**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:
- Consumer units replacements
- Painting and decorating
- Electrical repairs
- 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.
Page 2
**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.
Page 3
**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
Page 4
**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:
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 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
Page 5
**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
Page 6
**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
Page 7
**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...
Page 8
**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...
Page 10
**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...
Page 11
**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...
Page 12
**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...
Page 13
**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...
Page 14
**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|
Page 15
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)|
Page 16
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.
Page 17