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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
**FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED**
**31 DECEMBER 2023**
**CHARITY NO: 229236 HOMES ENGLAND NO: A3721**
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **ASSOCIATION DETAILS**
## **Secretaries and Principal Office**
Hadaway & Hadaway Midland Chambers 58 Howard Street North Shields Tyne & Wear NE30 1AL
## **Auditor**
Azets Audit Services Statutory Auditor Chartered Accountants Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS
## **Solicitors**
Hadaway & Hadaway Midland Chambers 58 Howard Street North Shields Tyne & Wear NE30 1AL
**Managing Agents** Tyne Housing Association Limited St Silas Church Building Clifford Street Byker Newcastle upon Tyne NE6 1PG
**Bankers**
CAF Bank Limited 25 Kings Hill West Malling Kent ME19 4JQ
**Registration**
Registered Charity Number 0229236 Homes England Number A3721
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
The Trustees present their report and the audited financial statements for the year ended 31 December 2023.
## **Principal Activity**
The principal activity of the Association is the provision of housing for occupation by ex-seafarers or their widows, and the provision of monthly pensions and other sums to ex-seafarers or their widows.
## **Members of the Board of Trustees**
The Members of the Board of Trustees during the year ended 31 December 2023 were:-
R.I.D. Souter - Chairman M. Bird - Treasurer / Vice Chairman Captain S.C. Healy - The Master of Trinity House K. Barrie Captain A.J. Hogg Captain R. D. Nelson P. A. Dade L. Arkley Deceased 13 October 2023 Rev. G Evans
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Tyne Mariners Benevolent Institution is a registered charity, registered with the Charity Commission (number 229236) and a Registered Social Landlord (number A3721) registered with Homes England.
The Tyne Mariners Benevolent Institution was established in accordance with the requirements of the Trust Deed dated 8[th] July 1902, last amended on 26[th] April 2006.
## **OBJECTIVES AND ACTIVITIES**
1. To provide monthly pensions and other sums to ex-seafarers or their widows who have satisfied the criteria of financial need, period of sea service and residential qualification.
2. To make available residences at the Master Mariners Homes, North Shields for ex-seafarers or their widows who satisfy the criteria under objective 1 above or other persons in need who satisfy criteria approved by the Trustees.
3. To maintain the Master Mariners Homes to the necessary standard.
4. To administer the charity in accordance with Charity Commission guidelines, to keep proper accounting records and be responsible for investment policy.
The Tyne Mariners Benevolent Institution may not charge rent for dwellings, only a maintenance contribution sufficient to manage them and keep them in good repair. Wherever the terms "rent" and "tenant" are used, it is for convenience only and has no other significance.
The Tyne Mariners Benevolent Institution is governed by Trustees who are voluntary individuals, headed by the Chairman and Vice-Chairman of the Trustees. The charity is administered by Hadaway & Hadaway, solicitors of North Shields, who receive annual emoluments from the charity in recognition of their work for the year.
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **ACHIEVEMENTS AND PERFORMANCE**
The Tyne Mariners Benevolent Institution continues to provide accommodation at The Master Mariners Homes for seafarers, ex seafarers, their families and others in need. Although we continue to receive applications from individuals who wish to take up occupation, vacancies do occur from time to time. These averaged 3 in the year, with two vacant at year end. The Trustees have continued to carry out ongoing repairs to the property and to maintain the gardens. Although not required in a property of this age, the Trustees have resolved to update the property to comply with current Fire and Safety regulations which will involve considerable works in the roof space. These works will take place in 2024.
The Trustees are grateful for the continued support provided by The Merchant Navy Welfare Board and also Trinity House.
The Charity continues on a sound financial footing and continues to pay annuities to a regular number of recipients. The Charity continues to provide accommodation and financial support for seafarers within the North East region
## **FINANCIAL REVIEW**
The financial statements presented for the year, show a surplus of £37,526 (2022-Deficit –(£262,839)) after accounting for the gain/loss to the value of investments held which totalled £78,660 (2022- decrease–£254,687). Transfers to designated reserves totalling £1,056 (2022- £1,056) were made whilst transfers from the revaluation reserve were made to reflect the year end difference between historic cost and market value of investments.
The Trustees consider the financial position of the Institution to be satisfactory.
The financial statements, which have been prepared in accordance with the Statement of Recommended Practice: Accounting by Registered Social Landlords (Update 2018), conform to current statutory requirements and comply with the Institution's governing documents.
## **VALUE FOR MONEY**
The Registered charity is committed to being an effective and efficient social business achieving Value for Money (“VFM”) in all its activities.
As the charity only has 30 units to achieve VFM, it benefits from the policies and procedures of Tyne Housing (the managing agent).
Regular inspections of the units are carried out to schedule planned maintenance, although that said, many of the improvements are carried out during void periods in order to avoid disruption where possible to the tenants.
Through the management agreements The Tyne Mariners Benevolent Institution have a cost-effective process of managing day to day repairs and the collection of the weekly maintenance charge.
Additional VFM is achieved by using, where appropriate, local contractors.
The regulator requires publication of The Value for Money (VfM) Metrics. which all registered providers are expected to publish within their annual accounts.
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
The metrics have been applied to The Tyne Mariners Benevolent Institution, which for the year ending 31 December 2023 are as follows:
**----- Start of picture text -----**
Metric 2023 2022
Reinvestment 0.00% 0.00%
New supply delivered 0.00% 0.00%
Gearing 0.00% 0.00%
EBITDA (MRI) 0.00% 0.00%
Headline cost per unit £5,099 £3,736
Operating margin (social) (0.83)% 16.65%
Operating margin (0.58)% 12.11%
Return on capital employed (0.08)% 1.61%
**----- End of picture text -----**
## **RESERVES POLICY**
The Trustees have established a policy to ensure that the charity’s unrestricted revenue reserves funds, which are the free reserves of the charity, do not fall below the amount required to run the charity’s activities for a year (approximately £210,000 to £225,000) should there be any call on the funds of the charity. The current balance of the charity’s reserves is considered to be satisfactory by the Trustees.
The trustees have considered the financial position and given the strong cash and investment position, consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
## **RISK POLICY**
Risk factors faced by the Charity moving forward relate to the maintenance and repair of the building at the Master Mariners Homes Tynemouth Road being a listed building of substantial age. The Trustees are aware of the continuing requirements to maintain the property which is subject to constant review. No substantial refurbishments will be required in the near future and the Charity is satisfied that the sound financial footing of the Charity mitigates any risks substantially.
On the basis of a professional report, the Trustees have decided that they will install fire resistant partitions above each individual top floor flat which will bring the property up to the standard required in new builds. The estimated cost is £120,000 which, happily, can be financed from cash and investments held.
The ability to pay annuities is a further risk faced by the Charity. With the continued support of Trinity House and the reserves held by the Charity and the decreasing number of recipients due to age factors the Charity is confident that payments will be maintained and the risk restricted.
## **PUBLIC BENEFIT STATEMENT**
The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning future activities. The charitable objectives also are set in order to provide a clear and demonstrable public benefit.
## **PLANS FOR THE FUTURE**
The institution will continue to provide support to retired seafarers and their families and will continue with the rolling programme of property maintenance alongside the major works mentioned above.
TMBI is fortunate in having Tyne Housing as managing agents. Their staff are very experienced in looking after elderly residents and have set up arrangements to ensure they receive any extra help required as a result of the pandemic.
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The Cooperative and Community Benefit Societies Act 2014 and registered social housing legislation require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Institution and the result of the Institution for that period. In preparing those financial statements, the Trustees are required to:-
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed;
- prepare the financial statements on the going concern basis where it is appropriate to do so.
The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Institution and to enable them to ensure that the financial statements comply with the ‘Accounting Standards in the United Kingdom, Financial Reporting Standard’ (FRS 102), Cooperative and Community Benefit Societies Act 2014, the Accounting Directions for Private Registered Providers of Social Housing 2022, the Statement of Recommended Practice Accounting by Registered Social Landlords, update 2018 (SORP2018) and the Charities Act 2011.
The Trustees acknowledge their ultimate responsibility for ensuring that the Institution has in place a system of controls that is appropriate to the business environment in which it operates. These controls are designed to give reasonable assurance with respect to:
- the reliability of financial information used within the Institution or for publication;
- the maintenance of proper accounting records, and
- the safeguarding of assets against unauthorised use or disposition and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
It is the responsibility of the Trustees to establish and maintain systems of internal financial control. Such systems can only provide reasonable and not absolute assurance against material financial misstatement or loss. Key elements include:
- formal policies and procedures are in place, including the documentation of key systems and rules relating to the delegation of authorities, which allow the monitoring of controls and restrict the unauthorised use of the Institution’s assets;
- experienced and suitably qualified staff take responsibility for important business functions. Annual appraisal procedures have been established to maintain standards of performance;
- forecasts and budgets are prepared which allow the Trustees to monitor the key business and financial objectives and risks and the progress towards financial objectives set for the year and the medium term; regular management accounts are prepared promptly providing relevant, reliable and up-to-date financial and other information; significant variances from budget are investigated as appropriate;
- all investment projects are subject to formal authorisation procedures by the Trustees;
- the Trustees reviews reports from the managing agents and from the external auditors to provide reasonable assurance that control procedures are in place and are being followed. This includes a general review of the major risks facing the Institution;
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
- formal procedures have been established for instituting appropriate action to correct weaknesses identified from the above reports.
The Trustees have reviewed the effectiveness of the system of internal financial control in existence in the Institution for the year ended 31 December 2023 and no weaknesses in internal financial control resulted in material losses, contingencies, or uncertainties which require disclosure in the financial statements or the auditors’ report on the financial statements.
## **Statement of Disclosure of Information to Auditors**
We, the Board members of the Institution who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:
- there is no relevant audit information of which the Institution’s auditors are unaware; and
- we have taken all the steps that we ought to have taken as Board members in order to make ourselves aware of any relevant audit information and to establish that the Institution’s auditors are aware of that information.
## **Auditor**
Azets Audit Services have indicated their willingness to stand for reappointment at the forthcoming Annual General Meeting.
The financial statements were approved by the Trustees on ………………….... and signed on its behalf by:- 10/06/2024
Richard Souter 10 Jun 2024 09:31:03 BST (UTC +1) .................................................................... R. I. D. Souter - Chairman
Michael Bird 10 Jun 2024 10:17:37 BST (UTC +1) .................................................................... M Bird - Treasurer / Vice Chairman
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Opinion**
We have audited the financial statements of The Tyne Mariners Benevolent Institution for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, the Statement of Changes in Reserves, and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the association’s affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Other information**
The other information comprises the information included in the Report of the Trustees, other than the financial statements and our auditor’s report thereon. The board is responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the institution and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where we are required to report to you if, in our opinion:
- adequate accounting records have not been kept by the association;
- a satisfactory system of control has not been maintained over transactions; or
- the association’s financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of the board**
As explained more fully in the Statement of Trustees’ Responsibilities, the board is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the board determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the board is responsible for assessing the institution’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board either intends to liquidate the association or to cease operations, or has no realistic alternative but to do so.
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiries with management about any known or suspected instances of non-compliance with laws and regulations and fraud;
- Reviewing board minutes;
- Challenging assumptions and judgements made by management in their significant accounting estimates;
- Review financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Because of the field in which the client operates, we identified the following areas as those most likely to have material impact on the financial statements: the Charities Act 2011, the Housing and Regeneration Act 2008, the Accounting Direction for private registered providers of social housing in England 2022 and the Statement of Recommended Practice Accounting by Registered Social Landlords, update 2018 (SORP 2018).
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Use of the report**
This report is made solely to the institution’s members, as a body, in accordance with the Charities Act 2011, s. 87 and the Accounting Direction for Private Registered Providers of Social Housing 2022 and the Statement of Recommended Practice Accounting by Registered Social Landlords, update 2018 (SORP2018). Our audit work has been undertaken so that we might state to the association’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the association and the association’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Graham Fitzgerald 13 Jun 2024 12:57:02 BST (UTC +1)
Graham Fitzgerald BA FCA DChA (Senior Statutory Auditor) For and on behalf of Azets Audit Services Statutory Auditor Chartered Accountant Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS
Date: 13/06/2024
Azets Audit Services is a trading name of Azets Audit Services Limited.
Azets Audit Services Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **STATEMENT OF COMPREHENSIVE INCOME (INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
## **AS AT 31 DECEMBER 2023**
|||**2023**|**2022**|
|---|---|---|---|
||**Note**|**£**|£|
|**TURNOVER**|**2**|**238,044**|**227,616**|
|Operating costs|**2**|**(281,045)**|**(236,622)**|
|||-**----------------------------**-**--**|-**--**-**----------**-**----------**-**-------**|
|**OPERATING (DEFICIT)/ SURPLUS**|**2/5**|**(43,001)**|**(9,006)**|
|Interest receivable|**4**|**1,867**|**854**|
|||-**-------------------------**-**-----**|**--**-**--**-**----------**-**----------**-**-----**|
|**(DEFICIT)/SURPLUS BEFORE TAX**||**(41,134)**|**(8,152)**|
|Taxation|**6**|**-**|-|
|||-**-------------------------**-**-----**|**--**-**--**-**----------**-**----------**-**-----**|
|**(DEFICIT)/SURPLUS FOR THE YEAR**||**(41,134)**|**(8,152)**|
|Other recognised gains / (losses) in the year: Change in fair value||||
|of investments||**78,660**|**(254,687)**|
|||-**--------------------**--**---------**-|**--**-**----------**-**----------**-**-------**-|
|**TOTAL COMPREHENSIVE (EXPENDITURE)/INCOME FOR THE**||||
|**YEAR**||**37,526**|**(262,839)**|
- **--------------------** -- **---------** - **--** - **----------** - **----------** - **-------** -
The results for the year relate wholly to the continuing operations of the Association.
Approved by the Board and signed on its behalf on ………………………… 10/06/2024
Richard Souter 10 Jun 2024 09:31:03 BST (UTC +1) Michael Bird 10 Jun 2024 10:17:37 BST (UTC +1) ................................. ................................. R. l. D Souter M. Bird Chairman Treasurer / Vice Chairman
**The notes on pages 14 to 23 form part of these financial statements.**
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **STATEMENT OF FINANCIAL POSITION**
## **AS AT 31 DECEMBER 2023**
||||**2023**||**2022**|
|---|---|---|---|---|---|
||**Note**|**£**|**£**|£|£|
|**FIXED ASSETS**||||||
|Housing properties|**7**||**258,088**||271,831|
|Other tangible fixed assets|**8**||**4,232**||4,979|
|Investments|**9**||**1,310,813**||1,230,458|
||||**----------------------------------------**||**-----------**-**----------**-**---------**-**--------**|
||||**1,573,133**||1,507,268|
|**CURRENT ASSETS**||||||
|Debtors|**10**|**18,841**||15,008||
|Cash and cash equivalents||**154,963**||213,079||
|||**----------------------------**-**--**-||**-----**-**----------**-**----------**-**----**-||
|||**173,804**||228,087||
|**CREDITORS: Amounts falling due**||||||
|**within one year**|**11**|**41,351**||50,179||
|||-**---------------------------**-**---**||**-**-**----------**-**----------**-**--------**-||
|**NET CURRENT ASSETS**|||**132,453**||177,908|
||||**--**-**----------**-**---------------**-**------**-**----**||**-------------**-**----------**-**-------**-**--------**|
|**TOTAL ASSETS LESS CURRENT LIABILITIES**|||**1,705,586**||1,685,176|
||||**--**-**----------**-**----------**-**----------**-**-----**||**------------**-**----------**-**----------**-**------**|
|**CREDITORS: Amounts falling due after**||||||
|**more than one year**|**12**||**256,601**||273,717|
||||-**--------------------------------**-**------**||**-**-**----------**-**----------**-**----------**-**------**|
|**TOTAL NET ASSETS**|||**1,448,985**||1,411,459|
||||-**--------------------------------**-**------**||**-**-**----------**-**----------**-**----------**-**------**|
|**CAPITAL AND RESERVES**||||||
|Revaluation reserves|**15**|**12,282**||10,879||
|Designated reserves|**14**|**315,684**||314,628||
|Revenue reserves||**1,121,019**||1,085,952||
|||**----------------------------**-**--**-||**-----**-**----------**-**----------**-**----**-||
||||--**----------------------------------**-**----**-||**--------------**-**----------**-**-------**-**-------**-|
|**TOTAL CAPITAL AND RESERVES**|||**1,448,985**
**--**-**----------**-**----------**-**----------**-**-----**||1,411,459
-**--**-**----------**-**----------**-**----------**-**-----**|
The financial statements were approved by the Trustees on ………………….. and signed on its behalf by:- 10/06/2024
Richard Souter 10 Jun 2024 09:31:03 BST (UTC +1) Michael Bird 10 Jun 2024 10:17:37 BST (UTC +1) ................................. ................................. R. l. D Souter M. Bird Chairman Treasurer / Vice Chairman
**The notes on pages 14 to 23 form part of these financial statements.**
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **STATEMENT OF CHANGE IN RESERVES**
## **AS AT 31 DECEMBER 2023**
||Revaluation|Designated|Revenue|**Total**|
|---|---|---|---|---|
||reserve|reserves|reserves|**Reserves**|
|**Balance at 1 January 2022**|**83,384**|**313,572**|**1,277,342**|**1,674,298**|
|Surplus / (deficit) from statement of|-|-|(262,839)|(262,839)|
|comprehensive income year ended 31|||||
|December 2022 – Total Comprehensive Income|||||
|Transfer from unrestricted reserves to|-|1,056|(1,056)|-|
|designated reserves|||||
|Transfer from revaluation reserves to|(72,505)|-|72,505|-|
|unrestricted reserves|||||
||-**----------**-**--------------------**|-**----------**-**--------------**-**-----**-|**---**-**----------**-**----------**-**------**-|-**----------**-**----------**-**---------**-|
|**Balance at 31 December 2022**|**10,879**|**314,628**|**1,085,952**|**1,411,459**|
|Surplus / (deficit) from statement of|-|-|37,526|37,526|
|comprehensive income year ended 31|||||
|December 2023 – Total Comprehensive Income|||||
|Transfer from unrestricted reserves to|-|1,056|(1,056)|-|
|designated reserves|||||
|Transfer to revaluation reserves from|1,403|-|(1,403)|-|
|unrestricted reserves|||||
||-**------------------------------**-|-**------------------------------**-|-**----------**-**----------**-**---------**-|**--**-**----------**-**----------**-**-------**-|
|**Balance at 31 December 2023**|**12,282**|**315,684**|**1,121,019**|**1,448,985**|
||-**------------------------------**-|-**------------------------------**-|-**----------**-**----------**-**---------**-|**--**-**----------**-**----------**-**-------**-|
**The notes on pages 14 to 23 form part of these financial statements.**
**- 13 -**
VirtualSignature Transaction Ref. 4CQC-P9VV-R2ZF 13 Jun 2024 12:57:04 BST (UTC +1) D 3/3 P 15/24
## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. PRINCIPAL ACCOUNTING POLICIES**
The Tyne Mariners Benevolent Institution is a registered charity in England and Wales, registered with the Charity Commission (number 229236) and a Registered Social Landlord (number A3721) registered with Homes England. Its registered office is Hadaway & Hadaway, Midland Chambers, 58 Howard Street, North Shields, Tyne & Wear, NE30 1AL.
The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom, Financial Reporting Standard 102 (FRS102), the Charities Act 2011, the Accounting Directions for Private Registered Providers of Social Housing 2022 and the Statement of Recommended Practice Accounting by Registered Social Landlords, Update 2018 (SORP2018).
In accordance with FRS102 PBE3.3A the Trustees confirm that this Registered Social Housing Provider is a Public Benefit Entity (PBE).
The trustees have considered the financial position in light of the ongoing situation in relation to the Covid19 virus and on conclusion of this work, given the strong cash and investment position, consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
The Trustees have chosen to utilise the exemptions available under paragraph 1.11 of FRS102 and have therefore chosen not to prepare a cashflow statement and supporting notes.
A summary of the principal accounting policies adopted (which have been applied consistently, except where noted), judgements and key sources of estimation uncertainty, are set out in paragraphs (a) to (i) below:
## (a) **Basis of accounting**
The financial statements have been prepared under the historical cost convention, modified to include investments at fair value.
These financial statements are prepared in sterling which is the functional currency of the entity.
## (b) **Turnover**
Turnover represents resident contributions and service charges receivable net of any losses from voids. IT also includes income received from investments and grants. Turnover is recognised in the period that the income is due.
## (c) **Housing Properties, Fixed Assets and Depreciation**
Tangible fixed assets are stated at cost, less accumulated depreciation.
Major components of housing properties, such as the internal fittings and heating components, have been accounted for and depreciated separately from the housing structure, over their expected useful economic lives.
Depreciation is charged on a straight line basis at rates anticipated to write off the cost of the asset, over the expected useful economic lives of the assets as follows: Land Not depreciated
|Housing Properties|||
|---|---|---|
|Structure|50|years|
|Roof|50|years|
|Kitchens|15|years|
|Bathrooms|15|years|
|Doors|40|years|
|Windows|40|years|
|Boilers|10|years|
None of the Institution’s housing properties are considered to be investment properties.
**- 14 -**
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. ACCOUNTING POLICIES** _**(continued)**_
## (d) **Other Fixed Assets**
Fixtures & Fittings 15% Reducing balance
The useful economic lives of all tangible fixed assets are reviewed annually.
## (e) **Social Housing Grant and Other Grants**
Social Housing Grant (SHG) received as a capital contribution, in line with SORP2018 and the ‘accruals method’, is held separately as a creditor due more than one year, unless part of the SHG relates to a disposal of property and becomes recycled or repayable, in which case it is apportioned to creditors due less than one year accordingly. The ‘accruals method’ is applied as the RSHP holds all social housing properties at their historic cost.
The SHG is then amortised in line with the depreciation of the ‘structure’ component of the housing properties and released over 50 years (2%). The amortisation released in respect of the SHG is recognised in the Statement of Comprehensive Income as ‘income’.
SHG received towards revenue expenditure is matched against that expenditure by being included in turnover in the income and expenditure account. The related expenditure is included under operating costs. SHG is recognised in the same period as the related expenditure provided the conditions for its receipt have been satisfied and there is reasonable assurance that the grant will be received.
SHG received and not matched by development expenditure or relevant expenditure in the income and expenditure account is included in current liabilities. The amount of SHG in advance is calculated by reference to the aggregate of all schemes in the SHG funded development programme.
Other grants received (in respect of costs incurred) are shown as donations and recognised as income in the year of receipt.
## (f) **Taxation**
The Institution is exempt from paying tax.
## (g) **Designated Reserves**
Designated reserves are part of unrestricted reserves which have been earmarked by the Board for a particular purpose. Such designations may be reversed by future Board decisions. Expenditure cannot be directly set against designated reserves but is taken through the income and expenditure account. A transfer is then made from designated reserves as appropriate.
The Registered Social Housing Provider (RSHP) designates those reserves set aside for future major repairs on all of its housing properties. The amounts set aside are based on a stock condition survey of the RSHP’s housing properties and represents the expenditure that cannot be met from the RSHP’s future rental income stream. The designated reserve is the amount that the Board estimates is required for future major repairs.
## (h) **Revaluation Reserve**
The Revaluation Reserve, whilst shown separately, is part of the general revenue reserves and is a memo of the difference in investments value between the historic cost and the fair value. The reserve can be both positive and negative as a result.
**- 15 -**
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **1. ACCOUNTING POLICIES** _**(continued)**_
## (i) **Financial Instruments**
- A financial instrument is a contract that gives rise to a financial asset or liability within the financial statements of the Institution. The committee of management have reviewed the financial instruments held within the Institution’s financial statements and consider them to be ‘basic’ and as such are recognised at their transactional value.
## (j) **Rent Arrears and Advances**
In accordance with the Accounting Direction 2019, rent arrears and advances are not net-off and are presented as part of debtors and creditors respectively. Where a payment plan has been entered into for rent arrears, which are considered to be material, then the rent arrears debtor is adjusted to its net present value.
**- 16 -**
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **2. (A) TURNOVER, OPERATING COSTS AND OPERATING SURPLUS FOR THE YEAR**
||||**2023**||**2022**|
|---|---|---|---|---|---|
|||**Operating**|**Operating**|Operating|Operating|
||**Turnover**|**costs**|**surplus**
Turnover|costs|surplus|
||**£**|**£**|**£**
£|£|£|
|Social Housing Lettings||||||
|(note B)|**166,094**|**(167,470)**|**(1,376)**
153,827|(126,705)|27,122|
|Activities other than||||||
|Social Housing Activities||||||
|(note C)|**71,950**|**(113,575)**|**(41,625)**
73,789|(109,917)|(36,128)|
||**-----------------------------**|**-----------------------------**|**-----------------------------**
**---**-**----------**-**----------**-**---**-|**-**-**----------**-**----------**-**-----**-|-**----------**-**----------**-**------**-|
|TOTAL|**238,044**|**(281,045)**|**(43,001)**
227,616|(236,622)|(9,006)|
||**---------------------**-**------**-|-**---------------------------**-|**-------------------**-**--------**-
**------**-**----------**-**----------**--|**---------**-**----------**-**--------**|**--------**-**----------**-**---------**|
|**B) PARTICULARS OF TURNOVER AND OPERATING EXPENDITURE FROM SOCIAL**||||**HOUSING LETTINGS**||
||||**2023**||**2022**|
|**Income**|||**£**||£|
|Rent receivable net of voids|||**148,978**||136,711|
|Amortised social housing grant|||**17,116**||17,116|
||||**----------------------------------**||**---**-**----------**-**----------**-**--------**|
|**Turnover from Social Housing Lettings**|||**166,094**||153,827|
||||**----------------------------------**||**---**-**--**-**----------**-**---------**-**------**-|
|**Operating expenditure**||||||
|Management|||**39,120**||40,136|
|Bad debts|||**(235)**||910|
|General repairs|||**30,165**||13,930|
|Major repairs|||**-**||-|
|Planned repairs|||**7,307**||1,211|
|Services|||**76,623**||55,896|
|Depreciation on housing properties|||**13,743**||13,743|
|Depreciation on other fixed|assets||**747**||879|
||||**----------------------------------------**||**---**-**----------**-**----------**-**-------**-**-----**-|
|**Operating expenditure on Social Housing**||||||
|**Lettings**|||**167,470**||126,705|
||||**----------------------------------------**||**---------**-**----------**-**---------**-**--------**|
|**Operating surplus on Social**|**Housing Lettings**||**(1,376)**||27,122|
||||**--------------------------------------**||-**----------**-**----------**-**----------**-**-----**-|
|**Void Losses**|||
**16,020**||21,717|
|(being rental income lost as a result of property|||**--------------------------------------**||**---**-**----------**-**----------**-**---------**-**---**-|
|not being let)||||||
## **(B) PARTICULARS OF TURNOVER AND OPERATING EXPENDITURE FROM SOCIAL HOUSING LETTINGS**
**- 17 -**
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **2. (C) PARTICULARS OF TURNOVER AND OPERATING EXPENDITURE FROM OTHER ACTIVITIES**
||**2023**|2022|
|---|---|---|
|**Income**|**£**|£|
|Donations: Trinity House, London|**38,850**|38,850|
|Donations: General|**1,015**|2,756|
|Legacy||-|
|Investment income|**32,085**|32,183|
||**----------------------------------**|**---**-**--**-**----------**-**---------**-**------**-|
|**Turnover from other activities**|**71,950**|73,789|
|**Operating expenditure**|||
|Annuity payments|**84,272**|85,780|
|Management|**27,584**|21,562|
|National association fees|**806**|447|
|Other legal fees|**40**|1,545|
|Sundries|**875**|583|
||**--------------------------------------**|**-**-**------**-**----------**-**----------**-**--------**-|
|**Operating expenditure on other activities**|**113,575**|109,917|
||**--------------------------------------**|**-**-**------**-**----------**-**----------**-**--------**-|
|**Operating (deficit)/ surplus on other activities**|**(41,625**)|(36,128)|
||**--------------------------------------**|**----**-**----------**-**----------**-**-------**-**----**-|
## **3. STAFF, KEY MANAGEMENT PERSONNEL, DIRECTORS' EMOLUMENTS AND RELATED PARTIES**
No employee earned more than £60,000. As the Institution has no employees, it has no Key Management Personnel. The Trustees are defined as the Board of Management and therefore could be classed as Key Management Personnel. None of the Board of Management received any emoluments during 2023 (2022:£Nil). The Institution has no other paid Executive Officers.
The total expenses reimbursed to the Trustees during 2023 was £Nil, (2022: £Nil).
Where Trustees are tenants, tenancies are on normal commercial terms.
The administration and management of the Association was carried out by Hadaway & Hadaway and Tyne Housing Association Limited.
There were no related party transactions.
## **4. INTEREST RECEIVABLE**
||**2023**|2022|
|---|---|---|
||**£**|£|
|Bank interest receivable|1,867|854|
||-**-------**-**-----------**-**--------**-|**--------**-**----------**-**---------**|
**- 18 -**
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
|**5.**|**OPERATING (DEFICIT)/ SURPLUS**|||
|---|---|---|---|
|||**2023**|2022|
||The operating (deficit)/surplus for the year|**£**|£|
||is stated after charging:|||
||Depreciation on housing properties|**13,743**|13,743|
||Depreciation on other fixed assets|**747**|879|
||Amortisation of social housing grant|**(17,116)**|(17,116)|
||Auditor’s remuneration|**9,720**|6,420|
|||**------------------------------**|**---**-**--**-**----------**-**----------**-**-**|
## **6. TAXATION**
No liability to taxation arises from the surplus arising from rent from members as the Institution is entitled to relief under S642 of the Corporation Taxes Act 2010.
## **7. TANGIBLE FIXED ASSETS**
|**7.**|**TANGIBLE FIXED ASSETS**|||
|---|---|---|---|
||Housing properties – freehold|**2023**|2022|
|||**£**|£|
||Gross cost|||
||At 1 January|**801,210**|801,210|
||Additions|**-**|-|
||Disposals|**-**|-|
|||-**---**-**--------------------------------**-**----------**-|**-**-**------**-**----------**-**----------**-**----------**-**---**|
||At 31 December|**801,210**|801,210|
|||-**---**-**--------------------------------**-**----------**-|**-**-**------**-**----------**-**----------**-**----------**-**---**|
||Depreciation|||
||At 1 January|**529,379**|515,636|
||Charge|**13,743**|13,743|
||Disposals|**-**|-|
|||**--------------------------------------------------**|**--------**-**----------**-**--------------**-**-------**-**------**|
||At 31 December|**543,122**|529,379|
|||-**---**-**--------------------------------**-**----------**-|**-**-**------**-**----------**-**----------**-**----------**-**---**|
||**Net book value 31 December**|**258,088**|271,831|
|||-**---**-**--------------------------------**-**----------**-|**-**-**------**-**----------**-**----------**-**----------**-**---**|
|**8.**|**OTHER FIXED ASSETS**|||
|||**2023**|2022|
|||**£**|£|
||Cost|||
||At 1 January & 31 December|**41,867**|41,867|
|||**-------------------------------**|**---**-**----------**-**---------**-**------**-|
||Depreciation|||
||At 1 January|**36,888**|36,009|
||Charge|**747**|879|
|||**-------------------------------**|**---**-**----------**-**---------**-**------**-|
||At 31 December|**37,635**|36,888|
|||**-------------------------------**|**---**-**----------**-**---------**-**------**-|
||**Net book value 31 December**|**4,232**|4,979|
|||**----------**-**-----------**-**--------**|**--------------------------------**|
**- 19 -**
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **9. INVESTMENTS**
||**2023**|2022|
|---|---|---|
||**£**|£|
|Fair value:|||
|As at 1 January|**1,230,458**|1,516,740|
|Additions|**473,203**|147,616|
|Disposals at opening market value|**(465,033)**|(199,718)|
|Unrealised gain/(loss) in period|**1,403**|(72,505)|
|Difference between gain on market value and gain on|||
|historical cost|**70,782**|(161,675)|
||**-------------------------------**|**-**-**----------**-**----------**-**-------**-|
|At 31 December|**1,310,813**|1,230,458|
||**-------------------------------**|**-**-**----------**-**----------**-**-------**-|
|UK Equities|**322,833**|344,663|
|Non UK Equities|**123,458**|101,390|
|UK Bonds|**253,175**|231,402|
|Global Funds|**597,141**|553,003|
|Money Market Time|**14,206**||
||**-------------------------------**|**-**-**----------**-**----------**-**-------**-|
||**1,310,813**|1,230,458|
||**-------------------------------**|**-**-**----------**-**----------**-**-------**-|
|**(b) Historic Cost**|||
|As at 1 January|**1,357,115**|1,383,884|
|Additions|**473,203**|147,616|
|Disposals|**(439,564)**|(174,385)|
||**-------------------------------**|**-**-**----------**-**----------**-**-------**-|
|As at 31 December|**1,390,754**|1,357,115|
||**-------------------------------**|**-**-**----------**-**----------**-**-------**-|
|**(c) Realised Gain / (Losses)**|||
||**2023**|2022|
||**£**|£|
|On Cost|**77,257**|(182,182)|
|Less: Difference between gains / (losses) arising in both|**(6,475)**|20,507|
|cost and fair value|||
||**--------------------------------**|**-**-**----------**-**----------**-**-------**-|
|Gain / (loss) realised: Difference between proceeds and|**70,782**|(161,675)|
|fair value disposals|||
||**--------------------------------**|**-**-**----------**-**----------**-**-------**-|
|**(d) Unrealised Gain / (Loss) on Fair Value**|||
||**2023**|2022|
||**£**|£|
|Per investment note|**1,403**|(72,505)|
|Realised gain / (loss) on cost|**77,257**|(182,182)|
||**--------------------------------**|**-**-**----------**-**----------**-**-------**-|
|Other recognised gains / (losses) in Statement of|**78,660**|(254,687)|
|Comprehensive Income|||
||**--------------------------------**|**-**-**----------**-**----------**-**-------**-|
**- 20 -**
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **9. INVESTMENTS (continued)**
At the 31 December 2023 the following individual Investments market value exceeded 5% of the total portfolio market valuation:
||Columbia Thread Inv UK Fund Class Z|£150,135||
|---|---|---|---|
||Artemis Income FD Units|£151,093||
||Baillie Gifford Managed Fund B Income|£591,140||
|**10.**|**DEBTORS**|||
|||**2023**|2022|
|||**£**|£|
||Rent arrears (gross)|**16,286**|19,310|
||Less: bad debt provision|**(11,815)**|(12,050)|
||Other debtors|**1,396**|219|
||Prepayments and accrued income|**12,974**|7,529|
|||**--------------------------------**|**--**-**----------**-**---------**-**-------**-|
|||**18,841**|15,008|
|||**--------------------------------**|**-**-**--**-**------------------**-**-**-**--**-|
|**11.**|**CREDITORS:** **Amounts falling due within one year**|||
|||**2023**|2022|
|||**£**|£|
||Rent in advance|**4,563**|3,888|
||Accruals|**24,363**|14,564|
||Other Creditor|**12,425**|31,727|
|||**--------------------------------**|**---**-**--**-**----------**-**----------**-**--------**|
|||**41,351**|50,179|
|||**--------------------------------**|**-**-**---------------**-**----------**-**--**|
## **12. CREDITORS: Amounts falling due after more than one year, including convertible debts**
||**2023**|2022|
|---|---|---|
||**£**|£|
|Social Housing Grant (amortised cost)|**256,601**|273,717|
||**--------------------------------------------**|**---------------------------------------------**|
The Social Housing Grant is amortised in line with the life of the ‘structure’ component, at a rate of 2%, and released as ‘income’ to the Statement of Comprehensive Income on that basis.
**- 21 -**
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
|**SOCIAL HOUSING GRANT**|||
|---|---|---|
||**2023**|2022|
|**Amounts received:**|**£**|£|
|At 1 January & 31 December|**855,818**|855,818|
|**Amortisation:**|||
|At 1 January|**582,101**|564,985|
|Released during year|**17,116**|17,116|
||**-------------------------------------------------**|**---**-**----------**-**----------**-**----------**-**----------**-**-**-|
|At 31 December|**599,217**|582,101|
||**-------------------------------------------------**|**---**-**----------**-**----------**-**----------**-**----------**-**-**-|
|**Carrying value:**|||
||**-------------------------------------------------**|**--**-**----------**-**----------**-**----------**-**---------**-**---**-|
|At 31 December|**256,601**
-**---------------------------------**-**----------**-**--**-|273,717
**-**-**----------**-**----------**-**----------**-**---------**-|
## **13. FINANCIAL INSTRUMENTS**
The Institution considers that its financial instruments comprise the Social Housing Grant (SHG); as such it is included as a liability within the financial statements. As the Institution has no intention to dispose of its housing properties the SHG will not become repayable. As a result, the total balance of the SHG creditor is presented as falling due in five years or more. The financial instruments are repayable as follows:
|||||**2023**||2022|
|---|---|---|---|---|---|---|
|||||**£**||£|
||In five years or more|||**256,601**||273,717|
|||||**---------------------------------------------**||**---------------------------------------------**|
|**14.**|**DESIGNATED RESERVES**||||||
||||||**2023**|**2022**|
||||**Cyclical**||||
|||**Capital**|**Repairs and**|**Contingencies**|||
|||**Account**|**Maintenance**|**Fund**|**Total**|**Total**|
|||**£**|**£**|**£**|**£**|**£**|
||As at 1 January 2023|**137,480**|**109,718**|**67,430**|**314,628**|313,572|
||Transfer (To) / from||**1,056**||**1,056**|1,056|
||revenue reserve||||||
|||**-------------------------------------------------**|**-------------------------------------------------**|**-------------------------------------------------**|**--------------------------------------------------**|**---**-**----------**-**----------**-**----------**-**----------**-**-**-|
||As at 31 December|**137,480**|**110,774**|**67,430**|**315,684**|314,628|
||2023||||||
|||-**----------**-**--------------------------------**-**---**-|**---------------------**-**----------**-**-----------**-**---**-|-**-------------------------------**-**------------**-**--**-|**--------------------------------------------------**|**---**-**----------**-**----------**-**----------**-**----------**-**-**-|
From time to time, the Institution received donations in the form of legacies. Where the amount received is £1,000 or more, the Trustees consider it appropriate to credit the amount received to a designated reserve entitled Capital Account. No legacies were received this year (2022: £Nil). During the year no repairs were expended from this fund (2022: £Nil).
## _Cyclical Repairs and Maintenance_
The annual transfer of £3,480 has been made from the revenue reserve, to be utilised when the cyclical repairs are undertaken.
The Trustees have reduced the fund balance by £2,424 which relates to the depreciation charge incurred annually in relation to the recently purchased boilers.
**- 22 -**
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## **THE TYNE MARINERS BENEVOLENT INSTITUTION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## _Contingencies (Extraordinary Repairs) Fund_
The contingencies (extraordinary repairs) fund was established under an Order of the Board of Charity Commissioners of England and Wales, dated 10[th] November 1982.
## **15. REVALUATION RESERVE**
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Opening Balance|**10,879**|83,384|
|Unrealised gains / (losses) in period|**1,402**|(72,505)|
||**-------------------------------------------------**|**---**-**------**-**----------**-**--------------**-**-------**-**----**|
|Closing Balance|**12,281**|10,879|
||**----------------------------------------------**|**-----------------------------------------------**|
The Trustees have transferred the unrealised gains / (losses) on the investments (as per Note 9) from the revaluation reserve in line with the current accounting policy.
## **16. CAPITAL COMMITMENTS**
There is no capital expenditure which has been contracted for, but not provided in the financial statements (2022: £nil).
## **17. CONTINGENT LIABILITIES**
There are no contingent liabilities (2022: £nil).
## **18. RELATED PARTY TRANSACTIONS**
There have been no transactions with any related parties in the year.
## **19. ACCOMMODATION MANAGED BY OTHERS**
|**ACCOMMODATION MANAGED BY OTHERS**|||
|---|---|---|
||**2023**|2022|
|General needs housing units|**30**|30|
||-**--**-**----------**-**-------------**-**-----------**-**---**|**---**-**------**-**--------------**-**----------**-**------**-|
## **20. ULTIMATE CONTROLLING PARTY**
In the opinion of the Trustees there is no ultimate controlling party.
**- 23 -**