.706 46J32 238,523 13,706 46.832 252,229 £299.061 £299,061 £312,767 The loans from The Charity Bank Limited comprising advanctts of £150,IM)O in 2011. £175,OtN) in 2012. and £140,000 in 2013 8r¢ rep4yabl¢ over 25 al are secured on the freehold property. In¢¢r¢st is payable at 6.5 % p¢r Jnnwn. 12 Anatyili of Tret between funds 2022 Endov4n)ent Reitrl¢ted fllndl Deslgn#ted Unr¢s¢rlcted fuDd6 fund Ttstl TanElble flxed ts¢ts Investmets C8ih at bank Other net currenl aM¢tg Credltor8 > l yr 2J14J26 83.277 1,314J26 193.086 26,911 {21.13.1) (299,1)61) £2.214,129 1119309 38.227 {IlJ16) 4,715 {25%8) {299,1)61) £2,071,694 £109,809 £38.227 6,601) 2021 EThJOWl R&%trieted Design8teil Unrestrictf fimd fimd TotV41 Tangible (ed gets Inv¢stm¢nts Cash at bank 2J14J26 82,624 2,314,326 195,964 42,230 120,920) (312.767) £2218.833 113.340 41.575 655 1.983 {22,903) (312.767) £2,061.280 Credjtors > l year £113J40 £41,575 £2,638 13 GeDeral reserv¢ At 1st January 2022 Surplus (defi¢it) for the financial ye8r Trdnsfers to Testri¢teJ fixed asset reseTV¢S 2ffj311 3,6fA (12,903) Cyclica] maintsnonce futhl Trar¢r (12.903) At 315t Deceml*r 2022 £{fi601) At 3 1st December 2021 £2.638 14
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2022 14 Movement FDttd Fund balances clfwd Gin8 attd lom Transferi blfwd IDcoJne Expendithrt 2022 Ptrmlnent Endowment 113J40 (3,531) IIJ9.809 Rejtricted fixed s8et fundj Property fund 2J14.126 (325,070 lJ8&656 2,314,326 (:112.767). 2,001,559 12.903 12,903 Otber rejtrlrted fu•d8 Extra-ordinary repair 72,024 3,072 (2,142) (2.419> 71,135 7L624 3,072 (2,142) (2019) 71.135 Unrutrlcted fund¥ Cyeneral Te5erve 1638 147,083 (14J.419) (12.903) {6,601) Unrutrlcted d¢sl8ttated fwids Cyelieal maintenance fiuKI Special proje¢ty fund 40,113 1,462 3,925 17373) 3&765 1,462 41J75 3.925 (7273) 3&227 TOTAL 23IW3 154,1180 (152,834) {5,950) 2.214.129 P¢rnMnent eDdownKllt fuud Th¢ Pcrmanent endowment fimd cou4Jri8es the freehold property beld no value a1 the income slw¢ type inv¢slm¢nts. Rejtrlded fixed Met funds The restricted fixed a&8e¢ fijnds r¢presertt the tnL8ted inv¢skn¢Dt in hou5in8 less the 0utstsrIng b8lan¢¢ on the Charity Bank loan. Extrawordinary repalr fund The extra-orduwy r¢pair fimd is wed for expenth'ture on majoT repaws or significant impTovem¢nts and compr25¢5 ¢umulation sharc type investsnents. Cy¢ll£al mAiThtenrtee fu#d The Cyclical maintenance fuThJ 15 rctainea by th¢ to prowde forTegular ittcluding internal and external repatr and re4ecoralion. Speci41 projetts fund The sla1 projects fund is US for ex1K"tUre onty on JaIlY autknnsed projects. 15
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2022 14 Movejnent of funds (continued) FuThJ balanc&% fwd Fulld balances Gau)s and losses Incom¢ EXlture Transfers 2021 P¢rrnane EndowTr¢rtt Fund Restricted fixed awt fimds 103.977 9J63 113.340 Property fund Lnan reserv¢ 2J14,326 (337,773) 1,976,553 2.314,326 1325,670) 1,988.656 12,103 12,103 Other r¢stricted funds Extravordinary repair ful 63.007 2,404 7.213 72,624 63.7 7213 72,624 Unr&¥riCted futtds Generdl reserve 23.620 133.435 {157.314) 2.897 2,638 UrLrestriCted d¢$i8natrd fund6 Cyclical main¢eTW)ce futtd Special prtsjts fvnd 52.745 1.062 3.082 {714) 115,000) 1,462 53.807 3.482 (714) 115.(M)O) 41,575 TOTAL 2220.964 139.321 (1 $8,028) 16.576 2,218,833 15 Legal The ¢lJariry h39 iu[red leg81 CLKts to date of £77.678 in conne¢tiOll with the tenDination of & licen¢¢ to occupy one of the tlats. The charÉW5 legal lon w&4 suc¢es5ful a1 it W&8 awarded costs of £59.629 plus inter¢5t at 8th/0 (from June 2022) in August 2022. Recovery is believed to be uncertain and therefore in accordan¢¢ with rh¢ Statement Of Recommended Practice. the itlcome has not been recognised in these accounts. 16