C J Gallard's Almshouses, Charitable Trust Financial statements for the year ended 31st December 2023 Registered Charity No: 209787 Indei Gener&1 infomalion 2 Ret)ort of the iruste¢s and slafrment of responsibilities 5 Independent examiner's report 6 Statement of financial activities 7 Statement of financial activities- 2022 comparative 8 Balance sh¢¢t 9 Notes to th¢ fiTJan¢ial statements
C J Gallard's Almshouses, Charitable Trust General Information Trustees: The Charity Trustees who served during th¢ year were as follows: Ex-officio Reverend R Wilson Revcrcnd S Hills The Vicar of ihe Parish ofst Thomas, Southborough (resigned l June 2022) Nominative Mrs J Prance appointed by Southborough Town Council Councillor T Poile appointed by Tunbridge Fvells Borough Council Mrs M. Morton appointed by Tunbridge Wells Borough Council Co-optative Ipersons who have resided or carried on business in or near Southborough and appointed by the Trustees)= Mr G J Coventry (Vice Chair) MrN Powell (Chair) Ms D Hill Mr A Langford (appointed 9 March 2023) Mrs B Wisdom Clerk and Treasurer to the Trustees: Mr Philip Grainger Almshouses, Manager: Miss M L McDowall Address.. 27 Gallard's Close, London Road, Southborough, Kent, TN4 ONB Bankers.. CAF Bank Limited 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Solicitors.. Bates Wells 10 Queen Street Place. London EC4R IBE Investment Advisers: Courtney Havers LLP 5A, Valley Industries, Cuckoo Lane, Tonbridge, Kent TN I I OAG A¢¢ounÉants: Begbies Unit 14. Park Bary Evegate Business Park, Smeeth, Ashford TN25 6SX Member of.. The Almshouse Association Billingbear Lodge, Maidenhead Road, Wokingham, Berkshire, RG40 5RU
C J Gallard's Almshouses, Charitable Trust Report of the trustees and statement of responsibilities Governanee: The Trust is a Registered Charity govemed by Schemes made by the Charity Commission 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, Southborough, Kent, TN4 ONB. Applicants have to be men and women of limited financial means over the age of 55 years who havc resided in the Borough of Tunbridge Wells with priority given 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 surplus must be applied for the benefit of the residents. The Trust is administered by a body of up to nine Trustees which include the Vicar of St Thomas's Church. Southborough. two person5 nominated by the Tunbridge Wells Borough Council, one nominated by the Southborough Town Council and five persons who have resided or carried out business in or near Southborough. The Trustees believe that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission and that they comply with the Governance and Financial Viability Standard published by The Homes & Communities Agency. In addition to the trustee meetings held every two months. sub committccs assemble to agree on policy matters, obligations under charity law and to monitor the charity's finances and fabric. Review of activities: During 2023 life began to retum to nom)ality following Covid and income from the Ark Community and Foresters Rooms increased once again. We were able to take on a number of new hirers for the Ark Community hall which increased our income further. We were able to welcome Mr Andy Langford as a new co optative trustee who, as a qualified quantity surveyor. has been instrumentsl in carrying out our Quinquennial Report. The Trustees agreed an increase in WMC of 7.5 % from £108 to £116.10 for 2023 following an increase of 8.5 /0 the previous year. However, a non-statutory valuation carried out by the Valuation oifi¢e Agency produced an equivalent fair rent figure of £165 providing Trustees reassurance that our charges remain substantially lower than the market level for comparable single bedroomed accommodation in the area. Following a prolonged and expensive legal dispute with one resident a final court order was obtained in January 2023 and repossession granted. We were able to welcome two new residents from the local area.
C J Gallard's Almshouses, Charitable Trust Report of the trustees and statement of responsibilitles Financial review: Total income rose to £163,021 in 2023, an increase of £8,941. Expenditure fell £1,833 to £151,001 but remained historically high as a result of the significant legal costs already referred to. The surplus before investment revaluations was £12,020 (2022.. a surplus of £1,246). The prices of the Trust's income and accumulation investments rose. and the overall value of the portfolio increased by £3,671. Overall, there is a surplus for the year of £15,691. Reserves policy: The Reserves held by the Charity support the main objective of the provision of accommodation at C J Gallard's Almshouses for the benefit of eligible residents of the Borough of Tunbridge Wells. The reserves, excluding the restricted Permanent Endowment Fund. Extraordinary Repair Fund and Restricted Fixed Asset Funds, totalled £26,564. These Reserves enable us to meet cyclical maintenance costs and include a provision for special projects and a general rescrve. The Trustees, policy is to hold a general reserve, in addition to the Pem]anent Endowment Fund and restricted and designated funds and reserves, equivalent to three months, general expenditure. That level stands at a deficit of £465, an improvement of £6,136 on last year. It is considered that the reserves are adequate to cover known future ne¢ds. Trustees, responsibilitie5 in relation to the financial statements: The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordan¢e with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. The law applicable to charities and registered social housing providers in England and Wales requires the trustees to prepare Fancial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the balance sheet date, and ol its income and expenditure for that period. In preparing the financial statements the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the applicable Charities SORP. make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards have been followed, subject to any material departures thal must be disclosed and explained in the financial statements, and prepare the a¢counts on the going concern basis unless it is inappropriate to presume that the charity will continue on that basis.
C J Gallard's Almshouses, Charitable Trust Report of the trustees and statement of responsibilities The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy 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) Regulations, the Housing & Regeneration 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 fornlally approved by the Trustees at their meeting held on 9 May 2024 and i ned on their behalf by: N Powell, air Trustees: 9 May 2024
Independent examiner's report to the trustees of C J Gallard's Almshouses, Charitable Trnst I report to the trustees on my examination of the accounts of C J Gallard's Almshouses. Charitabl¢ Tn for th¢ year ended 31 December 2023 which are set out on pages 6 to IS. Responsibilities basis of report As the Gharity trustee5 of the Trust you are resTK>n5ible for the preparation of the accounts in accordance with th¢ requirements of the Charitle5 Act 2011 I'the Act'l. I report in respect of my exatnination of the Tru5tees' accounts carried out under section 145 of ihe 2011 Act and in carrying out my examination I have followed all the applicable Directions giv¢n by the Charity Commissioner und¢r Section 145{5)Ibl of the 2011 Act. Independent examiner's statement I have c4)mpleted my examinatiot). T cotjfim that no material matters have come to my attention in conncction with the examination giving me cause to believe that in any material respect.. {11 accounting records were not kept in respect of the Trust as requtred by section 130 of the Aci. or 121 the accounts do not a¢cord with those records. or 131 the accounts do not comply with the applicable r¢quir¢ments ¢on¢eTning the fortn and content of account5 set out in the Charities (Account5 and Reports) RegulatlOT15 2008 other than any requirement that the accounts give a true and fair view, which is not a matter considered as part of an independ¢nt examination. I have no concerns and have come across no other matters in cotjnection with the examination to whi¢h attention should be drawn in this report in order to enable a proper understanding of the ac¢ovnts to be reached. Daniel Valentine ACA Begbies CharÉevgdAcCoÈuIS Unit 14 Park Barn Evegatc Business Park seeth, A5hford rN25 6SX 1615 2024
C J Gallard's Almshouses, Charitable Trust Statement of financial activities for theyear ended 31st December 2023 Totgl JI Dec 2023 Total 31 Dec 2022 Endowment fund Restricted Designated Unrestricted funds funds Notes Incorne from: Charitablc activities Weekly maintenart¢e wntribution5 Other activities - Ark Community Room lettings Donations Investment5 3,562 147.010 150.572 142,542 3.472 3,472 700 ,277 4,017 700 3,376 4,901 7,521 Total income 3J76 4262 15SJ83 163.021 154,080 Expendiknre on: Charitable activiiies Almshouses, expenditure Cyclical tnaint¢nanc¢ Extra-OTdinary repair Manag¢ment and administration Interest payable Total expenditure 69.595 69,595 15,460 59,006 7,273 2,142 63,682 20,731 15,460 46.017 19,929 46.017 19,929 15,460 135.541 151.001 152,834 Net ineome before gains and losses on investmeThts 3,376 111,198) 19,842 12.020 1,246 G*lnslOossesl OD investfflent 1$8et5 1,877 1,794 3,671 (5,9501 N¢t iDcomel(expenditllre) 1,877 5,1711 (11.198) 19,842 15,691 {4,7041 Tran$fer$ between funds 13,706 (13.706) Net movernent in fvnds 1077 18,876 111.198) 6,136 15,691 14.704) Re¢onciliatiDn of funds.. Total fvnds brought forward Tot81 funds earried forward 13 109,809 2,072,694 38227 £27.029 (6.601 £(46SI 2214,129 2,218,833 £2.214,129 13 £111,686 £2,091570 £2,229,820
C J Gallard's Almshouses, Charitable Trust Statement of financi21 activities for theyear ended 31st December 2022 Comparative Total 31 Dec 2022 Endowment fund Restricted Designated Unrestricted funds fund$ fund Note5 Income from.. Charitable a¢tivities Weekly maintenanc¢ cotjtributiort Other activitie5 Lettings Investments 3.925 138,617 142,S42 4,017 4.449 4,017 7.521 3,072 Tot91 income 3.072 3,925 147,083 154,080 ExpeDditure on: Charitable activities Almshouses, expenditure Cyclical maintenance Extra-ordinary repair Management and administration Interest payable 59,006 59,006 7.273 2.142 63,682 20.731 7.273 2,142 63.682 20,731 Total expenditure 2,142 7,273 143,419 152,834 Net income before gains alld losses on investments 930 13,348) 3,664 1.246 Gain51(losses) on inv£stm¢nt gssets 13.5311 (2,4191 15.950) Net iThcotne/{expenditure) 13,5311 (1.4891 13,348> 3,664 (4.704) Transfers between funds 12,903 112,903) iyet movernent ID fullds 11.414 13,3481 19,2391 {4,7041 Reconciliation of funil5: Total fund5 brought forrd Total fund$ earrled forward 113,340 £109.809 2,061.280 41,575 2,638 2,218.833 £2,072,694 £38,227 £16,601) £2,214,129
C J Gallard's Almshouses, Charitable Trust Balance sheet 31st December 2023 Notes 2023 2022 Tangible fixed assets 2J14J26 2,314,326 lThwestments 200.133 193,086 Current assets Debtors Cash at bank and in hand 195 19,787 19.982 412 26.91 27.323 Creditor5: Amtsunts falSing due within one year Net cllrrent (liabilities) assets Totol assets less turrent liabilltles (20,130) (21,545) {148) 2,514,311 5,778 2.513.190 Cveditor5: Atnounts falling due after more than one year Other creditOT5 io 284.491 299.061 (284.491) £2.229.820 {299,0611 £2.214.129 CApital and reserves Unrestricted fvnds General resCe Designat¢d reserve5 Restrictcd fixed as5ei ndS Other re5thct¢d fvnds Perrnanent endowment 12&13 13 13 ij 13 (465) 27,029 2.015,265 76,305 111,686 £2,229J20 (6,6011 38,227 2,001,559 71.135 109,809 £2,214,129 Approved by the Trustee5 on 9 May 2024 and igne their behalf by Mr N Powell Chalr Mr G J Coventry Trustee
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31Jt December 2023 l AeeountlDg policies (a) Busis ofpreparolio The accounts hav¢ been prepared in a¢¢ordan¢e with il the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable 2n the UK and Republic of Ireland IFRS 1021 published on 16 July 2014, ii) the Financial Reportirtg Standard applicable in the UK and Republi¢ of Ireland {FRS 102) and iiil the Charities Act 2011. The finan¢iAI statements have b¢en pr¢par¢d under the historical cost ¢onventio]L as adjusted for th¢ revaluation of investm¢nts. The tnjst ¢onstitutes a public benefit entiiy as defined by FRS 102. (b) Siaiiilory basis The charity is a registered charity with th¢ Charity Commission and a member of the NatiOTLal Association of Almshouses. (c) GoEng concer The trustees eon5ider that there are no material uncertainties about the trust's ability to continue as o going con¢ern. (d) Jv¢ome (exclydiF7g investFkReni gL7ins) Income 15 recognised once th¢ Gharity ha5 entitlement to the in¢ome, there is sufficient Certainty of Teceipt and 50 It is probable that the incotne will be received, and the amount of income receivabl¢ ¢an be measured reliably. (e) Expendi£re Expenditllre is recognised once there is a legal or constructive obligation to make A paYent to a third party, it is probabl¢ that settlement will b¢ required and the amount of the obligation can be measured lIablY. Value oJdedt(LY The charity is not registered for value added tax. Where applicable. expenditure is shown inclusive of VAT (g) Housingproperfies The freehold land and original 20 flats lalmshous¢s) are tTeated as non-capitalised assets and included at nil walu¢l¢ost. Subsequent additions and improvetnent expenditure are stated at C05t and include attributable rinanc¢ Gosts durin8 the development period. Subsequent fJnanc¢ costs aTe writtetl off in the ststeTnent of financial activities. No depreciation Es charged. As the almshouses are well-maintained, have a long-life and a strong residual value, any depreciation would b¢ immaterial. (h) Financial ins1rtlmeIs The charity only has financial assets and finan¢ial liabilities of a kind that qualify a5 basic financial instwments. Basic financial instruments are inttially recognised at iransa¢tion value and subs¢qu¢ntly measured at their settlement value. Bank loans are subsequently measured at atnortlsed cost llsing th¢ effective interest method and investments are subsequently measured a¢ their m&rket value as at ih¢ balanc¢ sheet date using the closing quoted tnaTket price.
C J Gallard's Almshousesl Charitable Trust Notes to the financial statements 31st December 2023 (i) lJvvesÉmeF7ts All gains and 105ses are taken to the statement of financial activities as they arise. Realised gains and 105ses on investments are calculated as the difference between salts proceeds and their opening carrying value or their purchas¢ value if acquired subsequent to the first day of the financial y¢ar. Unrealised gain5 and losses are calculated as the difference between fair value at the year end and their ¢anying value. Realised And unrealised inv¢stm¢nt gains and losses are combined in the statement of financial a¢ttvitie$. Q) Designaled resenrs Designated re5er¥es are part of unrestricted funds which hav¢ been earniarked by the Trustees for a particular purpose. Such designations may be reversed by future Trustee decision5. Ik) RestriciedreseFves Restricted funds are those used for particular purpose5, narroweT than the overall charitable purposes of the charsty. 2023 2022 2 Income and expenditure from charitiblt attivitie5 Weekly maintenance Conthbutions Income froTn eharltable activities 150,572 £150,572 142.542 £142,542 Almshouses, expenditure Wages and salaries (note 41 Routine maintenance and services Careline Garden costs Utilities {water. eleclricity and gasl Insurance TV li¢en¢e 29.226 13,790 5,596 6.139 11,828 2,956 60 27,037 10,686 4,760 4,254 9.231 2,814 224 £69J95 £59,006 Cyclical mAinteDanee £15,460 £7,273 Extra-ordinary repair fund £2,142 Management and administration Wage5 and Salaries (note 31 Fees and subscriptions Telephone and IT AccountanGy & independent examin&51ac¢ountant's report Legal and professional fees Travel & subsistence Trust¢es' expenses Bank charges AdThinistrAtion and sundry expenses 16,928 1,250 5,109 3370 14,950 249 698 66 3.093 £46,017 15,567 596 4,764 3,750 36,438 263 33 2,190 £63.682 Interest payable £19929 £20,731 Expenditure On charitable activities £151,001 £152,834 Net iDcome froTh charitable activities £(429) £110.292) 10
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2023 Residents are tLOt tenants but beneficiaries of the Charity under COTLditions of a licence to occupy an Almshouse flat. They pay a weekly maintenan¢e ¢ontributitsn IWMC) for the maintenance and services provided in accordance with the d¢tails laid down in the Residents, Handbook, their licen¢e and OTiginal letter of offeT. The WMC rate is determined by the Trustees on a non-profit making basis. Vacatit tlats, usually arising from death or from a resident no longer being Capable of independettt living. are filled from a list of applicants wljo have applied to come and live at Gallard's Close. Void losses therefore only artse from the period between a flat falling vacant and a new resident b6ing able to take up occupatioll. 2023 2022 3 Staff eosts and trustees, rernllner8tion and expenses Gr05s wages and salaries Employers, national insurance Employtnent allowance 46,154 3.408 (3,408) £46,154 42,604 3.080 {3,080) £42,604 Allo¢at¢d as follows-. Altnshouses, expenditurc Management and adtninistration 29,226 16,928 £46,154 27,745 14,859 £42,604 Average no of employees No trustees re¢¢ived any remuneration in the year (2022..£nil). Expenses of £698 were Tcimbursed in the year 12022.. £33). 2023 2022 4 Imvestrnent income Bank interest Dividend income 176 8,101 £8,277 97 7,424 £7,52 £3.376 {2022.- £3,072) of dividend income relates tt> inve5trtLents allocated to the restricted Extra-ordinary fund. All other investment income is unrestricted e0]ne. S TaxAtion C J Gallard's Almshouses, Charitable Trust is a regist¢r¢d Charity and, as such, is potentially exempt froTn taxation of its incom¢ and gains falling within Income Tax Act 2007 Part 10 and the Taxation of Chargeable Gains Act 1992 5.256 to the extent that they are applied to its ¢haritable obj¢ctiv¢s. No tax liability arises in the year. 11
C J Gallard's Almsbouses, Charitable Trust Notes to the financial statements 31si December 2023 6 Tangible fixed gssets Freehold property Cosl.. At 1st January 2023 At 315t Deeember 2023 2,3J4,326 2,314,326 book volue.. At 31st Deeember 2023 £2 J14,326 At 315t December 2022 £2.314,326 The Charity oivn5 the freehold of the land at the junction of London Road and Yew Trtt Road in Southborough, Ktnt with 26 flats {altn5hous¢sl therein, one of which is occupied by the Almshouse5' Manager, which is part of the Pernianent Endowmcnt. The land is vested in the Offjcial Custodian for Chatities by virtue of the Scheme of Regulatiot] dated 2 January 1914 and confiTmed in a revised S¢heme dated 15 April 1969. 7 Investmethts Tr*at101191 Association of Alm$house5 Comrnon Investment Fund Type of share5 Income Accumulation Matkel value Total At 1st January 2023 Additions Unreali5ed surplus on revaluation At 315t December 21123 109,809 83.277 3,376 1,794 193.086 3,376 3,671 1,877 £111,686 £88.447 £200,133 At 3 1st Dernber 2022 £109,809 £83.277 £193,086 Th¢ investmetjts COTnprise Income and Aecumulation shares wsth the National Association of Almshouses Comtnon Investment Fund (NAACtF}, administered by M&G Securities Limited. Whilst the Charitie5 Act 1992 dive5t5 r¢sponsibility for investments to the Charity Trustees, the In¢ome units are alloGat¢d to the Pernian¢nt Endowment Fund and are Restricted capi¢al under Charity Conuni5SLon control and any expenditure could be subject to recoupment orders. The Accumulation units are allocated to the Extra-i)rdinary repair fvnd and are Restricted capital undeT th¢ trustees, control. Dur to the Multide of Small acquisitions over many years it is not pra¢ti¢al to d¢terniine hi51oTl¢ ¢OSt. 2023 2022 8 Debtors Prepaytnents and a¢crued income 195 412 £195 £412 12
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31sl December 2023 2023 2022 9 Creditors: Amounts falling due within one year Loan repayments due in less than l year PAYE & Ntc Accruals 14,570 1.990 3,570 13,706 1.899 5,940 £20,130 £21,545 10 Creditors: Amounts falling due aft¢r more than one year The Chtrity Bank Lllnitcd 2023 Tot91 2022 Total Loans £284.49] £284,491 £299,061 Loans are repayable as follows.. Between one and two years Between two and fjvc years After more than five year5 13,706 46,832 223.953 13.706 46,832 223,953 3,706 46,832 238,523 £284,491 £284,491 £299,061 Th¢ loans from The Charity Bank Limited comprising advan¢e$ of £150,04JO in 2011. £175,000 in 2012. and £140.000 in 2013 are repayable over 25 years ond are secured tsn the freehold property- Interest is payable at 6.50/D per annum. 11 AThalysi5 of net asset5 between funds 2023 Endowment fund Restricted funds Designated Unrestritt¢d funds rund Total Tangible fixed a85ets Inve5tment5 Cash at bgnk Other net current assets Creditors > l year 2,314,326 88,447 2,314,326 200,133 19,787 {19,9351 (284.4911 £2,229,820 111,686 27,029 (7242) 6.777 (26,712) (284.491) £2.091,570 £111,686 £27,029 £(465 2022 Endowtnent fund Restricted funds D¢$ignaled funds Unr¢stricted fund Total Tangible fixed ass¢ts lllve5tments Cash al bardo Other net current assets Creditors > l yeaT 2,314.326 83,277 2,314.326 193,086 26.911 121,133) 1299,061 109,809 38,227 125,8481 299,0611 4,715 £109,809 £2.072,694 £38,227 £16,601) £2,214.129
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2023 12 Getleral reserve At 1st January 2023 Surplus for the year (6,601) 19,842 Transfers to restricted fLxed asset res¢ry¢s Charity Bank loan repayments Cyclical maintenance fund Transfer {13,706) 13.706) At 31$t Deeember 2023 £(465) At 3 1st December 2022 U6,6011 13 Movement of funds Fund balances Fund balances clfwd Ggin5 and lo&% blfwd Income Expenditure Transfers 2023 Permanent Endowment Fund 109009 1I77 111.686 Restricted flxed asset funds PToperty (und Loan reserv¢ 2J14J26 2J14J26 {312.767) 13,7116 (299.061) 2,001,559 13,7116 2.015.265 Other restrlcted funds Extra.ordinary repair fund 71.135 3,376 1.794 76,305 71,135 3,376 1,794 76J05 Unrestricted funds General reserve (6,601) 155.383 (135,541) (13.706) (465} Unrestricted designated funds CyGli¢al tnainlenance fund Spe¢ial proje¢ts fund 36.765 3,562 (15,460) 24,867 1.462 700 2,162 38,227 4.262 {15,4601 27,029 TOTAL 2,214,129 163,021 (151.001) 3,671 2.229,820 Permanent eDdowment fund The PernJanent endownent fund comprises the freehold property held at no value and the inco]ne share type investments. Restricted fixed 95set funds The r¢slri¢t¢d fixed asset fund5 represent the trustees, investment in housing properties less the outstanding balance on the Charity Barth loan. 14
C J Gallard's Almshouses, Charitable Trust Notes to the financial statements 31st December 2023 Extra-ordingry repair fund The extra-ordinary repair fvnd is used for expenditure on major repairs or significant improvements and COTnpfise5 accumulatloll Share type investments. Cyclical mgintenance fund Th¢ Cycli¢al rnaintenance fund is rctained by the trustee5 to provide for regular upkeep, including internal and extemal repair and re-decoration. Special project5 fund The Spe¢ial proje¢ts fund is used for expenditure only otl specially authorised projects. Fund balances blfwd Fund balances clfwd Gaills and losses Income Exp¢nditure TratJ5fer5 2022 Pemanent End0%ent Fund 113,340 3,5311 109.809 R¢5tricted fixed asset funds Property fund Loan reserve 2,314,326 {325.6701 2.314.326 12,903 312,767) 12,903 2,001,559 1,988,656 Other restricted rtdS Extra-ordinary repair fvnd 72,624 3,072 (2.142) {2.419) 71,135 72,624 3,072 12,1421 2,419 71.135 Unrestricted funds Gen¢ral resejve 2,638 147,083 (143.419) (12,9031 16,6011 Unrestri¢ted designated fvnds Cyclical maintenance fund Special PTOj¢Ct5 fvnd 40,113 3,925 17,273) 36,765 1,462 1,462 41.575 3.925 17,273) 38,227 TOTAL 2,218,833 154,080 1152,834) 15,950) 2,214,129 14 Legal costs The charity has incllrred legal costs to date of £87,549 in connection with the t¢Ttnination of a licence to occupy one of the flats. The charity's legal a¢tio¢i was su¢¢essful and it was awarded costs of £59.629 plus interest at go/0 (from June 2022} in August 2022. R¢¢ov¢ry is believed to bt eKtremely uncertain and therefore in accordance with the Stai¢m¢nt of Recommended PTa¢tice, the income has not been recognisd ill these accounts. 15