## **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**
**----- Start of picture text -----**
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
**----- End of picture text -----**
**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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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...
Page 11
**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