REGISTERED CHARITY NUMBER: 209795
Freeston and Sagar's Almshouses
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2020
Freeston and Sagar's Almshouses
Contents of the Financial Statements
for the year ended 31 December 2020
|
Page |
Reference and Administrative Details |
1 |
Report of the Trustees |
2 to 4 |
Statement of Trustees' Responsibilities |
5 |
Independent Examiner's Report |
6 |
Statement of Financial Activities |
7 |
Balance Sheet |
8 |
Notes to the Financial Statements |
9 to 17 |
Freeston and Sagar's Almshouses
Reference and Administrative Details
for the year ended 31 December 2020
TRUSTEES |
Mr B D Thaler (Chair) |
|
Rev A Murray |
|
Rev L Tinniswood |
|
Cllr E Blezard |
|
Mr R Sanderson |
|
Mr J Brennan LLB |
|
Mr R Tosta |
CLERK TO THE CHARITY |
Miss K Crowther |
PRINCIPAL ADDRESS |
10 Truro Walk |
|
Normanton |
|
West Yorkshire |
|
WF6 2DJ |
REGISTERED CHARITY NUMBER |
209795 |
INDEPENDENT EXAMINER |
Hexagon Accountancy Limited |
|
60A Saddleworth Road |
|
Greetland |
|
Halifax |
|
HX4 8AG |
BANKERS |
Barclays Bank plc |
|
Trinity Walk Shopping Centre |
|
Teall Way |
|
Wakefield |
|
WF1 1QS |
Page 1
Freeston and Sagar's Almshouses
Report of the Trustees
for the year ended 31 December 2020
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31 December 2020.
ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The provisionand maintenanceof Almshouses for persons in need in the area comprisingthe town of Normanton, the
ParishesofSharlstonandWarmfieldcumHeathandtheareaoftheformerParishofActonandSyndale,allin the
county of West Yorkshire.
Subjecttotheabove,theTrusteesshallapplytheincomeofthecharityforthebenefitoftheresidentsin the
Almshouses of the charity or any of them in such manner as the Trustees think fit from time to time.
The Trusteescontinueto ensurethatthe charityfulfilsthe requirementsset outin the scheme.Careful management
ofthecharity'sassets,includingconsiderableattentiontothemaintenanceandrefurbishmentoftheproperties and
thegrounds,ensuresthatthecharityprovidesresidentswithcomfortable,affordablehomesthatmeettheir special
needs and enable them to live independently.
Significant activities
Theprincipalactivityofthecharityis toprovidesocialhousingforthoseinneedintheareaofbenefice,suitable for
the elderly or with mobility needs.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
FollowingonfromtheprevioustwoyearstheWalnutDrivedevelopmentisnownearingcompletion,withonly two
dwellingsleft to completeby April2021.The housepreviouslyknownas 252 QueenElizabethDrivewillnow be part
of the newlynamedCharlesKirk View,the postaladdressof WalnutDrivehavingalreadybeentransferredto over to
Charles Kirk View.
TherewerenovoidsinKirkthorpefromthemiddleoftheyear.252QEDremainsinthecentreofthe development
and will be refurbished once the new dwellings have been completed.
WhilstplanninghasbeengrantedforafurtherdwellingonCharlesKirkView,thetrusteesdecidedtodefer building
this property until the charity's cash flow permits.
FINANCIAL REVIEW
Financial position
Duringthe year,the charitycontinuedwork on a buildingdevelopment,whichwill generatefundsin the future. The
resultingincreases in fixed assets and creditorsare shown on the Balance Sheet.The project continuedto incur a high
levelofprofessionalfees,andwithsomepropertiesbeingunavailableduetotherenovationworks,the financial
result was net expenditure of £13,640 (2019 - net income £99).
Thefinancialpositionofthecharityremainsstrong,withtotalfundscarriedforwardamountingto£364,568(2019 -
£378,208).
Page 2
Freeston and Sagar's Almshouses
Report of the Trustees
for the year ended 31 December 2020
FINANCIAL REVIEW
Reserves policy
The trusteeshavenotadopteda formalreservespolicy,buttheykeepthefinancesof thecharityunderclose review
and make decisions accordingly.
The free reserves of the charityare definedas income which becomes availableto the charityand is to be spent at the
trustees’ discretion in furtherance of the charity’s objectives but which is not yet spent, committed or designated.
At 31 December 2020, the charity had unrestricted reserves of £364,568 (2019: £378,208).
Going concern
The BalanceSheet at 31 December2020 shows net currentliabilitiesof £858,543,which mainlyrepresentsshort term
loanstotalling£874,941.MostoftheseloanswererenewedwhentheymaturedinMay2021andthetrustees are
now arranging a full refinancing package due to take effect in May 2022.
Followingcompletionof thehousingdevelopment,thecharity'smonthlyincomeis nowmuchincreasedandis more
than adequate to meet its operating and financing commitments.
Inthelightoftheabove,thetrusteeshaveconsideredthecurrentpositionandbudgetsofthecharityand, after
makingappropriateenquiries,theyhaveareasonableexpectationthatthecharityhasadequateresources to
continueinoperationalexistencefortheforeseeablefuture.Thereforetheycontinuetoadoptthegoing concern
basis of accounting in preparing the financial statements.
FUTURE PLANS
DuetoCovid-19thecompletionofthenewdevelopmentonWalnutDrive(nowknownasCharlesKirkView) will
sadly, due to no fault of anyone at the charity, run into 2021.
Trusteesmade the decisionto put on hold plans to discussthe opportunityof extendingburialgroundsin Kirkthorpe,
usingGreenLanefielduntiltheWalnutDrivedevelopmentiscomplete.DiscussionswithlocalFuneralDirectorR J
Burgess as well as WakefieldDistrict Councilwill continuein exploringthe possibilityof naturalburial grounds, subject
to future planning.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Thecharityisanunincorporatedcharity.Itwasregisteredasacharityon22April1963andisgovernedby the
scheme document dated 1 May 1987.
As Rev. Louise Tinniswoodwas ill in the latter part of the year, the trustees voted that Mr Ben Thaler should remain as
Chair moving forward.
Duetotheamountofworkandtheclerk'sworkloadwith14 properties,thetrusteesappointedMrPaulSampson, a
local Estate Agent and Financial Advisor, as their agent to deal with all property matters.
Recruitment and appointment of new trustees
Therearetwovacanciesforco-optedtrustees,andthetrusteesagreedthattheywouldlooktofilltheseonce the
WalnutDrivedevelopmentiscomplete.MrKeithWilsonandMrsJanetSampson,bothlocalbusiness people
specialisinginpropertydevelopmentandmanagement,haveacceptedtheoffertojoinoncethedevelopment is
complete.
Page 3
Freeston and Sagar's Almshouses
Report of the Trustees
for the year ended 31 December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT
Decision making
Due to the Covid-19pandemic,3 meetingswere held via zoom and 3 furthermeetingstook place in personas part of
site visits to the new development, where social distancing took place.
Asub-committeewasformedtomeetthebuilderandprojectmanageron4occasionstoensurethe smooth
handoverofthepropertiesoncetheywerecomplete.MrThaler,MrTosta,CllrBlezardandMrSampson were
appointedto this sub-committee,whilst Mr Thaler and Mrs Blezard were appointedto liaise with both the accountant
and legal representatives in looking at the refinancing of the development with the support of Mr Sampson.
The average attendance at zoom meetings was 76%, with an average of 84% at face to face meetings on site.
Approved by order of the board of trustees on 17 March 2022 and signed on its behalf by:
Mr B D Thaler - Trustee
Page 4
Freeston and Sagar's Almshouses
Statement of Trustees' Responsibilities for the year ended 31 December 2020
The trusteesare responsiblefor preparingthe Reportof the Trusteesand the financialstatementsin accordance with
applicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAcceptedAccounting Practice)
includingFinancialReportingStandard102"TheFinancialReportingStandardapplicableintheUKandRepublic of
Ireland"
ThelawapplicabletocharitiesinEnglandandWales,theCharitiesAct2011,Charity(Accountsand Reports)
Regulations2008andtheprovisionsofthetrustdeedrequiresthetrusteestopreparefinancialstatementsfor each
financialyearwhichgivea trueandfairviewofthestateofaffairsofthecharityandoftheincomingresources and
applicationofresources,includingtheincomeandexpenditure,ofthecharityforthatperiod.Inpreparing those
financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
time the financialpositionof the charityandto enablethemto ensurethatthe financialstatementscomplywith the
CharitiesAct 2011, the Charity (Accountsand Reports) Regulations2008 and the provisionsof the trust deed. They are
alsoresponsibleforsafeguardingtheassetsofthecharityandhencefortakingreasonablestepsforthe prevention
and detection of fraud and other irregularities.
Page 5
Independent Examiner's Report to the Trustees of
Freeston and Sagar's Almshouses
Independent examiner's report to the trustees of Freeston and Sagar's Almshouses
I reportto the charitytrusteeson my examinationof the accountsof Freestonand Sagar'sAlmshouses(the Trust) for
the year ended 31 December 2020.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
I reportin respectof my examinationof the Trust'saccountscarriedoutundersection145 of the Act andin carrying
out my examinationI have followedall applicableDirectionsgiven by the CharityCommissionundersection 145(5)(b)
of the Act.
Independent examiner's statement
I havecompletedmy examination.I confirmthatnomaterialmattershavecometomy attentioninconnection with
the examination giving me cause to believe that in any material respect:
1. 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
3. 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.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
J D Wilson FCA
Hexagon Accountancy Limited
60A Saddleworth Road
Greetland
Halifax
HX4 8AG
17 March 2022
Page 6
Freeston and Sagar's Almshouses
Statement of Financial Activities for the year ended 31 December 2020
|
|
31.12.20 |
31.12.19 |
|
|
Unrestricted |
Total |
|
|
funds |
funds |
|
|
|
as restated |
|
Notes |
£ |
£ |
INCOME AND ENDOWMENTS FROM |
|
|
|
Charitable activities |
|
|
|
Maintenance contributions |
|
23,942 |
29,194 |
Investment income |
2 |
93 |
199 |
Other income |
|
602 |
1,577 |
Total |
|
24,637 |
30,970 |
EXPENDITURE ON |
|
|
|
Charitable activities |
|
|
|
Services |
|
3,688 |
2,719 |
Administration |
|
29,335 |
23,910 |
Property maintenance |
|
3,203 |
2,770 |
Finance |
|
2,162 |
2,085 |
Total |
|
38,388 |
31,484 |
Net gains on investments |
|
111 |
613 |
NET INCOME/(EXPENDITURE) |
|
(13,640) |
99 |
RECONCILIATION OF FUNDS |
|
|
|
Total funds brought forward |
|
|
|
As previously reported |
|
315,208 |
378,109 |
Prior year adjustment |
6 |
63,000 |
- |
As restated |
|
378,208 |
378,109 |
TOTAL FUNDS CARRIED FORWARD |
|
364,568 |
378,208 |
The notes form part of these financial statements
Page 7
Freeston and Sagar's Almshouses
Balance Sheet 31 December 2020
Notes
FIXED ASSETS
Tangible assets
7
CURRENT ASSETS
Debtors
8
Investments
9
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
11
NET ASSETS
FUNDS
14
Unrestricted funds:
General fund
Investment revaluation reserve
TOTAL FUNDS |
31.12.20
Unrestricted
funds
£
1,362,696
27,524
3,914
16,909
48,347
(906,890)
(858,543)
504,153
(139,585)
364,568
363,554
1,014
364,568
364,568 |
31.12.19
Total
funds
as restated
£
983,795
628
3,739
69,196
73,563
(531,025)
(457,462)
526,333
(148,125)
378,208
377,369
839
378,208
378,208 |
|
|
|
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon17March2022 and
were signed on its behalf by:
Mr B D Thaler - Trustee
Cllr E Blezard - Trustee
The notes form part of these financial statements
Page 8
Freeston and Sagar's Almshouses
Notes to the Financial Statements
for the year ended 31 December 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof thecharity,whichis a publicbenefitentityunderFRS 102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Going concern
TheBalanceSheetat31December2020showsnetcurrentliabilitiesof£858,543,whichmainly represents
shortterm loanstotalling£874,941.Most of theseloanswere renewedwhen theymaturedin May 2021 and
the trustees are now arranging a full refinancing package due to take effect in May 2022.
Followingcompletionof the housingdevelopment,the charity'smonthlyincome is now much increasedand is
more than adequate to meet its operating and financing commitments.
Inthelightoftheabove,thetrusteeshaveconsideredthecurrentpositionandbudgetsofthecharity and,
aftermakingappropriateenquiries,theyhaveareasonableexpectationthatthecharityhas adequate
resourcestocontinueinoperationalexistencefortheforeseeablefuture.Thereforetheycontinueto adopt
the going concern basis of accounting in preparing the financial statements.
Income
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhas entitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andthe amountof the obligationcan be measuredreliably.Expenditureis accountedfor on an accruals basis
and has beenclassifiedunderheadingsthataggregateall cost relatedto the category.Wherecosts cannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesona basisconsistentwith the
use of resources.
Tangible fixed assets
Tangiblefixedassetsarestatedatcostlessaccumulateddepreciationandaccumulatedimpairment losses.
Cost includesthe originalpurchaseprice and any costs directlyattributableto bringingthe asset to its working
condition for its intended use.
Depreciationisprovidedatthefollowingannualratesinordertowriteoffthecostofeachasset,less its
estimated residual value, over its estimated useful life:
Housing properties |
- nil |
Computer equipment |
- 25% straight line |
When constructionwork and developmentof the housingpropertieshas been completed,they are accounted
for as investmentproperties.Duringthe constructionanddevelopmentof the housingproperties, borrowing
costs,includinginterest,thataredirectlyattributabletotheconstructionanddevelopmentarecapitalised as
part of the cost of the housing properties.
Housingpropertiesthatarenotaccountedforasinvestmentpropertiesaremaintainedinastateof repair
suchthattheirestimatedresidualvalueis notlessthantheircost,so thetrusteesbelievethatanycharge for
depreciation would be negligible and no provision is made.
continued...
Page 9
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued
for the year ended 31 December 2020
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Ateachreportingperiodend,thecompanyreviewsthecarryingamountsofitstangiblefixedassets to
determinewhetherthereisanyindicationthatthoseassetshavesufferedanimpairmentloss.Ifany such
indicationexists,therecoverableamountoftheassetisestimatedinordertodeterminetheextentof the
impairmentloss (if any).The recoverableamountis the higherof fairvalueless coststo sell andvaluein use.
An impairment loss is recognised immediately in profit or loss.
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.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
Repairs and maintenance
The charityhasestablisheda programmeof cyclicalrepairsandmaintenance.Costsarechargedto the SOFA
in the year in which they are incurred.Costs of extraordinaryrepairsare also chargedto the SOFA in the year
in which they are incurred, unless they represent improvements to the properties.
Value Added Tax
The charity is not registered for VAT and, where applicable, expenditure is shown inclusive of VAT.
2. INVESTMENT INCOME
INVESTMENT INCOME |
|
|
|
31.12.20 |
31.12.19 |
|
|
as restated |
|
£ |
£ |
Investment income |
93 |
199 |
3. SUPPORT COSTS
Management
£
Services
2,308
Administration
27,955
Finance
-
30,263 |
Governance
Other
costs
£
£
-
1,380
-
1,380
2,162
-
2,162
2,760 |
Totals
£
3,688
29,335
2,162 |
|
|
35,185 |
continued...
Page 10
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued
for the year ended 31 December 2020
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remunerationor other benefitsfor the year ended 31 December 2020 nor for the year
ended 31 December 2019.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31December2020norfortheyear ended
31 December 2019.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
|
|
Unrestricted |
|
funds |
|
as restated |
|
£ |
INCOME AND ENDOWMENTS FROM |
|
Charitable activities |
|
Maintenance contributions |
29,194 |
Investment income |
199 |
Other income |
1,577 |
Total |
30,970 |
EXPENDITURE ON |
|
Charitable activities |
|
Services |
2,719 |
Administration |
23,910 |
Property maintenance |
2,770 |
Finance |
2,085 |
Total |
31,484 |
Net gains on investments |
613 |
NET INCOME |
99 |
RECONCILIATION OF FUNDS |
|
Total funds brought forward |
378,109 |
TOTAL FUNDS CARRIED FORWARD |
378,208 |
continued...
Page 11
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued for the year ended 31 December 2020
6. PRIOR YEAR ADJUSTMENT
Thecharitynowcapitalisesborrowingcosts,includinginterest,thataredirectlyattributableto the
constructionor developmentof tangiblefixed assets.Previouslythese costs were writtenoff as an expense in
theSoFAastheywereincurred.Asthisisachangeinaccountingpolicy,theaccountsincludeaprior year
adjustment, the effect of which is to increase fixed assets and reserves by £63,000.
7. TANGIBLE FIXED ASSETS
COST
At 1 January 2020
Additions
At 31 December 2020
DEPRECIATION
At 1 January 2020 and 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019 |
Housing
properties
£
983,794
378,901
1,362,695
-
1,362,695
983,794 |
Computer
equipment
£
500
-
500
499
1
1 |
Totals
£
984,294
378,901 |
|
|
|
1,363,195 |
|
|
|
499 |
|
|
|
1,362,696 |
|
|
|
983,795 |
The amountof borrowingcosts,includinginterest,directlyattributableto the constructionof fixedassets and
thereforecapitalisedis£131,055(2019-£63,000).Theaggregateamountofborrowingcosts, including
interest, included in the cost of housing properties is £194,055.
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
31.12.20 |
31.12.19 |
|
|
as restated |
|
£ |
£ |
Other debtors |
26,874 |
- |
Prepayments and accrued income |
650 |
628 |
|
27,524 |
628 |
continued...
Page 12
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued for the year ended 31 December 2020
9. CURRENT ASSET INVESTMENTS
Listed investments
Market value
Barclays Sterling Bond fund
Charity Official Investment Fund
Cost
Barclays Sterling Bond fund
Charity Official Investment Fund
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other loans (see note 12)
Accruals and deferred income
11.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Other loans (see note 12)
Housing Association grant |
|
31.12.20
£
3,914 |
a |
31.12.19
s restated
£
3,739 |
|
|
|
|
|
|
|
£ |
|
£ |
|
|
2,928 |
|
2,813 |
|
|
986 |
|
926 |
|
|
|
|
|
|
|
3,914 |
|
3,739 |
|
|
|
|
|
|
|
|
|
|
|
|
£ |
|
£ |
|
|
2,619 |
|
2,619 |
|
|
281 |
|
281 |
|
|
|
|
|
|
|
2,900 |
|
2,900 |
|
|
|
|
|
|
|
31.12.20
£
874,941
31,949
906,890
31.12.20
£
49,292
90,293
139,585 |
a
a |
31.12.19
s restated
£
527,560
3,465
531,025
31.12.19
s restated
£
57,832
90,293
148,125 |
TheHousingAssociationgrantwaspaidtothecharitybytheHousingCorporationtoreducethecostof the
housingpropertydevelopments.Thegrantisrepayableundercertaincircumstances,primarilyfollowing the
sale of property, but will normally be restricted to the net proceeds.
continued...
Page 13
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued
for the year ended 31 December 2020
12. LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
The Normanton Freeston Foundation
The Almshouse Association
Kingscrown Finance
Other loans
Mortgage
Amounts falling between one and two years:
The Almshouse Association
Mortgage
Amounts falling due between two and five years:
The Almshouse Association
Mortgage
Amounts falling due in more than five years:
Repayable by instalments:
The Almshouse Association
Mortgage |
31.12.20
a
£
100,000
12,600
520,027
242,154
160
874,941
8,400
175
8,575
21,200
600
21,800
-
18,917
18,917 |
31.12.19
s restated
£
-
8,400
304,000
215,000
160
527,560
8,400
175
8,575
25,200
600
25,800
4,400
19,057
23,457 |
|
|
|
The Almshouse Association loan is repayable by equal half-yearly instalments. The loan is interest free.
The mortgage is repayableby equal half-yearlyinstalmentsof principaland interest,the final instalment falling
due on 28 February 2046. Interest is charged at a fixed rate of 10.375%.
continued...
Page 14
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued
for the year ended 31 December 2020
13. SECURED DEBTS
The following secured debts are included within creditors:
The Normanton Freeston Foundation
Mortgage
Kingscrown Finance |
31.12.20
a
£
100,000
19,852
520,027
639,879 |
31.12.19
s restated
£
-
19,992
304,000
323,992 |
|
|
|
The loans are secured by charges on the charity's housing properties.
14. MOVEMENT IN FUNDS
Unrestricted funds
General fund
Investment revaluation reserve
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Investment revaluation reserve
TOTAL FUNDS |
Prior
year
At 1.1.20
adjustment
£
£
314,369
63,000
839
-
315,208
63,000
315,208
63,000
as follows:
Incoming
Resources
resources
expended
£
£
24,573
(38,388)
64
-
24,637
(38,388)
24,637
(38,388) |
Net
movement
At
in funds
31.12.20
£
£
(13,815)
363,554
175
1,014
(13,640)
364,568
(13,640)
364,568
Gains and
Movement
losses
in funds
£
£
-
(13,815)
111
175
111
(13,640)
111
(13,640) |
|
|
|
continued...
Page 15
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued
for the year ended 31 December 2020
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
Designated reserves
Investment revaluation reserve
TOTAL FUNDS |
At 1.1.19
£
370,493
1,592
6,024
378,109
378,109 |
Net
movement
in funds
£
(513)
-
612
99
99 |
Transfers
between
funds
£
7,389
(1,592)
(5,797)
-
- |
At
31.12.19
£
377,369
-
839 |
|
|
|
|
378,208 |
|
|
|
|
378,208 |
Comparative net movement in funds, included in the above are as follows:
|
Incoming |
Resources |
Gains and |
Movement |
|
resources |
expended |
losses |
in funds |
|
£ |
£ |
£ |
£ |
Unrestricted funds |
|
|
|
|
General fund |
30,971 |
(31,484) |
- |
(513) |
Investment revaluation reserve |
(1) |
- |
613 |
612 |
|
30,970 |
(31,484) |
613 |
99 |
TOTAL FUNDS |
30,970 |
(31,484) |
613 |
99 |
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
Designated reserves
Investment revaluation
reserve
TOTAL FUNDS |
Prior
year
At 1.1.19
adjustment
£
£
370,493
63,000
1,592
-
6,024
-
378,109
63,000
378,109
63,000 |
Net
movement
in funds
£
(14,328)
-
787
(13,541)
(13,541) |
Transfers
between
funds
£
7,389
(1,592)
(5,797)
-
- |
At
31.12.20
£
426,554
-
1,014 |
|
|
|
|
427,568 |
|
|
|
|
427,568 |
continued...
Page 16
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued
for the year ended 31 December 2020
14. MOVEMENT IN FUNDS - continued
A currentyear12 monthsandprioryear12 monthscombinednetmovementinfunds,includedinthe above
are as follows:
|
Incoming |
Resources |
Gains and |
Movement |
|
resources |
expended |
losses |
in funds |
|
£ |
£ |
£ |
£ |
Unrestricted funds |
|
|
|
|
General fund |
55,544 |
(69,872) |
- |
(14,328) |
Investment revaluation reserve |
63 |
- |
724 |
787 |
|
55,607 |
(69,872) |
724 |
(13,541) |
TOTAL FUNDS |
55,607 |
(69,872) |
724 |
(13,541) |
CAPITAL COMMITMENTS |
|
|
|
|
|
|
|
31.12.20 |
31.12.19 |
|
|
|
|
as restated |
|
|
|
£ |
£ |
Contracted but not provided for in the financial statements |
|
|
35,000 |
350,000 |
15. CAPITAL COMMITMENTS
16. RELATED PARTY DISCLOSURES
Duringtheyearended31 December2019,two trusteesmadepaymentsto supplierson behalfof the charity.
Theamountsinvolvedwere£27,327and£900.Bothamountswererepaidinfullduringtheyearand no
interest was charged.
Duringthe year ended31 December2020, one trusteemade a paymentto a supplieron behalfof the charity.
The amount involvedwas £17,654.The amount remainedoutstandingat the year end and is includedin other
loans. No interest has been paid on this loan.
Duringtheyearended31December2020,thecharityreceivedaloanof£100,000fromThe Normanton
FreestonFoundation.Three of the charity'strustees are also trustees of The NormantonFreeston Foundation.
Interest is payable on the loan at 10% per annum.
Page 17