```
REGISTERED CHARITY NUMBER: 209795
```
## **`Freeston and Sagar's Almshouses`**
```
Report of the Trustees and
```
```
Unaudited Financial Statements for the Year Ended 31 December 2021
```
```
Freeston and Sagar's Almshouses
```
```
Contents of the Financial Statements
for the year ended 31 December 2021
```
||**`Page`**|
|---|---|
|**`Reference and Administrative Details`**|`1`|
|**`Report of the Trustees`**|`2 to 4`|
|**`Independent Examiner's Report`**|`5`|
|**`Statement of Financial Activities`**|`6`|
|**`Balance Sheet`**|`7`|
|**`Notes to the Financial Statements`**|`8 to 16`|
```
Freeston and Sagar's Almshouses
```
```
Reference and Administrative Details
for the year ended 31 December 2021
```
|**`TRUSTEES`**|`Mr B D Thaler (Chair)`|
|---|---|
||`Rev A Murray`|
||`Rev L Tinniswood`|
||`Mrs E Blezard`|
||`Mr R Sanderson`|
||`Mr J Brennan LLB`|
||`Mr R Tosta`|
||`Mrs J Sampson (appointed 7.2.22)`|
||`Mr K Wilson JP (appointed 7.2.22)`|
|**`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 2021
```
```
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December 2021.
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 Almshousesfor personsin 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 ensurethatthecharityfulfilstherequirementsset outinthescheme.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`**
```
Afteralmostfouryears,thedevelopmentonWalnutDrivehasgivenusfivenewpropertiestoaddtothefour we
alreadyhadonthatsite.Theworksonthenewbuildsarenowcompleteandthedevelopmenthasbeen renamed
Charles Kirk View, which was transferred over in 2020.
```
```
252QueenElizabethDrive(now7CharlesKirkView)wasstillunderrenovationattheyearend,butthe new
beneficiaries moved in during March 2022.
```
```
There have been no voidsat Kirkthorpeor at any of the propertiesat the new Normantondevelopment.Trustees still
havetheoptiontobuildafurtherpropertyatNormantonbuthavechosentoholdoffonthatforthe immediate
future.
```
```
TheNormantondevelopmenttookfarlongerthananticipated,mainlyduetoCovidandotherissuesbeyond the
control of the trustees and builders.
```
## **`FINANCIAL REVIEW`**
## **`Financial position`**
```
Duringtheyear,thecharitycompletedabuildingdevelopment,whichisnowgeneratingfunds.Thefinancial result
beforeinterestchargeswas a surplusof £42,872(2020- deficitof £11,589).Interestchargeswere capitalised during
theconstructionphase,butthenchargedtotheSOFA.The impactof theinterestchargesresultedina netdeficit of
£20,043(2020-deficitof£13,751).Thehousingpropertieswererevaluedoncompletion,producinga revaluation
surplus of £44,708.
```
```
Thehousingdevelopmentwasnecessarilyfinancedmainlythroughshorttermloanswithrelativelyhigh interest
charges.The trusteesare nowin the processof arranginglongerterm finance,whichwillbe comfortablycovered by
the charity's increased levels of income.
```
```
Thefinancialpositionofthecharityremainsstrong,withtotalfundscarriedforwardamountingto£389,233(2020 -
£364,568).
```
```
Page 2
```
```
Freeston and Sagar's Almshouses
```
```
Report of the Trustees
for the year ended 31 December 2021
```
## **`FINANCIAL REVIEW`**
## **`Reserves policy`**
```
Thetrusteeshavenotadopteda 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 2021, the charity had unrestricted reserves of £389,233 (2020 - £364,568).
```
## **`Going concern`**
```
The BalanceSheet at 31 December 2021 shows net currentliabilitiesof £989,722,whichmainlyrepresentsshort term
loanstotalling£940,657.Most of these loanshave no fixed repaymentdates and the trusteesare now in the process
of arranging a full refinancing package.
```
```
Followingcompletionofthehousingdevelopmentin2021,thecharity'smonthlyincomeismuchincreasedand is
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`**
```
Withthe pressureof the new developmentover the previousfouryears,the trusteesagreedto holdoff on talks with
local FuneralDirectorsR J Burgess in relationto Green Lane Field in Kirkthorpebeing utilisedas naturalburial grounds,
but remain in talks with R J Burgess and Wakefield District Council.
```
```
Once the refinanceof the developmenthas gonethrough,the trusteeshave agreeda periodof stabilitynow that the
cash flow and income is greater than ever before, which shouldin time bring the charity'sfinancesback to where they
were five years ago, before contemplating any further developments.
```
```
Trustees are also in early talks with our solicitors Wrigleys in relation to incorporating the Charity.
```
## **`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.
```
## **`Recruitment and appointment of new trustees`**
```
MrKeithWilsonJPandMrsJanetSampson,bothlocalbusinesspeoplespecialisinginpropertydevelopment and
management,were appointedas trustees in February2022, havingagreed to join prior to the Covid outbreak.Mr Paul
Sampson continues to act as the charity's agent in dealing with all building matters.
```
```
Mrs KathleenCrowther,whohasactedas the clerkto the charityforthe past13 years,hasindicatedthatshe will be
steppingdownfromtherolein2022duetoanumberofpersonalreasons,whichhasresultedintheChairMr Ben
Thalercarryingout the majorityof dutiesin her absence.She will continueto be involvedwith the charity, becoming
aco-optedtrustee.Severalpeoplehavecomeforwardinrelationtotheposition,withtrusteeslookingtomake the
appointment in the summer.
```
```
Page 3
```
```
Freeston and Sagar's Almshouses
```
## **`Report of the Trustees for the year ended 31 December 2021`**
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`Decision making`**
```
Carryingon from the Covid pandemic,three meetingswere held duringthe year face to face with a furthertwo taking
place virtually. This included site visits and also meeting at Normanton Parish Church, which allowed social distancing.
```
```
Mr ThalerandMrs Blezardwere appointedto liaisewiththe accountantsanddealwiththe refinanceandother legal
matters.
```
```
The average attendance at virtual meetings was 80% with an average of 84% at face to face meetings.
```
```
Approved by order of the board of trustees on 27 June 2022 and signed on its behalf by:
```
```
Mr B D Thaler - Trustee
```
```
Page 4
```
```
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 FreestonandSagar'sAlmshouses(theTrust) for
the year ended 31 December 2021.
```
## **`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 havecompletedmyexamination.I confirmthatnomaterialmattershavecometomyattentioninconnection 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
```
```
27 June 2022
```
```
Page 5
```
## **`Freeston and Sagar's Almshouses`**
## **`Statement of Financial Activities for the year ended 31 December 2021`**
|||`31.12.21`|`31.12.20`|
|---|---|---|---|
|||`Unrestricted`|`Total`|
|||`funds`|`funds`|
||`Notes`|`£`|`£`|
|**`INCOME AND ENDOWMENTS FROM`**||||
|**`Charitable activities`**||||
|`Maintenance contributions`||`60,149`|`23,942`|
|`Investment income`|`2`|`28`|`93`|
|`Other income`||`2`|`602`|
|**`Total`**||`60,179`|`24,637`|
|**`EXPENDITURE ON`**||||
|**`Charitable activities`**||||
|`Services`||`5,893`|`3,688`|
|`Administration`||`2,461`|`29,335`|
|`Property maintenance`||`8,953`|`3,203`|
|`Finance`||`62,915`|`2,162`|
|**`Total`**||`80,222`|`38,388`|
|`Net gains on investments`||`44,708`|`111`|
|**`NET INCOME/(EXPENDITURE)`**||`24,665`|`(13,640)`|
|**`RECONCILIATION OF FUNDS`**||||
|**`Total funds brought forward`**||`364,568`|`378,208`|
|**`TOTAL FUNDS CARRIED FORWARD`**||`389,233`|`364,568`|
```
The notes form part of these financial statements
```
```
Page 6
```
```
Freeston and Sagar's Almshouses
```
## **`Balance Sheet 31 December 2021`**
|`Notes`
**`FIXED ASSETS`**
`Tangible assets`
`6`
**`CURRENT ASSETS`**
`Debtors`
`7`
`Investments`
`8`
`Cash at bank`
**`CREDITORS`**
`Amounts falling due within one year`
`9`
**`NET CURRENT ASSETS`**
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
**`CREDITORS`**
`Amounts falling due after more than one year`
`10`
**`NET ASSETS`**
**`FUNDS`**
`13`
`Unrestricted funds:`
`General fund`
`Investment revaluation reserve`
`Revaluation reserve`
**`TOTAL FUNDS`**|`31.12.21`
`Unrestricted`
`funds`
`£`
`1,510,001`
`858`
`3,914`
`24,519`
`29,291`
`(1,019,013)`
`(989,722)`
`520,279`
`(131,046)`
`389,233`
`343,511`
`1,014`
`44,708`
`389,233`
`389,233`|`31.12.20`
`Total`
`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`|
|---|---|---|
```
The financialstatementswere approvedby the Boardof Trusteesandauthorisedfor issueon 27 June 2022and were
signed on its behalf by:
```
```
Mr B D Thaler - Trustee
```
```
Mrs E Blezard - Trustee
```
```
The notes form part of these financial statements
```
```
Page 7
```
```
Freeston and Sagar's Almshouses
```
```
Notes to the Financial Statements
for the year ended 31 December 2021
```
## **`1. ACCOUNTING POLICIES`**
## **`Basis of preparing the financial statements`**
```
Thefinancialstatementsof 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
CharitiesAct2011.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention, as
modified by the revaluation of certain assets.
```
## **`Going concern`**
```
TheBalanceSheetat31December2021showsnetcurrentliabilitiesof£989,722,whichmainly represents
shorttermloanstotalling£940,657.Mostof theseloanshavenofixedrepaymentdatesandthetrustees are
now in the process of arranging a full refinancing package.
```
```
Followingcompletionofthehousingdevelopmentin2021,thecharity'smonthlyincomeismuch increased
and 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 charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
```
## **`Expenditure`**
```
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
```
## **`Tangible fixed assets`**
```
Tangiblefixedassetsarestatedatcostorvaluationlessaccumulateddepreciationand accumulated
impairmentlosses.Cost includesthe originalpurchaseprice and any costs directlyattributableto bringing the
asset to its working condition for its intended use.
```
```
Depreciationis providedat the followingannualratesin orderto writeoff the costor valuationof each asset,
less its estimated residual value, over its estimated useful life:
```
|`Housing properties`|`- 2%`|
|---|---|
|`Computer equipment`|`- 25% straight line`|
```
Duringtheconstructionanddevelopmentofhousingproperties,borrowingcosts,includinginterest,that are
directlyattributabletotheconstructionanddevelopmentarecapitalisedaspartofthecostofthe housing
properties.
```
```
Housingpropertiesareletoutinfurtheranceofthecharity'sownpurposesbyprovidingaserviceto its
beneficiariesandtheyareaccountedforwithintangiblefixedassets,inaccordancewiththeSORP.They are
maintainedinasuchastateofrepairthattheirestimatedresidualvalueremainsclosetotheircost or
valuation. As a result, the trustees believe that any charge for depreciation would be negligible.
```
```
continued...
```
```
Page 8
```
```
Freeston and Sagar's Almshouses
```
```
Notes to the Financial Statements - continued
for the year ended 31 December 2021
```
## **`1. ACCOUNTING POLICIES - continued`**
## **`Tangible fixed assets`**
```
At each reportingperiod end, the charityreviews the carryingamountsof its tangiblefixed assets to determine
whetherthereisanyindicationthatthoseassetshavesufferedanimpairmentloss.Ifanysuch indication
exists,therecoverableamountoftheassetisestimatedinordertodeterminetheextentofthe impairment
loss(ifany).Therecoverableamountisthehigheroffairvaluelesscoststosellandvalueinuse. An
impairment loss is recognised immediately in the SOFA.
```
## **`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`**
```
Thecharityhasestablisheda programmeofcyclicalrepairsandmaintenance.Costsarechargedtothe SOFA
in the year in whichthey are incurred.Costs of extraordinaryrepairsare alsochargedto 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`
**`SUPPORT COSTS`**
`Management`
`£`
`Services`
`4,603`
`Administration`
`1,171`
`Finance`
`-`
`5,774`|`31.12.21`
`31.12.20`
`£`
`£`
`28`
`93`
`Governance`
`Other`
`costs`
`Totals`
`£`
`£`
`£`
`-`
`1,290`
`5,893`
`-`
`1,290`
`2,461`
`62,915`
`-`
`62,915`
`62,915`
`2,580`
`71,269`|`31.12.21`
`31.12.20`
`£`
`£`
`28`
`93`
`Governance`
`Other`
`costs`
`Totals`
`£`
`£`
`£`
`-`
`1,290`
`5,893`
`-`
`1,290`
`2,461`
`62,915`
`-`
`62,915`
`62,915`
`2,580`
`71,269`|
|---|---|---|
|||`71,269`|
## **`3. SUPPORT COSTS`**
```
continued...
```
```
Page 9
```
```
Freeston and Sagar's Almshouses
```
## **`Notes to the Financial Statements - continued for the year ended 31 December 2021`**
## **`4. TRUSTEES' REMUNERATION AND BENEFITS`**
```
There were no trustees'remunerationor other benefitsfor the year ended 31 December 2021 nor for the year
ended 31 December 2020.
```
## **`Trustees' expenses`**
```
Therewerenotrustees'expensespaidfortheyearended31December2021norfortheyear ended
31 December 2020.
```
## **`5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
|**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**||
|---|---|
||`Unrestricted`|
||`funds`|
||`£`|
|**`INCOME AND ENDOWMENTS FROM`**||
|**`Charitable activities`**||
|`Maintenance contributions`|`23,942`|
|`Investment income`|`93`|
|`Other income`|`602`|
|**`Total`**|`24,637`|
|**`EXPENDITURE ON`**||
|**`Charitable activities`**||
|`Services`|`3,688`|
|`Administration`|`29,335`|
|`Property maintenance`|`3,203`|
|`Finance`|`2,162`|
|**`Total`**|`38,388`|
|`Net gains on investments`|`111`|
|**`NET INCOME/(EXPENDITURE)`**|`(13,640)`|
|**`RECONCILIATION OF FUNDS`**||
|**`Total funds brought forward`**||
|`As previously reported`|`315,208`|
|`Prior year adjustment`|`63,000`|
|**`As restated`**|`378,208`|
|**`TOTAL FUNDS CARRIED FORWARD`**|`364,568`|
```
continued...
```
```
Page 10
```
```
Freeston and Sagar's Almshouses
```
```
Notes to the Financial Statements - continued
for the year ended 31 December 2021
```
## **`6. TANGIBLE FIXED ASSETS`**
|**`COST OR VALUATION`**
`At 1 January 2021`
`Additions`
`Revaluations`
`At 31 December 2021`
**`DEPRECIATION`**
`At 1 January 2021 and 31 December 2021`
**`NET BOOK VALUE`**
`At 31 December 2021`
`At 31 December 2020`
`Cost or valuation at 31 December 2021 is represented by:`
`Valuation in 2021`
`Cost`|`Housing`
`properties`
`£`
`1,362,695`
`102,597`
`44,708`
`1,510,000`
`-`
`1,510,000`
`1,362,695`
`Housing`
`properties`
`£`
`44,708`
`1,465,292`
`1,510,000`|`Computer`
`equipment`
`£`
`500`
`-`
`-`
`500`
`499`
`1`
`1`
`Computer`
`equipment`
`£`
`-`
`500`
`500`|`Totals`
`£`
`1,363,195`
`102,597`
`44,708`|
|---|---|---|---|
||||`1,510,500`|
||||`499`|
||||`1,510,001`|
||||`1,362,696`|
||||`Totals`
`£`
`44,708`
`1,465,792`|
||||`1,510,500`|
## **`Capitalised interest`**
```
The amountof borrowingcosts in the year,includinginterest,directlyattributableto the constructionof fixed
assetsandthereforecapitalisedis£55,399(2020-£131,055).Theaggregateamountofborrowing costs,
includinginterest,includedin the cost of housingpropertiesis £249,454(2020 - £194,055).Construction work
on the housing properties was completed in May 2021 and no further interest is capitalised after this date.
```
## **`Property valuations`**
```
The charity'spropertiesat CharlesKirk View, Normanton,were valuedin May 2020 on the basis of existing use
for socialhousingat £1,145,000.The valuationwas carriedout by Alex McNeilMRICS,of Bramleys, Chartered
Surveyors, Huddersfield.
```
```
Thecharity'spropertiesatKirkthorpeLane,WakefieldwerevaluedinMay2017onthebasisofan open
marketsale value£365,000.The valuationwas carriedout by DavidJ MartindaleMRICS,of FSL Estate Agents,
Wakefield.
```
```
Intheopinionofthetrustees,theabovevaluationscontinuetorepresentthefairvalueofthe respective
properties.
```
```
continued...
```
```
Page 11
```
```
Freeston and Sagar's Almshouses
```
## **`Notes to the Financial Statements - continued`**
## **`for the year ended 31 December 2021`**
## **`7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
|`Other debtors`
`Prepayments and accrued income`
**`8.`**
**`CURRENT ASSET INVESTMENTS`**
`Listed investments`
**`Market value`**
`Barclays Sterling Bond fund`
`Charity Official Investment Fund`
**`Cost`**
`Barclays Sterling Bond fund`
`Charity Official Investment Fund`
**`9.`**
**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Other loans (see note 11)`
`Accruals and deferred income`|||`31.12.21`
`£`
`-`
`858`
`858`
`31.12.21`
`£`
`3,914`|||`31.12.20`
`£`
`26,874`
`650`
`27,524`
`31.12.20`
`£`
`3,914`|
|---|---|---|---|---|---|---|
||||||||
||||`£`|||`£`|
||||`2,928`|||`2,929`|
||||`986`|||`986`|
||||||||
||||`3,914`|||`3,914`|
||||||||
||||||||
||||`£`|||`£`|
||||`2,619`|||`2,619`|
||||`281`|||`281`|
||||||||
||||`2,900`|||`2,900`|
||||||||
|||||||`31.12.20`
`£`
`874,941`
`31,949`
`906,890`|
||||||||
```
continued...
```
```
Page 12
```
```
Freeston and Sagar's Almshouses
```
## **`Notes to the Financial Statements - continued for the year ended 31 December 2021`**
## **`10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR`**
|**`CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR`**|||
|---|---|---|
|`Other loans (see note 11)`
`Housing Association grant`|`31.12.21`
`£`
`40,753`
`90,293`
`131,046`|`31.12.20`
`£`
`49,292`
`90,293`|
|||`139,585`|
```
TheHousingAssociationgrantwaspaidtothecharitybytheHousingCorporationtoreducethecostof the
housingpropertydevelopments.Thegrantisrepayableundercertaincircumstances,primarilyfollowing the
sale of property, but will normally be restricted to the net proceeds.
```
## **`11. 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:`
`Mortgage`|`31.12.21`
`£`
`110,000`
`8,400`
`560,588`
`261,509`
`160`
`940,657`
`8,400`
`175`
`8,575`
`12,800`
`600`
`13,400`
`18,778`|`31.12.20`
`£`
`100,000`
`12,600`
`520,027`
`242,154`
`160`|
|---|---|---|
|||`874,941`|
|||`8,400`
`175`|
|||`8,575`|
|||`21,200`
`600`|
|||`21,800`|
|||`18,917`|
```
The mortgageis 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 13
```
```
Freeston and Sagar's Almshouses
```
## **`Notes to the Financial Statements - continued for the year ended 31 December 2021`**
## **`12. SECURED DEBTS`**
```
The following secured debts are included within creditors:
```
|`The Normanton Freeston Foundation`
`Mortgage`
`Kingscrown Finance`|`31.12.21`
`£`
`110,000`
`19,713`
`560,588`
`690,301`|`31.12.20`
`£`
`100,000`
`19,852`
`520,027`|
|---|---|---|
|||`639,879`|
```
The loans are secured by charges on the charity's housing properties.
```
## **`13. MOVEMENT IN FUNDS`**
|**`Unrestricted funds`**
`General fund`
`Investment revaluation reserve`
`Revaluation reserve`
**`TOTAL FUNDS`**
`Net movement in funds, included in the above are as follows:`
`Incoming`
`resources`
`£`
**`Unrestricted funds`**
`General fund`
`60,179`
`Revaluation reserve`
`-`
`60,179`
**`TOTAL FUNDS`**
`60,179`|`At 1.1.21`
`£`
`363,554`
`1,014`
`-`
`364,568`
`364,568`
`Resources`
`expended`
`£`
`(80,222)`
`-`
`(80,222)`
`(80,222)`|`Net`
`movement`
`At`
`in funds`
`31.12.21`
`£`
`£`
`(20,043)`
`343,511`
`-`
`1,014`
`44,708`
`44,708`
`24,665`
`389,233`
`24,665`
`389,233`
`Gains and`
`Movement`
`losses`
`in funds`
`£`
`£`
`-`
`(20,043)`
`44,708`
`44,708`
`44,708`
`24,665`
`44,708`
`24,665`|
|---|---|---|
```
continued...
```
```
Page 14
```
```
Freeston and Sagar's Almshouses
```
```
Notes to the Financial Statements - continued
for the year ended 31 December 2021
```
## **`13. MOVEMENT IN FUNDS - continued`**
## **`Comparatives for movement in funds`**
|**`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`|`Net`
`movement`
`in funds`
`£`
`(13,815)`
`175`
`(13,640)`
`(13,640)`|`At`
`31.12.20`
`£`
`363,554`
`1,014`|
|---|---|---|---|
||||`364,568`|
||||`364,568`|
```
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`|`24,573`|`(38,388)`|`-`|`(13,815)`|
|`Investment revaluation reserve`|`64`|`-`|`111`|`175`|
||`24,637`|`(38,388)`|`111`|`(13,640)`|
|**`TOTAL FUNDS`**|`24,637`|`(38,388)`|`111`|`(13,640)`|
```
A current year 12 months and prior year 12 months combined position is as follows:
```
|**`Unrestricted funds`**
`General fund`
`Investment revaluation reserve`
`Revaluation reserve`
**`TOTAL FUNDS`**|`Prior`
`year`
`At 1.1.20`
`adjustment`
`£`
`£`
`314,369`
`63,000`
`839`
`-`
`-`
`-`
`315,208`
`63,000`
`315,208`
`63,000`|`Net`
`movement`
`in funds`
`£`
`(33,858)`
`175`
`44,708`
`11,025`
`11,025`|`At`
`31.12.21`
`£`
`343,511`
`1,014`
`44,708`|
|---|---|---|---|
||||`389,233`|
||||`389,233`|
```
continued...
```
```
Page 15
```
```
Freeston and Sagar's Almshouses
```
```
Notes to the Financial Statements - continued
for the year ended 31 December 2021
```
## **`13. MOVEMENT IN FUNDS - continued`**
```
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
```
||`Incoming`|`Resources`|`Gains and`|`Movement`|
|---|---|---|---|---|
||`resources`|`expended`|`losses`|`in funds`|
||`£`|`£`|`£`|`£`|
|**`Unrestricted funds`**|||||
|`General fund`|`84,752`|`(118,610)`|`-`|`(33,858)`|
|`Investment revaluation reserve`|`64`|`-`|`111`|`175`|
|`Revaluation reserve`|`-`|`-`|`44,708`|`44,708`|
||`84,816`|`(118,610)`|`44,819`|`11,025`|
|**`TOTAL FUNDS`**|`84,816`|`(118,610)`|`44,819`|`11,025`|
|**`CAPITAL COMMITMENTS`**|||||
||||`31.12.21`|`31.12.20`|
||||`£`|`£`|
|`Contracted but not provided for in the financial statements`|||`35,000`|`35,000`|
## **`14. CAPITAL COMMITMENTS`**
## **`15. RELATED PARTY DISCLOSURES`**
```
Duringthe year ended31 December2020,one trusteemade a paymentto a supplieron behalfof the charity.
The amountinvolvedwas £17,654.At 31 December2021,this amountremainsoutstandingand is included in
other loans. No interest has been paid on this loan.
```
```
Duringtheyearended31December2020,thecharityreceivedaloanof£100,000fromThe Normanton
FreestonFoundation.Three of the charity'strusteesare also trusteesof The NormantonFreeston Foundation.
Interestis payableon the loanat 10% per annum.At 31 December2021,interestof £10,000hadbeen added
to the loan and the loan balance was £110,000.
```
```
Page 16
```