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2023-10-31-accounts

REGISTERED COMPANY NUMBER: 00157888 (England and Wales) REGISTERED CHARITY NUMBER: 223625

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

Scott & Wilkinson Dalton House

9 Dalton Square LANCASTER LA1 1WD

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

----- Start of picture text -----
Page
Reference and Administrative Details 1
Report of the Trustees 2 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10 to 11
Notes to the Financial Statements 12 to 20
----- End of picture text -----

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 OCTOBER 2023

Trustees Mr T G Bowring - President
Mrs S M G Charles (resigned 11/3/2024)
Dr D M Elliott - Acting Chair
Mrs J P Hardy
Dr R G Jackson
Mrs C A M Johnson
Prof M McIllmurray
Colonel C W Owen (deceased 28/12/2023)
Mr S J Quick
Mr A Rickards Collinson
Mr W I Weir - Treasurer
Registered office 1 Sir Thomas Storey House
West Road
LANCASTER
LA1 5PE
Registered company number 00157888 (England and Wales)
Registered charity number 223625
Independent examiner Scott & Wilkinson
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

Page 1

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Acting Chairman's Report

It is with genuine sadness that I am tasked as Acting-Chairman with the compilation of the Chairman's Report 2023 as a result of the death of our Chairman, Col Chris Owen.

At an emergency meeting on 2nd January in Sir Thomas Storey House, Members of Council spent a considerable amount of time discussing personal reminiscences of Chris. I reminded all present about Chris's distinguished military career having served in the Duke of Lancaster's Regiment for over 40 years. After many years as an Officer, including the command of the Kings Own Regiment, he spent over a decade as the Regiment's Secretary at Fullwood Barracks. He was very well thought of and to his credit was persuaded to stay on after retirement.

We discussed his many qualities and the positive initiatives he brought to Council during his 4-year tenure as Chairman. These included the introduction of the "Ambassadorial Role" ably carried out by Julie Hardy and Malcolm McIllmurray which has enhanced communication between the Residents' Committee and Guinness personnel at the "Tripartite Meetings." These will form part of his legacy which we will certainly continue and progress. Chris had many attributes: an affable personality, an insatiable appetite for precision and efficiency and a dry but jocular sense of humour introducing well- needed levity to lengthy, busy council meetings.

Our thoughts since Chris's loss have been with his family and we have planned a commemorative bench as a tribute and in recognition of his contribution to WWMV.

Life, of course, must continue at Westfield and in this report, I will attempt to outline our aims/objectives, some of our achievements over the last 12 months and some insight into future projects.

Objectives and activities Aims

The charity has two enduring objectives for the public benefit, each underpinned by a number of aims.

Objective 1. The relief of those in need by reason of disability, ill health, financial hardship, or other disadvantage by:

Aim 1. Providing a range of quality, affordable, rental accommodation to the Armed Forces Community.

Aim 2. The provision of welfare support to residents of Westfield Village and to relieve need by providing financial support, as appropriate, and where public funds are not available or cannot be provided in a reasonable time.

Aim 3. The disbursement of funds to charities and other organisations that support the Armed Forces Community.

Objective 2. The advancement of community development, education, culture and heritage by:

Aim 4. Providing Sir Thomas Storey House (STSH) as a Community Centre for the residents of Westfield Village.

Aim 5. Supporting residents of Westfield Village in their community activities and maintaining the environment and ethos of the village.

Page 2

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023

Objectives and activities

Public Benefit

The trustees have taken cognisance of the Charity Commission's advice on public benefit with reference to its supplementary benefits guidance on the prevention and relief of poverty and have complied with the requirements of section 4 of the Charities Act 2011.

We are also pleased to report that we had no serious incidents within our Charity in the last 12 months requiring the attention of the Charity Commission.

Achievement and performance Overview

As with most charities the adverse financial climate of recent years has been challenging and the need for effective management, precise decision making, productive partnerships and tight fiscal management is more important than ever if we are to optimise our support to the village residents and the wider Armed Forces Community. Despite the cost-of-living crisis, we have not seen the hardship amongst our residents that we had perhaps anticipated and there has been no significant increase in demand for financial advice/assistance.

A major crisis arose this year in WWMV with the death of our long-serving and supremely diligent gardener/handyman, Jonathan Stretch. This was a profoundly sad time for the village and inevitably necessitated the absence of Mandy Stretch, our Secretary. Sincere thanks are due to TGP, the Residents' Association and our first-floor tenants (Laker Legal) for their offer of assistance at this difficult time, a testament to our long-standing amicable working relationship. As importantly, we are grateful to those trustees who 'stepped up' to cover Mandy's duties thereby enabling the charity to continue its functions. To her credit and foresight, Mandy had a contingency plan for such an emergency which we were able to put into practice and which served us well in her absence.

We will all miss Jonathan's friendship, his smile and his dedication to duty. In deference to Jonathan's long and faithful service we will be installing a bench in his memory. Mandy returned to full-time work before Christmas and in her inimitable way has steered the WWMV ship through the troubled waters following our Chairman's untimely death. WWMV will be eternally grateful to Mandy and Jonathan.

Finance, Governance and Management

The Charity has continued to develop our governance and management practices to:

We have:

Page 3

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023

Achievement and performance Village Improvements

Difficulty securing building contractors continues to impact our ability to tackle scheduled building works and also complete work caused by recent storm damage, but we have:

Beyond the Village

We are a member of the Armed Forces Covenant Partnership in Lancaster. This allows us to share the group's best practice and support all aspects of veterans' lives in the Lancaster area. We are a member of the housing subgroup which has been set up to identify how we can improve and maximise housing provision in the area for veterans.

We have also permitted the use of STSH as a training facility for residents, members of the Armed Forces Covenant Partnership Group, the British Legion and the wider veteran community. Courses are provided by Lancashire Adult Learning and include employment matters, wellbeing, mindfulness and leisure-related sessions.

Long Term Aims and Objectives

To meet our long-term objectives this year we have:

Going Forwards

Next year we intend to: - Work towards completing the works identified in this year's building maintenance plan, making sure we are obtaining best value and use of our resources whilst preserving our assets.

Page 4

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023

Financial review

Reserves Policy

The charity maintains sufficient free reserves to continue operating for a year and to cover major repairs. Any surplus funds may be paid out by way of grants in future years. Free reserves as at the year-end were £2,075,390 (2022£2,056,230), of which £1,940,863 (2022 - £1,855,744) is held as investments to generate income for the charity.

Structure, governance and management

Governing document

The charity is governed by its Memorandum and Articles dated 12 August 1919, as amended by special resolutions on 31 March 1950, 29 July 1957, 17 January 1983 and 7 October 2013.

The charity constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and Appointment of New Trustees

The directors of the company are also charity trustees for the purposes of charity law and constitutionally, "members" of the Charity may be elected to serve as a trustee and become a member of the governing Council.

Due to the diverse nature of the charity's work with the Armed Forces Community, Council seeks to ensure that its membership has an eclectic skill mix by carrying out periodic trustee skill audits which also help to identify "skill gaps". To facilitate recruitment, Council is also considering the introduction of a Trustee Nominations sub-committee. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity will be set out in the accounts.

Organisational Structure

Westfield War Memorial Village (WWMV) Council is currently made up of 9 trustees who are responsible for overseeing the village and managing the charity's policies and overall strategy. The members are drawn from a variety of professional backgrounds. The charity's secretary sits on the Council but is not a trustee and has no voting rights.

The Council meets up to four times/year but at least twice/year at Ordinary Council Meetings (OCMs). One meeting, usually in March, is preceded by an Annual General Meeting (AGM).

The day-to-day responsibility for running the charity rests with the Secretary, overseen by elected Council Officers: The Chair, supported by the Vice Chair and Treasurer. In addition, two trustees have been elected as 'Village Ambassadors' to liaise closely with the Residents' Association to guide, assist and support them in their activities and provide an easily accessible link with the Council. A further Trustee, with financial expertise was recently appointed to oversee our investment portfolio.

At each AGM one-third of trustees must retire from office. However, if eligible, they may seek re-election. Trustees serve for three years up to a maximum of nine years. Trustees who are elected as officers can serve two three-year terms in their posts.

The Articles of Association allow for the delegation of powers. We currently have a Finance Sub Committee made up of three designated trustees and a Policy Sub-Committee made up of at least five designated trustees. They meet, when necessary, throughout the year often to address issues that arise between meetings that need more immediate attention.

Page 5

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023

Structure, governance and management

Induction and Training of New Trustees

Most trustees are already familiar with the practical work and organisational structure of the charity having been encouraged to attend a meeting of the trustees, meet with the Chairman and Secretary, and attend various charity event before being elected on to the committee.

These help them to familiarise themselves with the charity's policies and the context within which it operates.

Trustees are also provided with:

Risk Management

The trustees are asked to identify any risks to the charity at each OCM. Additionally, a formal bi-annual review is conducted at the March and September OCMs as part of our strategic risk management plan.

Appropriate procedures have been established to mitigate and address risks the charity faces. The need to protect our funds value against inflation in the long term and reduce costs led to a full investment review in which we have:

Internal control risks are minimised by the implementation of procedures for the authorisation of all transactions and projects. Procedures are in place to ensure compliance with the health and safety of staff, residents and visitors to the office and community facilities. These have resulted in improvement works including requirement for additional door security, a review of the lighting around STSH premises, path cleaning and fence repairs. We are also reviewing our Emergency Contingency Plan and are proposing changes to some of our services and banking practices etc. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.

Conclusion

I take this opportunity to thank all trustees for their support over the last year, in particular, Tom Bowring, our president for his guidance in a difficult and stressful twelve months, Stephen Quick who has comprehensively reviewed our investment portfolio, Ian Weir in his role as treasurer, our village ambassadors, Malcolm McIllmurray and Julie Hardy who also did a sterling job in Mandy's absence. Finally, we owe our huge thanks to Mandy who has done an incredible job in exceptionally sad circumstances.

2022-2023 has been another busy year in the life of the village. A year in which we lost Britain's longest serving and much-loved Sovereign, Queen Elizabeth II (8th September 2022). A year in which villagers celebrated the Coronation of King Charles III (6th May 2023). A year in which WWMV lost two of its loyal and trusted members: Jonathan Stretch and Col. Chris Owen.

These have been most difficult times, but we will prevail together.

Page 6

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023

Approved by order of the Council 26 April 2024 and signed on its behalf by:

........................................................................ Dr D M Elliott - Trustee

Page 7

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER

Independent examiner's report to the trustees of Westfield War Memorial Village - Lancaster ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 October 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr S W Hinnigan FCA CTA

Scott & Wilkinson Dalton House 9 Dalton Square LANCASTER LA1 1WD

Date: 3 May 2024

Page 8

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 OCTOBER 2023

Notes
Income and endowments from
Donations and legacies
Charitable activities
Housing (TGP rent) and welfare at Westfield
Village
Other trading activities
2
Investment income
3
Other income
Total
Expenditure on
Raising funds
4
Charitable activities
5
Housing (TGP rent) and welfare at Westfield
Village
Relief of such persons in need or hardship
To aid and support charitable organisations
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 2023
Unrestricted
funds
£
948
19,600
14,295
48,474
2,560
85,877
12,347
62,037
164
10,407
84,955
17,180
18,102
3,304,079
3,322,181		 2022
Total
funds
£
-
19,600
14,159
66,092
-
99,851
14,244
71,167
809
14,719
100,939
(200,960)
(202,048)
3,506,127
3,304,079

The notes form part of these financial statements

Page 9

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER (REGISTERED NUMBER: 00157888)

BALANCE SHEET 31 OCTOBER 2023

Notes
Fixed assets
Tangible assets
13
Investments
Investments
14
Investment property
15
Current assets
Debtors
16
Cash at bank and in hand
17
Creditors
Amounts falling due within one year
18
Net current assets
Total assets less current liabilities
NET ASSETS
Funds
19
Unrestricted funds
Total funds		 2023
Unrestricted
funds
£
1,136,791
1,940,863
110,000
3,187,654
2,885
147,899
150,784
(16,257)
134,527
3,322,181
3,322,181
3,322,181
3,322,181		 2022
Total
funds
£
1,137,848
1,855,744
110,000
3,103,592
3,106
205,311
208,417
(7,930)
200,487
3,304,079
3,304,079
3,304,079
3,304,079

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 10

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER (REGISTERED NUMBER: 00157888)

BALANCE SHEET - continued 31 OCTOBER 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 26 April 2024 and were signed on its behalf by:

............................................. Dr D M Elliott - Trustee

The notes form part of these financial statements

Page 11

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

1. Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable company, 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 Companies Act 2006. 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.

In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Page 12

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

1. Accounting policies - continued

Fund accounting

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Property managed by agents

All the housing properties owned by Westfield War Memorial Village - Lancaster are managed by The Guinness Partnership (TGP) under a 70 year lease from 11 November 2010. As all the financial risk lies with TGP, in accordance with recommended practice the income and expenditure arising from the property is excluded from these accounts. The Statement of Financial Activities includes only that income and expenditure which relates solely to Westfield War Memorial Village - Lancaster.

2. Other trading activities

Other trading activities
Letting of offices
Management charges receivable		 2023
£
10,500
3,795
14,295		 2022
£
10,500
3,659
14,159
3.
Investment income
Investment income
4.
Raising funds
Investment management costs
Portfolio management		 2023
£
48,474		 2022
£
66,092
2023
£
12,347		 2022
£
14,244

Page 13

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

5. Charitable activities costs

Housing (TGP rent) and welfare at
Westfield Village
Relief of such persons in need or
hardship
To aid and support charitable
organisations
6.
Grants payable
Relief of such persons in need or hardship
To aid and support charitable organisations
The total grants paid to institutions during the year
The Duke of Lancaster's Regiment
Combat Stress
Not Forgotten Association
Westfield Residents' Association
British Legion
St John's Hospice		 Grant
funding of
activities
Support
Direct
(see note
costs (see
Costs
6)
note 7)
£
£
£
38,208
-
23,829
-
164
-
-
10,407
-
38,208
10,571
23,829
2023
£
164
10,407
10,571
was as follows:
2023
£
8,000
1,000
1,000
322
60
25
10,407		 Totals
£
62,037
164
10,407
72,608
2022
£
809
14,719
15,528
2022
£
8,000
1,000
1,000
4,644
50
25
14,719

Page 14

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

7. Support costs

Housing (TGP rent) and welfare at
Westfield Village		 Governance
Finance
costs
£
£
360
23,469		 Totals
£
23,829

8. Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£ £
Depreciation - owned assets 1,094 1,327
Deficit on disposal of fixed assets 279 -

9. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 October 2023 nor for the year ended 31 October 2022.

10. Staff costs

The average monthly number of employees during the year was as follows:

Charitable activities and governance 2023
1		 2022
1

No employees received emoluments in excess of £60,000.

The total employee benefits of the key management personnel of the Charity were £27,979 (2022 - £26,903).

11. Year end 2022 comparatives for the statement of financial activities

Unrestricted
funds
£
Income and endowments from
Charitable activities
Housing (TGP rent) and welfare at Westfield
Village 19,600
Other trading activities 14,159
Investment income 66,092
Total 99,851

Page 15

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

11. Year end 2022 comparatives for the statement of financial activities - continued

Year end 2022 comparatives for the statement of financial activities - continued
Unrestricted
funds
£
Expenditure on
Raising funds 14,244
Charitable activities
Housing (TGP rent) and welfare at Westfield
Village 71,167
Relief of such persons in need or hardship 809
To aid and support charitable organisations 14,719
Total 100,939
Net gains/(losses) on investments (200,960)
NET INCOME/(EXPENDITURE) (202,048)
Reconciliation of funds
Total funds brought forward 3,506,127
Total funds carried forward 3,304,079

12. Independent examiners remuneration

The independent examiners remuneration amounts to an independent examination fee of £4,604 (2022 - £4,225).

Page 16

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

13. Tangible fixed assets

Freehold
property
£
Cost
At 1 November 2022
1,132,066
Additions
-
Disposals
-
At 31 October 2023
1,132,066
Depreciation
At 1 November 2022
-
Charge for year
-
Eliminated on disposal
-
At 31 October 2023
-
Net book value
At 31 October 2023
1,132,066
At 31 October 2022
1,132,066
14.
Fixed asset investments
Market value
At 1 November 2022
Additions
Disposals
Revaluations
At 31 October 2023
Net book value
At 31 October 2023
At 31 October 2022
There were no investment assets outside the UK.
Cost or valuation at 31 October 2023 is represented by:
Valuation in 2023		 Fixtures
and
fittings
£
30,701
-
(17,225)
13,476
25,348
632
(16,946)
9,034
4,442
5,353		 Computer
equipment
£
3,716
316
-
4,032
3,287
462
-
3,749
283
429		 Totals
£
1,166,483
316
(17,225)
1,149,574
28,635
1,094
(16,946)
12,783
1,136,791
1,137,848
Listed
investments
£
1,855,744
1,330,483
(1,248,570)
3,206
1,940,863
1,940,863
1,855,744
Listed
investments
£
1,940,863

Page 17

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

15. Investment property

Fair value
At 1 November 2022
and 31 October 2023
Net book value
At 31 October 2023
At 31 October 2022		 £
110,000
110,000
110,000

The Trustees have confirmed the value of the investment property (2 St Thomas Storey House) as £110,000 at 31 October 2023. The investment property was valued at £110,000 by a professional valuer at 31 October 2020.

16. Debtors: amounts falling due within one year

Trade debtors
Prepayments
Cash at bank and in hand
Cash in hand
Bank account
Investment cash account
Total		 2023
£
2,157
728
2,885

17. Cash at bank and in hand

Page 18

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

18. Creditors: amounts falling due within one year

Trade creditors
Social security and other taxes
Other creditors
Deferred income
Accrued expenses		 2023
£
670
1,472
10,220
1,750
2,145
16,257		 2022
£
425
355
3,412
1,750
1,988
7,930

19. Movement in funds

Unrestricted funds
General fund
Fair value reserve
Revaluation reserve
TOTAL FUNDS		 At
1/11/22
£
1,237,988
965,993
1,100,098
3,304,079
3,304,079		 Net
movement
in funds
£
921
17,181
-
18,102
18,102		 At
31/10/23
£
1,238,909
983,174
1,100,098
3,322,181
3,322,181

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 85,877 (84,956) - 921
Fair value reserve - - 17,181 17,181
85,877 (84,956) 17,181 18,102
TOTAL FUNDS 85,877 (84,956) 17,181 18,102

Page 19

WESTFIELD WAR MEMORIAL VILLAGE - LANCASTER NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023

19. Movement in funds - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Fair value reserve
Revaluation reserve
TOTAL FUNDS		 At
1/11/21
£
1,239,076
1,166,953
1,100,098
3,506,127
3,506,127		 Net
movement
in funds
£
(1,087)
(200,961)
-
(202,048)
(202,048)		 At
31/10/22
£
1,237,989
965,992
1,100,098
3,304,079
3,304,079

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Fair value reserve
TOTAL FUNDS		 Incoming
resources
£
99,851
-
99,851
99,851		 Resources
expended
£
(100,938)
-
(100,938)
(100,938)		 Gains and
Movement
losses
in funds
£
£
-
(1,087)
(200,961)
(200,961)
(200,961)
(202,048)
(200,961)
(202,048)

20. Related party disclosures

There were no related party transactions for the year ended 31 October 2023.

This page does not form part of the statutory financial statements

Page 20