```
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
```