```
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
```