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Charity number: 224578
THE KING GEORGE V MEMORIAL HOMES
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE KING GEORGE V MEMORIAL HOMES
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CONTENTS
Pages
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees’ Report 2-4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet if
Notes to the Financial Statements 8-15
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THE KING GEORGE V MEMORIAL HOMES
| BE I SD REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023
| Trustees | MrNB Berry, Chairman |
|---|---|
| MrsM Pipe, Deputy Chairman | |
| Miss D Goffin | |
| Mrs H Harden | |
| MrA Lang | |
| Mr P Ledger | |
| MrG Swain | |
| Mr R Gaffer | |
| Mrs | |
| MrP Etsom (appointed 14 June 2023) | |
| Charity registered | |
| number | 224578 |
| Principal office | 36 Brook Lane |
| Felixstowe | |
| IP114 7JP | |
| Chairman | MrN B Berry |
| Independentexaminer | Scrutton Bland Limited |
| Chartered Accountants | |
| Fitzroy House | |
| Crown Street | |
| Ipswich | |
| Suffolk | |
| IPT 3LG | |
| Bankers | Barclays Bank Plc |
| 1 Princes Street | |
| Ipswich | |
| Suffolk | |
| IP1. THE | |
| Solicitors | Jackamans |
| 167/171 Hamilton Road | |
| Felixstowe | |
| Suffolk | |
| IP117DR |
Page 1
THE KING GEORGE V MEMORIAL HOMES
eRRL RE TRS AT RTT IE OE teA A SET 9 SS RS RS SS SS TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees present their annual report together with the financial statements of The King George Memorial V Homes, (the "Charity"), for the year ended 31 December 2023. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the statutory requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to the 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).
a. Objectives and organisational structure
The Charity owns a block of flats at Cliff Lane, Ipswich which it rents out to ipswich residents over the age of 60 and of limited means, see accounting policy note 2.6. The objective of the Charity is to maintain these flats and their grounds in a continual state of sound repair so as to enable the residents to live in safe and pleasant surroundings. The Clerk to the Trustees, Mrs P Elliott is responsible for maintaining the records and dealing with administration matters.
in setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity (PB2)’.
b. Main activities undertaken to further the charity's purposes for the public benefit
The Trustees are aware of the need to consider that The King George V Memorial Homes is meeting the obligation to provide public benefit. The Charity's objective stated above shows that this is its aim, and it endeavours to accomplish this objective.
Achievements and performance
a. Review of financial position
The Charity prepares an annual budget for income and expenditure and monitors the cash flow in and out throughout the year.
In 2023 the Charity returned to generating a surplus for the year after a deficit in 2022. Steady occupancy of the flats resulted in rental income of £75,502, up 3.8% year on year, plus investment income of £10,518.
Operating costs were managed within budget, total expenditure of £37,102 being significantly below the previous year and budget. Governance costs, including share portfolio management fees, totalled 7.6% of total income, comparable with previous years. Various maintenance projects in the 2023 budget were deferred untit 2024, the trustees agreeing to establish a more structured programme for such activity and expenditure in future.
The resultant surplus of £67,446 (2022 — Deficit £16,658 ) was enhanced by gains on investments of £18,368 (2022 — losses £49,284)
The trustees remain conscious of the necessity of retaining significant reserves to ensure any unexpected building costs can be met, along with a steady programme of maintenance and refurbishment. Reserves are held in cash, with an increased attention being paid to generating interest income, and in a share portfolio managed by Charles Stanley & Co Ltd. The share portfotio valuation at 341 December 2023 totalled £420,409, (2022 - £395,705). Dividends and sale proceeds of the portfolio continue to be reinvested.
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THE KING GEORGEV MEMORIAL HOMES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and performance (continued)
b. Review of activities
Apart from essential maintenance the only major project carried out during the year was the creation of a “Wet Room’ in Flat 3. The Tenant was extremely pleased with the facility and the Trustees are considering converting a percentage of the Bathrooms to Wet Rooms when refurbishment is required. The Trustees are pleased to report that during this accounting period the Home maintained 100% occupancy.
c. Risk assessment
The Charity's risk assessment policy is reviewed at each quarterly Trustees meeting.
Liqudity and reserves
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements, being a period of at least 12 months from the date of approval of these financial statements.
b. Reserves policy
The reserves of the Charity are held with Barclays Bank Plc and Charles Stanley and Co. Ltd. The Trustees wish to ensure sufficient funds are held to enable the Charity to carry out its activities on a day to day basis, and to continue the refurbishment of the flats.
Structure, governance and management
a. Constitution
The King George V Memorial Homes is a registered charity, number 224578, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected for a 3 year term under the terms of the Trust deed.
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THE KING GEORGE V MEMORIAL HOMES
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er a
TRUSTEES’ REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financiat statements, the Trustees are required to:
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° select suitable accounting policies and then apply them consistently; e observe the methods and principles of the Charities SORP (FRS 102);
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e make judgments and accounting estimates that are reasonable and prudent;
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e state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any materiat departures disclosed and explained in the financial statements; and
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° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irreqularities.
Approved by order of the members of the Board of Trustees and signed on their behalf by:
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Mr N Berry J
Date: KA) o\ UU
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ee
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THE KING GEORGE V MEMORIAL HOMES
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|RSS I SR a A SS SED
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Independent Examiner's Repoto the T r usteest of THE KING GEORGEV MEMORIAL HOMES
(‘the Charity’)
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| report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
| report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination | have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 Aprit 2005 which is referred to in the extant regulations but has been withdrawn.
| understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
t have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent
| have no concerns and have come across no other matters in connection with the examination to which ention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. NSS
Signed: Dated: t,ORMEORME JOU,
Dated: t,ORMEORME JOU,
John Perry
Scrutton Bland Limited
Chartered Accountants Fitzroy House Ipswich Suffolk IP1 3LG
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THE KING GEORGE V MEMORIAL HOMES
a
| a | RR | RAS | RAS | SS | ||
|---|---|---|---|---|---|---|
| STATEMENTOF | FINANCIAL ACTIVITIES | |||||
| FORTHEYEARENDED31 | DECEMBER 2023 | |||||
| on a a |
Sn | — ———eE——ee— | ———eE——ee— | |||
| Unrestricted funds 2023 |
Total funds 2023 |
Total funds 2022 |
||||
| Notes | £ | £ | £ | |||
| Income from: | ||||||
| Charitable activities | 3 | 75,662 | 75,662 | 72,934 | ||
| Investments | 4 | 10,518 | 10,518 | 8,391 | ||
| Total income | 86,180 | 86,180 | 81,325 | |||
| Expenditure on: | ||||||
| Charitable activities | 37,102 | 37,102 | 48,699 | |||
| Totalexpenditure | 37,102 | 37,102 | 48,699 | |||
| Netincome before net gains/(losses) on investments |
49,078 | 438,078 | 32,626 | |||
| Net gains/(losses) on investments | 18,368 | 18,368 | (49,284) | |||
| Netmovement infunds | 67,446 | 67,446 | (16,658) | |||
| — SS S="(_lS |
—_ | |||||
| Reconciliation offunds: | ||||||
| Totalfunds broughtforward | §01,035 | 501,035 | 517,693 | |||
| Netmovement in funds | 67,446 | 67,446 | (16,658) | |||
| Totatfundscarriedforward | 568,481 | 568.481 | 501,035 | |||
| ee | ———————————— | = |
The Statement of Financiat Activities includes all gains and losses recognised in current and prior years.
The notes on pages 8 to 15 form part of these financial statements.
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THE KING GEORGE V MEMORIAL HOMES
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a a RS a TY
BALANCE SHEET
AS AT 31 DECEMBER 2023
2023 2022
Note £ =
Fixed assets
Investments 10 420,409 395,705
420,409 395,705
Current assets
Debtors 11 3,259 3,044
Cash at bank and in hand 149,408 105,084
152,667 108,128
Creditors: amounts falling due within one
year 42 (4,595) (2,798)
Net current assets 148,072 105,330
Total assets tess current liabilities 568.481 501,035
Net assets excluding pension asset 568,481 501,035
Total net assets 568.481 501,035
Charity funds
Restricted funds 13 - -
Unrestricted funds 13 568,481 501,035
Total funds 568,481 501,035
SSS SS ——Ss ———
The financial statements were approved and authorised for issue by the Trustees on
£4] 10 12024 and signed on their behalf by:
f
WK. NO
MrNB Berry Mr ALang
(Chair of Trustees) (Trustee)
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The notes on pages 8 to 15 form part of these financial statements.
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THE KING GEORGE V MEMORIAL HOMES
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NOTES TO THE FINANCIAL STATEMENTS
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The Charity is a public benefit entity, a registered charity in England and Wates.
2. Accounting policies 2.1 Basisof preparation of financial statements
The unaudited financial statements 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), the Financial Reporting Standard appticabie in the UK and Republic of tretand (FRS 1062) and the CharitiesAct 2011. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved foltowing the Charities SORP {FRS 162) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The King George V Memorial Homes meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise
The financial statements are prepared in round pounds and the reporting currency is pound sterling (£).
2.2 Going concern
The financial statements have been prepared on a going concern basis.
The Trustees consider that the Charity will be able to continue to operate and meet its liabilities as they fall due for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.
2.3 Income
Alt income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
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THE KING GEORGE V MEMORIAL HOMES
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EE
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ESS
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NOTES TO THE FINANCIAL STATEMENTS
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2. Accounting policies (continued}
2.4 Expenditure
Expenditureis recognisedonce there is a tegal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the totat of direct costs and shared costs, includina support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributableto a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Attexpenditure is inclusive of irrecoverable VAT.
2.5 Tangible fixed assets and depreciation
Fanaible fixed assets are recognised at cost less accumutated depreciation.
The Trustees have chosen not to revalue the land and flats, the cost and net book value of which is
No depreciation is charged on assets as they are fully depreciated.
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and tosses, whether realised or unrealised, are combined and presented as ‘GainsLosses) on investments’ in the Statement of Financial Activities.
27 Debtors
Trade and other debtors are recognised at the settlement amount after any discounts offered. Prepayments are valued at the amount prepaid net of any discountsdue.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
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aSSa
NOTES TO THE FINANCIAL STATEMENTS
2. Accounting policies (continued)
2.10 Fund accounting
General funds are unrestricted funds which are availahle for use at the discretian of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
2 income from charitable activities
| Unrestricted | Total | Total | ||||
|---|---|---|---|---|---|---|
| funds | funds | funds | ||||
| 2023 | 2023 | 2022 | ||||
| £ | £ | £ | ||||
| incomereceivabte | receivabtefrom | from | flats | 75,502 | 75,502 | 72.714 |
| Income | receivable | from | allotments | 160 | 160 | 220 |
| 75.662 | 75,662 | 72,934 | ||||
| rnd | SS | —————___ |
a investment income
Listed investments Bank interest receivable
| Unrestricted | Total | Total |
|---|---|---|
| funds | funds | funds |
| 2023 | 2023 | 2022 |
| £ | £ | £ |
| 10.060 | 10.066 | 8,346 |
| 458 | 458 | 45 |
| 40,518 | 10.518 | 8,391 |
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THE KING GEORGE V MEMORIAL HOMES
NOTES TO THE FINANCIAL STATEMENTS
Direct costs
| Activities | ||
|---|---|---|
| undertaken directiy |
Total funds |
Total funds |
| 2023 | 2023 | 2022 |
| £ | £ | 3 |
| 37,102 | 37,102 | 48,699 |
| SSS | _SS | —O—>—>—==Z"*ZELE=E= |
Anatysis of direct costs
| Total | Total | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Staffcosts{See note 8) | 8,569 | 8.194 |
| Gifts to tenants | 700 | 775 |
| Council tax | 303 | 759 |
| Waterrates | 2,908 | 2,767 |
| Electricty | 1,435 | 506 |
| Insurance | 3,627 | 3,321 |
| Upkeepofgardens | 8,867 | 4,400 |
| Window cleaner | 950 | 510 |
| Repairsand maintenance | 3,194 | 21,191 |
| Governancecosts | 6,549 | 6,276 |
| 37,102 | 48,699 |
6. Governance costs
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Printing. postageandstationary | 125 | 133 | |
| Sundries | 180 | 98 | |
| Management charges | 3,724 | 3,615 | |
| independent exarniner’sfee(Seenote 7) | 1.746 | 4.680 | |
| Payroll processing services (See note 7) | 780 | 750 | |
| 6,549 | 6,276 | ||
| a | ara |
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Se a mm aa EAT
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NOTES TO THE FINANCIAL STATEMENTS
7. independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,740 (2022 - £1,680), and payroll processing services of £780 {2022 - £750).
8. Staff costs
Wages and salaries
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2023 2022
£ a
8,569 8,194
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The average number of persons employed by the Charity during the year was as follows:
Clerk
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2023 2022
No. No.
1 1
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No employee received remuneration amounting to more than £60,000 in either the current or previous year
Key management personnel are the Trustees, who received no remuneration for their qualifying services in either the current or previous years.
9. Trustees’ remuneration and expenses
ThereimbursedTrusteesto arethe consideredTrustees in toeitherbe keythe currentmanagementor priorpersonnel,years. no remunerationwas patd, orexpenses
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rr RS a ee a TRS SS NOTES TO THE FINANCIAL STATEMENTS
| Listed | ||
|---|---|---|
| investments | ||
| = | ||
| Cost or valuation | ||
| At 1 January2023 | 395,705 | |
| Additions | 104,376 | |
| Disposals | (96,062) | |
| Revaluations | 14,533 | |
| tMovement in cash | 1.917 | |
| At 31 December2023 | 420,409 | |
| ————————— | ||
| Net book value | ||
| At 31 December2023 | 420,409 | |
| At 31 December2022 | 395,705 | |
| Debtors | ||
| 2023 | 2022 | |
| £ | £ | |
| Otherdebtors | 1,647 | 4,448 |
| Prepayments and accrued income | 2,212 | 1,896 |
| 3,259 | 3,044 |
11. Debtors
12. Creditors: Amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Othertaxation and social security | 238 | 448 |
| Accrualsand deferred income | 4,357 | 2,650 |
| 4,595 es |
2,798 |
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a nm a a a ST a a
NOTES TO THE FINANCIAL STATEMENTS
43. Statement of funds
Statement of funds - current year
| Balance at | Balance at | ||||||
|---|---|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||||
| January 2023 g£ |
Income £ |
Expenditure £ |
Gains/ {Losses} £ |
December 2023 £ |
|||
| General Funds- all funds | 501,035 | 86,180 | (37,102) | 18,368 | 568,481 | ||
| ——— | —————— | ———C__——_ | b=————————oF | _— | eee | ||
| Statementoffunds - prioryear | |||||||
| Balance at | 31 | ||||||
| 1 January | Gains/ | December | |||||
| 2022 £ |
income £ |
Expenditure és |
(Losses) £ |
2022 = |
|||
| GeneralFunds-allfunds | 517,693 | 81,325 | (48,699) | (49,284) | 501,035 |
- Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds |
Total funds |
|
|---|---|---|
| £ | £ | |
| Fixed asset investments | 420.409 | 420,469 |
| Current assets | 152,667 | 152,667 |
| Creditorsduewithin oneyear | (4,595) | (4,595) |
| Total | 568,481 | 568,481 |
| —SSa=__=aa_=——— |
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THE KING GEORGE VY MEMORIAL HOMES
NOTES TO THE FINANCIAL STATEMENTS
14. Analysis of net assets between funds {continued}
Analysis of net assets between funds- prior year
| funds | funds | |
|---|---|---|
| 2022 | 2022 | |
| £ | £ | |
| Fixed asset investments | 395,705 | 395,705 |
| Currentassets | 108,128 | 108,128 |
| Creditorsduewithinoneyear | (2.798) | (2,798) |
| Total | 501,035 | 501,035 |
15. Related party transactions
The Charity has not entered into any retated party transactions during the year, nor are there any outstanding batances owing between related parties and the Charity at31 December 2023.
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