REGISTERED CHARITY NUMBER: 214737
CHARITY OF THOMAS GUY
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
CHARITY OF THOMAS GUY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| 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 17 |
CHARITY OF THOMAS GUY
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES J Benton G Brown D Gilbert R Hackett P Smith G Wilkinson J Edwards M Smith PRINCIPAL ADDRESS The Almshouses Lower Gungate Tamworth Staffordshire B79 7AN REGISTERED CHARITY 214737 NUMBER
INDEPENDENT EXAMINER Philip Barnes & Co Limited Chartered Accountants The Old Council Chambers Halford Street Tamworth Staffordshire B79 7RB SCHEME MANAGER L Shaw
Page 1
CHARITY OF THOMAS GUY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Principal objectives of the charity
The charity's principal objective is the provision of residential accommodation for persons of good character aged 50 or more subject to certain other conditions.
We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. The review also helps us to ensure that our aim, objectives and activities remained focused on our stated purposes.
Significant activities
The charity provides town centre almshouse accommodation in 33 units.
Public benefit
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
The trustees are satisfied that the accommodation provided for residents provide public benefit to the community.
ACHIEVEMENT AND PERFORMANCE
Review of activities and achievements
The occupancy levels were as budgeted for the period with all vacancies arising being filled during the year. For those flats that were vacated during the year minor restoration work has continued to be carried out including the partitioning of bedroom areas and bathroom improvements.
Programmed Work - current year
Maintenance work programmed for 2023 included the following:
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Consumer units replacements
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Painting and decorating
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Electrical repairs
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Flat conversions
-
Treatment and repair of lawn areas
A rolling maintenance schedule is in place for the on-going maintenance of the property. General repairs and maintenance costs increased in the year as we work to improve the facilities on site.
At the end of 2011 solar panels were installed ahead of the solar panel feed-in tariff deadline. The savings achieved from the installation of the solar panels has benefited the Charity in the current year by way of reduced energy charges and a rebate of £6,861 (2022: £7,781) from the feed-in tariff.
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CHARITY OF THOMAS GUY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENT AND PERFORMANCE
Summary
Despite a modest increase in residency income expenditure was impacted by increased heating and general costs. Our funds decreased by £11,464 (before net investment gains). Our funds are to be used for planned projects as well as to increase the level of reserves to fund any future major refurbishment of the property.
Gratitude
The trustees would like to thank staff, volunteers and our supporters for their hard work and assistance in the good running of the charity.
FINANCIAL REVIEW
Reserves and investment policy
It is the policy of the trustees to maintain free reserves at a level sufficient to cover large costs which may be incurred to maintain the properties, and to cover sufficient and reasonable operating costs to ensure the charity can run efficiently and meet the needs of the beneficiaries. Free reserves are the unrestricted funds not committed or invested in tangible fixed assets and at 31 December 2023 these amounted to approximately £675,000. These reserves are invested in income shares of the National Association of Almshouses Common Investment Fund and cash investment accounts to give reasonable yield whilst at the same time minimising the level of investment risk.
Financial review
The income and expenditure for the year and transfers to and from the various funds are shown in the attached financial statements.
The net expenditure before transfers for the year of £5,099 (2022: £414 surplus) was in line with our financial forecasts.
The trustees confirm that after making enquiries they have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the accounts.
Investment policy and objectives
The charity's funds are invested in a balanced portfolio with the objective of delivering a consistent income level whilst maintaining and optimising capital growth.
FUTURE PLANS
A detailed work programme has been prepared for the forthcoming year to maintain and improve the Almshouses.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Charity of Thomas Guy was established by a Will dated 4 September 1724 and constitutes an unincorporated charity. It is regulated by a scheme of the Charity Commissioners of the 23 September 1955 and variation of 29 October 1964. The trustees also possess the legacy of Elsie Westwood for the benefit of the residents.
Recruitment and appointment of new trustees
An ideal trustee profile is identified based on desired attributes and skills to complement the existing board. New trustees are appointed by the board in accordance with the scheme rules and provided with a copy of the governing document, the latest annual report and various Charity Commission literature aimed at trustees.
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CHARITY OF THOMAS GUY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure and decision making
The charity is managed by the board of trustees which, numbering no more than ten at any time, meet monthly.
Before the start of each financial year, the trustees will consider and approve an annual plan and budget for the forthcoming year. The annual plan reviews the charities current aims, objectives and performance. The trustees and the scheme manager discuss the plans throughout the year at the monthly trustee meetings.
Induction and training of trustees
All trustees are encouraged to attend external training events where these will facilitate the undertaking of their role.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Risks and procedures to manage identified risks are reviewed periodically.
The trustees recognise that no system of internal control can provide absolute assurance or eliminate all risk. The system of internal control is designed to manage risk and to provide reasonable assurance that key business objectives and expected outcomes will be achieved. It also exists to give reasonable assurance about the preparation and reliability of financial and operational information and the safeguarding of the charity's assets and interests.
Approved by order of the board of trustees on 30 October 2024 and signed on its behalf by:
J Benton - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHARITY OF THOMAS GUY
Independent examiner's report to the trustees of Charity of Thomas Guy
I report to the charity trustees on my examination of the accounts of Charity of Thomas Guy (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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 concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
F Bates FCA, FCCA
Philip Barnes & Co Limited Chartered Accountants The Old Council Chambers Halford Street Tamworth Staffordshire B79 7RB
30 October 2024
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CHARITY OF THOMAS GUY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Charitable activities 5 Residential accommodation Investment income 4 Other income 6 Total EXPENDITURE ON Charitable activities 7 Residential accommodation Payments for benefit of residents Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 500 163,479 21,641 6,861 192,481 202,931 - 202,931 2,750 (7,700) 1,191,485 1,183,785 |
Restricted fund £ - - 1,319 - 1,319 - 2,333 2,333 524 (490) 30,514 30,024 |
Endowment fund £ - - - - - - - - 3,091 3,091 180,750 183,841 |
2023 Total funds £ 500 163,479 22,960 6,861 193,800 202,931 2,333 205,264 6,365 (5,099) 1,402,749 1,397,650 |
2022 Total funds £ - 160,794 16,809 7,781 185,384 170,978 2,020 172,998 (11,972) 414 1,402,335 1,402,749 |
|---|---|---|---|---|---|
The notes form part of these financial statements
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CHARITY OF THOMAS GUY
BALANCE SHEET 31 DECEMBER 2023
| Notes FIXED ASSETS Tangible assets 12 Investments 13 CURRENT ASSETS Debtors 14 Cash at bank CREDITORS Amounts falling due within one year 15 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 17 Unrestricted funds: General fund Capital fund Repair reserve fund Extraordinary repair fund Cyclical maintenance fund Restricted funds: Elsie Westwood fund Endowment funds: Permanent endowment fund TOTAL FUNDS |
2023 £ 509,334 378,631 887,965 16,208 504,217 520,425 (10,740) 509,685 1,397,650 1,397,650 294,451 509,334 120,000 200,000 60,000 1,183,785 30,024 183,841 1,397,650 |
2022 £ 509,334 372,266 881,600 13,451 519,086 532,537 (11,388) 521,149 1,402,749 1,402,749 302,151 509,334 120,000 200,000 60,000 1,191,485 30,514 180,750 1,402,749 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 30 October 2024 and were signed on its behalf by:
P Smith - Trustee
The notes form part of these financial statements
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CHARITY OF THOMAS GUY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. STATUTORY INFORMATION
The Charity of Thomas Guy is an unincorporated charity registered in England and Wales. The charity's address and registered number can be found on page 1 of these financial statements.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The significant accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. Grants and investment income are included when receivable. Income generated from the permanent endowment investments is unrestricted income and is shown in the general fund.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure, including irrecoverable VAT, is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.
Charitable activities
Charitable activities expenditure comprises those costs incurred by the charity in the performance of its activities and services. It includes costs which are incurred directly by those activities, support costs and costs relating to the governance of the charity.
Governance costs
Governance costs comprise those costs associated with meeting the constitutional and statutory requirements of the charity and include accountancy fees and costs associated with the strategic management of the charity.
Tangible fixed assets
A value has never been attributed to the original costs of the Almshouses, Tamworth. Later additions and improvements are shown at cost. None of the charity's functional fixed assets have been re-valued during the year and the charity does not have a policy of revaluation of these assets. In the opinion of the Trustees a provision for depreciation is not considered necessary.
Taxation
The charity is exempt from tax on its charitable activities.
continued...
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CHARITY OF THOMAS GUY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
2. ACCOUNTING POLICIES - continued
Fund accounting
This differentiates between restricted and unrestricted funds.
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Designated funds comprise unrestricted funds that have been set aside by the trustees, for a specific, but not legally binding purpose.
Restricted funds are funds which can only be used for particular restricted purposes within the objects of 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 elsewhere in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Investments
Investments are included at closing mid-market value at the balance sheet date. Any gains or losses arising on revaluations and disposals are taken to the Statement of Financial Activities.
| 3. DONATIONS AND LEGACIES Donations 4. INVESTMENT INCOME NAA Common Investment Fund dividend COIF deposit interest 5. INCOME FROM CHARITABLE ACTIVITIES Residents contributions Facilities |
||
|---|---|---|
continued...
Page 9
CHARITY OF THOMAS GUY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
6. OTHER INCOME
| 2023 £ Solar panel feed in tariff 6,861 7. CHARITABLE ACTIVITIES COSTS Direct Support Costs costs (see note 8) (see note 9) £ £ Residential accommodation 58,820 144,111 Payments for benefit of residents - 2,333 58,820 146,444 8. DIRECT COSTS OF CHARITABLE ACTIVITIES 2023 £ Water rates and council tax 9,630 Insurance 5,788 Gas and electricity 35,581 Lifeline 7,821 58,820 |
2022 £ 7,781 Totals £ 202,931 2,333 205,264 2022 £ 8,721 4,586 24,856 7,557 45,720 |
|---|---|
9. SUPPORT COSTS
| Repairs and Management Maintenance £ £ Residential accommodation 33,553 100,610 Payments for benefit of residents - - 33,553 100,610 Support costs, included in the above, are as follows: Management Wages Pensions Telephone Stationery, postage's and sundries Subscriptions Bad debt |
Residents Governance Welfare costs £ £ - 9,948 2,333 - 2,333 9,948 2023 £ 25,889 403 453 1,558 403 4,847 33,553 |
Totals £ 144,111 2,333 146,444 2022 £ 24,884 372 477 1,541 379 5,601 33,254 |
|---|---|---|
Support costs, included in the above, are as follows:
Management
continued...
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CHARITY OF THOMAS GUY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
9. SUPPORT COSTS - continued
Repairs and maintenance
| Wages General repairs and maintenance Garden expenses Cookers Residents welfare Residents social events Miscellaneous expenses Governance costs Accountancy and independent examination Independent examiners - other services Professional fees |
2023 £ 30,716 65,305 3,505 1,084 100,610 2023 £ 2,206 127 2,333 2023 £ 4,680 - 5,268 9,948 |
2022 £ 28,082 51,463 6,459 - 86,004 2022 £ 1,885 135 2,020 2022 £ 4,200 1,800 - 6,000 |
|---|---|---|
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
continued...
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CHARITY OF THOMAS GUY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
| 11. | STAFF COSTS | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Wages and salaries | 56,605 | 52,966 | |
| Other pension costs | 403 | 372 | |
| 57,008 | 53,338 | ||
| The average monthly number of employees during the year was as follows: | |||
| 2023 | 2022 | ||
| Average number of staff during the year | 4 | 4 | |
| Average number of full-time equivalent | 3 | 2 | |
| No employees received emoluments in excess of £60,000. | |||
| 12. | TANGIBLE FIXED ASSETS | ||
| Freehold Property | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Almshouses, Tamworth | not valued | not valued | |
| A value has never been attributed to the original almshouses. These almshouses | are used by the charity for the | ||
| provision of accommodation to the elderly. The trustees do not consider | it practicable | to quantify the | |
| difference between the carrying value and market value. | |||
| Additions and improvements | |||
| 2023 | 2022 | ||
| £ | £ | ||
| COST | |||
| At 1 January | 509,334 | 509,334 | |
| NET BOOK VALUE | |||
| At 31 December | 509,334 | 509,334 | |
| 13. | FIXED ASSET INVESTMENTS | ||
| Investments are held as follows: | |||
| National Association of Almshouses Common Investment Fund | |||
| 2023 | 2022 | ||
| Number | Number | ||
| Income shares | |||
| - number of shares held | 421,545 | 421,545 |
continued...
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CHARITY OF THOMAS GUY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
13. FIXED ASSET INVESTMENTS - continued
Market value of these shares split between funds:
| Market value at 1 January 2023 Movement in market value Market value at 31 December 2023 |
Elsie Permanent General Westwood Endowment Total £ £ £ £ 160,853 30,663 180,750 372,266 2,750 524 3,091 6,365 163,603 31,187 183,841 378,631 |
|---|---|
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Residents contributions Social security and other taxes Prepayments and accrued income |
2023 £ 6,314 - 9,894 16,208 |
2022 £ 1,662 330 11,459 |
|---|---|---|
| 13,451 |
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Social security and other taxes Other creditors Accrued expenses |
2023 £ 20 3,352 7,368 10,740 |
2022 £ - 1,962 9,426 |
|---|---|---|
| 11,388 |
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Fixed assets Investments Current assets Current liabilities |
Unrestricted funds £ 509,334 163,603 521,588 (10,740) 1,183,785 |
Restricted fund £ - 31,187 (1,163) - 30,024 |
Endowment fund £ - 183,841 - - 183,841 |
2023 Total funds £ 509,334 378,631 520,425 (10,740) 1,397,650 |
2022 Total funds £ 509,334 372,266 532,537 (11,388) |
|---|---|---|---|---|---|
| 1,402,749 |
continued...
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CHARITY OF THOMAS GUY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
17. MOVEMENT IN FUNDS
| Unrestricted funds General fund Capital fund Repair reserve fund Extraordinary repair fund Cyclical maintenance fund Restricted funds Elsie Westwood fund Endowment funds Permanent endowment fund TOTAL FUNDS Net movement in funds, included in the above ar Unrestricted funds General fund Repair reserve fund Extraordinary repair fund Cyclical maintenance fund Restricted funds Elsie Westwood fund Endowment funds Permanent endowment fund TOTAL FUNDS |
At 1.1.23 £ 302,151 509,334 120,000 200,000 60,000 1,191,485 30,514 180,750 1,402,749 e as follows: Incoming resources £ 192,481 - - - 192,481 1,319 - 193,800 |
Net movement in funds £ 92,910 - (49,211) (1,507) (49,892) (7,700) (490) 3,091 (5,099) Resources expended £ (102,321) (49,211) (1,507) (49,892) (202,931) (2,333) - (205,264) |
Transfers between funds £ (100,610) - 49,211 1,507 49,892 - - - - Gains and losses £ 2,750 - - - 2,750 524 3,091 6,365 |
At 31.12.23 £ 294,451 509,334 120,000 200,000 60,000 1,183,785 30,024 183,841 1,397,650 Movement in funds £ 92,910 (49,211) (1,507) (49,892) (7,700) (490) 3,091 (5,099) |
||
|---|---|---|---|---|---|---|
| e |
continued...
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CHARITY OF THOMAS GUY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Capital fund Repair reserve fund Extraordinary repair fund Cyclical maintenance fund Restricted funds Elsie Westwood fund Endowment funds Permanent endowment fund TOTAL FUNDS |
At 1.1.22 £ 334,133 509,334 110,000 180,000 50,000 1,183,467 32,305 186,563 1,402,335 |
Net movement in funds £ 94,022 - (46,902) - (39,102) 8,018 (1,791) (5,813) 414 |
Transfers between funds £ (126,004) - 56,902 20,000 49,102 - - - - |
At 31.12.22 £ 302,151 509,334 120,000 200,000 60,000 |
|---|---|---|---|---|
| 1,191,485 30,514 180,750 |
||||
| 1,402,749 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Repair reserve fund Cyclical maintenance fund Restricted funds Elsie Westwood fund Endowment funds Permanent endowment fund TOTAL FUNDS |
Incoming resources £ 184,169 - - 184,169 1,215 - 185,384 |
Resources expended £ (84,974) (46,902) (39,102) (170,978) (2,020) - (172,998) |
Gains and Movement losses in funds £ £ (5,173) 94,022 - (46,902) - (39,102) (5,173) 8,018 (986) (1,791) (5,813) (5,813) (11,972) 414 |
Gains and Movement losses in funds £ £ (5,173) 94,022 - (46,902) - (39,102) (5,173) 8,018 (986) (1,791) (5,813) (5,813) (11,972) 414 |
|---|---|---|---|---|
| 8,018 (1,791) (5,813) |
||||
| 414 |
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continued...
CHARITY OF THOMAS GUY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Capital fund Repair reserve fund Extraordinary repair fund Cyclical maintenance fund Restricted funds Elsie Westwood fund Endowment funds Permanent endowment fund TOTAL FUNDS |
At 1.1.22 £ 334,133 509,334 110,000 180,000 50,000 1,183,467 32,305 186,563 1,402,335 |
Net movement in funds £ 186,932 - (96,113) (1,507) (88,994) 318 (2,281) (2,722) (4,685) |
Transfers between funds £ (226,614) - 106,113 21,507 98,994 - - - - |
At 31.12.23 £ 294,451 509,334 120,000 200,000 60,000 |
|---|---|---|---|---|
| 1,183,785 30,024 183,841 |
||||
| 1,397,650 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Repair reserve fund Extraordinary repair fund Cyclical maintenance fund Restricted funds Elsie Westwood fund Endowment funds Permanent endowment fund TOTAL FUNDS |
Incoming resources £ 376,650 - - - 376,650 2,534 - 379,184 |
Resources expended £ (187,295) (96,113) (1,507) (88,994) (373,909) (4,353) - (378,262) |
Gains and Movement losses in funds £ £ (2,423) 186,932 - (96,113) - (1,507) - (88,994) (2,423) 318 (462) (2,281) (2,722) (2,722) (5,607) (4,685) |
Gains and Movement losses in funds £ £ (2,423) 186,932 - (96,113) - (1,507) - (88,994) (2,423) 318 (462) (2,281) (2,722) (2,722) (5,607) (4,685) |
|---|---|---|---|---|
| 318 (2,281) (2,722) |
||||
| (4,685) |
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continued...
CHARITY OF THOMAS GUY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023
17. MOVEMENT IN FUNDS - continued
FUNDS
Permanent endowment fund
This endowment fund must be held indefinitely and provides an income for the day to day work of the charity.
Elsie Westwood fund
This restricted fund is a legacy of Elsie Westwood for the benefit of the residents.
Capital fund
The main contribution to this fund has been the proceeds from the sale of the Birmingham properties. This has now been used to fund sums expended on the improvement of the Tamworth Almshouses.
Extraordinary repair fund
This designated fund was established to meet future major expenditure. The scheme requires that a yearly sum be set aside for this fund.
Cyclical maintenance fund
This designated fund is established to meet maintenance occurring at intervals. The scheme requires that a yearly sum be set aside for this fund.
Repair reserve fund
This designated fund is established to meet annual repair costs. The scheme requires that a yearly sum be set aside for this fund.
General fund
The unrestricted general fund includes income generated from the original endowment of the trust together with the income and expenditure of the charity's day to day activities.
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
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