REGISTERED CHARITY NUMBER: 209795
Freeston and Sagar's Almshouses
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022
Freeston and Sagar's Almshouses
Contents of the Financial Statements
for the year ended 31 December 2022
|
|
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 |
to |
8 |
Notes to the Financial Statements |
9 |
to |
17 |
Freeston and Sagar's Almshouses
Reference and Administrative Details for the year ended 31 December 2022
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 |
|
Mr K Wilson JP (appointed 1.2.22) |
|
Mr J Brearton (appointed 1.3.23) |
PRINCIPAL ADDRESS |
c/o Mr J Brearton |
|
1 Home Farm Court |
|
Bretton |
|
Wakefield |
|
WF4 4TR |
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 2022
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December2022. The
trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableinthe UK
and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
TheprovisionandmaintenanceofAlmshousesforpersonsinneedintheareacomprisingthetownofNormanton, the
Parishesof SharlstonandWarmfieldcum Heathandthe areaof the formerParishof ActonandSyndale,all in the county
of West Yorkshire.
Subjectto the above,the Trusteesshallapplythe incomeof the charityfor the benefitof the residentsin the Almshouses
of the charity or any of them in such manner as the Trustees think fit from time to time.
TheTrusteescontinuetoensurethatthecharityfulfilstherequirementssetoutinthescheme.Carefulmanagement of
thecharity'sassets,includingconsiderableattentiontothemaintenanceandrefurbishmentofthepropertiesand the
grounds,ensuresthatthecharityprovidesresidentswithcomfortable,affordablehomesthatmeettheirspecial needs
and enable them to live independently.
Significant activities
Theprincipalactivityofthecharityistoprovidesocialhousingforthoseinneedintheareaofbenefice,suitablefor the
elderly or with mobility needs.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Charityhas struggleddue to thingsoutsideof its control,mainlythe ill healthof its previousclerk and the Charity not
beenabletore-financetopayoffcertainloans.TheCharityis nowina positiontolooktorefinance,asallits properties
are now complete and occupied.
TheCharityisworkinghardalongwithanumberofagenciesandorganisationstomovethingsforward,they have
increased the rents and have an expected income over the next 12 months of around £80,000.
The appointmentof a new clerk has allowedthe Chairand other members to focus on movingthingsin the right direction
and they are confidentthat whilstthe Charityhas struggledin previousyears it now has a numberof differentavenues to
explore.
Page 2
Freeston and Sagar's Almshouses
Report of the Trustees
for the year ended 31 December 2022
FINANCIAL REVIEW
Financial position
2022wasthefirstyearoffullrentalsfollowingthedevelopmentworkonCharlesKirkView.Thefinancialresult before
interest and loan charges was a surplus of £51,670 (2021 - surplus of £42,872).
Interestchargeswerecapitalisedduringtheconstructionphase(uptoMay2021)andthenchargedtotheSOFA. The
impact of the interest and loan charges in the year resulted in a net deficit of £152,131 (2021 - deficit of £20,043).
Net gains on investments amounted to £1,500 (2021 - £44,708), being revaluation surplus on the housing properties.
The housingdevelopmentwas necessarilyfinancedmainlythroughshortterm loanswith relativelyhigh interestrates and
othercharges.Thetrusteesareintheprocessofarranginglongertermfinance,whichwillbecoveredbythe charity's
increased levels of income.
Inspiteofthedeficitintheyear,thefinancialpositionofthecharityremainspositive,withtotalfundscarried forward
amounting to £238,602 (2021 - £389,233).
Reserves policy
The trusteeshavenotadopteda formalreservespolicy,buttheykeepthefinancesof thecharityunderclosereview and
make decisions accordingly.
Thefreereservesofthecharityaredefinedasincomewhichbecomesavailabletothecharityandistobespentat the
trustees’ discretion in furtherance of the charity’s objectives but which is not yet spent, committed or designated.
At 31 December 2022, the charity had unrestricted reserves of £238,602 (2021 - £389,233).
Going concern
Followingcompletionofthehousingdevelopmentin2021,thecharity'smonthlyincomeismuchincreasedandis more
than adequate to meet its operating commitments.
TheBalanceSheetat31December2022showsnetcurrentliabilitiesof£1,148,893,whichmainlyrepresentsshort term
loanstotalling£951,287.Mostoftheseloanshavenofixedrepaymentdatesandthetrusteesareintheprocess of
arranging a full refinancing package.
The refinancingis takingmuch longerthaninitiallyexpected,not helpedby the sharpincreasein interestrates. However,
the trustees remain confident that the refinancing will be completed successfully.
Inthelightoftheabove,thetrusteeshaveconsideredthecurrentpositionandbudgetsofthecharityand,after making
appropriateenquiries,theyhaveareasonableexpectationthatthecharityhasadequateresourcestocontinue in
operationalexistencefor the foreseeablefuture.Thereforetheycontinueto adoptthe goingconcernbasisof accounting
in preparing the financial statements.
Page 3
Freeston and Sagar's Almshouses
Report of the Trustees
for the year ended 31 December 2022
FUTURE PLANS
The charityhas a number of issues and claims that it has to settle in the short term and has sought legal advice in litigation
againstprofessionalorganisationswheretheyhavebeenmis-advised,whichhasnotallowedtheminpreviousyears to
move things along.
There is still the optionof selling Green Lane field in Kirkthorpeto local undertakerR J Burgess for a private / natural burial
site.The trustees have also met with the local authority,with a view to selling the land to them for a community cemetery
for the district and surrounding areas.
The trustees' sole focus at present is ensuringthat it is able to pay its creditorsand ensure the smooth operational running
of the charity for many years to come, now it provides accommodation for 13 families in the local area of beneficiary.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Thecharityisanunincorporatedcharity.Itwasregisteredasacharityon22April1963andisgovernedbythe scheme
document dated 1 May 1987.
Recruitment and appointment of new trustees
ThetrusteesappointedMrJohnBrearton,aretiredaccountant,asitsclerkinJanuary2023,duetotheillhealth and
absenceof thepreviousclerk.Miss KathleenCrowther.Due to a numberof issuesandto get thingsmovingforward with
mandates, etc., Mr Brearton was added as a trustee so that he could officially act on behalf of the charity.
MissCrowtherwas sadlyofficiallydiagnosedwithdementiaandthecharityhassincehadto workalongsidea number of
agencies to retrieve all its historic and financial data. This has now been achieved but has taken over 12 months to do so.
The trustees are correctlyworkingwith a number of organisationsto turn thingsroundbut are hamperedwith the current
interest rates. Once the situation is resolved they will look to appoint new trustees.
Decision making
The appointmentof a new clerk and finallybeing able to access all the charity'saccountinginformationand other data has
allowed the charity to find its feet over recent months with a plan to move forward.
Rents were increasedin line with nationalguidanceand the charityhas sought advice from the AlmshouseAssociation and
other agencies to move things forward.
The charitycontinuesto operateto its schemeof 1987andforthe firsttime hasallits propertiesoccupiedand managed
effectively through a number of hard-working trustees who support the charity day to day as volunteers.
The charityis in the process of re-financingand is workingwith both corporateand privatelendersto ensure the charity is
able to still function in the future independently.
Approved by order of the board of trustees on 12 March 2024 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(the Trust)for the
year ended 31 December 2022.
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
myexaminationI havefollowedallapplicableDirectionsgivenbytheCharityCommissionunderSection145(5)(b)of the
Act.
Independent examiner's statement
I havecompletedmyexamination.I confirmthatnomaterialmattershavecometomyattentioninconnectionwith 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.
I have no concernsand have come acrossno othermattersin connectionwith the examinationto whichattention 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
12 March 2024
Page 5
Freeston and Sagar's Almshouses
Statement of Financial Activities for the year ended 31 December 2022
|
|
31.12.22 |
31.12.21 |
|
|
Unrestricted |
Total |
|
|
funds |
funds |
|
Notes |
£ |
£ |
INCOME AND ENDOWMENTS FROM |
|
|
|
Charitable activities |
|
|
|
Maintenance contributions |
|
72,852 |
60,149 |
Investment income |
2 |
31 |
28 |
Other income |
|
2 |
2 |
Total |
|
72,885 |
60,179 |
EXPENDITURE ON |
|
|
|
Charitable activities |
|
|
|
Services |
|
6,395 |
5,893 |
Administration |
|
3,298 |
2,461 |
Property maintenance |
|
11,522 |
8,953 |
Finance |
|
203,801 |
62,915 |
Total |
|
225,016 |
80,222 |
Net gains on investments |
|
1,500 |
44,708 |
NET INCOME/(EXPENDITURE) |
|
(150,631) |
24,665 |
RECONCILIATION OF FUNDS |
|
|
|
Total funds brought forward |
|
389,233 |
364,568 |
TOTAL FUNDS CARRIED FORWARD |
|
238,602 |
389,233 |
The notes form part of these financial statements
Page 6
Freeston and Sagar's Almshouses
Balance Sheet 31 December 2022
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 |
31.12.22
Unrestricted
funds
£
1,510,001
948
3,914
13,191
18,053
(1,166,946)
(1,148,893)
361,108
(122,506)
238,602 |
31.12.21
Total
funds
£
1,510,001
858
3,914
24,519 |
|
|
29,291
(1,019,013) |
|
|
(989,722) |
|
|
520,279
(131,046) |
|
|
389,233 |
The notes form part of these financial statements
continued...
Page 7
Freeston and Sagar's Almshouses
Balance Sheet - continued 31 December 2022
FUNDS
13
Unrestricted funds:
General fund
Investment revaluation reserve
Revaluation reserve
TOTAL FUNDS |
191,380
1,014
46,208
238,602
238,602 |
343,511
1,014
44,708 |
|
|
389,233 |
|
|
389,233 |
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon12March2024and were
signed on its behalf by:
Mr B D Thaler - Trustee
Mrs 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 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewith the CharitiesSORP (FRS 102) 'Accountingand Reportingby Charities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicablein the UK and Republicof Ireland(FRS 102) (effective 1 January2019)', FinancialReportingStandard 102
'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andtheCharitiesAct2011. The
financialstatementshavebeenpreparedunderthehistoricalcostconvention,asmodifiedbytherevaluation of
certain assets.
Going concern
Followingcompletionof the housingdevelopmentin 2021,the charity'smonthlyincomeis muchincreasedand is
more than adequate to meet its operating commitments.
The BalanceSheet at 31 December 2022 shows net currentliabilitiesof £1,148,893,whichmainlyrepresents short
termloanstotalling£951,287.Mostoftheseloanshavenofixedrepaymentdatesandthetrusteesarein the
process of arranging a full refinancing package.
Therefinancingistakingmuchlongerthaninitiallyexpected,nothelpedbythesharpincreaseininterest rates.
However, the trustees remain confident that the refinancing will be completed successfully.
Inthelightoftheabove,thetrusteeshaveconsideredthecurrentpositionandbudgetsofthecharityand, after
makingappropriateenquiries,theyhaveareasonableexpectationthatthecharityhasadequateresources to
continuein operationalexistencefor the foreseeablefuture.Thereforetheycontinueto adoptthe going concern
basis of accounting in preparing the financial statements.
Income
All incomeis recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto the funds,it is
probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement and
the amountof the obligationcanbe measuredreliably.Expenditureis accountedforon an accrualsbasisand has
beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.
Tangible fixed assets
Tangiblefixedassetsarestatedatcostorvaluationlessaccumulateddepreciationandaccumulated impairment
losses.Costincludestheoriginalpurchasepriceandanycostsdirectlyattributabletobringingtheassetto its
working condition for its intended use.
Depreciationis providedat the followingannualrates in orderto write off the cost or valuationof each asset, less
its estimated residual value, over its estimated useful life:
Housing properties- 2%
Computer equipment- 25% straight line
continued...
Page 9
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued
for the year ended 31 December 2022
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Duringtheconstructionanddevelopmentofhousingproperties,borrowingcosts,includinginterest,that are
directlyattributabletotheconstructionanddevelopmentarecapitalisedaspartofthecostofthe housing
properties.
Housingpropertiesareletoutinfurtheranceofthecharity'sownpurposesbyprovidingaserviceto its
beneficiariesandtheyareaccountedforwithintangiblefixedassets,inaccordancewiththeSORP.They are
maintainedina sucha stateofrepairthattheirestimatedresidualvalueremainsclosetotheircostor valuation.
As a result, the trustees believe that any charge for depreciation would be negligible.
Ateachreportingperiodend,thecharityreviewsthecarryingamountsofitstangiblefixedassetsto determine
whetherthereisanyindicationthatthoseassetshavesufferedanimpairmentloss.Ifanysuchindication exists,
the recoverableamountof the asset is estimatedin orderto determinethe extentof the impairmentloss (if any).
Therecoverableamountisthehigheroffairvaluelesscoststosellandvalueinuse.Animpairmentloss 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.
Restrictedfundscanonlybe usedforparticularrestrictedpurposeswithinthe objectsof the charity. Restrictions
arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Repairs and maintenance
Thecharityhasestablishedaprogrammeofcyclicalrepairsandmaintenance.CostsarechargedtotheSOFA in
theyearinwhichtheyareincurred.CostsofextraordinaryrepairsarealsochargedtotheSOFAintheyear 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.
continued...
Page 10
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued
for the year ended 31 December 2022
2. INVESTMENT INCOME
Investment income
SUPPORT COSTS
Management
£
Services
2,376
Administration
1,963
Finance
39,241
43,580 |
31.12.22
£
31
Governance
Other
costs
£
£
-
1,335
-
1,335
164,560
-
164,560
2,670 |
31.12.21
£
28
Totals
£
3,711
3,298
203,801 |
|
|
210,810 |
3. SUPPORT COSTS
4. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2022norforthe year
ended 31 December 2021.
Trustees' expenses
During the year ended 31 December 2022, expenses of £463 (2021 - £3,516) were reimbursed to one trustee.
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 |
60,149 |
Investment income |
28 |
Other income |
2 |
Total |
60,179 |
EXPENDITURE ON |
|
Charitable activities |
|
Services |
5,893 |
Administration |
2,461 |
Property maintenance |
8,953 |
Finance |
62,915 |
Total |
80,222 |
continued...
Page 11
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued
for the year ended 31 December 2022
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
|
Unrestricted |
|
funds |
|
£ |
Net gains on investments |
44,708 |
NET INCOME |
24,665 |
RECONCILIATION OF FUNDS |
|
Total funds brought forward |
364,568 |
TOTAL FUNDS CARRIED FORWARD |
389,233 |
6.
TANGIBLE FIXED ASSETS
COST OR VALUATION
At 1 January 2022
Additions
Revaluations
At 31 December 2022
DEPRECIATION
At 1 January 2022 and 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021
Cost or valuation at 31 December 2022 is represented by:
Valuation in 2021
Valuation in 2022
Cost |
Housing
properties
£
1,510,000
(1,500)
1,500
1,510,000
-
1,510,000
1,510,000
Housing
properties
£
44,708
1,500
1,463,792
1,510,000 |
Computer
equipment
£
500
-
-
500
499
1
1
Computer
equipment
£
-
-
500
500 |
Totals
£
1,510,500
(1,500)
1,500
1,510,500
499
1,510,001
1,510,001
Totals
£
44,708
1,500
1,464,292
1,510,500 |
|
|
|
|
continued...
Page 12
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued for the year ended 31 December 2022
6. TANGIBLE FIXED ASSETS - continued
Capitalised interest
Theamountofborrowingcostsintheyear,includinginterest,directlyattributabletotheconstructionof fixed
assetsandthereforecapitalisedis£Nil(2021-£55,399).Theaggregateamountofborrowingcosts, including
interest,includedinthecostofhousingpropertiesis£249,454(2021-£249,454).Constructionworkon 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 existinguse for
socialhousingat£1,145,000.ThevaluationwascarriedoutbyAlexMcNeilMRICS,ofBramleys, Chartered
Surveyors, Huddersfield.
Thecharity'spropertiesatKirkthorpeLane,WakefieldwerevaluedinMay2017onthebasisofanopen market
sale value £365,000. The valuation was carried out by David J Martindale MRICS, of FSL Estate Agents, Wakefield.
Intheopinionofthetrustees,theabovevaluationscontinuetorepresentthefairvalueofthe respective
properties.
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
8.
Prepayments and accrued income
CURRENT ASSET INVESTMENTS
Listed investments |
|
31.12.22
£
948
31.12.22
£
3,914 |
|
31.12.21
£
858
31.12.21
£
3,914 |
|
|
|
|
|
Market value |
|
£ |
|
£ |
Barclays Sterling Bond fund |
|
2,928 |
|
2,929 |
Charity Official Investment Fund |
|
986 |
|
986 |
|
|
|
|
|
|
|
3,914 |
|
3,914 |
|
|
|
|
|
|
|
|
|
|
Cost |
|
£ |
|
£ |
Barclays Sterling Bond fund |
|
2,619 |
|
2,619 |
Charity Official Investment Fund |
|
281 |
|
281 |
|
|
|
|
|
|
|
2,900 |
|
2,900 |
|
|
|
|
|
continued...
Page 13
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued
for the year ended 31 December 2022
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
Other loans (see note 11)
Accruals and deferred income
10.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Other loans (see note 11)
Housing Association grant |
31.12.22
£
951,287
215,659
1,166,946
31.12.22
£
32,213
90,293
122,506 |
31.12.21
£
940,657
78,356 |
|
|
|
1,019,013 |
|
|
|
|
31.12.21
£
40,753
90,293 |
|
|
|
131,046 |
TheHousingAssociationgrantwaspaidtothecharitybytheHousingCorporationtoreducethecostof the
housingpropertydevelopments.Thegrantisrepayableundercertaincircumstances,primarilyfollowingthe 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 |
31.12.22
£
110,000
8,400
560,588
272,139
160
951,287
8,400
175
8,575
4,400
600
5,000 |
31.12.21
£
110,000
8,400
560,588
261,509
160 |
|
|
940,657 |
|
|
8,400
175 |
|
|
8,575 |
|
|
12,800
600 |
|
|
13,400 |
continued...
Page 14
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued
for the year ended 31 December 2022
11. LOANS - continued
LOANS - continued |
|
|
|
31.12.22 |
31.12.21 |
|
£ |
£ |
Amounts falling due in more than five years: |
|
|
Repayable by instalments: |
|
|
Mortgage |
18,638 |
18,778 |
Themortgageisrepayablebyequalhalf-yearlyinstalmentsofprincipalandinterest,thefinalinstalment falling
due on 28 February 2046. Interest is charged at a fixed rate of 10.375%.
12. SECURED DEBTS
The following secured debts are included within creditors:
The Normanton Freeston Foundation
Mortgage
Kingscrown Finance |
31.12.22
£
110,000
19,573
560,588
690,161 |
31.12.21
£
110,000
19,713
560,588 |
|
|
690,301 |
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
At 1.1.22
in funds
£
£
343,511
(152,131)
1,014
-
44,708
1,500
389,233
(150,631)
389,233
(150,631) |
At
31.12.22
£
191,380
1,014
46,208 |
|
|
238,602 |
|
|
238,602 |
continued...
Page 15
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued
for the year ended 31 December 2022
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Revaluation reserve
TOTAL FUNDS |
Incoming
resources
£
72,885
-
72,885
72,885 |
Resources
expended
£
(225,016)
-
(225,016)
(225,016) |
Gains and
Movement
losses
in funds
£
£
-
(152,131)
1,500
1,500
1,500
(150,631)
1,500
(150,631) |
Gains and
Movement
losses
in funds
£
£
-
(152,131)
1,500
1,500
1,500
(150,631)
1,500
(150,631) |
|
|
|
|
(150,631) |
|
|
|
|
(150,631) |
Comparatives for movement in funds
Unrestricted funds
General fund
Investment revaluation reserve
Revaluation reserve
TOTAL FUNDS |
Net
movement
At 1.1.21
in funds
£
£
363,554
(20,043)
1,014
-
-
44,708
364,568
24,665
364,568
24,665 |
At
31.12.21
£
343,511
1,014
44,708 |
|
|
389,233 |
|
|
389,233 |
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 |
60,179 |
(80,222) |
- |
(20,043) |
Revaluation reserve |
- |
- |
44,708 |
44,708 |
|
60,179 |
(80,222) |
44,708 |
24,665 |
TOTAL FUNDS |
60,179 |
(80,222) |
44,708 |
24,665 |
continued...
Page 16
Freeston and Sagar's Almshouses
Notes to the Financial Statements - continued
for the year ended 31 December 2022
13. MOVEMENT IN FUNDS - continued
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 |
Net
movement
At 1.1.21
in funds
£
£
363,554
(172,174)
1,014
-
-
46,208
364,568
(125,966)
364,568
(125,966) |
At
31.12.22
£
191,380
1,014
46,208 |
|
|
238,602 |
|
|
238,602 |
A currentyear12 monthsandprioryear12 monthscombinednetmovementinfunds,includedintheabove are
as follows:
Unrestricted funds
General fund
Revaluation reserve
TOTAL FUNDS |
Incoming
resources
£
133,064
-
133,064
133,064 |
Resources
expended
£
(305,238)
-
(305,238)
(305,238) |
Gains and
Movement
losses
in funds
£
£
-
(172,174)
46,208
46,208
46,208
(125,966)
46,208
(125,966) |
Gains and
Movement
losses
in funds
£
£
-
(172,174)
46,208
46,208
46,208
(125,966)
46,208
(125,966) |
|
|
|
|
(125,966) |
|
|
|
|
(125,966) |
14. RELATED PARTY DISCLOSURES
Duringthe year ended 31 December 2020, one trustee made a paymentto a supplieron behalfof the charity. The
amountinvolvedwas£17,654.At31December2022,thisamountremainsoutstandingandisincludedin other
loans. No interest has been paid on this loan.
Duringthe yearended31 December2020,the charityreceiveda loanof £100,000fromThe Normanton Freeston
Foundation.Fourofthecharity'strusteesarealsotrusteesofTheNormantonFreestonFoundation.Interest is
payable on the loan at 10% per annum.
Page 17