Homes and Comtnuiiitie8 Agency Nujnber A2920 RebFl8tered Charity Nuinber 221005 Wakefield Charities, Homes STATUTORY FINANCIAL STATEMENTS for the year ended 31 March 2022
Homes and Cottununiiies Agency Number A2920 Registered Charity Number 221005 Wakcfield Charities, Homes FULL DETAILED FtNANCIAL STATEMENTS for the year ended 31 March 2022
Wakefield Charities, Homes TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustee presents its annual report for the year ¢nde(131 March 2022 undcr the Charities Act 2011. together with the audited financial stateJn¢nts for the year, and confinn that Ilie latter comply witli the requiremenis of the Act, the I'rust Deed and Reporting by Chariti¢s'. Statement of Recommended Practice 2019 applicable lo charities preparing their accounts in accoidance with the Financial Report Standard applicable in the UK and R¢public of Ireland IFRS 1021 (effective l January 2015). REFERENCE & ADMINISTRATtVE INFORfvIATION Wakefield Cliarities, l-loJn¢s was incorporated on 21 February 1989 under a revised Single Scheme of Manag¢in¢nt which coinbined the charities of Major Barker Homes, in the Ecclesi2stieal Parishes of Thomes and Christ Church. Wakefield, regulated by a Schemo of the Charity Commissioncrs of 12 October 1961 and Consolidated Charities. in the fornier County Borough of Wakefield, regulated by a sLhlle of the Charity Coininissioners of 6 September 1961, and as aMlded on 15 March 2016 following a merger with Dr Crowther's Almshouse Charity. Wakefield Charities. Homes is a registered charity No. 221005 and a registered social landlord No. A2920. The Charity's principal address 1$.. Governors. Office, Green Hous¢, 158 Northgate, Wakefield, WFI 3UF. GOVERNORS The Trustee of Wakefield Charities. Hoines is Wakefield Gratnmar School Foundaiion. The Govemors of that enlily are.. Mr S Chamberlain (Chair of Governors) Miss E Crowson (appointed 17 June 20211 Mr J Lewi5 (appointed 17 June 2021) Mr M Sh¢vill (appointed 20 October 20211 K Morgan (appointed 17 June 2021 Mrs H Mass¢y Miss E C Peckett Mr S Buttenvorth Canon Jayson Rhodes {appointed 3 Marcli 2022} Reverend L Vasey-sdunders Iresign¢d 26 June 2021) Mr S Khan Mrs F Galbraith Mr J Jeffries Mrs C Harrison Protessor D Jenkins Mr l A McKinlAy Miss A J Tetley Mrs P Plumpton Ms J E Claire {resigned 3 March 2022) Mr T W¢lion (resigned 14 October 2021) OFFICERS AND KEY MANAGEMENf PERSONNEL Company Secretary.. QEGS Head.. WGHS Hcad.. WGPPS Head.. Mrg J Cock¢r Dr K Brookes Ms HJ Boyes Mrs E Gill ADDRESSES Address of Charity.. Wakefield Charities, Homes Governors, Office Green House 158 Northgate Wak¢fi¢ld WFI 3UF Address of Homes rull by the Charity.. Horne Street Wakefield WF2 8EA Holmfield Avenu¢ Wakefield WF2 7AF Westfield Road Wakefield WFI 3RB George Street Wakefield, WFI INE
Wakefield Charities, Homes TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 PROFESSIONAL ADVISERS Bankels: Barclays Bank plc Trinity Walk Shopping Centre Teall Way Wakefield WFI IQS Auditors.. Saffery Champness LLP Mitre House North Park Road Harrogatc HGI 5RX Solicitors: Newtoi)s Solicitors Unit 8, Calder Close Wakefield WF4 3BA Stockbrokers: Julius Bar International Ltd The Platform New Station Street Leeds, LS14JB STRUCTURE, GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT The Charity is governed by th¢ provisions of the Trust Deed, which was last amended on 15 Mar¢h 2016 following the merger of the charity with Dr Crowther's Almshouse Charity. GOVERNtNG BODY Governors are elected at a mecting of the Board of Governors to ensure, through carefvl selection, that the Board coinprises Govemors with appropriate skills, cxperience and the dedication necessary for the operation of a Charity. The full Board consists OF ninelecn Govemors, eighteen of whom are co-opted and one of whom is nominated by the Chapter of Wakefield Cathedral. Governors nomially serve a four year terni of office with a maximum of three ternis perniitted. The Chair of Governors and Deputy Chair of Governors arc ¢leeted annually at th¢ Foundation's Annual G¢neral Meeting each October. TRUSTEE TRAINING New Governors are ndUcted into the operation of the Charity. including its Policics and Procedures, and appropriate trnstee training is organised for all Govemors. ORGANISATIONAL MANAGEMENT The Govcmors meet as a Board three times a year to deterniine and review the general strategyof the Charity and to review its overall management and control, for which they are legally responsible. Implementation of the Board's policies for Wakefield Charities. Homes 19 delegated to the Governors, Homes Committee, which meets regularly throughout thc year. The day-to-day running of the Charity is delegat to tbe D1clOr of Finance & Operdiions, supported by the Trustee's EstatC8 and AdministratiOD departments.
Wakefield Charities, Homes TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 STRUCTURE, GOTrTRNANCE AND LWAGEMENT (eontinued) ORGANISATIONAL STRUCTURE AND RELATIONSHIPS The Homes comprises 31 dwellings. 17 at Home Street, 4 at Holmfield Avenue, 6 Alfftshouses at Westfield Road and 4 Almshous¢s at George Street, all within the City of Wakefield. Under the lerjns of the revised Scheme, Wakefield Charities, Homes are admiiiist¢red by the Governors of Wakefield Grainmar School Foundation. A management fe¢ is paid lo this body for th¢ provision of financial and administrative services froin their premises in NorEhgate, Wakefield. RtSK MANAGEMENT The Board's Risk and Compliance Committee, consisting of Govemors and meinbcrs of the senior management teain, exaTnine the principal areas of the Charity's operations and consider th¢ major risks faced in each of th¢s¢ ar¢as. In the opinion of the Trustee, the Charity h88 put in place policies and procedures, and has reviewed systems which, under nornial conditions, will allow these risks to be managed at acceptable level in th¢ day-to- day operations of the Charity. AIMS, OKIECTIVES AIVD PRINCIPAL ACTIVITIES STRATEGIC AIM AND INTENDED EFFECT The Charity's stratebye aim is the proper maintenance of its almshouses in order to continue to be able to provide good qualsty accommodation for residents al an affordabl¢ price and to meet government housing standards. Maintenan¢e charg¢s are kept at a level sufficient to meet annual overheads but do not allow for the cost of significant structural repairs and maintenance to the almshouses buildings, all of which are listed and are over 50 years old. Th¢sc costs are met from the investin¢nt ii)come of the Charity. OBJECTIVES FOR THE YEAR Th¢ Ttee'S main objective for the year is to achieve full occupancy of the almshouses. The strategy for achieving this is to ensure we proNide high quality properties through r¢dccoration and rerbish1llenI as appropriate. The Governors believe that the continuous programme of refurbishment will ensure that the Charity continues to meet the Government's Decent Homes Standard for all its properties. PRtNCIPAL ACTIVITY The principal activity continues lo be the provision of giN)d quality Bccommodation at an affordable price to those in financial need who have a connection with the City of Wakefield. Resid¢nts Inust be over th¢ age of 50 years. REVIEW OF AcHIEvEl¥NTs AND PERFORLIL4J4JCE FOR THE YEAR OPERATIONAL PERFORMANCE On¢ property was vacant at 31 March 2022. Following the eviction of the resident in January, the property has been left vacant in order to carry out significant roofing work. 5 properties were vacant for a total of 63 w¢¢ks during the year, compared to 5 propcrties for 104 weeks in the prior year.
Wakefield Charities, Homes TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 INVESTMENT POWERS AND POLICY PERFORMANCE The Govcrnors ale pennitted to invest available fullds at their absolute discretion. The Governor% del¢gate Ilie Inai)aganenl of the Foundation's investments on a discr¢tionary basis to Julius Bar Inleniational Ltd who provide a montlily written report to th¢ Govemors. Investm¢nt Sub-cominittee, and report in person ¢very other terni. Their reports include perforniance comparison and sector bench-marking. The Finance Committee has Set out its investinent principles, tl)e specific long-tenn objectives of which ar¢ the achievement of a balance of income and growth wÈth a[Ual total returns at least matchAng Éhe perfonnance of the FfsE WMA index. Between 31 Mah 2021 and 31 Marcli 2022 the value of th¢ Chatity's investment portfolio, other than COIF shares. decreased by 1.020/y (after allowing for net disposal8 of £30,936) froin £695,408 to £688,306. The value of COIF holdings increased by 9.19 /0 from £227,145 to £248.027. This amounts to a total in¢r¢ase of Given the medium risk profile which has b¢¢n adopted and th¢ portfolio's long terni track record, Governors are satisfied with th¢ relurn for the year under review. However Govemors continue to explore all invcstment options available, with 8 view to obtaining the best returns within the Charity's investinent principl. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The net outgoing funds for the year wcr¢ £27,15012021 (outgoing).. £10.7611, after charging maintenanc¢ costs of £24,58512021.. £26,629). During 2021122 the Trustee comrnissioned a ¢ondition survey from a finn of spwialist surveyors relating to the structsral and physical fitness of th¢ almshouses. This repirt was of a thc>rou¥h and comprehensive nature, and in compliance with the requirements of thc Alinshouses Association for a Quinquennial Inspection. As a result of the surv¢y, Structural roofing work and a full refurbi5hinent of all properties lo¢aled at George Stt is plat]ned for 2022123 and 2023124. Th¢ expected cost of th¢ work is £103k. It has beeT) e8si¢r and quicker to fill vacant properties than in the previous y¢ar due to the end of Covid-19 restrictions, resulting in increased income. The majority of th¢ Charity's prop¢rti¢s are fine buildings of considerable awhilectural and historical significance and thc Govemors recognise th¢ need to maintain them at an appropriately high standard. Th¢ cyclical work to rcplace kitchens, bathrooms and improve h¢aling syStnS will therefore continue. From February 2019, Th¢ Regulator of Social Housing requires all Registered Almshouse Charities to report their progress against seven mandatory metrics. These are sct oul below, alongsid¢ the Small Providcrs, Benchmarking outcomes for 2021, where ayailable. Percentage of Reinvestment 3.57% (SPBM benchmatk.. 2.2 %) This metric looks at the investment in property 85 a percentage of th¢ value of total properties held. Wakefield Charities, Homes is not developing into addilional properties, therefore reinvestmcnt is in th¢ r¢pair 2nd maintenance of thc exisiing high qualiiy housing. Percentage of New Social Housing Uiiits Delivered The Charity has not developed new social or non-social housing units or acquired n¢wly built units during the year. so this in¢tric is not applicable. Gearing {19.050/4) {SPBM benclllnark: 11.80/0) This metrÉc assesses how much of the adjusted assets are made up of dd)t and the degree of dependence on debt finance. The Charity has no loans or finance lease obligations, and a relatively high level of cash leading to a negative level of gearing.
Wakefield Charities, Homes TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 Percentage of EBITDA (Major Repairs Included) This metric seeks to measure the level of surplus that is g¢iierated coinp£ired to interest payable. WRkefield Charities. Homes does not have any capitaliscd interest, iiiterest payable of financing costs, so this metric is not applicable. Headline Social Housing Cost per Unit £4.68 Iper unit {SPBM benchtnark.. £4,847) Operalingi Maigin Ioverall) {24.740/0) {SPBM benchmark.. 20.0/01 Operating Margin {Social Housing Lettings only) (39.360/0) (SPBM benchmark.. 20.6/0) The operating margin demonstrates the profitAbility of operating assets before exceptional expenses. Return on Capital Employed 0.770/. (SPBM benchmark: 2.70/01 This metric compares th¢ operating surplus lo total assets l¢ss current liabilities, and can assess the efficient investment of capital resources in the cominercial s¢ctor. RESERVES POLICY The Trustee has reviewed thc Charity's reserve policy and il has been agreed th81 the Charity should aspire to retain a sum of approximately £200,000 to 211ow for future unforeseen ev¢nls. The Charity's total reserves of £2,291,691 at the year-end included £6,112 restricted funds, £53,644 endowed funds and £2,231,93.fj unrestricted nds. £1,161,558 of this represented th¢ net book value of fixed assets, £3 11,963 is a rcvaluation reserve, £142,654 arc r¢rVeS designated for particular purposes, and £259.508 repres¢nts the value of a Social Housing Grant previously made by the Housing Corporation (repayable nder certain circumstances) whiLh leaves free reserves of £356,252 available at 31 March 2022131 March 2021 £365,977). The Trustee is comfortable with the current level of reserves held. ptiBLIC BENEFIT Wakefield Charities. Homes is a charity whose primary objectiv¢ is lo proNide good quality accoinmodation at an affordable price to thos¢ in financial need who have a connection with the City of Wakefield. A further objective is to provid¢ relief, either generally or individually, to persons resident in Wakefield, in¢luding residents in th¢ hom¢s of the Charity, who are in conditions of need, hardship or distress, by making grants ofmoney, or providing or paying for items, services or facilities, Cic Iculated to reduce the need, hardship or distress of such persons. When planning our a¢tivities for the year the Charity has considered the Charity Commission's guidance on public benefit. Residents for the Charity's hom¢s must be over 50 years old and hav¢ financial need. Vacancies arising in the homes are extensively advertised in the Wakefield areA and prospective tenants attend an interview with the Homes, Manager to determine their suitability and circuinstgnc¢s. Applicants are requircd to fill out a statement of their financial r¢sources. including salary, p¢nsions and social security bcnefits. and must, if not aLready r¢sid¢nt in the locality. give details of their co[ection to the City of Wakefield. Maint¢nance charges during 2021122 ranged from £46.00 per week for a single flat in George Street to £81.94 per week, including water rates and certain energy costs, for a three bedroomed flat in Home Street. The maintenance charges are set at a level Su1clent to meet annual ovdieads but not the cost of significant structural repairs or maintenance which are met out of the investment income of the Charity. The charges were ullchanged from 2020121. To maintain and iinprove the quality of ils hoiiies, th¢ Charity operates a planned continuous prograinme of refurbishn]ent and rcdecoration for ils occupied homes and, when vacancies arise, t)kes the opportunity to carry out siJnilar non-scheduled improvements as required. The common 8reas of the homes al Horne Street,
Wakefield Charities, Homes TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 its paths and stairea$es are kept cleai) by a contract cleaning coinpany. In addition, residents are encouraged to report all necessary repairs to the Trustee. Another aspect of the Charity's public bcn¢fit pc>licy is the provision of an annual sum up to £2,000 in total for Ihe relief in need foi residents of Wakefield. In addition to "Christmas Gifts" of £30 each to the homes, residents 131 MarLh 2021 £25 each), grants are inade as a 'last resort" and an0nnOus1Y as far as the beneficiaries ar¢ roncemed, upon request from other charitable or public bodies such as the Citizcns Adviee Bureau or Wakefield Metrowlilan District Council, where no other resour(Ys are available to individuals in severe fmaiicial ii¢¢d. I'u ensure that tli¢ graiits ale used for th¢ purpose intendod they are made in the fom of shop gift vouchers or a cheque inade payable to a reputabl¢ household supplier such as Argos or B&Q. FUTURE PLANS Oui. key objectives for the future are to Inaintain full occupancy of the almshouses and to continue our programme of refurbishtnenl. The Governors gratefully acknowledg¢ the work of the adminisirative and estaies staff of Wakefield Grammar School Fouiidalion based at 158 Northgaie. This enables the Governors lo continue to fulfil the aims and obj¢cts of Wakefield Charities, Homes, as they were envisaged by tlieir founders, willill Horne. Major Barker and Di Caleb Crowtlicr so lon¥ agio. AUDITORS Saffery Champness LLP have expressed their willingness lo continuc in office as auditors for the next financial year. STATEMENT OF DISCLOSURE TO THE AUDITOR So far as the Governors 8re aware, there is llo relevant audit inforniation of which the charity's auditors are unaware. Additionally, the Governors have taken all the necessary steps that they ought to have taken as Governors in order to make theInselves aware of all relevant audit infornation and to establish that the ch8rily's auditor5 are aware of that infonnation. Approved by the Trnstee on 29 September 2022 And signed on its behalf by Mr S Chamberlaln Chalr of Governors
Wakefield Charities, Homes STATEMENf OF TRUSTEE'S RESPONSIBILITIES The Trustee is responsible forpreparing the Trustee's Report and the financial slat¢m¢nts in accordan¢e with applicable law and United Kingdom Accounting Standards (Unil¢d Kingdom Generally Accepted Accounting Practice). The law applicabl¢ to charities in England & Wales require5 the trustee to prepare financial 5taleinents for each financial year whicl) give a true and fair view of the state of affairs of the charity and of the iiicoming resources gnd application of resources of the charity for that period. In preparing these finaneial statements, th¢ Trustee is required to.. select suitable ac¢ountiog policies and then apply them consistently,. observ¢ th¢ mcthods and principles in the Charitits SORP (FRS102)' make judgements and estimates that are reasonable and ptudent; stsie wh¢th¢r applicable accounting standards have been followed, Subject to any material departures disclosed and explained in the financial statements. prepare the financial statement$ on the going concern basis unless il is inappropriate to presume that the Charity will continu¢ in business. The Trnstee is responsible for keqiing proper accounting records that disclose with reasonable accuracy at any time the financial position of th¢ charity and enable than to ensure that the finaAcial statements coinply with the Chariti¢s Act 2011, applicable accountingi regulati(>ns and the PTOVi8ions of the trusi deed. They are also responsibl¢ for safeguarding the assets of the charity and hence for taking reasonable steps for the preveniion and detection of fraud and other irregularitie8. Th¢ Trust¢c is rcspoiisible for the inaintenance and integrity of the charity and financial inforn)ation included on the charity's website. Legislation in the Unit¢d Kin&ydoJn goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report was approved by the Trustee on 29 S¢ptember 2022 Mr S Chamberlaln Chair of GoveOrS
Wakefield Charities, Homes INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE OF WAKEFIELD CHARITIES, HOMES Opinion We havc audited the fin£incial statllents of Wakefield Charities Hoilles for the year ended 31 Marcl) 2022 wliich coinprise the statement of financial aclivities, balance sheet and the cash flow statnent, and iiotes to the financial 5taleinenls, including significant a¢counting policies. The fin2nei21 reporting framewoA( that has been applied in their preparation is applicable law and Uiiited Kingdoin Accounting Standards. including Financial Reporting Standard 102. the Financial Reporting Standard applicable in the UK and R¢public of Ireland (Unitcd Kingdorn Generally Accepted A¢counting Practice). In our opinion the financial stateinents.. give a truc and fair view of the charity's slate of affaits as at 31 March 2022 and of its incoming resources ar)d applic81ion of resources, including its income and expendsture, for the year then ended.. have been properly prepar¢d in accordance with United Kingdom GeAerally Accepted Accounting PractEce,' and have been pr¢par¢d accordance with the Charities A¢t 2011. Basis for opinion We conduct¢d our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in th¢ Auditor's responsibilities for the audit of the fiJiancig1 gtaiernenis section of our report. We are independent of the charity in accordance with the ethical r¢quirements that are relevant to our &udil of the finaiicial statcments in the UK including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibililies in accordanc¢ with these requirement5. We believ¢ Ihal the Audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statem¢nts, we have concluded that the trustees, use of the going COD¢¢rn basis of accounting in the preparation of the financial statements is appropriat¢. Based on the work we have performed, we have noi identified any material uncertainties relating to events or Conditions thai, individually or coll¢ctiv¢ly, may c&st significant doubt on the charity's ability to continue as a going concem for a period of at lcasl twelve months from when th¢ financial statements are authorised for issue. Our responsibilities and ihe responsibilities of the trusteas with respect to going wncem are described in the relevant sections of this report. Other Information The truste&9 are responsible for the other infonnation. The other infonnation comprises the informatio included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other inforniaiion and. except to the exlenl otherwise ¢xpli¢itly stated in our report, w¢ do not express any fonn of as5urbnce conclusion thereoT]. Our responsibility is to read the other infonnation an(L in doing so, consider whether the other inforn)ation is matwially inconsistent witli the financial statements or our knowledbFe obiained in the ¢ours¢ of the audit or otherwise appears to be materially missiated. If we identify su¢h maierial inconsistencies or apparent material misstatements, we are required to deterniine whether this gives rise to a material misstatement in the finan¢ial stateinents themselves. If, based on the work we hav¢ perfornied, we conclude that there is a material misstat¢ment ofthis other inforn]ation w¢ are required to report tliat fact. We have Dothing to report in this regard. Matters on whieh we are required to report by exeeption We have tjothing to report in respect of th¢ following inatters in rclation to which the Charities (A¢eounts and Reports) Regulations 21)08 require us to report to you if, in our opinion..
Wakefield Charities, Homes TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 the infonnation given in the Trustees, Annual Report is inconsistent in any InateriAI respect with the financial stalemenls; or the charity has not kept sufficiet]t a¢¢ounting records; or the financial stat¢Jnciits ar¢ not iii agreement with the accounting records )d r¢turns' or w¢ l?ave not received all tlie inforniation and explanaiions we r¢quire for our audit. Responslbllltles of trustees As explained mole fiilly in the Trustee5' R¢sponsibilities Statement set out on page 8, the trustees ar¢ responsible for the preparation of the financial statements and for being satisfied Ihal they give a true and fair view, and for such intemal control as the trustees detemine is necessary to enable the preparation of financial stateTncnls that are free froiT] material misslatemenl, whether due tth fraud or error. In preparing the financial statements, the trustees are responsible for assessing thc charity's ability to continu¢ as a going conccm, disclosingi as applicable, matters related to going coi)¢ern and usinb th¢ going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease op¢rations, or have no realistic alternative to do so. uditor's responslblllties for the audit of the financial statements We have beeii appointed as auditors under the Charities A¢t 2011 and report in accordance with regulations tnade under that Act. Our objectives are lo obtain reasonable assuraTJee about whether the financial statements as a whole are free froin material misslalement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a higli level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS {UKI will always d¢tect a Inaterial misslatemenl when it exists. Misstatements can arise from fraud or error and are Lonsid¢r¢d inaterial if, individually or in the 2ggre&Fate. they could reasonably be expected 10 influence the economic decisions of users taken on the basis of these financial statements. trregularities, including fraud, are instances of non-compliane¢ with laws und regulations. We design procedure$ in IiT]e witl) our restK>n8ibilities. outlined above, lo deteet mat¢rial mi8Statemenls in respect of irregularities. including fraud. The specific procedures for this engagcm¢iit and the extent to which these are Capable of d¢tecting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularities.. We assessed the susceptibility tsf the charity's financial statements to material misstatement and how fraud might occur. including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated 85 intended. We evaluated possibl¢ in¢entives and opportunities for fraudulent manipulation of the financial statements. W¢ identified laws and regulations that ar¢ of significance in the context of the charity by discussions with trustees and updating our understaiiding of the sector in which the charity operates. Laws and regulations of direct significance in the context of th¢ charity include the Charities Act 2011, the Charities (Accounts and Repons) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Further the company is subje¢t to other laws and regulations where the consequenees of non-complianc¢ could have a material effect on 2rn0unt$ or disclosures in the financi1£ I statements,. through a 8ignificant fine, litigation or restri¢tion5 On the group'8 operations. We identified the inost significant laws and regulations to be Building and fire safety regulations, including the Housing Act 2004 (Housing Health and Safety Rating Systein} and the Regulatory Reforni (Fire Safety) Order 2005. Audit response to risks identified.. We considered the extent of coinpliance with these laws and regulations as part of our audit procedures on the related financial sralement items including a review of financial statement disclosures. We reliewed the charity's records of breach¢s of l)ws and regulations, minutes of meetings and correspondence with relevant 10
Wakefield Charities, Hoines INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE OF WAKEFIELD CHARITIES, HOMES authorities to identify potential material missialements arising. We discuss¢d tlie charity's policies gild procedur¢s for ¢ompliance with law8 and gulatonS with members of InanabFement responsible for coinpliance. During the plani)inbY meeting with the audit tcain, the engagement partner dr¢w attention to the key areas which might itjvolve non-coiiipliaiice with laws and regulalioiis or fraud. We enquired of mgnggcment whether they wer¢ aware of any instances of non-¢ompliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through inanagement OVaTide of controls by testing the appropriateness ofjournal ¢ntries and identifying anysignificant transactions that were unusual or outside the nonJ)Al course of business. W¢ assessed whether judgemejits inade in making accounting estimates gave rise to a possible indication of managjanenl bias. At Ilie ¢oinpletion stage of the audit, the engageinent partner's review included ensuring thai the team had approacli¢d their work with appropriat¢ professiona5 sc¢pticisin and thus the capacity to identify non-compliance with laws and regulations and fraud. There are illher¢nt limitations in tlie audit proLedures described above and the Eurther rfflnovcd non- compliance with laws and regulations is froin the events and transactions reflected in the financsal statements. the l¢ss Iskely we would becomc aware of it. Also, the risk of not detecting a Inaterial misstatement duc to fraud is higher thali the risk of not deiecting one resulting from error, as fraud Inay involve deliberat¢ ooncealment by, for cxainple, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities 1$ availdble on the Financial R¢porting Council's websit¢ at: www.frc.or .uklauditorsres onsibilities. ll)is d¢seripfion forn)s part of our auditor's report. Use of our report This report is inade solely to the charity's tnjstees, as a body, in accordance with Part 4 of th¢ Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so thal we might stat¢ to the trustees those matters we are rquired to Stat¢ lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the charity and tlie truste¢s as a body, for our audit work, for tliis report, or for the opinions we have fornied. S,fvL] LLe Saffery Champness LLP Mitre House North PaTk Road Harrogate HG15RX Chartered Accountants Starutory Auditors Date.. 30 September 2022 Saffery ChampD¢SS LLP is eligible to act as an allditor it] ternis of section 1212 of the Companies Act 2006
Wakefield Charities, Homes INCOME AND EXPENDITURE ACCOUNT For the year ended 31 March 2022 Note5 urtricted Endowed R¢8tricted Total funds funds funds funds 2022 Total funds 2021 lucome from". Chariiabl¢ aciivilies Investments Other Incom¢ 94,087 12,994 2,500 94,087 13,138 2,500 88,895 13,246 3,200 144 Total ineomlng resources 109,581 144 109,725 105,341 Expenditure on: Raising funds Charitable activities 5,760 5,760 5,908 110,194 136,875 136,875 116,102 Net loutgoingl incomiT2g fund5 fr()m operations before inve51inent gains (27,294) (27,1501 {10,761) Net gains/(losses) on investJnents 10 39,488 5,606 (377) 44.717 164,444 Net movement in funds 12.194 5,606 {2331 17,567 l53,683 Reconelllatfion of funds: Fund balances brought fonvard at l April 2021 2,219,741 48.038 6,345 2,274,124 2,119,157 Fund balances carried forward at 31 Mareh 2022 14.15,16 2,231,935 53,644 6,112 2,291,691 2,274,124 Approved and authorised for Ie by the Trustee on 29 September 2022 and s]ed on its behalf by.. Mrs H Massey Chair of Wakefi¢ld Charities, Homes Comtnittee Mr S Chamberlain Chair of Governors 12
Wakefield Charities, Homes BALANCE SHEET 31 March 2022 Noies 2022 2021 FIXED ASSETS Tangible assets 1.081,558 1,101,687 Inv¢stm¢nt Properties 80,(X)O 80,000 Investments 10 936,333 922,552 TOTAL FIXED ASSETS 2,097,891 2,104.239 CURRENT ASSETS Debtors Cash at bank and in hand 11,435 234,618 11,966 211.279 12 246,053 223,245 CREDITORS.. nOUntS falling due within one year 152,253) 153,3601 NET CURRENT ASSETS 193,800 169,885 TOTAL ASSETS LESS CURRENT LIABILITIES 2,291,691 2,274,124 CAPITAL AND RESERVES Restricted reserv¢ Endowed funds Designated reserves Revenue reserve Revaluation reserv¢ 14 15 16 16 16 6,112 53,644 142,654 1,777,318 311.963 6.345 48,038 137,799 1.807.172 274,770 2,291,691 2,274,124 Approved and authorised for issue by the Trustee on 29 September 2022. and signed on its behalf by.. Mrs H Massey Chair of Wakefield Chariti, Homes Committee Mr S Chamberlain Chair of Gov¢rnors 13
Wakefield Charities, Homes ACCOUNTING POLICIES For the year ended 31 March 2022 BASIS OF ACCOUNTING These fLnancial statements have been prepared under the historical c05t convention, as modified by the revaluation of inveslmenis and investrnenl properties, in accordance with Accounting and Reporting by Charities.. Staiement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 1021 (effective l JanLLary 2019) - (Charities SORP IFRS 102)), the Financial Reporting sildard applicable in the UK and Republic of Ireland IFRS 102) and th¢ Charities Act 2011. Wakefield Charities, Homes m¢¢ls rh¢ definition of a public benefit entity under FRS 102. GofNG CONCER The financial statements have been prepared on a going con¢ern basi8. The Trustee has considered how the Charity will meet the challenges pr&qented by rhe cu]Tent economic climate, including the impact of the Covid-19 pandemic, and have concluded that tliey will not have significant impact. They have Laled out detailed review of the Chari(y's resources including the adequacy of working capital lor the next twelve months. The Trustee is satisfied that the Charity h85 sufficient cash flows to meet its liabilities as they fall due for at least one year from the dale of approval of these financial statements. INCOME In¢0e represents maintenance contributions and seTrice chgeS receivable net of loss¢$ arising from vacanci¢s. Credit is taken for rental income as it falls due. EXPENDITURE Expendibjre is accrued tts soon as a liability is considered probable. Irrecoverdble vat is in¢ludd with the itein of expendtU to which it relat¢s. SOCIAL HOUStNG GRANr Social Housing Grants (SHG) were made by the Housing Coryoralion and were utilised to reduce the amount of mortgage loan in respect of the Almshouses to thc amount which it was estimated could be serviced by the net annual incorne of the scheme. The aTnount of SHG was calculated on the qualifying costs of the scheme in accordance with instructions issu¢d from time to time by the Housing CorpolI0n. The grants wer¢ paid dirwl to th¢ lending authority and were reflected in the fUne12[ statements of the ¢harity only when the payment was fftade and the mortgage loan reduced. DEPRECIATION Major components are treai¢d as 8¢parable agsets and depreciation is provided to write off the cost of all relevani tangibl¢ fixed assets, less estimated residual value, over their expected useful economic lives or the lives of the strncture to which they are related, if shorter, at the following annu81 rat¢s- Structur¢ - 50 years Ri)ofs - 50 yarS Heating system - 25 years Fire Alarnis - 25 yeBrs Kitchens 12 years Bathrootll5 - 15 years Air Conditioning 15 years R4
Wakefield Charities, Homes TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 tNVESTMETrrrs General inveStentS are stated at mark¢1 value. Investments held for the provision for extraordinary repairs coiisist of COIF income shares whicl) ar¢ stated at market value at the balance sheet date. Investillenl incoine is recognised on a rec¢ipt5 basis. CYCLICAL MAtNTENANCE FUND The cyclical inainlenance fund recognises the Charity's obligations to Tna?nlain its properti in ao¢ord8nce with th¢ planned programme of works. ExfRAORDINARY REPAIR FUND The purpose of the extraordinary repair fund is to allow for the future extraordinary r¢pair, improvenjent and rebuilding of the homes. RELIEF EN NEED RESERVE As providcd in the reNised scheme of Mallagement dated 21 February 1989, after the proper discharg¢ of the Charities, coininilments, the Governors shall apply the income of the Charity to the relief of need of re5Tdenls in the district of Wakefield. RESTRICFED FUND The rtrIcted fiJnd- Mrs Porter's- is digned to make grants in the order of £200 per year to poor persons recov¢rii)g? froin illness or accident. ENDOWED FUND This fvnd was bequeath¢d by Dr Caleb Crowther in 1838 for the founding of Almshouses for Dissenters from the Church of England. 15
Wakefield Charities, Homes NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 I INCOME FROM CHARITABLE AcfiviTIES 2022 2021 Income from social housing lettings 94,087 88,895 INVESTMENT tNCOME 2022 2021 Gross investment income Bank interest receivable 12,960 178 12,974 272 13.138 13,246 EXPENDITURE ON RAlStNG FUNDS 2022 2021 Inv¢stJn¢nt manag¢tnent f¢¢5 5.760 5,908 16
Wakefield Charities, Homes NOTES TO THE FINANCIAL STATEMENTS For tlie year ended 31 March 2022 4 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Provisiuii ofsocialliou.sing Granls & Tolal 2U22 Tolal 2021 Manage Senyic¢s Repairs & niL7ipiigNuiice Estates costs Repairs and maintenance Service conlracrs and corninunal facilities Fuel charges Insurance Depreciation Water charges Propety charges 24,585 24,585 26,615 26,629 20,937 26,615 11,288 2,332 34.148 5,5.fj0 456 11,288 2,332 34,148 5,550 456 8,625 2,220 33,478 2,171 414 Audit and accountancy Administrative expenses Subscriptions LEgal and professional Bank interest and charges Chrislmas gifts Bad Debts Other 3,912 9,029 2,956 3,912 9,029 2,956 7,331 66 930 3,822 4,840 3,162 1,020 137 825 831 1,083 7,331 66 930 1,917 1,917 15,897 80,389 24,585 9.314 930 110,194 Comparative figures for Year Ending 31 March 2021: Provision ofsocial hvu5ing Grunls & doiialiuNs Totul 2021 Total 202(J Manage Repairs & other ment Services m¢7intep7ance Estates co$ts Repairs and Enaintenance Service contracts and cominunal faciliLi¢$ Fuel charges Insurance Depreciation.. Land and Buildings Water charges Property charges 26.629 26,629 25,884 20,937 8,625 2.220 20,937 8,625 2,220 9,981 11,633 2,023 33,478 2,171 414 33,478 2,171 414 33,278 4,442 200 17
Wakefield Charities, Homes TRUSTEE'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 Provision ofsocial housing Grdiits & donations Total 2021 Totul 2020 Manage Repairs & mep71 Service mainlenance Other Audit and accountancy Adininislralive expenses Subscriptions Priiiting and advcrtising L¢bF21 and professional Bank interest and charges Relief ID ne¢d Christtnas gifts Bad Debts Other 3,822 4,840 3,162 3,822 4,840 3,162 3,722 4,840 486 716 1,206 128 1,020 137 1,020 137 825 825 831 1,083 875 872 236 831 1,083 11,824 67,845 26,629 3,071 825 110,194 100,522 Th¢ Hoines cotnprise 17 dwellings at Home Street, 4 dwtlliDgFs at Holmfield Avenue, 6 dwellings at Westfield Road and 4 dwellings at George Street, all within the City of Wakefield. All gran15 and donations were Inade to beneficiaries in the rtheran¢e of the Charity's objectives. 4 ANALYSIS OF EXPENDITURE ON CHARrrABLE ACTtvtTIES Governance costs included in other operating expenses:_ 2022 2021 Audit and Accountancy Legal and Profe&gional charges 3,912 3,822 1,020 3,912 4,842 NEf INCOME FOR THE YEAR 2022 2021 The surplus for the year is stated aft¢r charging.. Depreciation on tangible fixed assels Auditors. remuneration 34.148 4,320 33,478 3,822 18
Wakefield Charities, Homes NOTES TO THE FINANCIAL STATEMENrs For the year ended 31 March 2022 ANALYSIS OF STAFF COSTS AND STAFF NUMBERS There were no employ*s iii th¢ current or prior year. GOVERNORS, AND KEY PERSONNEL EMOLUMENTS The Govemors r¢c¢ived no emolumejits in th¢ year12021- Nil}. None of th¢ TStetS lor any persons ¢onneeted with than) received any remuneration during th¢ year. Travel and subsistence exp¢nses ainounling lo £nil were reimbutsed lo the Trustees (2021.. £nil). The Trustees did not provide any donated services during the y¢ar (2021.. £nil) 8 TAXATION Wakefield Charities, Hoines is a registered charity and is exempt from any liability to taxation on its charitable income and CApi121 gains. 9 FIXED ASSEfs- FREEHOLD HOUSING PROPERTIES Cost At31 Mawh 2021 Additions 1,391,958 14.019 At 31 March 2022 1,405,977 Accumulated d¢prwiation Ai 31 March 2021 Charge for the year 290,271 34,148 At 31 March 2022 324.419 Net book values At 31 March 2022 1,081,558 At 31 March 2021 1,101.687 At 31 March 2022 the charity owned and managed 31 units {2021.. 31 units) of housing accommodation. 18
Wakefield Charities, Homes NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 EXPENDITURE ON WORKS TO EXISTING PROPERTIES 2022 2021 Coinponents capilalised Amounts charged to the in¢oine and ¢xpenditure account 14,019 24,585 2,554 26,629 38.6114 29,183 INVESTMENT PROPERTIES Valuation Ai 31 March 202I and 31 Nlarch 2022 80,000 Nel book value At 31 March 2021 and 31 March 2022 80,OfX) Investment properties represent a p2r¢el of land held on Westfield Road which is rented out by the Chariry. The land was valued at £80,000 in 2016 by Hodsons Estate Agents Ltd. The Trustee believes thai there has been i)0 significant ¢l)ang¢ in the value of the land at 31 Mawh 2022 and therefor¢ the value tern2ins ]changed in these financial ststements. 10 FIXED ASSETS INVESTMEMrs Unrestrict¢d Restricted Endowed Total Listed investments at market value At l April 2021 Additions Disposals IncreasallDecrease) kn market Value in year 869,161 49,904 (80,840) 39,488 5,353 48,038 922,552 49,904 {80,8401 44,717 (3771 5,606 At 31 March 2022 877,713 4,976 53.644 936,333 The historical cost of listed investments is £703,413 {2021.. £632,455). Analysis of Investments Unrestricted ReStrcl Endowed Total Govemment stock Charity deposits Listed investments 88.071 248,317 541,325 88,071 306,937 541,325 4,976 53,644 877,713 4,976 53,&14 936,333 19
Wakefield Charities, Homes NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Marcli 2022 The following individual investments constitute 5 /0 or more of the inarket valu¢ of the overall investment portfolio.. COIF ineome units COIF accumulation units UK OTrlis Arteinis Fund5 Vaiiguard Funds Legg Mason Global Funds 167,448 75,603 52.839 59,376 67,101 47,459 469,826 There are no known material restrictions which might apply on the realisation of these units. 11 DEBTORS 2022 2021 Due withEn tsne year.. Other Dcbtors 11,435 11,966 11,435 11,966 12 CASH AT BANKAND IN HAND 2022 2021 Capital account- deposit icomc account - current Cash iii hand 117,439 117.179 134.616 76.659 234,618 211,279 13 CREDITORS- Amounts falling due within one year 2022 2021 Other ¢redilors 52,253 53,360 52,253 53,360 20
Wakefield Charities, Homes NOTES TO"fHE FfNANCIAL STATEMENTS For the year ended 31 March 2022 14 RESTIUCTED FUNDS Mrs Porter's Fund 2022 2021 Balan¢e 8131 March 2021 Incoming Resources Investment {loss} 6,345 6,244 178 {771 1377) Balance at 31 March 2022 6,112 6.345 15 ENDOWED FUNDS Dr Cal¢b Crowther 2022 2021 Balance ai 31 March 2021 Investment gain 48,038 5,606 38.628 9,410 Balance at 31 March 2022 53,644 48,038 Bequeathed by Dr Caleb Crowther in 1838 for th¢ founding of Almshouses for DI¢nterS from the Church of England. 16 ANAYLSIS OF MOVEMEwr tN UNRESTRtCTED FUNDS Balance 31 IneoTning Resources Mur¢h 2021 rourc¢S expended Investment gains Transfers Bal£1nce 31 March 2022 Designated Funds Extra-ordinary repairs Cyclical maintenance Relief in need reserv¢ 68,871 55,476 13,452 16 13 2,295 ,981 8,000 2.000 73,163 55,330 14,161 (8,159) (1,291) Desiated Funds l37,799 29 (9,450} 2295 11,981 142,654 General fijnd Revaluation reserve 1,807.172 274,770 109,552 1127,425) (11,9811 1.777,318 311,963 37,193 2,219,741 109,581 (136,8751 39,488 2,231,935 21
Wakefield Charities, Homes NOTES TO THE FINANCIAL STATEMENTS For the ye. ended 31 March 2022 Compat8tive figures for Year Ending 31 March 2021.. Balance 31 Incoming Resources March resources expended Investment gains Trdnsfcrs Balance 31 March 2021 2020 Designated Funds Extra-ordiiiary repairs Cyclical maintenance Reliefin need reserve 55.620 55,679 11,452 45 37 14,092) (8,240) 3,852 13.446 8,000 2.000 68,5171 55,476 13,452 Designated Funds 122,751 82 (12,332) 3.8.$2 23,446 137,799 Gcn¢ral fund Rcvaluatson reserve 1,829,307 123,51 105,081 (103,770) {23,446) 1,807,172 274,770 151,259 2,075,569 105.163 (116,102) 155,111 2,219,741 Designated Funds are held for tlic following purposes- Extra_ordinary repairs fund - to allow for future extra-ordinary repair, improvement and rebuilding of thc homes. Duting the year under r¢view an amount of £14,019 - all being coinpoiients capilalised as assets and shown in note 9 - was transferted out of this fund and into the General Fund (l¢ss a yearly transfer into the Extra-ordinary repair fund of £16k}. Cyelical mAintenanee fLmd- to provide for those items of ordinary maintenance and Tepair of the homes of th¢ Charily which recur at infrequent intervals. The Trustee has considered futur¢ major expenditure on the almshouse buildings as well as the costs of the planned Continuous prograinine of refurbishinent and redecoration, and an appropriate amount has becn transferred from Revenue Reserves lo the Extra-ordinary Repairs Fund or the Cyclical Maintenance Fund to allow for this expenditure. Relief in ned rcserve- funds designated for the relief either generally or indEvidually of persons resident in the district of Wakefield who are in conditioi)s of need, hardshtp or distress. Tlie transfer frorn Revenu¢ Reserves is set slightly above the minimum level as required under the Charity's Scheme of Managunent. Revaluation reserve- funds repregenling the unrealised gains on unrestricted investment asseÈs. 22
Wakefield Charities, Homes NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 17 ANALYSIS OF NET ASSETS BEfwEEN FUNDS Revenue Revaluation reserve reserve Designated Endowed Restiiet¢d nds funds reserve Total Tangible assets Investments Cash at bank and in hand Other net current liabilities ,161.558 543,790 112,788 1,161,558 936,333 234.618 311,963 21,960 120.694 53,6M 4,976 1,136 {40,818) {40,818) Balance at 31 Mareh 2022 1,777,318 311,963 142,654 53,644 6,112 2,291.691 Coinparative figures for Year Ending 31 March 2021: Revenue Revaluation Designated Endowed Restricted reserve reserve ndS funds reserve TotRI Tangible assets 1,181,687 1,181,687 922,552 211,279 Investments Cash at bank and in hand Other net current liabilities 574,726 92,153 274,770 19,665 118,134 48,038 5,353 992 { 41,394) { 41,394) Balancc at 31 March 2021 1.807,172 274,770 137,799 48,038 6,345 2,274,124 18 RELATED PARTY TRANSACTIONS Under the Scheme of Managetnent of Wakefield Charities. Homes, the Ttustee of the charity is Wakefield Grllar School Foundation. In these circuinstances Wakefield Grammar School Foundation is regarded as a related party of this charity. During the ytrdr ended 31 March 2022 administration Servi hav¢ b¢cn provided by Wakefield Grammar School Foundation on an arni's length basis, with nwiagem¢DI ¢harges of £9,029 payable by Wakefield Charities Homes (2021= £4,840). Wakefield Ch8riti&' Hoines rents out at Westfield Road to be used as a sports field by Wakefield Gratnmar School Foundation on an arjn's length basis at an annual charge to the Foundation of £2,500. At the year-end there were amounts outstanding due from Wakefield Charities, Homes to Wakefield Grammar School Foundation of £28,55112021.. £33,175). 23
Wakefield Charities, Homes NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Mar¢li 2022 19 COMPAIi4TIVE FIGURES B Y FUND TYPE Year ended 31 March 2021 Unrestricted Endowed Restricted funds fuT)ds nds Total funds 2021 Ineome from: Charitable activities Investments Otlier IDcoin¢ 88,895 13.068 3,200 88.895 13,246 3,200 178 TotAI incoming resources 105,163 178 105,341 Expenditure on: Raising funds Charitable activities 5,908 110.194 5,908 110,194 116,102 116.102 Net incoming funds froin operations bcforc invcstment gains (10,939) 178 110,761) Net gains on investments 155.111 9,410 (771 164,444 Net movement in funds 144.172 9,410 101 153,683 Reeonciliation of funds: Fund Balance5 brought forward at l April 2020 2,075,569 38,628 6,244 2.120.441 Fund balances carried fonward t 31 Mareh 2021 2,219.741 48,038 6,345 2.274.124 24
Wakefield Charities, Homes INCOME & EXPENDITURE ACCOUNT For the year ended 31 March 2022 2022 2021 INCOME Mainlenance contributions Service charges receivable LE88.' losses arising from vacancies 74.062 22,428 {2,403) 74.062 22,428 (7,595) In¢onie 94,087 88,895 Other IDwm¢ 2,500 3,200 Totsl Incoine 96,587 92,095 EXPENDITURE Manageinenl expenses Repairs and maintenance Sernice costs Other costs.. Printing, stationery 2nd advertising Sundry Bank ¢harges Investment Managers, charges Legal and Prof¢ssional charges Christsngs gift5 Bad Debts 15,897 24.585 80,389 11.824 26.629 67.845 76 1,841 66 5,760 7,331 930 1,083 137 5,908 1,020 825 831 TOTAL EXPENDITURE 136,875 116,102 OPERATING {DEFICIT) FOR THE YEAR {40,288) (24,007) OTHER INCOME Gross investhient income Bank interest receivable 12,960 178 12,974 272 NET {OUTGOtNG) FUNDS (27,1501 (10,761} This page does not fonn part of the stal0ry financial statements. 25
Wakefield Charities, Homes FIVE YEAR FINANCIAL SUMMARY For the year ended 31 Marcli 2022 2022 2021 2020 2019 2018 NET INCOME 96.587 92,095 98,170 90,284 92,751 OPERATtNG COSTS Services Management Day to day Inaintengnce Cyclical maintenance Extraordinary maintenance Other costg 80,389 15,897 16,126 8,459 67,845 11.824 14,297 8,240 4,092 9,804 61,557 9,048 14,184 9,258 2,442 9,732 53,932 13,999 15,231 9,831 9.534 6.856 53,117 27,340 9,763 6,025 11,821 7.659 16,004 136,875 116,102 106,221 109,383 115,725 OPERATtNG (DEFICID / SURPLUS (40,288) 13,138 (24,IX>71 (8,051) (19,099) (22,974) 13.246 15,271 14.430 18,081 Interest receivable and other incoine (DEFICIT) I SURPLUS FOR THE YEAR (27,150) 110,761) 7,220 { 4,6691 { 4,893) Realised surplusl{defscitl on investments Unrealised surpluslldeficit} oil investment 3,912 40.805 33,930 4,609 130,514 { 45,9831 17,619 27,460 { 1,380) 2,356 TOTAL SURPLUSES I (DEFICITS) 17,567 1 $3,683 { 34,1541 40,410 1 3,917) CAPITAL AND RESERVES Restricted Reserve Endowed funds Designated reserves Revenue reserve Revaluation resetve 6,112 53,644 142,654 1,777,318 311,963 6,345 6,244 6,042 5,926 48,038 38.628 38,639 34.294 137,799 122.751 125,500 171.566 1,807,122 1,829.307 1,805,385 1,755.872 274.770 123,511 179,029 146,527 2,291,691 2,274,124 2.120,441 2,154.595 2.114,185 This page does not forni part of the stahjtory financial stateTnents. 26