REGISTERED CHARITY NUMBER: 217544
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
FOR
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
Wallace Crooke Chartered Accountants
& Registered Auditors College House St. Leonards Close Bridgnorth Shropshire WV16 4EJ
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 MARCH 2022
| Page | |
|---|---|
| Chairman's Report | 1 |
| Report of the Trustees | 2 to 7 |
| Report of the Independent Auditors | 8 to 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Cash Flow Statement | 12 |
| Notes to the Cash Flow Statement | 13 |
| Notes to the Financial Statements | 14 to 23 |
| Detailed Statement of Financial Activities | 24 |
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
CHAIRMAN'S REPORT for the Year Ended 31 MARCH 2022
The Trustees continue to promote the aims and objectives of the Charity.
Coronavirus pandemic
The effects of the global pandemic, as per government guidelines, continued to have its effects during this financial year.
Properties
1 new property, 9 Severn Street was purchased during the year. Repairs and renewals to the existing properties have continued throughout the year. Our focus has been to upgrade and renovate empty properties as they came available as well as to continue with the conversion of 1 & 2 Severn Street. Due to the pandemic, these renovations have taken longer than anticipated.
Trustees
In Person meetings commenced as restrictions around the pandemic were eased. Helen Howell stepped down as Vice Chair but remains a committed Trustee. In September Vanessa Voysey was appointed as Vice Chair. John James resigned as Trustee in November after 34 years' service.
Mr James Gittens joined the Trustee board in January 2022 and Mrs Nicky Cooper joined in March 2022. The new trustees have settled in and have quickly become valued members of the board of Trustees.
Residents
The occupancy rate for the year is 95%. This figure is lower than we would like it to be due in part to the long-term void of 1 Severn Street and the delays incurred in reletting property due to the pandemic.
Governance
The Finance committee has continued in its excellent work in looking at the financial arrangements of the Charity in more depth.
Selections Committee
Trustees acknowledge the excellent work done by the selections committee in ensuing That the process to fill void properties with those most in need is expediated.
Finance
The Charity is in a healthy financial position.
Staffing
From December 2021 Joanne Talbot Bibb was appointed as Clerk to the Trustees with Louise Davis reducing her working hours to 2 days per week. The transition process continues.
Mr R V Davies - Chair - Trustees
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of the 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).
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2022
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are:
(i) the provision of Almshouse accommodation for beneficiaries; and
(ii) such charitable purposes for the benefit of the residents as the trustees decide.
(iii) The relief of poverty (relief in need scheme)
The Charity owns 79 properties throughout the Town of Bridgnorth on 5 sites.
Beneficiaries of the Charity are appointed on licence using the following criteria:-
Persons in need who are inhabitants of the area covered by the former Bridgnorth District Council as at the date it was abolished and replaced by Shropshire Council (1st April 2009) Preference shall be given to women.
Trustees hold a list of people wishing to be considered for accommodation, when a vacancy occurs the Trustees consider the list and decide using the above criteria who in their opinion is most in need of the available accommodation.
The Charity does not currently advertise
Management
Trustees continue to revise and update their operational policies.
The Finance Committee continues to look at the financial arrangements of the Charity in more depth. Decisions from these meetings are ratified at the full Trustee meetings.
The Selections committee continue to meet on a ad hoc basis to select residents. Jennifer Durham and Chris Rawlings with reserves Derek Moorhouse and Tom Brettell form membership. Decisions from these meetings are ratified at full Trustee meetings.
Trustees
During the year John James resigned as a Trustee James Gittens was co - opted to the Trustee Board in January 2022 Nicky Cooper was co - opted to the Trustee Board in March 2022
Beneficiaries
The Almshouse resident's ages currently range from 22 to 95.
8 properties were vacant during the year,
5 residents moved out of the area.
1 Moved into residential care
2 internal moves, both to more suitable accommodation.
We have welcomed 9 residents to the Charity from a wide section of society.
We have housed people facing homelessness, the disabled and those undergoing acute financial hardship.
It is the opinion of the Trustees that the charitable objectives have been met.
Properties
The Coronavirus pandemic has impacted on our ability to refurbish properties as quickly as usual.
Voids during this year was for 12 properties and income loss during the year although higher remains consistent with expectations.
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2022
The work to convert 1 Severn Street into 2 properties has continued during the year. The property to be known as No 1 Severn Street is now complete and a resident has moved in. Work continues at No 2 Severn Street.
Significant work has been done to the structural integrity of the properties, much of which was unknown prior to the commencement of the work. It is the belief of the Trustees that this approach to the conversion has been the correct one.
Renovations to the vacant properties at Severn Street has taken longer than expected due to the amount of work needed and the difficulty in finding suitable contractors as well as working within the constraints of the pandemic.
Review 2021/2022
The Coronavirus Pandemic has impacted on the workings of the Charity. Our priority during this time has been for the safety of our residents and our staff.
Public benefit
The Trustees have reviewed the Charity Commission's guidance on the requirement to report on public benefit. The Board is satisfied that the work of the charity, described below, accords with its stated objects and provides tangible public benefit to a wide section of those who reside within the charity's areas of benefit; the criteria used to assess those who may benefit are not unreasonably restrictive.
Trustees remain committed to their charitable obligation to provide further homes whether through development of land already owned or through acquisition.
FINANCIAL REVIEW
Principal funding sources
Total net assets of the charity amounted to £12,554,810. The trustees are of the opinion that the charity has sufficient assets available to fulfil its obligations and future commitments
The charity's income for the year totalled £403,431 (rental and associated income £384,951 and investment income £18,480) The charity's funds applied in the year totalled £229,526 leaving net incoming resources before gains on investment and other assets of £173,905.
Investment policy and objectives
It is the opinion of the Trustees that the investment performance has exceeded reasonable forecasts. The total investment value at 31.3.2022 was £780,299 compared to £710,870 on 31.3.2021.
Reserves policy
The Trustees have established, by way of transfer from the unrestricted funds, a cyclical maintenance fund and an extraordinary repair fund. Details of these funds are disclosed in the financial statements.
It is the opinion of the Trustees that these funds are adequate for the repairs noted on the quinquennial reports.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2022
Following an amalgamation of the following General Municipal Charities which had been regulated under a scheme of the Charity Commissioners dated the 23rd November 1934 The Bridgnorth General Municipal Charity was formed.
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The Almshouse Charity
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The Charity of John Guest
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The Charity of William Pulley
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The Spinners Charity
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The Charity of Walter Wrottesley
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Reverend Francis Palmer's Hospital (incorporated 15th June 2006)
The above mentioned Charities are administered and managed together as one Charity under the title of the Bridgnorth General Municipal Charity (Known as Bridgnorth Housing Trust) subject to and in conformity with the provisions of a scheme dated 26th June 1979; amended 5th January 1988; amended 21st October 1998; amended 15th June 2006;
and constitutes an unincorporated charity.
Organisational structure
There are 12 Trustees co-opted to the board for a period of 5 years.
Trustees shall be persons who through residence, occupation, employment or otherwise have special knowledge of the Bridgnorth area.
Day to day management and administration of the Charity is carried out by the Clerk to the trustees, Mrs Joanne Talbot-Bibb, assisted by Mrs L Davis from the offices situated at The Office, Spinners Court, St Stephens Place, Bridgnorth, with advice from the Trustees.
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
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
217544
Principal address
The Office Spinners Court St Stephens Place Bridgnorth Shropshire WV15 6AE
Trustees
Mr R V Davies - Chairman Mr J G James (resigned 30/11/2021) Mrs H Howell Mrs J Durham Mr D Moorhouse Mr D Walker Mr T Brettell Mr C Rawlings Mrs V Voysey - Vice Chairman Miss P Oakley Mrs S Cawdell Mrs N Cooper (appointed 1/3/2022) Mr J Gittens (appointed 1/1/2022)
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Auditors
Wallace Crooke Chartered Accountants & Registered Auditors College House St. Leonards Close Bridgnorth Shropshire WV16 4EJ
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 1993, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
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charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 1993, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2022
Approved by order of the board of trustees on 17 November 2022 and signed on its behalf by:
Mr R V Davies - Chairman - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
Opinion
We have audited the financial statements of Bridgnorth Housing Trust Registered name of: Bridgnorth General Municipal Charity (the 'charity') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Wallace Crooke Chartered Accountants & Registered Auditors College House St. Leonards Close Bridgnorth Shropshire WV16 4EJ
17 November 2022
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2022
| Notes INCOME AND ENDOWMENTS FROM Charitable activities Rental and associated income Other Investment income 2 Total EXPENDITURE ON Charitable activities 4 Expenditure on charitable activities Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted funds fund £ £ 383,680 - 1,271 - 18,480 - 403,431 - 229,526 - 58,709 - 232,614 - 12,322,196 - 12,554,810 - |
2022 Total funds £ 383,680 1,271 18,480 403,431 229,526 58,709 232,614 12,322,196 12,554,810 |
2021 Total funds £ 372,822 2,036 18,571 393,429 204,668 125,730 314,491 12,007,705 12,322,196 |
|---|---|---|---|
The notes form part of these financial statements
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
BALANCE SHEET 31 MARCH 2022
| Notes FIXED ASSETS Tangible assets 9 Investments 10 CURRENT ASSETS Debtors 11 Investments 12 Cash at bank and in hand CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 14 NET ASSETS FUNDS 17 Unrestricted funds TOTAL FUNDS |
Unrestricted Restricted funds fund £ £ 12,937,370 - 780,299 - 13,717,669 - 19,411 - 53,965 - 85,468 - 158,844 - (78,922) - 79,922 - 13,797,591 - (1,242,781) - 12,554,810 - |
2022 Total funds £ 12,937,370 780,299 13,717,669 19,411 53,965 85,468 158,844 (78,922) 79,922 13,797,591 (1,242,781) 12,554,810 12,554,810 12,554,810 |
2021 Total funds £ 12,679,111 710,870 13,389,981 12,114 53,958 234,731 300,803 (64,055) 236,748 13,626,729 (1,304,533) 12,322,196 12,322,196 12,322,196 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 17 November 2022 and were signed on its behalf by:
Mr R V Davies - Chairman - Trustee
The notes form part of these financial statements
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
CASH FLOW STATEMENT for the Year Ended 31 MARCH 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Interest received Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of fixed asset investments Interest received Dividends received Net cash used in investing activities Cash flows from financing activities Loan repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ 160,470 (7) 160,463 (258,259) (10,720) 5 18,475 (250,499) (59,227) (59,227) (149,263) 234,731 85,468 |
2021 £ 151,025 (15) 151,010 (32,689) (11,517) 16 18,555 (25,635) (57,758) (57,758) 67,617 167,114 234,731 |
|---|---|---|
The notes form part of these financial statements
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 MARCH 2022
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Gain on investments Interest received Dividends received Increase in debtors Increase/(decrease) in creditors Net cash provided by operations |
2022 £ 232,614 (58,709) (5) (18,475) (7,297) 12,342 160,470 |
2021 £ 314,491 (125,730) (16) (18,555) (2,140) (17,025) 151,025 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET DEBT
| Net cash | At 1/4/21 £ |
Cash flow At 31/3/22 £ £ |
|---|---|---|
| Cash at bank and in hand | 234,731 | (149,263) 85,468 |
| 234,731 | (149,263) 85,468 |
|
| Liquid resources | ||
| Deposits included in cash | - | - - |
| Current asset investments | 53,958 | 7 53,965 |
| 53,958 | 7 53,965 |
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| Debt | ||
| Debts falling due within 1 year | (58,713) | (2,525) (61,238) |
| Debts falling due after 1 year | (1,304,533) | 61,752 (1,242,781) |
| (1,363,246) | 59,227 (1,304,019) |
|
| Total | (1,074,557) | (90,029) (1,164,586) |
The notes form part of these financial statements
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 MARCH 2022
1. 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, as modified by the revaluation of certain assets.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the trustees to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported of income and expenses during the year; however, the nature of estimation means that actual outcomes could differ from those estimates. The following areas of judgements (apart from those involving estimates) and estimates have had the most significant effect on amounts recognised in the financial statements:
Tangible fixed assets
The charity carries its tangible fixed assets at valuation, where they were acquired prior to the latest professional valuation, with changes in fair value being recognised in the Statement of Financial Activities. The trustees review the carrying value of the tangible fixed assets at each year end taking into consideration recent professional valuations and market trends
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.
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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Freehold land and buildings are stated at cost or valuation. Housing properties are included at valuation unless acquired after the latest valuation, in which case they are valued at cost. The value being based on existing use value for social housing. Full valuations are undertaken at least every 5 years, and an interim valuation is carried out in year 3. The trustees have not accounted for depreciation on its housing properties as their estimated remaining useful economic lives exceed 50 years.
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.
Restricted funds 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.
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
1. ACCOUNTING POLICIES - continued
Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Extraordinary Repair Fund
The purpose of this fund is to fund large non-recurring repairs to the charities properties
Cyclical Maintenance Repair Fund
The purpose of this fund is to fund foreseeable, regularly recurring maintenance work on the charities properties
Capital Reserve Fund
The purpose of this fund is to provide funds for capital acquisition.
General Funds
General funds represent the free funds of the Charity which are not designated for particular purposes.
Investments
Investments are stated at their market value at the balance sheet date. Gains or losses during the year have been credited or debited to the Statement of Financial Activities in the year in which the gain or loss has been made.
Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Going concern
The Board of Trustees has reviewed the charity's financial position and consequently believes that there are sufficient resources available to manage any foreseeable operational or financial risks. The Board, therefore, considers there is reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Board of Trustees continues to adopt the going concern basis of accounting in preparing the financial statements.
2. INVESTMENT INCOME
| Investment income Bank interest |
2022 £ 18,475 5 18,480 |
2021 £ 18,555 16 18,571 |
|---|---|---|
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
3. INCOME FROM CHARITABLE ACTIVITIES
| Activity Rental income Rental and associated income Licences and heating contributions Rental and associated income Other Income Rental and associated income Rental income Other Other Income Other |
2022 £ 360,693 22,987 - - 1,271 384,951 |
2021 £ 350,189 23,000 (367) (367) 2,403 374,858 |
|---|---|---|
4. CHARITABLE ACTIVITIES COSTS
| Expenditure on charitable activities DIRECT COSTS OF CHARITABLE ACTIVITIES Water rates and council tax Insurance Light and heat Repairs and renewals Grass cutting and garden maintenance Mortgage interest Loan interest |
Direct Costs (see note 5) £ 171,050 |
Support costs (see note 6) £ 58,476 2022 £ 23,667 7,289 12,539 71,041 2,994 1,721 51,799 171,050 |
Totals £ 229,526 2021 £ 18,737 6,973 7,716 66,410 3,603 2,270 52,673 158,382 |
|---|---|---|---|
5. DIRECT COSTS OF CHARITABLE ACTIVITIES
6. SUPPORT COSTS
Expenditure on charitable activities
Governance costs £ 58,476
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
6. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
Governance costs
| 2022 Expenditure on charitable activities £ Wages 38,349 Auditors' remuneration 3,500 Professional charges 8,926 Administrative costs 7,701 58,476 |
2021 Total activities £ 32,961 3,300 3,792 6,233 46,286 |
|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
8. STAFF COSTS
| Wages and salaries The average monthly number of employees during the year was as follows: Management and administration No employees received emoluments in excess of £60,000. |
2022 £ 38,349 38,349 2022 2 |
2021 £ 32,961 32,961 2021 2 |
|---|---|---|
The average number of employees is calculated on a full time equivalent basis, analysed by function.
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
9. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| COST At 1 April 2021 Additions At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 |
Freehold property £ 12,679,111 258,259 12,937,370 12,937,370 12,679,111 |
||
| 2022 | 2021 | ||
| Market Values: | £ | £ | |
| Wardle Close | 178,420 | 178,420 | |
| St Stephens Place | 3,974,230 | 3,974,230 | |
| Severn Street | 3,324,698 | 3,066,439 | |
| 10 Church Street | 497,170 | 497,170 | |
| 3 St. Leonards Close | 747,920 | 747,920 | |
| Spinners Court | 4,151,182 | 4,151,182 | |
| Various Land | 63,750 | 63,750 | |
| 2,937,370 | 2,679,111 | ||
| 2022 | 2021 | ||
| Historic Cost: | £ | £ | |
| Wardle Close | 156,063 | 156,063 | |
| St Stephens Place | 108,297 | 108,297 | |
| Severn Street | 2,088,964 | 1,848,240 | |
| Spinners Court Development | 2,537,529 | 2,537,529 | |
| 4,890,853 | 4,560,129 | ||
All freehold land and buildings are used for direct charitable purposes. The freehold land and buildings were valued by Ress Associates, Chartered Surveyors, on the basis of open market values in August 2019. During the year, property has been brought in Severn Street.
None of the freehold property that is owned by the charity has been depreciated during the year ended 31 March 2022, nor for the year ended 31 March 2021.
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continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
10. FIXED ASSET INVESTMENTS
| 2022 | 2021 | |
|---|---|---|
| Market Values: | £ | £ |
| Opening values | 710,870 | 573,623 |
| Additions | 10,719 | 11,517 |
| Disposals | - | - |
| Net gains (losses) on revaluations during year | 58,710 | 125,730 |
| Closing values | 780,299 | 710,870 |
| Historic cost | 286,646 | 275,926 |
There were no investment assets outside the UK.
The market values of the fixed asset investments at the year end are as follows:
| COIF Income Shares COIF Accumulation Shares M&G Charity Multi Asset Fund Income M&G Charity Multi Asset Fund Accumulation Charinco Common Inv Fund Accumulation Shares 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Rental and maintenance debtors Prepayments 12. CURRENT ASSET INVESTMENTS COIF deposit Bank deposit |
2022 | 2022 | 2021 | |||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| 219,231 | 201,814 | |||||
| 181,009 | 162,152 | |||||
| 30,001 | 28,049 | |||||
| 327,162 | 294,832 | |||||
| 22,896 | 24,023 | |||||
| 780,299 | 710,870 | |||||
| 2022 £ 15,739 3,672 19,411 2022 £ 3,939 50,026 53,965 |
2021 £ 9,382 2,732 12,114 2021 £ 3,938 50,020 53,958 |
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continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
| 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Bank loans and overdrafts (see note 15) 59,238 Other loans (see note 15) 2,000 Trade creditors 298 Social security and other taxes (150) Pension due 183 Accrued expenses 17,353 78,922 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 £ Bank loans (see note 15) 1,235,781 Other loans (see note 15) 7,000 1,242,781 15. LOANS An analysis of the maturity of loans is given below: 2022 £ Amounts falling due within one year on demand: Bank loans 42,170 Mortgage repayable in less than 1 year 17,068 Other loans 2,000 61,238 Amounts falling between one and two years: Bank loans repayable within 1 - 2 years 43,412 Mortgage repayable within 1 - 2 years 17,643 Other loans repayable within 1 - 2 years 2,000 63,055 Amounts falling due between two and five years: Bank loans repayable within 2 - 5 years 138,969 Mortgage repayable within 2 - 5 years 18,930 Other loans repayable within 2 - 5 years 5,000 162,899 Amounts falling due in more than five years: Repayable by instalments: Bank loans repayable after more than 5 years 1,016,827 Other loans repayable after more than 5 years - 1,016,827 |
2021 £ 56,713 2,000 5,159 - 183 - 64,055 2021 £ 1,295,533 9,000 1,304,533 2021 £ 40,207 16,506 2,000 58,713 41,840 17,062 2,000 60,902 133,542 36,764 6,000 176,306 1,066,325 1,000 1,067,325 |
|---|---|
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continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
16. SECURED DEBTS
The following secured debts are included within creditors:
| Bank loans Mortgages |
2022 £ 1,241,378 53,641 1,295,019 |
2021 £ 1,281,914 70,332 1,352,246 |
|---|---|---|
The mortgage taken out by the charity is secured upon 1, 2, 6 and 32 Severn Street Bridgnorth, and their associated assets.
The bank loan taken out by the charity is secured by way of a legal mortgage over the residential units held by the charity and located at St Stephens Place, Almhouses, 10 Church Street and Palmers Hospital, 3 St Leonards Close.
17. MOVEMENT IN FUNDS
| Unrestricted funds Revenue reserve Unrestricted Extraordinary repair fund Unrestricted Cyclical Maintenance fund Revaluation of investment assets reserve Revaluation of fixed assets reserve TOTAL FUNDS |
At 1/4/21 £ 3,704,009 49,702 87,023 434,944 8,046,518 12,322,196 12,322,196 |
Net movement in funds £ 173,905 - - 58,709 - 232,614 232,614 |
Transfers between funds £ (71,578) 23,005 48,573 - - - - |
At 31/3/22 £ 3,806,336 72,707 135,596 493,653 8,046,518 12,554,810 12,554,810 |
|---|---|---|---|---|
Net movement in funds, included in the above are as follows:
| Unrestricted funds Revenue reserve Revaluation of investment assets reserve TOTAL FUNDS |
Incoming resources £ 403,431 - 403,431 403,431 |
Resources expended £ (229,526) - (229,526) (229,526) |
Gains and Movement losses in funds £ £ - 173,905 58,709 58,709 58,709 232,614 58,709 232,614 |
|---|---|---|---|
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1/4/20 in funds £ £ Unrestricted funds Revenue reserve 3,575,206 188,761 Unrestricted Extraordinary repair fund 29,338 - Unrestricted Cyclical Maintenance fund 47,429 - Revaluation of investment assets reserve 309,214 125,730 Revaluation of fixed assets reserve 8,046,518 - 12,007,705 314,491 TOTAL FUNDS 12,007,705 314,491 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds Revenue reserve 393,429 (204,668) Revaluation of investment assets reserve - - 393,429 (204,668) TOTAL FUNDS 393,429 (204,668) |
Transfers between funds £ (59,958) 20,364 39,594 - - - - Gains and losses £ - 125,730 125,730 125,730 |
At 31/3/21 £ 3,704,009 49,702 87,023 434,944 8,046,518 12,322,196 12,322,196 Movement in funds £ 188,761 125,730 314,491 314,491 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds Revenue reserve Unrestricted Extraordinary repair fund Unrestricted Cyclical Maintenance fund Revaluation of investment assets reserve Revaluation of fixed assets reserve TOTAL FUNDS |
At 1/4/20 £ 3,575,206 29,338 47,429 309,214 8,046,518 12,007,705 12,007,705 |
Net movement in funds £ 362,666 - - 184,439 - 547,105 547,105 |
Transfers between funds £ (131,536) 43,369 88,167 - - - - |
At 31/3/22 £ 3,806,336 72,707 135,596 493,653 8,046,518 12,554,810 12,554,810 |
|---|---|---|---|---|
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continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds Revenue reserve Revaluation of investment assets reserve TOTAL FUNDS |
Incoming resources £ 796,860 - 796,860 796,860 |
Resources expended £ (434,194) - (434,194) (434,194) |
Gains and Movement losses in funds £ £ - 362,666 184,439 184,439 184,439 547,105 184,439 547,105 |
|---|---|---|---|
18. RELATED PARTY DISCLOSURES
The charity has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
There were no related party transactions for the year ended 31 March 2022.
-23-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2022
| INCOME AND ENDOWMENTS Investment income Investment income Bank interest Charitable activities Rental income Licences and heating contributions Other Income Total incoming resources EXPENDITURE Charitable activities Water rates and council tax Insurance Light and heat Repairs and renewals Grass cutting and garden maintenance Mortgage interest Loan interest Support costs Governance costs Wages Auditors' remuneration Professional charges Administrative costs Total resources expended Net income |
2022 £ 18,475 5 18,480 360,693 22,987 1,271 384,951 403,431 23,667 7,289 12,539 71,041 2,994 1,721 51,799 171,050 38,349 3,500 8,926 7,701 58,476 229,526 173,905 |
2021 £ 18,555 16 18,571 349,822 23,000 2,036 374,858 393,429 18,737 6,973 7,716 66,410 3,603 2,270 52,673 158,382 32,961 3,300 3,792 6,233 46,286 204,668 188,761 |
|---|---|---|
This page does not form part of the statutory financial statements
-24-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY DETAILED STATEMENT OF FINANCIAL ACTIVITIES forthe Yaar Ended 31 MARCH 2022 2022 2021 INCOME AND ENDOWMENTS Investm6nt Income Investment income Bank inl8resl 18,475 18,555 18,480 18,571 Charltabl8 actlvltl• Rental income Licences and heating contributions Other Income 360,693 22.987 1,271 .349,822 23,000 2,036 384.951 374,858 Total Incoming resources 403,431 393,429 EXPENDITURE Charitable activ5tle8 Water rates and council tsx Insurance Light and heat Repairs and renewals Grass cutl'ng and garden maintenance Mortgage interest Loan interest 23,667 7,289 12,539 71,041 2,994 1,721 51,799 18,737 6,973 7,718 66,410 3,803 2,270 52,673 171,050 158,382 Support costs Governanc8 costs Wages Audilor5' remuneration Professional charge5 Administrative costs 38,349 3,500 8,926 7,701 32,961 3,300 3,792 6.233 58.476 46.286 Total resources expended 229,526 204.668 Net Incomo 173,905 188,761 This page does not form part of the slatulory financial slalements -24-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF BRIDGNORTH GENERAL MUNICIPAL CHARITY CHURCH STREET ALMSHOUSES DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2022 2022 2021 INCOMING RESOURCES Investment Income Investment income Bank interest 18.475 18.560 11 Incomlng resources from char5table actlvltlgs Other income Licences and healing contrlbulions 1,271 23,009 22,985 24,280 Total incoming resources 42,761 42,092 RESOURCES EXPENDED Dlr•ct Charltable Expondltur• Llghl and heal Water rates and councll tsx Insurance Repairs and renewals Other Gardenbng 5,485 1,380 533 361 2,797 1,406 662 1,404 20 Support Costs Management Office and administrative costs 3,507 2,854 Totsl resources expended 11,266 9,143 Net Incoming Resources before transfers 31,495 32,949 Transfer to designated funds TolFrom Extraordinary repair fund To Cyclical repair fund From Cyclical repair fund 2.018 3.068 2,032 3,324 5,086 5,358 Net Incomlng Re$our¢es for the Year 36,581 38,305 This p8ge does not form part of the slalutory financial slalemenls. 25-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF BRIDGNORTH GENERAL MUNICIPAL CHARITY ST STEPHEN'S PLACE DETAILED STATEMENT OF FINANCIAL ACTIVITIES forth• Yoar Ended 31 MARCH 2022 2022 2021 INCOMING RESOURCES Incomlng re6our¢08 from charltablo a¢tlvltle8 Rental income Other income 122,984 119,727 1,500 Total Incomlng resources 122.984 121,227 RESOURCES EXPENDED Direct Charitable Expenditure Light and heal Water rale5 and councll tax Insurance Repairs and renewals Gardening Other reliefs 158 10,517 2,222 33,630 1,609 70 10,135 2,229 7,960 2,969 Support costs Management Office and administrative costs 18,744 14.864 Total resources expended 66,880 38.227 N•t Incomlng Rosour¢e8 before transfers 56,104 82,999 Transfor to d66lgnat8d funds TolFrom Extraordinary repair fund To Cyclical repair fund From Cyclical repair fund 8,284 19,944 8,900 13,208 21,606 8401 19.328 33.974 Net Incoming Resources for the Year 75,432 116.973 This page does not form part of the 8lalulory financial slalemenls. 26-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF BRIDGNORTH GENERAL MUNICIPAL CHARITY SEVERN STREET DETAILED STATEMENT OF FINANCIAL ACTIVITIES for tho Yoar Endod 31 MARCH 2022 2022 2021 INCOMING RESOURCES Incoming resourcès from charltabl• actlvltl•8 Rental incom Total Incomlng resourcos 83,316 79.807 RESOURCES EXPENDED Direct Ch8rlt8ble Expendlture Light and heal Water rates and council tax Insurance Repairs and renewals Gardening Mortgage interest 1,945 10,112 1,668 26,611 1,085 1,721 341 5.615 1.803 33.326 301 2.270 Support costs Managem9nt Office and administrative costs 12,698 9,908 12.9698 9.908 Total resources expended 55,840 53.564 Ngt Incoming Resources before transfers 27,476 26,242 Transfer to designated fundB TolFrom Extraordinary repair fvnd To Cyclical repair fund From Cyclical repair ftjnd 11,9271 15.341 (3,9421 14,958 10.288 1570 Net Incoming Regources for the Year This page does not form part of the slalulory Ilnanclal slalemenls. -27-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF BRIDGNORTH GENERAL MUNICIPAL CHARITY THE REVEREND FRANCIS PALMER'S HOSPITAL DETAILED STATEMENT OF FINANCIAL ACTIVITIES forthe Year Ended 31 MARCH 2022 2022 2021 INCOMING RESOURCES Incomlng re80urce8 from charitable activities Rental income 30,144 26,995 Total incomlng resources 30,144 26,995 RESOURCES EXPENDED Dlr8ct Charltablo Expendlture Light and heal Water rates and council lax Insurance Repairs and renewals Other 4,892 1,261 1,021 3,475 4,508 1,199 845 4,213 Support Costs Managemgnt Office and administrative costs 3352 4,594 3,352 Total ra$ources expended 15,243 14.116 Not Incomlnglloutgolng) Resourc¢$ bofore transfor8 14,901 12,897 Transfer to deslgnated funds TolFrom Extraordinary repair fvnd To Cyclical repair fund From Cyclleal repair fund 4,036 6,137 2,741 6,648 10,173 9,389 Not {Outgolnglllncoming Resource8 for the Yoar 25,074 22,268 This pag¢ does not form part of the slalutory financial statements. 28-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF BRIDGNORTH GENERAL MUNICIPAL CHARITY WARDLE CLOSE DETAILED STATEMENT OF FINANCIAL ACTIVITIES forthe Year Ended 31 MARCH 2022 2022 2021 INCOMING RESOURCES Incomlng resources from charltabl8 actlvltles Rental income 5.857 Total In¢omlng rgsources 5,857 4,397 RESOURCES EXPENDED Dlr•ct Gharltable Expendltur• Llghl and heal Water rates and councll tsx Insurance Repairs and renewals 397 88 314 382 114 16.711 Support costs Managèment Office and adrninistralive co$1$ 893 546 Total ro8ourco6 expended 1,692 17,753 Net In¢omlng1{Outgolngl Resources before transfers 4,156 113,358} Transfer to deslgnated fund8 TolFrom Extraordinary repair fund To Cycllcal rep8ir fund From Cyclical repaSr fund 504 767 13,49S) 831 1.271 111,7501 Not IOutgoing)Ilncomlng R•sources for the Year 25 107) Thls page does not form part of the slatulory flnancial stalemenls. -29-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF BRIDGNORTH GENERAL MUNICIPAL CHARITY SPINNER'S COURT DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Yoar Ended 31 MARCH 2022 2022 2021 INCOMING RESOURCES Incomlng resour¢•s from charltable o¢tlvltles Rental income Electricity refund 118,370 118,911 Total incorning resources 118,370 118,911 RESOURCES EXPENDED Direct Charltable Expenditure Light & heat Water rates & councll tax Insurance Repairs & renewals Loan inlerast 59 1,757 6,652 51.799 1,318 3,110 60 567 Support ¢08ts Management Office and 8dminlslratlve costs 18.041 14,763 Total rèsources 6xp8nded 78.608 71,863 Net Incomlnglloutgolngl R$8ourc•8 beforg transfars 39,762 47,048 Transfèr to d8slgnated funds TolFrom Exlraordinary repair fund To Cyclical repair fund From Cyclical repair fund 10,090 15,341 9.820 11,600 25,431 21,420 Net IOutgolng}Ilncomlng Resources for the Year 65,193 This page does not form part of the statutory financia5 statements. 30-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF BRIDGNORTH GENERAL MUNICIPAL CHARITY MANAGEMENT. OFFICE AND ADMINISTRATION COSTS DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2022 2022 2021 EXPENDITURE Office salaries Light and heat Water rates and eouncll tax Insurance Repairs and renewals Telephone Computer costs Printing, postage and 5talionery Travel expense5 Bank charges Audit costs Professional charges - legal Professional charges- surveyors Professional charges - payroll Bad debts Sundry expenses 38,350 950 737 370 443 1,173 1,287 4eo 32,961 972 737 386 289 863 282 289 843 3.500 703 3.300 8,406 520 3,342 450 Total Management and Admln18tratlve Costs 58,477 46,288 Allocation of Management and Admlnlstrative Costs Church StreetAlmshouses St Stephen's Place Severn Slr6el Reverend Francis Palmeff s Hospital Wardle Close Spinner's Court 3,507 18,744 12,698 4,594 893 2,854 14,864 9,908 3.352 546 14,763 Total Management and Admln18tratlve Costs This page does not form part of the ststulory financial stalemenl$. 31
REGISTERED CHARITY NUMBER: 217544
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
FOR
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
Wallace Crooke Chartered Accountants
& Registered Auditors College House St. Leonards Close Bridgnorth Shropshire WV16 4EJ
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 MARCH 2022
| Page | |
|---|---|
| Chairman's Report | 1 |
| Report of the Trustees | 2 to 7 |
| Report of the Independent Auditors | 8 to 9 |
| Statement of Financial Activities | 10 |
| Balance Sheet | 11 |
| Cash Flow Statement | 12 |
| Notes to the Cash Flow Statement | 13 |
| Notes to the Financial Statements | 14 to 23 |
| Detailed Statement of Financial Activities | 24 |
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
CHAIRMAN'S REPORT for the Year Ended 31 MARCH 2022
The Trustees continue to promote the aims and objectives of the Charity.
Coronavirus pandemic
The effects of the global pandemic, as per government guidelines, continued to have its effects during this financial year.
Properties
1 new property, 9 Severn Street was purchased during the year. Repairs and renewals to the existing properties have continued throughout the year. Our focus has been to upgrade and renovate empty properties as they came available as well as to continue with the conversion of 1 & 2 Severn Street. Due to the pandemic, these renovations have taken longer than anticipated.
Trustees
In Person meetings commenced as restrictions around the pandemic were eased. Helen Howell stepped down as Vice Chair but remains a committed Trustee. In September Vanessa Voysey was appointed as Vice Chair. John James resigned as Trustee in November after 34 years' service.
Mr James Gittens joined the Trustee board in January 2022 and Mrs Nicky Cooper joined in March 2022. The new trustees have settled in and have quickly become valued members of the board of Trustees.
Residents
The occupancy rate for the year is 95%. This figure is lower than we would like it to be due in part to the long-term void of 1 Severn Street and the delays incurred in reletting property due to the pandemic.
Governance
The Finance committee has continued in its excellent work in looking at the financial arrangements of the Charity in more depth.
Selections Committee
Trustees acknowledge the excellent work done by the selections committee in ensuing That the process to fill void properties with those most in need is expediated.
Finance
The Charity is in a healthy financial position.
Staffing
From December 2021 Joanne Talbot Bibb was appointed as Clerk to the Trustees with Louise Davis reducing her working hours to 2 days per week. The transition process continues.
Mr R V Davies - Chair - Trustees
-1-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of the 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).
-2-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2022
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are:
(i) the provision of Almshouse accommodation for beneficiaries; and
(ii) such charitable purposes for the benefit of the residents as the trustees decide.
(iii) The relief of poverty (relief in need scheme)
The Charity owns 79 properties throughout the Town of Bridgnorth on 5 sites.
Beneficiaries of the Charity are appointed on licence using the following criteria:-
Persons in need who are inhabitants of the area covered by the former Bridgnorth District Council as at the date it was abolished and replaced by Shropshire Council (1st April 2009) Preference shall be given to women.
Trustees hold a list of people wishing to be considered for accommodation, when a vacancy occurs the Trustees consider the list and decide using the above criteria who in their opinion is most in need of the available accommodation.
The Charity does not currently advertise
Management
Trustees continue to revise and update their operational policies.
The Finance Committee continues to look at the financial arrangements of the Charity in more depth. Decisions from these meetings are ratified at the full Trustee meetings.
The Selections committee continue to meet on a ad hoc basis to select residents. Jennifer Durham and Chris Rawlings with reserves Derek Moorhouse and Tom Brettell form membership. Decisions from these meetings are ratified at full Trustee meetings.
Trustees
During the year John James resigned as a Trustee James Gittens was co - opted to the Trustee Board in January 2022 Nicky Cooper was co - opted to the Trustee Board in March 2022
Beneficiaries
The Almshouse resident's ages currently range from 22 to 95.
8 properties were vacant during the year,
5 residents moved out of the area.
1 Moved into residential care
2 internal moves, both to more suitable accommodation.
We have welcomed 9 residents to the Charity from a wide section of society.
We have housed people facing homelessness, the disabled and those undergoing acute financial hardship.
It is the opinion of the Trustees that the charitable objectives have been met.
Properties
The Coronavirus pandemic has impacted on our ability to refurbish properties as quickly as usual.
Voids during this year was for 12 properties and income loss during the year although higher remains consistent with expectations.
-3-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2022
The work to convert 1 Severn Street into 2 properties has continued during the year. The property to be known as No 1 Severn Street is now complete and a resident has moved in. Work continues at No 2 Severn Street.
Significant work has been done to the structural integrity of the properties, much of which was unknown prior to the commencement of the work. It is the belief of the Trustees that this approach to the conversion has been the correct one.
Renovations to the vacant properties at Severn Street has taken longer than expected due to the amount of work needed and the difficulty in finding suitable contractors as well as working within the constraints of the pandemic.
Review 2021/2022
The Coronavirus Pandemic has impacted on the workings of the Charity. Our priority during this time has been for the safety of our residents and our staff.
Public benefit
The Trustees have reviewed the Charity Commission's guidance on the requirement to report on public benefit. The Board is satisfied that the work of the charity, described below, accords with its stated objects and provides tangible public benefit to a wide section of those who reside within the charity's areas of benefit; the criteria used to assess those who may benefit are not unreasonably restrictive.
Trustees remain committed to their charitable obligation to provide further homes whether through development of land already owned or through acquisition.
FINANCIAL REVIEW
Principal funding sources
Total net assets of the charity amounted to £12,554,810. The trustees are of the opinion that the charity has sufficient assets available to fulfil its obligations and future commitments
The charity's income for the year totalled £403,431 (rental and associated income £384,951 and investment income £18,480) The charity's funds applied in the year totalled £229,526 leaving net incoming resources before gains on investment and other assets of £173,905.
Investment policy and objectives
It is the opinion of the Trustees that the investment performance has exceeded reasonable forecasts. The total investment value at 31.3.2022 was £780,299 compared to £710,870 on 31.3.2021.
Reserves policy
The Trustees have established, by way of transfer from the unrestricted funds, a cyclical maintenance fund and an extraordinary repair fund. Details of these funds are disclosed in the financial statements.
It is the opinion of the Trustees that these funds are adequate for the repairs noted on the quinquennial reports.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
-4-
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2022
Following an amalgamation of the following General Municipal Charities which had been regulated under a scheme of the Charity Commissioners dated the 23rd November 1934 The Bridgnorth General Municipal Charity was formed.
-
The Almshouse Charity
-
The Charity of John Guest
-
The Charity of William Pulley
-
The Spinners Charity
-
The Charity of Walter Wrottesley
-
Reverend Francis Palmer's Hospital (incorporated 15th June 2006)
The above mentioned Charities are administered and managed together as one Charity under the title of the Bridgnorth General Municipal Charity (Known as Bridgnorth Housing Trust) subject to and in conformity with the provisions of a scheme dated 26th June 1979; amended 5th January 1988; amended 21st October 1998; amended 15th June 2006;
and constitutes an unincorporated charity.
Organisational structure
There are 12 Trustees co-opted to the board for a period of 5 years.
Trustees shall be persons who through residence, occupation, employment or otherwise have special knowledge of the Bridgnorth area.
Day to day management and administration of the Charity is carried out by the Clerk to the trustees, Mrs Joanne Talbot-Bibb, assisted by Mrs L Davis from the offices situated at The Office, Spinners Court, St Stephens Place, Bridgnorth, with advice from the Trustees.
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
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
217544
Principal address
The Office Spinners Court St Stephens Place Bridgnorth Shropshire WV15 6AE
Trustees
Mr R V Davies - Chairman Mr J G James (resigned 30/11/2021) Mrs H Howell Mrs J Durham Mr D Moorhouse Mr D Walker Mr T Brettell Mr C Rawlings Mrs V Voysey - Vice Chairman Miss P Oakley Mrs S Cawdell Mrs N Cooper (appointed 1/3/2022) Mr J Gittens (appointed 1/1/2022)
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Auditors
Wallace Crooke Chartered Accountants & Registered Auditors College House St. Leonards Close Bridgnorth Shropshire WV16 4EJ
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 1993, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
-
charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 1993, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
REPORT OF THE TRUSTEES for the Year Ended 31 MARCH 2022
Approved by order of the board of trustees on 17 November 2022 and signed on its behalf by:
Mr R V Davies - Chairman - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
Opinion
We have audited the financial statements of Bridgnorth Housing Trust Registered name of: Bridgnorth General Municipal Charity (the 'charity') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2022 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Wallace Crooke Chartered Accountants & Registered Auditors College House St. Leonards Close Bridgnorth Shropshire WV16 4EJ
17 November 2022
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2022
| Notes INCOME AND ENDOWMENTS FROM Charitable activities Rental and associated income Other Investment income 2 Total EXPENDITURE ON Charitable activities 4 Expenditure on charitable activities Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted funds fund £ £ 383,680 - 1,271 - 18,480 - 403,431 - 229,526 - 58,709 - 232,614 - 12,322,196 - 12,554,810 - |
2022 Total funds £ 383,680 1,271 18,480 403,431 229,526 58,709 232,614 12,322,196 12,554,810 |
2021 Total funds £ 372,822 2,036 18,571 393,429 204,668 125,730 314,491 12,007,705 12,322,196 |
|---|---|---|---|
The notes form part of these financial statements
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
BALANCE SHEET 31 MARCH 2022
| Notes FIXED ASSETS Tangible assets 9 Investments 10 CURRENT ASSETS Debtors 11 Investments 12 Cash at bank and in hand CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 14 NET ASSETS FUNDS 17 Unrestricted funds TOTAL FUNDS |
Unrestricted Restricted funds fund £ £ 12,937,370 - 780,299 - 13,717,669 - 19,411 - 53,965 - 85,468 - 158,844 - (78,922) - 79,922 - 13,797,591 - (1,242,781) - 12,554,810 - |
2022 Total funds £ 12,937,370 780,299 13,717,669 19,411 53,965 85,468 158,844 (78,922) 79,922 13,797,591 (1,242,781) 12,554,810 12,554,810 12,554,810 |
2021 Total funds £ 12,679,111 710,870 13,389,981 12,114 53,958 234,731 300,803 (64,055) 236,748 13,626,729 (1,304,533) 12,322,196 12,322,196 12,322,196 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 17 November 2022 and were signed on its behalf by:
Mr R V Davies - Chairman - Trustee
The notes form part of these financial statements
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
CASH FLOW STATEMENT for the Year Ended 31 MARCH 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Interest received Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of fixed asset investments Interest received Dividends received Net cash used in investing activities Cash flows from financing activities Loan repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ 160,470 (7) 160,463 (258,259) (10,720) 5 18,475 (250,499) (59,227) (59,227) (149,263) 234,731 85,468 |
2021 £ 151,025 (15) 151,010 (32,689) (11,517) 16 18,555 (25,635) (57,758) (57,758) 67,617 167,114 234,731 |
|---|---|---|
The notes form part of these financial statements
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE CASH FLOW STATEMENT for the Year Ended 31 MARCH 2022
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Gain on investments Interest received Dividends received Increase in debtors Increase/(decrease) in creditors Net cash provided by operations |
2022 £ 232,614 (58,709) (5) (18,475) (7,297) 12,342 160,470 |
2021 £ 314,491 (125,730) (16) (18,555) (2,140) (17,025) 151,025 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET DEBT
| Net cash | At 1/4/21 £ |
Cash flow At 31/3/22 £ £ |
|---|---|---|
| Cash at bank and in hand | 234,731 | (149,263) 85,468 |
| 234,731 | (149,263) 85,468 |
|
| Liquid resources | ||
| Deposits included in cash | - | - - |
| Current asset investments | 53,958 | 7 53,965 |
| 53,958 | 7 53,965 |
|
| Debt | ||
| Debts falling due within 1 year | (58,713) | (2,525) (61,238) |
| Debts falling due after 1 year | (1,304,533) | 61,752 (1,242,781) |
| (1,363,246) | 59,227 (1,304,019) |
|
| Total | (1,074,557) | (90,029) (1,164,586) |
The notes form part of these financial statements
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 MARCH 2022
1. 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, as modified by the revaluation of certain assets.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the trustees to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Balance Sheet date and the amounts reported of income and expenses during the year; however, the nature of estimation means that actual outcomes could differ from those estimates. The following areas of judgements (apart from those involving estimates) and estimates have had the most significant effect on amounts recognised in the financial statements:
Tangible fixed assets
The charity carries its tangible fixed assets at valuation, where they were acquired prior to the latest professional valuation, with changes in fair value being recognised in the Statement of Financial Activities. The trustees review the carrying value of the tangible fixed assets at each year end taking into consideration recent professional valuations and market trends
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.
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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Freehold land and buildings are stated at cost or valuation. Housing properties are included at valuation unless acquired after the latest valuation, in which case they are valued at cost. The value being based on existing use value for social housing. Full valuations are undertaken at least every 5 years, and an interim valuation is carried out in year 3. The trustees have not accounted for depreciation on its housing properties as their estimated remaining useful economic lives exceed 50 years.
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.
Restricted funds 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.
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
1. ACCOUNTING POLICIES - continued
Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Extraordinary Repair Fund
The purpose of this fund is to fund large non-recurring repairs to the charities properties
Cyclical Maintenance Repair Fund
The purpose of this fund is to fund foreseeable, regularly recurring maintenance work on the charities properties
Capital Reserve Fund
The purpose of this fund is to provide funds for capital acquisition.
General Funds
General funds represent the free funds of the Charity which are not designated for particular purposes.
Investments
Investments are stated at their market value at the balance sheet date. Gains or losses during the year have been credited or debited to the Statement of Financial Activities in the year in which the gain or loss has been made.
Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Going concern
The Board of Trustees has reviewed the charity's financial position and consequently believes that there are sufficient resources available to manage any foreseeable operational or financial risks. The Board, therefore, considers there is reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Board of Trustees continues to adopt the going concern basis of accounting in preparing the financial statements.
2. INVESTMENT INCOME
| Investment income Bank interest |
2022 £ 18,475 5 18,480 |
2021 £ 18,555 16 18,571 |
|---|---|---|
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continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
3. INCOME FROM CHARITABLE ACTIVITIES
| Activity Rental income Rental and associated income Licences and heating contributions Rental and associated income Other Income Rental and associated income Rental income Other Other Income Other |
2022 £ 360,693 22,987 - - 1,271 384,951 |
2021 £ 350,189 23,000 (367) (367) 2,403 374,858 |
|---|---|---|
4. CHARITABLE ACTIVITIES COSTS
| Expenditure on charitable activities DIRECT COSTS OF CHARITABLE ACTIVITIES Water rates and council tax Insurance Light and heat Repairs and renewals Grass cutting and garden maintenance Mortgage interest Loan interest |
Direct Costs (see note 5) £ 171,050 |
Support costs (see note 6) £ 58,476 2022 £ 23,667 7,289 12,539 71,041 2,994 1,721 51,799 171,050 |
Totals £ 229,526 2021 £ 18,737 6,973 7,716 66,410 3,603 2,270 52,673 158,382 |
|---|---|---|---|
5. DIRECT COSTS OF CHARITABLE ACTIVITIES
6. SUPPORT COSTS
Expenditure on charitable activities
Governance costs £ 58,476
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continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
6. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
Governance costs
| 2022 Expenditure on charitable activities £ Wages 38,349 Auditors' remuneration 3,500 Professional charges 8,926 Administrative costs 7,701 58,476 |
2021 Total activities £ 32,961 3,300 3,792 6,233 46,286 |
|---|---|
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
8. STAFF COSTS
| Wages and salaries The average monthly number of employees during the year was as follows: Management and administration No employees received emoluments in excess of £60,000. |
2022 £ 38,349 38,349 2022 2 |
2021 £ 32,961 32,961 2021 2 |
|---|---|---|
The average number of employees is calculated on a full time equivalent basis, analysed by function.
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continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
9. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| COST At 1 April 2021 Additions At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 |
Freehold property £ 12,679,111 258,259 12,937,370 12,937,370 12,679,111 |
||
| 2022 | 2021 | ||
| Market Values: | £ | £ | |
| Wardle Close | 178,420 | 178,420 | |
| St Stephens Place | 3,974,230 | 3,974,230 | |
| Severn Street | 3,324,698 | 3,066,439 | |
| 10 Church Street | 497,170 | 497,170 | |
| 3 St. Leonards Close | 747,920 | 747,920 | |
| Spinners Court | 4,151,182 | 4,151,182 | |
| Various Land | 63,750 | 63,750 | |
| 2,937,370 | 2,679,111 | ||
| 2022 | 2021 | ||
| Historic Cost: | £ | £ | |
| Wardle Close | 156,063 | 156,063 | |
| St Stephens Place | 108,297 | 108,297 | |
| Severn Street | 2,088,964 | 1,848,240 | |
| Spinners Court Development | 2,537,529 | 2,537,529 | |
| 4,890,853 | 4,560,129 | ||
All freehold land and buildings are used for direct charitable purposes. The freehold land and buildings were valued by Ress Associates, Chartered Surveyors, on the basis of open market values in August 2019. During the year, property has been brought in Severn Street.
None of the freehold property that is owned by the charity has been depreciated during the year ended 31 March 2022, nor for the year ended 31 March 2021.
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continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
10. FIXED ASSET INVESTMENTS
| 2022 | 2021 | |
|---|---|---|
| Market Values: | £ | £ |
| Opening values | 710,870 | 573,623 |
| Additions | 10,719 | 11,517 |
| Disposals | - | - |
| Net gains (losses) on revaluations during year | 58,710 | 125,730 |
| Closing values | 780,299 | 710,870 |
| Historic cost | 286,646 | 275,926 |
There were no investment assets outside the UK.
The market values of the fixed asset investments at the year end are as follows:
| COIF Income Shares COIF Accumulation Shares M&G Charity Multi Asset Fund Income M&G Charity Multi Asset Fund Accumulation Charinco Common Inv Fund Accumulation Shares 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Rental and maintenance debtors Prepayments 12. CURRENT ASSET INVESTMENTS COIF deposit Bank deposit |
2022 | 2022 | 2021 | |||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| 219,231 | 201,814 | |||||
| 181,009 | 162,152 | |||||
| 30,001 | 28,049 | |||||
| 327,162 | 294,832 | |||||
| 22,896 | 24,023 | |||||
| 780,299 | 710,870 | |||||
| 2022 £ 15,739 3,672 19,411 2022 £ 3,939 50,026 53,965 |
2021 £ 9,382 2,732 12,114 2021 £ 3,938 50,020 53,958 |
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continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
| 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Bank loans and overdrafts (see note 15) 59,238 Other loans (see note 15) 2,000 Trade creditors 298 Social security and other taxes (150) Pension due 183 Accrued expenses 17,353 78,922 14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 £ Bank loans (see note 15) 1,235,781 Other loans (see note 15) 7,000 1,242,781 15. LOANS An analysis of the maturity of loans is given below: 2022 £ Amounts falling due within one year on demand: Bank loans 42,170 Mortgage repayable in less than 1 year 17,068 Other loans 2,000 61,238 Amounts falling between one and two years: Bank loans repayable within 1 - 2 years 43,412 Mortgage repayable within 1 - 2 years 17,643 Other loans repayable within 1 - 2 years 2,000 63,055 Amounts falling due between two and five years: Bank loans repayable within 2 - 5 years 138,969 Mortgage repayable within 2 - 5 years 18,930 Other loans repayable within 2 - 5 years 5,000 162,899 Amounts falling due in more than five years: Repayable by instalments: Bank loans repayable after more than 5 years 1,016,827 Other loans repayable after more than 5 years - 1,016,827 |
2021 £ 56,713 2,000 5,159 - 183 - 64,055 2021 £ 1,295,533 9,000 1,304,533 2021 £ 40,207 16,506 2,000 58,713 41,840 17,062 2,000 60,902 133,542 36,764 6,000 176,306 1,066,325 1,000 1,067,325 |
|---|---|
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continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
16. SECURED DEBTS
The following secured debts are included within creditors:
| Bank loans Mortgages |
2022 £ 1,241,378 53,641 1,295,019 |
2021 £ 1,281,914 70,332 1,352,246 |
|---|---|---|
The mortgage taken out by the charity is secured upon 1, 2, 6 and 32 Severn Street Bridgnorth, and their associated assets.
The bank loan taken out by the charity is secured by way of a legal mortgage over the residential units held by the charity and located at St Stephens Place, Almhouses, 10 Church Street and Palmers Hospital, 3 St Leonards Close.
17. MOVEMENT IN FUNDS
| Unrestricted funds Revenue reserve Unrestricted Extraordinary repair fund Unrestricted Cyclical Maintenance fund Revaluation of investment assets reserve Revaluation of fixed assets reserve TOTAL FUNDS |
At 1/4/21 £ 3,704,009 49,702 87,023 434,944 8,046,518 12,322,196 12,322,196 |
Net movement in funds £ 173,905 - - 58,709 - 232,614 232,614 |
Transfers between funds £ (71,578) 23,005 48,573 - - - - |
At 31/3/22 £ 3,806,336 72,707 135,596 493,653 8,046,518 12,554,810 12,554,810 |
|---|---|---|---|---|
Net movement in funds, included in the above are as follows:
| Unrestricted funds Revenue reserve Revaluation of investment assets reserve TOTAL FUNDS |
Incoming resources £ 403,431 - 403,431 403,431 |
Resources expended £ (229,526) - (229,526) (229,526) |
Gains and Movement losses in funds £ £ - 173,905 58,709 58,709 58,709 232,614 58,709 232,614 |
|---|---|---|---|
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
17. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1/4/20 in funds £ £ Unrestricted funds Revenue reserve 3,575,206 188,761 Unrestricted Extraordinary repair fund 29,338 - Unrestricted Cyclical Maintenance fund 47,429 - Revaluation of investment assets reserve 309,214 125,730 Revaluation of fixed assets reserve 8,046,518 - 12,007,705 314,491 TOTAL FUNDS 12,007,705 314,491 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds Revenue reserve 393,429 (204,668) Revaluation of investment assets reserve - - 393,429 (204,668) TOTAL FUNDS 393,429 (204,668) |
Transfers between funds £ (59,958) 20,364 39,594 - - - - Gains and losses £ - 125,730 125,730 125,730 |
At 31/3/21 £ 3,704,009 49,702 87,023 434,944 8,046,518 12,322,196 12,322,196 Movement in funds £ 188,761 125,730 314,491 314,491 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds Revenue reserve Unrestricted Extraordinary repair fund Unrestricted Cyclical Maintenance fund Revaluation of investment assets reserve Revaluation of fixed assets reserve TOTAL FUNDS |
At 1/4/20 £ 3,575,206 29,338 47,429 309,214 8,046,518 12,007,705 12,007,705 |
Net movement in funds £ 362,666 - - 184,439 - 547,105 547,105 |
Transfers between funds £ (131,536) 43,369 88,167 - - - - |
At 31/3/22 £ 3,806,336 72,707 135,596 493,653 8,046,518 12,554,810 12,554,810 |
|---|---|---|---|---|
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continued...
BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 MARCH 2022
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds Revenue reserve Revaluation of investment assets reserve TOTAL FUNDS |
Incoming resources £ 796,860 - 796,860 796,860 |
Resources expended £ (434,194) - (434,194) (434,194) |
Gains and Movement losses in funds £ £ - 362,666 184,439 184,439 184,439 547,105 184,439 547,105 |
|---|---|---|---|
18. RELATED PARTY DISCLOSURES
The charity has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
There were no related party transactions for the year ended 31 March 2022.
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BRIDGNORTH HOUSING TRUST REGISTERED NAME OF: BRIDGNORTH GENERAL MUNICIPAL CHARITY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 MARCH 2022
| INCOME AND ENDOWMENTS Investment income Investment income Bank interest Charitable activities Rental income Licences and heating contributions Other Income Total incoming resources EXPENDITURE Charitable activities Water rates and council tax Insurance Light and heat Repairs and renewals Grass cutting and garden maintenance Mortgage interest Loan interest Support costs Governance costs Wages Auditors' remuneration Professional charges Administrative costs Total resources expended Net income |
2022 £ 18,475 5 18,480 360,693 22,987 1,271 384,951 403,431 23,667 7,289 12,539 71,041 2,994 1,721 51,799 171,050 38,349 3,500 8,926 7,701 58,476 229,526 173,905 |
2021 £ 18,555 16 18,571 349,822 23,000 2,036 374,858 393,429 18,737 6,973 7,716 66,410 3,603 2,270 52,673 158,382 32,961 3,300 3,792 6,233 46,286 204,668 188,761 |
|---|---|---|
This page does not form part of the statutory financial statements
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