2023-03-31-accounts - Bridgnorth General Municipal Charity

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	Page
Chairman's Report
Report ofthe Trustees	2to 6
Report ofthe Independent Auditors	7to10
Statement of Financial Activities
Balance Sheet	12
Cash Flow Statement	13
Notes to the Cash Flow Statement	14
Notes to the Financial Statements	16to 25
Detailed Statement ofFinancial Activities	26to 32

						2023	2022
				Unrestricted	Restricted	Total	Total
				funds	fund	funds	funds
			Notes		E		E
INCOME AND ENDOWMENTS		FROM
Charitable activities
Rental and associated	income			389,205		389,205	383,680
Other				763		763	1,271
Investment income				19,782		19,782	18,480
Other income				17,058		17,058
Total				426,808		426,808	403,431
EXPENDITURE ON
Charitable activities
Expenditure on charitable activities				407,234		407,234	229,526
Net gains/(losses) on	investments			(39,457)		(39,457)	58,709
NET INCOME/(EXPENDITURE)				(19,883)		(19,883)	232,614
RECONCILIATION OF FUNDS
Total funds brought forward				12,554,810		12,554,810	12,322,196
TOTAL FUNDS CARRIED FORWARD				12,534,927		12,534,927	12,554,810

				2023	2022
		Unrestricted	Restricted	Total	Total
		funds	fund	funds	funds
Notes		E		E	E
FIXEDASSETS
Tangible assets	9	12,985,573		12,985,573	12,937,370
Investments	10	699,684		699,684	780,299
		13,685,257		13,685,257	13,717,669
CURRENT ASSETS
Debtors	11	28,514		28,514	19,411
Investments	12	4,109		4,109	53,965
Cash at bank and in hand		79,855		79,855	85,468
		112,478		112,478	158,844
CREDITORS
Amounts falling due within one year	13	(72,888)		(72,888)	(78,922)
NET CURRENT ASSETS		39,590		39,590	79,922
TOTAL ASSETS LESSCURRENT
LIABILITIES		13,724,847		13,724,847	13,797,591
CREDITORS
Amounts falling due after more than one year	14	(1,189,920)		(1,189,920)	(1,242,781)
NET ASSETS		12,534,927		12,534,927	12,554,810
FUNDS	17
Unrestricted funds				12,534,927	12,554,810
TOTAL FUNDS				12,534,927	12,554,810

				CASH FLOW STATEMENT
			FOR THE YEAR ENDED 31 MARCH 2023
					2023	2022
				Notes	F	F
Cash flows from	operating		activities
Cash generated from operations					(27,842)	160,470
Interest received					(144)	(7)
Net cash (used in)/provided			by operating	activities	(27,986)	160,463
Cash flows from	investing		activities
Purchase of tangible fixed assets					(48,203)	(258,259)
Purchase offixed	asset investments				(12,261)	(10,720)
Sale of intangible	fixed assets				17,058
Sale offixed asset investments					53,419
Transfer ofcurrent investment					50,000
Interest received					148	5
Dividends received					19,634	18,475
Net cash provided	byl(used		in) investing	activities	79,795	(250,499)
Cash flows from	financing		activities
Loan repayments	in year				(57,422)	(59,227)
Net cash used in	financing	activities			(57,422)	(59,227)
Change in cash	and cash		equivalents
in the reporting	period				(5,613)	(149,263)
Cash and cash equivalents			at the
beginning ofthe	reporting		period		85,468	234,731
Cash and cash equivalents			at the end
ofthe reporting	period				79,855	85,468

RECONCILIATION ACTIVITIES	OF NET	(EXPENDITURE)	/INCOME TO NET CAS	H FLOW FROM O	PERATING
				2023	2022
					F
Net (expenditure)/income		for the reporting	period (as per the
Statement ofFinancial Activities)				(19;883)	232,614
Adjustments for:
Losses/(gain) on investments				39,457	(58,709)
Profit on disposal of	fixed assets			(17,058)
Interest received				(148)	(5)
Dividends received				(19,634)	(18,475)
Increase in debtors				(9,103)	(7,297)
(Decrease)/increase	in creditors			(1,473)	12,342
Net cash (used in)/provided		by operations		(27,842)	160,470

ANALYSIS OF C	HANGES IN NET DEBT
		At 1/4/22	Cash flow	At 31/3/23
				F
Net cash
Cash at bank and	in hand	85,468	(5,613)	79,855
		85,468	(5,613)	79,855
Liquid resources
Deposits included	in cash
Current asset investments		53,965	(49,856)	4,109
		53,965	(49,856)	4,109
Debt
Debts falling due	within 1 year	(61,238)	4,561	(56,677)
Debts falling due	after 1 year	(1,242,781)	52,861	(1,189,920)
		(1,304,019)	57,422	(1,246,597)
Total		(1,164,586)	1,953	(1,162,633)

		2023	2022
Investment	income	19,634	18,475
Bank interest		148	5
		19,782	18,480

INCOME	FR	OM CHARI	TA	B	LE ACTIVITIES
								2023	2022
					Activity			E	F
Rental income					Rental and associated	income		364,234	360,693
Licences	and	heating
contributions					Rental and associated	income		24,971	22,987
Other Income					Other			763	1,271
								389,968	384,951
CHARITABLE ACTIVITIES					COSTS
							Direct	Support
							Costs (see	costs (see
							note 5)	note 6)	Totals
							E	E
Expenditure		on charitable		activities			337,420	69,814	407,234
DIRECT	COSTS OF CHARITABLE ACTIVITIES
								2023	2022
								E
Water rates and council			tax					22,873	23,667
Insurance								7,540	7,289
Light and	heat							25,685	12,539
Repairs and		renewals						209,856	71,041
Grass cutting		and garden		maintenance				12,982	2,994
Mortgage	interest							2,191	1,721
Loan interest								56,293	51,799
								337,420	171,050
SUPPORT COSTS
									Governance
									costs
									E
Expenditure		on charitable		activities					69,814
Support	costs, included		in	the above, are as follows:
Governance		costs
								2023	2022
								Expenditure
								on
								charitable	Total
								activities	activities
									E
Wages								42,040	38,349
Auditors'	remuneration							3,700	3,500
Professional		charges						15,330	8,926
Administrative		costs						8,744	7,701
								69,814	58,476

STAFF COS	TS
					2023	2022
						E
Wages and	salaries				42,040	38,349
					42,040	38,349
The average	monthly	number	ofemployees	during the year was as follows:
					2023	2022
Management	and administration				2	2

TANGIBLE FIXEDASSETS
	Freehold
	property
	E
COST
At 1 April 2022	12,937,370
Additions	48,203
At 31 March 2023	12,985,573
NET BOOK VALUE
At 31 March 2023	12,985,573
At 31 March 2022	12,937,370

	2023	2022
Market Values:	F	F
Wardle Close	178,420	178,420
StStephens Place	3,974,230	3,974,230
Severn Street	3,372,900	3,324,698
10Church Street	497,170	497,170
3St. Leonards Close	747,920	747,920
Spinners Court	4,151,182	4,151,182
Various Land	63,750	63,750
	12,985,572	12,937,370
	2023	2022
Historic Cost:	E	F
Wardle Close	156,063	156,063
StStephens Place	108,297	108,297
Severn Street	2,137,165	2,088,964
Spinners Court Development	2,537,529	2,537,529
	4,939,054	4,890,853

FIXEDASSET INVESTMENTS
		2023	2022
Market Values:		E	E
Opening values		780,299	710,870
Additions		12,260	10,719
Disposals		-53,419
Net gains (losses) on revaluations	during year	-39,457	58,710
Closing values		699,683	780,299
Historic cost		245,487	286,646

					2023	2022
					F
	COIF Income Shares				210,935	219,231
	COIF Accumulation	Shares			179,397	181,009
	MBG Charity Multi	Asset Fund Income			29,166	30,001
	M&G Charity Multi	Asset Fund Accumulation			280,185	327,162
	Charinco Common	lnv Fund Accumulation		Shares	0	22,896
					699,683	780,299
11.	DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR
					2023	2022
					E
	Rental and maintenance debtors				14,083	13,999
	Debtor adjustment	account			49	1,740
	Other debtors				10,494
	Prepayments				3,888	3,672
					28,514	19,411
12.	CURRENT ASSET INVESTMENTS
					2023	2022
						E
	COIF deposit				4,009	3,939
	Bank deposit				100	50,026
					4,109	53,965
13.	CREDITORS: AMOUNTS		FALLING DUE	WITHIN ONE YEAR
					2023	2022
						E
	Bank loans and overdrafts		(see note 15)		54,677	59,238
	Other loans (see note 15)				2,000	2,000
	Trade creditors				4,775	298
	Social security and	other taxes				(150)
	Pension due				205	183
	Accrued expenses				11,231	17,353
					72,888	78,922

CREDITOR	S: AMOU		NTS	F	ALLING DU	E AFTER MORE THAN	ONE YEAR
							2023	2022
							E
Bank loans	(see note		15)				1,182,920	1,235,781
Other loans	(see note		15)				7,000	7,000
							1,189,920	1,242,781
LOANS
An analysis	ofthe maturity of loans is given below:
							2023	2022
							E
Amounts falling due within one year on demand:
Bank loans							41,771	42,170
Mortgage repayable		in less		than 1 year			12,906	17,068
Other loans							2,000	2,000
							56,677	61,238
Amounts falling between one					and two years:
Bank loans	repayable		within		1 —2 years		43,178	43,412
Mortgage repayable		within		1	—2 years		12,906	17,643
Other loans	repayable		within		1 —2 years		2,000	2,000
							58,084	63,055
Amounts falling due		between			two and five years:
Bank loans repayable Mortgage repayable		within within		2 - 5years 2- 5 years			138,522 10,936	138,969 18,930
Other loans	repayable		within		2 - 5years		5,000	5,000
							154,458	162,899
Amounts falling due		in more			than five years:
Repayable	by instalments:
Bank loans	repayable		after	more than 5years			977,378	1,016,827
SECURED	DEBTS
The following secured			debts		are included	within creditors:
							2023	2022
							E
Bank loans							1,200,849	1,241,378
Mortgages							36,748	53,641
							1,237,597	1,295,019

MOVEMENT	IN FUNDS
					Net	Transfers
					movement	between	At
				At 1/4/22	in funds	funds	31/3/23
					E
Unrestricted	funds
Revenue reserve				3,806,336	19,574	24,302	3,850,212
Unrestricted	Extraordinary	repair fund		72,707		(35,903)	36,804
Unrestricted	Cyclical Maintenance		fund	135,596	(1)	11,601	147,196
Revaluation	of investment	assets
reserve				493,653	(39,456)		454,197
Revaluation	offixed assets	reserve		8,046,518			8,046,518
				12,554,810	(19,883)		12,534,927
TOTAL FUNDS				12,554,810	(19,883)		12,534,927

Net moveme	nt in funds, i	ncluded	in the ab	ove are as follow	s:
				Incoming	Resources	Gains and	Movement
				resources	expended	losses	in funds
				E			F
Unrestricted	funds
Revenue reserve				426,808	(407,234)		19,574
Unrestricted	Cyclical Maintenance		fund	(1)			(1)
Revaluation	of investment	assets
reserve						(39,457)	(39,456)
				426,808	(407,234)	(39,457)	(19,883)
TOTAL FUNDS				426,808	(407,234)	(39,457)	(19,883)

Comparative	s for movem	ent in f	unds
					Net	Transfers
					movement	between	At
				At 1/4/21	in funds	funds	31/3/22
				E
Unrestricted	funds
Revenue reserve				3,704,009	173,905	(71,578)	3,806,336
Unrestricted	Extraordinary	repair fund		49,702		23,005	72,707
Unrestricted	Cyclical Maintenance		fund	87,023		48,573	135,596
Revaluation	of investment	assets
reserve				434,944	58,709		493,653
Revaluation	offixed assets	reserve		8,046,518			8,046,518
				12,322,196	232,614		12,554,810
TOTAL FUNDS				12,322,196	232,614		12,554,810

Comparative	net movemen	t in funds, in	cluded in the above	are as follows:
			Incoming	Resources	Gains and	Movement
			resources	expended	losses	in funds
			E	F	F
Unrestricted	funds
Revenue reserve			403,431	(229,526)		173,905
Revaluation	of investment	assets
reserve					58,709	58,709
			403,431	(229,526)	58,709	232,614
TOTAL FUNDS			403,431	(229,526)	58,709	232,614

A current ye	ar 12 months a	nd prior	year	12months combin	ed position is a	s follows:
					Net	Transfers
					movement	between	At
				At 1/4/21	in funds	funds	31/3/23
				E	E
Unrestricted	funds
Revenue reserve				3,704,009	193,479	(47,276)	3,850,212
Unrestricted	Extraordinary	repair fund		49,702		(12,898)	36,804
Unrestricted	Cyclical Maintenance		fund	87,023	(1)	60,174	147,196
Revaluation	of investment	assets
reserve				434,944	19,253		454,197
Revaluation	offixed assets	reserve		8,046,518			8,046,518
				12,322,196	212,731		12,534,927
TOTAL FUNDS				12,322,196	212,731		12,534,927

above are a	s follows:
				Incoming	Resources	Gains and	Movement
				resources	expended	losses	in funds
				F	F	F
Unrestricted	funds
Revenue reserve				830,239	(636,760)		193,479
Unrestricted	Cyclical Maintenance		fund	(1)			(1)
Revaluation	of investment	assets
reserve						19,252	19,253
				830,239	(636,760)	19,252	212,731
TOTAL FUNDS				830,239	(636,760)	19,252	212,731

			FOR THE YEAR ENDED 31	MARCH 2023
				2023	2022
				F
INCOME AND ENDOWMENTS
Investment income
Investment income				19,634	18,475
Bank interest				148	5
				19,782	18,480
Charitable activities
Rental income				364,234	360,693
Licences and heating		contributions		24,971	22,987
Other Income				763	1,271
				389,968	384,951
Other income
Gain on sale of	intangible		fixed assets	17,058
Total incoming	resources			426,808	403,431
EXPENDITURE
Charitable activities
Water rates and	council tax			22,873	23,667
Insurance				7,540	7,289
Light and heat				25,685	12,539
Repairs and renewals				209,856	71,041
Grass cutting and garden			maintenance	12,982	2,994
Mortgage interest				2,191	1,721
Loan interest				56,293	51,799
				337,420	171,050
Support costs
Governance costs
Wages				42,040	38,349
Auditors' remuneration				3,700	3,500
Professional charges				15,330	8,926
Administrative	costs			8,744	7,701
				69,814	58,476
Total resources	expended			407,234	229,526
Net income				19,574	173,905

					2023	2022
					E	E
INCOMING RESOURCES
Investment income
Investment income					19,634	18,475
Bank interest					145	7
					19779	18481
Incoming resources	from		charitable	activities
Other income					763	1,271
Licences and heating	contributions				24,971	23,009
Profit on the sale of investments					17,058
					62,571	24,280
Total incoming resources					62,571	42,761
RESOURCES EXPENDED
Direct Charitable Expenditure
Light and heat					12,365	5,485
Water rates and council		tax			1,487	1,380
Insurance					552	533
Repairs and renewals					23,873	361
Other
Gardening
					38277	7759
Support costs
Management
Office and administrative			costs		4,479	3,507
					4,479	3,507
Total resources expended					42,756	11,266
Net Incoming Resources			before transfers		19,815	31,495
Transfer to designated		funds
To1From Extraordinary		repair fund			(1,894)	2,018
To Cyclical repair fund					3,317	3,068
From Cyclical repair fund					~23,932
					(22,509)	5,086
Net incoming Resources			for the Year		~2,694)	36,581

			2023	2022
				E
INCOMING RESOURCES
Incoming resources from	charitable	activities
Rental income			125,472	122,984
Other income
Total incoming resources			125,472	122,984
RESOURCES EXPENDED
Direct Charitable Expenditure
Light and heat			208	158
Water rates and council tax			11,769	10,517
Insurance			2,319	2,222
Repairs and renewals			34,119	33,630
Gardening			7,027	1,609
Other reliefs
			55442	48 138
Support costs
Management
Office and administrative	costs		22,506	18,744
			22,506	18,744
Total resources expended			77,948	66,880
Net Incoming Resources	before transfers		47,524	56,104
Transfer to designated funds
To/From Extraordinary repair fund			14,156	8,284
To Cyclical repair fund From Cyclical repair fund			21,558 ~21,351	19,944 ~8,900)
			14,362	19,328
Net Incoming Resources	for the Year		61,886	75,432

			2023	2022
			E	P
INCOMING RESOURCES
Incoming resources from Rental income	charitable	activities	81,979	83,316
Total incoming resources			81,979	83,316
RESOURCES EXPENDED
Direct Charitable Expenditure
Light and heat			2,475	1,945
Water rates and council tax			7,748	10,112
Insurance			1,740	1,668
Repairs and renewals			91,921	26,611
Gardening			1,934	1,085
Mortgage interest			2,191	1,721
			1D8 DDD	43 142
Support costs
Management
Office and administrative	costs		14,705	12,698
			14,705	12,698
Total resources expended			122,714	55,840
Net Incoming Resources	before transfers		(40,735)	27,476
Transfer to designated funds
To/From Extraordinary repair fund			(13,793)	(1,927)
To Cyclical repair fund From Cyclical repair fund			16,583 ~22,135	15,341 ~3,126)
			(19,346)	10,288
Net Incoming Resources	for the Year		~60,081)	37,764

	for	the Year Ended 31 MARCH 2	023
			2023	2022
INCOMING RESOURCES
Incoming resources from	charitable	activities
Rental income			30,999	30,144
Total incoming resources			30,999	30,144
RESOURCES EXPENDED
Direct Charitable Expenditure
Light and heat			10,561	4,892
Water rates and council tax			1,432	1,261
Insurance			1,056	1,021
Repairs and renewals			45,716	3,475
Other
			58765	10649
Support costs
Management
Office and administrative	costs		5,560	4,594
			5,560	4,594
Total resources expended			64,325	15,243
Net Incoming/(Outgoing)	Resources	before transfers	(33,326)	14,901
Transfer to designated funds
To/From Extraordinary repair fund			(25,944)	4,036
To Cyclical repair fund			6,633	6,137
From Cyclical repair fund			~6,343
			(25,654)	10,173
Net (Outgoing)/incoming	Resources	for the Year	~58,980)	25,074

	for	the Year Ended 31 MARCH 20	23	23
			2023		2022
			F		E
INCOMING RESOURCES
Incoming resources from	charitable	activities
Rental income			6,122		5,857
Total incoming resources			6,122		5,857
RESOURCES EXPENDED
Direct Charitable Expenditure
Light and heat
Water rates and council tax				438	397
Insurance				89	88
Repairs and renewals				755	314
			1	282	799
Supportcosts
Management
Office and administrative	costs		1,098		893
Total resources expended			2,380		1,692
Net Incoming/(Outgoing)	Resources	before transfers	3,742		4,156
Transfer to designated funds
To/From Extraordinary repair fund				544	504
To Cyclical repair fund				829	767
From Cyclical repair fund
			1,374		1,271
Net (Outgoing)/incoming	Resources	for the Year	5,116		5,436

	for	the Year Ended 31 MARCH 2	023
			2023	2022
				F
INCOMING RESOURCES
Incoming resources from	charitable	activities
Rental income			119,661	118,370
Electricity refund
Total incoming resources			118,370	118,370
RESOURCES EXPENDED
Direct Charitable Expenditure
Light &heat			75	59
Water rates &council tax
Insurance			1,784	1,757
Repairs 8 renewals			17,492	6,652
Loan interest			56,293	51,799
			75 644	60 567
Support costs
Management
Office and administrative	costs		21,464	18,041
Total resources expended			97,108	78,608
Net Incoming/(Outgoing)	Resources	before transfers	22,553	39,762
Transfer to designated funds
To/From Extraordinary repair fund			10,889	10,090
To Cyclical repair fund			16,583	15,341
From Cyclical repair fund
			27,472	25,431
Net (Outgoing)/Incoming	Resources	for the Year	50,025	65,193

			2023	2023	2022
			F
EXPENDITURE
Office salaries			42,040		38,350
Light and heat			2,135		950
Water rates and council tax				546	737
Insurance				356	370
Repairs and renewals				683	443
Telephone				993	1,173
Computer costs				406	1,287
Printing, postage and stationery				485	460
Travel expenses
Bank charges				882	843
Audit costs			3,700		3,500
Professional charges	- legal
Professional charges	—surveyors		15,330		8,406
Professional charges	- payroll			438	520
Bad debts
Sundry expenses			1,819		1,436
Total Management	and Administrative	Costs	69,813		58,477

Church Street Almshouses	Church Street Almshouses			4,479	3,507
StStephen's Place				22,506	18,744
Severn Street				14,705	12,698
Reverend Francis Palrne's		Hospital		5,560	4,594
Wardle Close				1,099	893
Spinner's Court				21,464	18,041
Total Management	and Administrative		Costs	69,813	58,477