**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.
1. The Almshouse Charity
2. The Charity of John Guest
3. The Charity of William Pulley
4. The Spinners Charity
5. The Charity of Walter Wrottesley
6. 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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continued...
**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|
|---|---|---|
-15-
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
-16-
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.
-17-
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.
-18-
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|
-19-
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|
|---|---|
-20-
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|
|---|---|---|---|
-21-
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**
## **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|
|---|---|---|---|---|
-22-
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.
1. The Almshouse Charity
2. The Charity of John Guest
3. The Charity of William Pulley
4. The Spinners Charity
5. The Charity of Walter Wrottesley
6. 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)
-5-
## **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.
-6-
## **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
-7-
## **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.
-8-
## **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
-9-
## **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
-10-
## **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
-11-
## **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
-12-
## **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
-13-
**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.
-14-
continued...
**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|
|---|---|---|
-15-
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
-16-
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.
-17-
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.
-18-
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|
-19-
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|
|---|---|
-20-
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|
|---|---|---|---|
-21-
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**
## **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|
|---|---|---|---|---|
-22-
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-