REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
FOR
WHEELHOUSE SQUARE FLATS
Smailes Goldie Watson Limited Chartered Accountants 12 Alma Square Scarborough North Yorkshire YO11 1JU
WHEELHOUSE SQUARE FLATS
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2022
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Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 14
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WHEELHOUSE SQUARE FLATS
REPORT OF THE TRUSTEES for the year ended 31 March 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objective of the Trust is to house persons of limited means resident in the Borough of Scarborough, with a preference for persons who were born in the Borough.
The policy is to continue to provide comfortable accommodation for qualified persons, with constant review of maintenance and upgrading of the property.
Public benefit
The Trustees have considered the Charity Commission general guidance on Public Benefit. The aim of the Trust is to benefit the public by providing and maintaining to reasonably high standard affordable housing in secure and sociable surroundings to persons of limited means. The Trustees believe that this has been achieved by setting the level of residents' contributions at substantially below open market value for similar accommodation. The Trust also provides the services of a competent and caring warden.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
There have been no material changes in the policies adopted in order to achieve the Charity's objectives, which themselves remain unchanged. The letting of the flats remained at a high level with few vacant periods. The programme to improve the flats is continuing and flats are updated where deemed necessary whenever there is a change of resident.
Expenditure on repairs during the year is a little less than usual due to the effect of the Covid-19 pandemic on access to the property by tradesmen.
The results for the year are as expected, given that they are reliant on contributions from residents and income from investments.
The Trustees strive to achieve a high standard of accommodation and most of the bedsit accommodation has now been upgraded to self contained flats by internal alterations to include a separate bedroom. The Trustees believe that they will continue to have the resources to maintain a high standard of accommodation and carry out upgrading work.
FINANCIAL REVIEW
Investment policy and objectives
These are governed by the Trustee Act 2000.
The investment in the Extraordinary Repair Fund is specifically for the purposes of the extraordinary repairs to, improvement or rebuilding of the flats.
The Cyclical Maintenance Fund is for the purpose of providing those items of ordinary maintenance and repair of the flats belonging to the Charity as occur at infrequent intervals.
Investment in the above two funds is as recommended by the National Association of Almshouses, or such other sum as may be approved by the Charity Commissioners.
Reserves policy
As the main asset of the Charity is the land and buildings, the main reserves are the Extraordinary Repair Fund and the Cyclical Maintenance Fund, which are designed to cover the large-scale repairs, improvements or rebuilding of the flats. The Trustees are, however, mindful that there are ongoing maintenance costs for which funds need to be readily available and therefore consider the general fund reserves justified. The total funds available at the year end were £1,570,267. This position is reviewed by the Trustees regularly to ensure there will be funds available to operate the flats efficiently, given that it is periodically necessary to use some of these funds to finance the type of work they are designed to cover.
FUTURE PLANS
The trustees will continue to operate the flats, safeguarding and maintaining the assets and resources of the flats while providing facilities, care and support to all residents enabling a comfortable and safe living environment.
Page 1
WHEELHOUSE SQUARE FLATS
REPORT OF THE TRUSTEES for the year ended 31 March 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.
Constitution:
Wheelhouse Square Flats is an unincorporated trust which is registered with the Charity Commissioners, charity number 226209. The Charity was formed as follows:-
a) The Almshouse Charity of George Wheelhouse, comprised in a declaration of trust dated 6 January, 1865 and Schemes of the Charity Commissioners of 21 August 1914 and 24 May 1967;
b) The Charity of John Hugill administered in connection therewith, founded by will proved at York on 8 June 1942.
The Charity does not actively fundraise and seeks to continue its work through the careful stewardship of its existing resources.
Recruitment and appointment of new trustees
The body of Trustees shall consist, when complete, of eight competent persons being Co-optative Trustees.
The Trustees shall be persons who through residence, occupation or employment, or otherwise have a special knowledge of the Borough of Scarborough. The appointment is for a four year term by a resolution of the Trustees passed at a special meeting.
Trustees meetings are normally held at least four times a year but in the year covered by this report, due to the restrictions of Covid-19, it was only possible to hold one ordinary meeting but the Trustees kept in regular contact by telephone and email. At the Trustees meetings the Trustees agree on broad strategy and areas of activity for the Trust, including consideration of investment, reserves, risk management policies and performance. The day to day administration is dealt with by the Chairman and the Treasurer.
In the event that a Trustee retires and a new Trustee is required, new Trustees are sought by canvassing business and social contacts of the existing Trustees. The Trustees are chosen for their experience and expertise so no formal induction or training is considered to be necessary.
Organisational structure
The land comprises approximately 4557 square yards, having a frontage to Dean Road, Scarborough. The deeds to the property are held by Thorpe and Co. Solicitors, 17 Valley Bridge Parade, Scarborough, YO11 2JX.
The Wheelhouse Square Flats building comprises:-
1 Warden Flat 28 Single Flats 4 Double Flats
The Trustees shall apply the income of the Charity for the benefit of the residents of the Charity or any of them in such a manner as the Trustees think fit from time to time, after having paid the cost of repairs, insurance and all other charges and outgoings payable in respect of the property of the Charity and all other proper costs incidental to the administration and management of the Charity.
Related parties
The Trust is a member of the National Almshouse Association.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
226209
Principal address
Office below the warden's flat Wheelhouse Square Dean Road Scarborough YO12 7SP
Page 2
WHEELHOUSE SQUARE FLATS
REPORT OF THE TRUSTEES for the year ended 31 March 2022
Trustees
I R Brabbs B C Pidd E M Smith P H Hemmingham Mrs C Robinson Mrs C Smith D R L Davies Principal Officers P H Hemmingham Chairman I R Brabbs Secretary Mrs C Robinson Treasurer
Independent Examiner Smailes Goldie Watson Limited Chartered Accountants 12 Alma Square Scarborough North Yorkshire YO11 1JU
Solicitors Thorpe and Co 17 Valley Bridge Parade Scarborough YO11 2JX
Bankers
HSBC Bank Plc 33 St. Nicholas Street Scarborough YO11 2HN
Approved by order of the board of trustees on 26 October 2022 and signed on its behalf by:
P H Hemmingham - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WHEELHOUSE SQUARE FLATS
Independent examiner's report to the trustees of Wheelhouse Square Flats
I report to the charity trustees on my examination of the accounts of Wheelhouse Square Flats (the Trust) for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning 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 examination.
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.
Use of report
This report is made solely to the Charity's trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, or for the opinions I have formed.
Stephen Watson FCA ICAEW Smailes Goldie Watson Limited Chartered Accountants 12 Alma Square Scarborough North Yorkshire YO11 1JU
2 November 2022
Page 4
WHEELHOUSE SQUARE FLATS
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Provision of accommodation Investment income 2 Total EXPENDITURE ON Charitable activities Provision of accommodation Other Total Net gains on investments NET INCOME Transfers between funds 11 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 350 112,326 6,335 119,011 58,890 1,195 60,085 11,700 70,626 (47,751) 22,875 400,983 423,858 |
Restricted funds £ - - 32,943 32,943 15,409 - 15,409 74,618 92,152 47,751 139,903 1,006,506 1,146,409 |
2022 Total funds £ 350 112,326 39,278 151,954 74,299 1,195 75,494 86,318 162,778 - 162,778 1,407,489 1,570,267 |
2021 Total funds £ 375 109,743 40,112 |
|---|---|---|---|---|
| 150,230 | ||||
| 60,010 1,080 |
||||
| 61,090 | ||||
| 205,829 | ||||
| 294,969 - |
||||
| 294,969 1,112,520 |
||||
| 1,407,489 |
The notes form part of these financial statements
Page 5
WHEELHOUSE SQUARE FLATS
BALANCE SHEET 31 March 2022
| Notes FIXED ASSETS Tangible assets 7 Investments 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 233,444 187,873 421,317 2,860 10,225 13,085 (10,544) 2,541 423,858 423,858 |
Restricted funds £ - 1,114,067 1,114,067 - 32,342 32,342 - 32,342 1,146,409 1,146,409 |
2022 Total funds £ 233,444 1,301,940 1,535,384 2,860 42,567 45,427 (10,544) 34,883 1,570,267 1,570,267 423,858 1,146,409 1,570,267 |
2021 Total funds £ 236,878 1,126,769 1,363,647 2,276 52,020 54,296 (10,454) 43,842 1,407,489 1,407,489 400,983 1,006,506 1,407,489 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 26 October 2022 and were signed on its behalf by:
P H Hemmingham - Trustee
The notes form part of these financial statements
Page 6
WHEELHOUSE SQUARE FLATS
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The trustees consider that there are no material uncertainties about the trust's ability to continue as a going concern. The flats continue to enjoy good occupancy rates and the trust has a healthy bank balance and reserves.
The presentation currency of the financial statements is the Pound Sterling (£).
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
-
the requirements of Section 7 Statement of Cash Flows;
-
the requirement of paragraph 3.17(d).
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.Income is deferred to the following period where it is received in advance. Donations and gifts are recognised when receivable at market value. Dividends from investments are recognised once the dividend has been declared and notification has been received of the dividend due.
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.
Governance costs are included within support costs in accordance with Charities SORP (FRS 102), where they relate to those expenses incurred in connection with the administration of the charity with constitutional and statutory requirements.
Tangible fixed assets
Tangible fixed assets are initially measured at cost. After initial recognition items of tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
| Computer equipment | - 33% on cost |
|---|---|
| Community room and sundry equipment | - 10% on cost |
| Fire and security equipment | - 10% on cost |
The Trustees' policy is currently not to provide for depreciation of freehold buildings, as recent property valuations obtained show the current market value exceeds book value. In the opinion of the Trustees, the omission of depreciation on freehold buildings would not materially affect the appreciation of the financial statements.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are allocated for particular restricted purposes.
continued...
Page 7
WHEELHOUSE SQUARE FLATS
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
1. ACCOUNTING POLICIES - continued
Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
The charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other debtors and creditors. Listed investments are included at their market value as at the balance sheet date.
Debt instruments that are payable or receivable within on year, typically debtors or creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Investments
Investments are initially recorded at cost then measured at fair value using the closing market value at each year end. Any gain or loss arising in the year, either on disposal or revaluation is reflected in the Statement of Financial Activities.
Judgements and key sources of estimation uncertainty
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Critical judgements in applying the company's policies
The trustees have used their judgement to assess the fair value of unlisted shares based on independent valuation reports prepared.
Critical accounting estimates and assumptions
The trustees do not consider that any of the estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
2. INVESTMENT INCOME
3.
| 2022 £ Investment income 39,271 Deposit account interest 7 39,278 SUPPORT COSTS Governance Finance costs £ £ Other resources expended 55 1,140 |
2021 £ 40,112 - |
|---|---|
| 40,112 | |
| Totals £ 1,195 |
continued...
Page 8
WHEELHOUSE SQUARE FLATS
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
3. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
Finance
| Finance | ||
|---|---|---|
| 2022 | 2021 | |
| Other | ||
| resources | Total | |
| expended | activities | |
| £ | £ | |
| Bank charges | 55 | - |
| Governance costs | ||
| 2022 | 2021 | |
| Other | ||
| resources | Total | |
| expended | activities | |
| £ | £ | |
| Independent examiners fees | 1,140 | 1,080 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
5. STAFF COSTS
| Wages and salaries The average monthly number of employees during the year was as follows: Warden and Relief Warden |
2022 £ 15,548 15,548 2022 1 |
2021 £ 13,235 |
|---|---|---|
| 13,235 | ||
| 2021 1 |
No employees received emoluments in excess of £60,000.
There are no key management personnel other than trustees.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Provision of accommodation Investment income Total |
Unrestricted fund £ 375 109,743 5,404 115,522 |
Restricted funds £ - - 34,708 34,708 |
Total funds £ 375 109,743 40,112 |
|---|---|---|---|
| 150,230 |
EXPENDITURE ON
continued...
Page 9
WHEELHOUSE SQUARE FLATS
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund funds £ £ Charitable activities Provision of accommodation 55,511 4,499 Other 1,080 - Total 56,591 4,499 Net gains on investments 25,098 180,731 NET INCOME 84,029 210,940 Transfers between funds (45,408) 45,408 Net movement in funds 38,621 256,348 RECONCILIATION OF FUNDS Total funds brought forward 362,362 750,158 TOTAL FUNDS CARRIED FORWARD 400,983 1,006,506 7. TANGIBLE FIXED ASSETS Fire, Community safety room and and Freehold sundry security Computer property equipment equipment equipment £ £ £ £ COST At 1 April 2021 209,699 39,076 52,847 1,325 Additions - 1,879 500 19 Disposals - (399) - - At 31 March 2022 209,699 40,556 53,347 1,344 DEPRECIATION At 1 April 2021 - 26,869 37,967 1,233 Charge for year - 2,092 3,642 98 Eliminated on disposal - (399) - - At 31 March 2022 - 28,562 41,609 1,331 NET BOOK VALUE At 31 March 2022 209,699 11,994 11,738 13 At 31 March 2021 209,699 12,207 14,880 92 |
Total funds £ 60,010 1,080 |
|---|---|
| 61,090 | |
| 205,829 | |
| 294,969 - |
|
| 294,969 1,112,520 |
|
| 1,407,489 | |
| Totals £ 302,947 2,398 (399) 304,946 66,069 5,832 (399) 71,502 233,444 236,878 |
continued...
Page 10
WHEELHOUSE SQUARE FLATS
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
8. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 April 2021 Additions Revaluations At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 |
Listed investments £ 1,126,769 88,853 86,318 1,301,940 1,301,940 1,126,769 |
|---|---|
There were no investment assets outside the UK.
The listed investments portfolio at 31 March 2022 is as follows:-
| 2022 | 2021 | |
|---|---|---|
| Market value | Market value | |
| £ | £ | |
| M&G Charity Multi Asset Fund - Accumulation Shares |
1,114,067 | 965,597 |
| M&G Charity Multi Asset Fund - Income Shares |
187,873 | 161,172 |
| Original cost of asset stated at valuation: |
||
| Accumulation Shares | 409,069 | |
| Income Shares | 167,763 | |
Cost or valuation at 31 March 2022 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2022 | 1,301,940 |
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Debtors | 936 | 450 |
| Prepayments | 1,924 | 1,826 |
| 2,860 | 2,276 | |
continued...
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WHEELHOUSE SQUARE FLATS
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Residents contributions received in advance Accruals 11. MOVEMENT IN FUNDS |
2022 | 2021 |
|---|---|---|
| £ | £ | |
| 7,179 | 7,399 | |
| 3,365 | 3,054 | |
| 10,544 | 10,453 | |
| At 1.4.21 £ Unrestricted funds General fund 400,983 Restricted funds Extraordinary Repair Fund 700,665 Cyclical Maintenance Fund 305,841 1,006,506 TOTAL FUNDS 1,407,489 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 119,011 Restricted funds Extraordinary Repair Fund 23,347 Cyclical Maintenance Fund 9,596 32,943 TOTAL FUNDS 151,954 Comparatives for movement in funds At 1.4.20 £ Unrestricted funds General fund 362,362 Restricted funds Extraordinary Repair Fund 539,525 Cyclical Maintenance Fund 210,633 750,158 TOTAL FUNDS 1,112,520 |
Net movement in funds £ 70,626 75,958 16,194 92,152 162,778 Resources expended £ (60,085) - (15,409) (15,409) (75,494) Net movement in funds £ 84,029 143,914 67,026 210,940 294,969 |
Transfers between funds £ (47,751) 18,117 29,634 47,751 - Gains and losses £ 11,700 52,611 22,007 74,618 86,318 Transfers between funds £ (45,408) 17,226 28,182 45,408 - |
At 31.3.22 £ 423,858 794,740 351,669 |
At 31.3.22 £ 423,858 794,740 351,669 |
||
|---|---|---|---|---|---|---|
| 1,146,409 | ||||||
| 1,570,267 | ||||||
| Movement in funds £ 70,626 75,958 16,194 92,152 162,778 At 31.3.21 £ 400,983 700,665 305,841 |
||||||
| 92,152 | ||||||
| 162,778 | ||||||
| At 31.3.21 £ 400,983 700,665 305,841 |
||||||
| 1,006,506 | ||||||
| 1,407,489 |
continued...
Page 12
WHEELHOUSE SQUARE FLATS
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Extraordinary Repair Fund Cyclical Maintenance Fund TOTAL FUNDS |
Incoming resources £ 115,522 23,728 10,980 34,708 150,230 |
Resources expended £ (56,591) (4,499) - (4,499) (61,090) |
Gains and Movement losses in funds £ £ 25,098 84,029 124,685 143,914 56,046 67,026 180,731 210,940 205,829 294,969 |
Gains and Movement losses in funds £ £ 25,098 84,029 124,685 143,914 56,046 67,026 180,731 210,940 205,829 294,969 |
|---|---|---|---|---|
| 210,940 | ||||
| 294,969 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Extraordinary Repair Fund Cyclical Maintenance Fund TOTAL FUNDS |
At 1.4.20 £ 362,362 539,525 210,633 750,158 1,112,520 |
Net movement in funds £ 154,655 219,872 83,220 303,092 457,747 |
Transfers between funds £ (93,159) 35,343 57,816 93,159 - |
At 31.3.22 £ 423,858 794,740 351,669 |
|---|---|---|---|---|
| 1,146,409 | ||||
| 1,570,267 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Extraordinary Repair Fund Cyclical Maintenance Fund TOTAL FUNDS |
Incoming resources £ 234,533 47,075 20,576 67,651 302,184 |
Resources expended £ (116,676) (4,499) (15,409) (19,908) (136,584) |
Gains and Movement losses in funds £ £ 36,798 154,655 177,296 219,872 78,053 83,220 255,349 303,092 292,147 457,747 |
Gains and Movement losses in funds £ £ 36,798 154,655 177,296 219,872 78,053 83,220 255,349 303,092 292,147 457,747 |
|---|---|---|---|---|
| 303,092 | ||||
| 457,747 |
The extraordinary repair fund is to provide finance for the extraordinary repair, improvement or rebuilding of the flats.
The cyclical maintenance fund is to provide finance for those items of ordinary maintenance and repair of the flats as recur at infrequent intervals.
continued...
Page 13
WHEELHOUSE SQUARE FLATS
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
Page 14