LADY HERBERT'S HOMES FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
LADY HERBERT'S HOMES INDEX TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 Pa Legal and Administrative Information 1to2 TrUStS Report 3to4 Trust&s Responsibilities Report of the Auditors 5t07 Statement of Financial ActiV51ies Balance Sheet Notes lo the Accounts 10t016
LADY HERBERT'S HOMES LEGAL AND ADMINISTFIATIVE INFORMATION TRUSTEES: 10 CoptatiVe appointed under clause 3 of the scheme of 2 March 1983 Retirement date D.J. Evans F.C.A. (Chainnan) Dr. R. Davies (WI Chaimian) M.J. Harris M.B.E., J.P., M.A. R.G. Smith F.R.l.C.S. E.J. Curtis F.C.l.B. D. Mason T. Proctor 8.Sc. Mrs. V. Kershaw Mrs. J. McNaney S. Sharpe 24 June 2025 28 February 2026 30 November 2027 21 August 2024 20 May 2026 24 August 2028 28 April 2028 24 October 2026 29 October 2027 30 October 2025 9 Nominative appointed by the City Council of Coventy undor clause 4 Councillor M. Lapsa Councillor Mrs. C. Miks Councillor R. Lakha Councillor J. Clifford Councillor T. Jandu 16 May 2024 16 May 2024 16 May 2024 16 May 2024 16 May 2024 Currently 4 vacancies remain 1 Nomlnatlve appolnted by the Freemen's Charlty under clause 4 Currently 1 vacancy remains Page 1
LADY HERBERT'S HOMES LEGAL AND ADMINISTRATIVE INFORMATION Iconvd) CLERK TO THE TRUSTEES Mrs. S.A. Hanrahan PRINCIPAL OFFICE General Charities Office. Okl Bablake, Hill Strt Coventry, CV14AN SOLICITORS Mander Hadley & Co. 1 The Quadrant, Coventry, CV12DW SURVEYORS Lovertts, 29 Warwick Row, Coventry, CV1 1 DY AUDITORS Daffems LLP, Chartered Accountants, Statutory Auditors One Eastwoc*J, Harry Weston Road, Binley Business Park, Coventy, CV3 2UB INVESTMEKf BROKERS Quilter Cheviot, Provinaal House, 37 New Walk, LeISter, LE16TU REGISTRATION NUMBER 232066 Page 2
LADY HERBERTE HOMES REPORT OF THE TRUSTEES for the year ended 31 December 2023 The Trustees Fyesent their report al¢)ng wrth the financial statements of the charity for the year ended 31 DeCeMr 2023. The Trustees have adopted the provisions of Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" {FRS 102) in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting pdicies set out in notes to the accounts and comply with the charity's governing duMent. the Charities Act 2011 and Accounting and Reporting by CharÈties'. Statement of Recommended Practsce applicable to chartties preparing their accounts in accordance with the Financial Repx)rtirvJ Standard applicable in the UK and Republic of Ireland published in October 2019. Structure, governance and management The Charity is an unincorporated charity, constiluted under trust deeds dated 25 January 1938 and 18 March 1938 and a Sctteme of the Charity Commissioners dated 30 January 1970 and is a registered charity, number 232066. The Charrty is administered by The General Charity, Coventry. The Trustees who served dunng the year and since the year end are set out on page 1. Trustes are appointed by the board of Trustees or nominated by Coventry City Council or the Freemen's Charity and serve for erther four or five years after which period they may put themselves forward for re-appointment. The Trustees meet quarterly to consider any applications in respect of almshouse vacancies. New Trustees are invited to attend Ihe Clerk's office where they will be provided with a brief outline of the main activities of the Charity. Rlsk management The Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks and established systems and procedures to manage them. Objectives and activlties The object and activity of the Charity is the provision of accommodation for the elderly at subsidised rents. The Trustees confirm they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities. Achievements and perfomiance The Cottages have been available to let during the year. The rents are kept at a modest level )Mth increases solely to cover inflation. the weekly increase for all eight cottages being £20 for the year. Financial review Total incoming resources for the year amounted to £55,480 (2022. £56.2381 including rents of £46,488 {2022. £37,402). Total resources expended were £36,073 (2022.. £37,509) of which £32,027 (2022.. £32,982) related to the running costs of the residences. The net income for the year amounted to £19,407 (2022" £18, 729). before gains and losses on investments. After investment gains of £14,160 (2022" losses of £18,736) the net increase in funds was £33,56712022: decrease £7) Page 3
LADY HERBERT'S HOMES REPORT OF THE TRUSTEES (CONTINUED) for the year ended 31 December 2023 Investment policy and perfomiance The investment strategy is set by the Trustees on an annual basis and takes &count of demands for funds. The Trustees consider the income requirements, the risk profile and investment managers, view of the market prospects in the medium term. This strategy is set within an overall policy which states that the endowment fund should be invested in low to medium risk investments wth a view to ensuring that capital appreciation of the fund exceeds inflation each year. The return on the Charity's investments was 7.10/0 on the endowment fund and 8.40 on the accumulated income fund. This compares to the MSCI UK Index movement of 7.70/0. R8serves policy The Charity maintains two separate deSnated funds, namely the Extraordinary Repair and Cyclical Maintenance funds whose purpose is to avoid widely fluctuating expenditure on maintenance, improvement and extraordinary repairs from year to year. At 31 Drnber 2023 these funds totalled £29,283. It is the policy of the Charity to maintain the xcumulated income fund at a level sufficient to cover at least one year's expenditure. The available reserves now stand at £197,633 (note 13>. Plans for the future The Trustees intend to continue to adhe to the bequest of Lady Herbert to yovide low cost accommodation for elderly ladies. Trustees responsibilities In relation to the financial Statements The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable I and Unrted Kingdom Accounting Standards (Unrted Kingdom Generally Accepted Accounting Practice). The law applicable to charrties in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair vieN of the state of affairs of the charity and of the incoming resour8 and application of resources of the charrty for that penod. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently,. observe the methods and principles in the Charities SORP 2019 {FRS1021; make judgements and estimates that are reasonable and prudent., state whether applicable accounts.ng standards have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless rt is inappropriate to presume that the charity will continue in Operatn. The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on 3 August 2024 and signed on their behalf by: iJJu D.J. Evans F.C.A Page 4
LADY HERBERT'S HOMES REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LADY HERBERTS HOMES Opinion We have audited the financial statements of Lady Herbert's Homes {the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial ststements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standarols, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted AOUnting Practice) In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2023, and of its incoming resources and application of resources. 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. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK} IISAS (UKI) and applicable law. Our responsibilities under those standards are further described in theAuditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the fi'nancial statements in the UK, including the FRC'S Ethical siandard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit v4idence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in Ihe 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 charity's ability tc continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of Ihis report. other inforniation The other information comprises the InfOnatIon included in the trustees, annual report. other than the financia statements and our auditorfs report thereon. The trust*s are responsible for the other information contained within the annual report_ Our opinion on the financial statements doe5 not cover the other information and, except to the extent othemise 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 oblained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent materia mi5Statements, 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 infornatson. we are required to report that fact. Page 5
LADY HERBERT'S HOMES REPORT OF THE INDEPENDEKf AUDITORS TO THE TRUSTEES OF LADY HERBERTS HOMES We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report", or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records" or we have not received all the infonnation and explanations we require for our audrt. Responsibllities of trustees As explained more fully in the trustees, responsibilities statement set out on page 4, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine 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 trustees are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable. matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responslbllltles for the audit of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 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 assuran 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<ornpliance with laws and regulations. We design prccedures in line with our responsibilities, outlined above,, to detect matenal misstatements in respect of irregularities, including fraud. The specific predureS for this engagement arKI the extent to which these are capable of detecting irregularities. including fraud is detailed telow. Enquiry of management, those charged with governance around actual and potential litigation and claims,. Enquiry of entity staff in compliance functions to identify any instances of non<0mplian with laws and regulations., Reviewing minutes of meetings of those charged with governance; Reviewng financial statement disclosures and testing to supp)rting documentation to assess compliance with applicable laws and regulations. Performing audit work over the risk of management oveffide of controls, Including testing of journal entries and olher adjustments for appropriateness. evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Page 6
LADY HERBERT'S HOMES REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF LADY HERBERTS HOMES Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This nsk increases the more that Complian with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional Goncealment, forgery, collusion, omiSsn or misrepresentation As part of an audit in accofdance wth ISAS (UK), we exercise professional judgment and mairitain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures resp)nsive to those risks, and obtain audit evidence that is sufficient and appfopriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud Is higherthan for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures Ihat are appropriate in the circurnstans, but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material UnrtaintY exists related lo events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concem. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in manner that achieves fair presentation. We communicate with those charged with govemance regarding, among other mallers, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our aLKlit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest exlent permitted by law, we do not acpt or assume responsibility to anyone other than the charity and the charity's trustees as a body. for our audit work. for this report, or for the opinions we have formed. Dafferns LLP Chartered Accountants Statutory Auditors One Eastwood Harry Weston Road Binley Business Park Coventry CV3 2UB Dated: 30th August 2024 Dafferns LLP is eligible to act as an audrtor in terms of Section 1212 of the Companies Act 2006.
LADY HERBERT'S HOMES STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023 Unrestricted A¢xumulated Desgnated Endcwment Total income funds funds 2023 Total 2022 Notes INCOME FROM: Charitable Activities Rents 46.488 46,488 37,402 Investments I nvestment Income 8,992 8,992 8,815 Other income Donation from General Chanties 10,021 Total incoming resources 55,480 55,480 56.238 EXPENDITURE ON: Charitable Actlvities Accommodation cosls Governance costs 32,027 4,046 32,027 4,046 32,982 4,527 Total resource8 expended 36,073 36,073 37,509 Net incomel (expenditure) before Investment gainsl (losses) 19.407 19,407 18,729 Net Gain8llLossesl on investment assets 5,660 8.500 14,160 (18,736) Net incomel(expenditure) being Net movement in funds 25,067 8.500 33,567 (7) Reconciliation of funds: Total funds brought forward 172,566 29,283 320,678 522,527 522,534 Total funds carried foward 11 & 13 197,633 29,283 329,178 556,094 522,527 Thp. nntp_q on Daaes 10 to 16 form part of these financial statements
LADY HERBERT'S HOMES BALANCE SHEEr 31 December 2023 2023 2022 Notes FIXED ASSETS Tangible assets 205,775 205,775 Investments 290,795 284,167 Total fixed assets 496, 570 489,942 CURRENT ASSETS Debtors 2,433 2,858 Cash at bank 61,596 33,764 Total current assets 64,029 36,622 CREDITORS.. Amounts falling due within one year 10 (4,505) (4,037) NET CURRENT ASSETS 59,524 32,585 NET ASSETS 556,094 522,527 THE FUNDS OF THE CHARITY Permanent endowment funds 329,178 320,678 Unrestricted income funds 11 226,916 201,849 TOTAL FUNDS 556,094 522.527 Approved by the board of Trustees on 3trh August 2024 and signed on its behalf by D.J. Evans- C AN Dr. R. Davies - VIC HAIRMAN The notes on pages 10 to 16 fomi part of these financial statements Page 9
LADY HERBERT'S HOMES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 ACCOUNTING POLICIES a) General infomiation and basis of preparation Lady Herbert's Homes is an unincorporated charity registered in England. The address of the registered office is given in the charity infomiation on page 1 of these financial statements. The nature of the charity's operations and principal activities is to provide accommodation for the elderly at subsidised rents. The charity constitutes a public benefit entity as defi'ned by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporb'ng by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exient required to provide a 'true and fair view,. This departure has involved following the 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 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity, and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otheiSe stated. b) Fund accounting Details of the nature and purpose of eh fund are set out in note 12. c) Income recognitlon policies All incoming resour$ are included in the Staiement of Financial Activities when the charity is legally entitled to the income and the amount can be measured reliably and il is probable that the income will rettived. I nterest and dividends are fulty accrued at the balan sheet date. dl Expenditure recognition and irrecoverable VAT All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payment5 to third parties, it is probable, that the settlement wll be required and the amount of the obligation can be measured reliably. It is categorised under the following headings.. Costs of raising funds includes investment management costs,. Expenditure on charitable aclivities includes the costs of maintaining the residences and a proportion of support costs in furtherance of the charitable objectives,. and Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is charged as an expen against activity for which expenditure arose. Page 10
LADY HERBERT'S HOMES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 ACCOUNTING POLICIES (CONTINUED) el Allocation of sUPPOrt costs These comprise staff and office costs provided by The General Charty. The majorty of Ihese costs support the almshouse activity and are so allocated. A small proportion of support costs Is allated to governance costs. The allccation of support costs is mJJe on an estimae of staff time spent on the two activities. Govemance costs Governance costs comprise all costs involving public accountability of the charity rts Complian with regulation and good practice. These costs include costs related lo ststutory audit and legal fees together with an allatiOn of support costs. g) Tangible fixed assets and depreciation The land and buildings set out in note 6 are inclLKled at cost and valuation. The Trustees have not accounted for depreciation on the freehold property because the depreciation charge and a¢xumulated depreciation are immaterial and there is a pjlicy arxfj practice of regular MaIntenae and repair of the property. h) Fixed asset investments Quoted investments are included at market value. being fair value, at the balance sheet date. All gains and losses, b)th realised and unrealised, are taken to the Statement of Financial Activities as they arise. i) DelJtor8 and creditors rec•Nable I payable within one year Debtors and creditors with no state(J interest rate and receivable or payable within one year are recorded at transaction price Any losses arising from impairment are recognised in expenditure. i) Golng Conc•m The financial statements have been ppared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to conlinue as a going concern. INVESTMENT INCOME 202 202 Dividends 8,992 8,815 Investment income relates solely to Unrestricted Income fund in the current and preceding year. Page 11
LADY HERBERT'S HOMES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 ACCOMMODATION COSTS 2023 2022 Repairs and maintenance Rates and water charges Insurance Light and heat Support costs - The General Charity, Coventry TV Licences 9,942 1,792 1.111 15,342 3,825 14,513 1.605 1,285 11.731 3,825 23 32.027 32,982 Accommodation costs relates solely to Unrestricted Income fund in the current and preceding year. GOVERNANCE COSTS 02 2022 Subscriptions Audit Accountancy SupFOrt costs - The General Charity, Coventry 365 2,006 1,000 675 258 2,5g4 1,000 675 4,046 4,527 SupFQrt costs are apportioned on the basis of staff time. Governan costs relates solely to Unrestricted Income fund in the current and preceding year. TRUSTEE'S REMUNERATION No Trustee or person with family or business conn&tions with the Trustees reiVed any remuneration or expenses during the year (2022: £nil). TANGIBLE FIXED ASSETS Land and buildings at Chauntry Place. Coventry known as Lady Herbert's Homes. At cost and valuab'on 1 January 2023 and 31 Dernber 2023 205,775 The land and buildings were valued on 21 August 2001 by Mess[5. Loveitts, Chartered Surveyors, Coventry, on an open market value basis. The Trustees do not consider there is any material dTfferen bet¥*en the rnaet value and carrying value of the propety due to its situation, nature armj covenants. Page 12
LADY HERBERT'S HOMES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 FIXED ASSEf INVESTMENTS Quoted investments Market value at 1 January 2023 Additions Disposals Change in market value 284,167 33,813 (41,345) 14.160 Market value at 31 December 2023 290,795 Quoted investments at market value comprise. 2023 2022 British Government securities Other UK fixed interest Overseas fixed interest Global Equities Unit trusts Equity Investment Instruments Other assets 10,325 10,624 18,833 81,759 148,142 16,841 4,271 10,302 12,291 15,939 84,708 137,836 14,670 8,421 290,795 284,167 Included in the above are the follcwng representing more than 50/0 of the portfolio'.- Market HSBC ETFS S&P UCITS ETF Artemis Global Income Inc 20,163 15,132 DEBTORS 2023 2022 Rents Prepayments and accrued income 300 2.133 980 1,878 2,433 2,858 Page 13
LADY HERBERT'S HOMES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 CASH AT BANK 2023 2022 Current account Quilter Cheviot 31,388 30,208 15,527 18,237 61,596 33,764 10. CREDITORS. Amounts fallirg due wthin one year 2023 2022 Rents Accruals 785 3,720 473 3,564 4,505 4,037 UNRESTRICTED FUNDS Analysis ol movements in unrestrlcted funds - current year Balance at 1 January 2023 Gains and Losses and endrture Balance at 31 December Designatecl funds.. Extraordinary repair fund Cyclical Maintenance fund 13,540 15,743 13,540 15,743 29,283 29,283 Accumulated income 172,566 61,140 (36,073> 197,633 201,849 61,140 (36,073> 226,916 Analysls of movements in unrestricted funds- previous year Balance at 1 January 2022 Gains and income Losses and enditure Balance al 31 December ex Designated funds: Extraordinary repair fund Cyclical Maintenance fund 13,540 15,743 13,540 15,743 29.283 29,283 Accumulated income 159,054 56,238 (32,7051 172,566 188,237 56,238 (32.7051 201,849 Page 14
LADY HERBERT'S HOMES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 12. FUNDS The unfestrted funds are those funds which the Trustees are fr to use in accordance with the charitable objects and comprise accumulated income and designated fund5. The designaled repair and Maintenan funds are maintained out of the income of the Charity in accordance with Chanty ComMissn Schemes. Their purpose is to avoid widely fluctuating expenditure on maintenance, improvement and extraordinary repairs from year to year. The endowment fund represents those assets which must be held Fermanently by the Charity. Income arising on the endowment fund can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on investments form part of the fund. 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS Analysis of net assets between funds - current year Inter-fund debtors and credito Net current sse Fixed assets Endowment fund Accumulated fund Designated funds 362,963 133,608 (65.173) 35,890 29,283 31,388 28,135 329.178 197,633 29,283 496,571 59,523 558, 094 Analysis of net a&8ets between funds - previous year Inter-fund debtors and cr&Jito Net current set Fixed assets Total Endowment fund Accumulated fund Designated funds 354.603 135,340 (49,452) 20,169 29,283 15,527 17,057 320,678 172,566 29,283 489,943 32.584 522,527 Page 15
LADY HERBERT'S HOMES NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 14. RELATED PARTY TRANSACTIONS The Charity incurred administration charges of £4,500 (2022.. £4,500) from The General Charity, Coventry during the year. Creditors include £nil (2022.. £nil) due to The General Charity, Coventry at the year end. 15. OPERATING LEASE COMMITMENTS Total future minimum lease receivables uTrJer non-cancellable operating lease are as follows.. 2023 2022 Land and buildings: Within one year 3,576 2,*7 The charity lets 8 almshouses to elderly ladies. as long as rents are received ané behaviour crrtena is met the residents may rna1n in the proFErty for the remainder of their lrfe, otherwise cottages can be returned on one month's notice. 16. CONTROLLING PARTY The Charity was under the control of its tM)ard of Trustees throughout the current and predIng year. Page 16