**Charity number: 234234** 

**Regulator of social housing number: A2704** 

## **THE SYBIL CARTHEW TRUST** 

## **UNAUDITED** 

**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 



## **THE SYBIL CARTHEW TRUST** 

## **CONTENTS** 

||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Accountants' report**|5|
|**Statement of financial activities**|6|
|**Balance sheet**|7|
|**Notes to the financial statements**|8 - 18|





## **THE SYBIL CARTHEW TRUST** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023** 

|**Trustees**|Mr A Hubbard, Chair (deceased 4 March 2023)|
|---|---|
||Mrs J Gowen, Chair|
||Mrs P Fenn|
||Mrs R Sanders|
||Mrs A Bell (resigned 7 March 2023)|
||Rev P Wintgens|
|**Charity number**<br>**Regulator of social**<br>**housing number**<br>234234<br>A2704<br>**Principal office**<br>Carthew Court<br>11 Station Road<br>Woodbridge<br>Suffolk<br>IP12 4AU<br>**Accountants**<br>Larking Gowen LLP<br>Chartered Accountants<br>1 Claydon Business Park<br>Great Blakenham<br>Ipswich<br>IP6 0NL<br>**Bankers**<br>Barclays Bank Plc<br>4 Church Street<br>Woodbridge<br>Suffolk<br>IP12 IDJ||



Page 1 



## **THE SYBIL CARTHEW TRUST** 

## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023** 

The Sybil Carthew trustees have pleasure in presenting their report and the financial statements of the charity for the year ended 31 December 2023. The information on page 3 forms part of this report. 

## **CONSTITUTION AND OBJECTIVES** 

The Sybil Carthew Trust was set up under the Charity Commission Scheme on 1 April 1969, revised on 9 February 1984. 

Mrs Sybil Carthew bequeathed land at Station Road, Woodbridge and money with which to build homes for the elderly. An additional small grant from the Housing Corporation enabled the buildings to be completed for occupancy in 1971. They were designed with the object of combining individual privacy with the advantages of a congenial community atmosphere and special amenities that such a community can offer. 

The aim of the charity is to provide sheltered accommodation for men and women. 

The trustees who served the charity during the year are shown on page 1. 

All administrative decisions have to be agreed by the Trustees at their regular meetings. 

## **TRUSTEES RESPONSIBILITIES** 

The Charities Act requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity at the end of the year and of the surplus or deficiency for the year then ended. 

In preparing those financial statements, the trustees are required to select suitable accounting policies, as described on page 7 and then apply them on a consistent basis, making judgements and estimates that are prudent and reasonable. The trustees must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue to operate. 

The trustees are responsible for the keeping of proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 1993. The trustees 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. 

## **APPOINTMENT OF AND TRAINING OF TRUSTEES** 

When a vacancy for a trustee occurs, a search is made for candidates from in, or around, the town of Woodbridge. The one who most closely matches the skills brought by the former trustee will be chosen. On appointment, new trustees are given copies of the constitution, the accounts for the previous year and the rules and regulations of the almshouse. All trustees are encouraged to attend courses on the roles and responsibilities of trustees; and on almshouse management. 

## **RISK** 

The charity has conducted its own review of the major risks to which it is exposed, and systems have been established to mitigate those risks. These procedures are periodically reviewed to ensure that they still meet the needs of the charity, and take account of the latest legislation and regulations. 

## **INVESTMENTS** 

The trustees have chosen to invest in Common Investments Funds established under section 24 of the Charities Act 1993. The investments are listed in Note 6 to the accounts and are subject to regular review. The investments yielded a gross return of 5.95% on the Market Value. The capital value increased by 1.9% 

Page 2 



## **THE SYBIL CARTHEW TRUST** 

**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **RESERVES** 

At the end of the year the reserves were £625,924 (2022 £607,548) of which £199,403 (2022 £240,326) was represented by depreciating assets. There was a increase in reserves due to the surplus made in the year. 

## **ACTIVITIES AND ACHIEVEMENTS** 

In line with the objectives of the Trust, during the year accommodation was provided for a total of 18 men and women in 15 units. Two flats became vacant during the year and these were filled with minimum delay. 

In accordance with guidelines from the Almshouse Association, amounts continue to be allocated to a designated fund for Cyclical Maintenance and to a restricted fund for Extraordinary Repairs. The aggregate funds are intended to enable sufficient reserves to be available to cover a cyclical maintenance programme and the cost of any extraordinary repairs that may arise and to help with the capital cost of rebuilding or adapting the Trust’s buildings as may be required in the foreseeable future. 

We have transferred no amounts to the Cyclical Maintenance Fund and the Extraordinary Repair fund. There was an operating surplus of £17,845 for the year. This compares with a surplus of £4,048 in the previous year. 

There was no expenditure from the Cyclical Maintenance Fund during the year, but there was a transfer of £34,555 to the Restricted Property Improvements Fund relating to the extensive work being carried out to the cantilever balconies 

Page 3 



THE SYBIL CARTHEWTRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Rglnvestment °
Investment in housing properties in the year as a percentage of the
gross book value at the yea. end
New supply delivered {so¢lal houslng unlts}
2b New supply dellvored (social housing units)
Gearing Yo
49Yo
Nil
Nel debt Iloans - cashl as a percentage of th8 gross value of
housing properties
-210
-33/
Earnings before interest, tax, depreciation, and amortisatlon
IEBITDA, major repairs included) interest cover 0/0
The level of surplus generated compared to interest payable
NIA
NIA
Headline soclal housing cost Pgr unlt
£6,886 £3,676
6A Operating margin Isoclal houslng lettlngs onlyl Y.
68 Operatlng rnargln {overalll
Return on capital employed
2.90/0
2.5%
Approved by order of the members ol the board of Trustees and signed on their behalf by..
Mrs J Gowen
Chair of Trust88S
Page 4

## **THE SYBIL CARTHEW TRUST** 

## **ACCOUNTANTS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **Accountants' report to the Board on the unaudited accounts of The Sybil Carthew Trust** 

We report on the accounts for the year ended 31 December 2023 set out on pages 6 to 20. 

## **Respective responsibilities of the board and the independent reporting accountant** 

The Board of the Registered Social Housing Provider is responsible for the preparation of the accounts, and they consider that the Registered Social Housing Provider is exempt from an audit.  It is our responsibility to carry out procedures designed to enable us to report our opinion. 

## **Basis of opinion** 

Our procedures consisted of comparing the accounts with the books of account kept by the Registered Social Housing Provider and making such limited enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report.  These procedures provide the only assurance expressed in our opinion. 

## **Opinion** 

In our opinion: 

- the accounts for the year ended 31 December 2023 are in accordance with the accounting records kept by the Registered Social Housing Provider under paragraph 135(2)(a) of the Housing and Regeneration Act 2008. 

- having regard only to, and on the basis of, the information contained in the accounting records: 

   - the accounts comply with the requirements of the Charities Act 2011; 

   - the Registered Social Housing Provider has satisfied the condition for exemption from an audit of the accounts for the year ended 31 December 2023 specified in section 136(6) of the Housing and Regeneration Act 2008; 

- the accounts comply with the requirements of the Housing Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022. 

Signed: Dated: `18 June 2024` 

Larking Gowen LLP Ipswich 

Page 5 



THE SYBIL CARTHEW TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
UnrestrSct¥d
funds
2023
Restricted Endowmgnt
funds
funds
2023
2023
Total
fund$
2023
Total
funds
2022
Note
Income and
endowmènts from:
Charitable activfties
Investments
83,520
7.007
83,520
7.OD7
73,804
6,413
Total Incoma and
endowments
90,527
90,527
80,217
Expendltur• on..
Charitable acllvilies
73,156
4.967
78.123
65,049
Total expendltura
73.156
4,967
78.123
65,049
Net
Incomèllexpendlturel
befors net
gainsll105sesl on
investments
Nel gainslllossesl on
investments
17,371
4,9671
12,404
15, 168
612
4,829
5,441
fl 1,084J
Net
Incomellexpendlturel
Transfers between
funds
17,983
11381
17,845
4.084
14
134,5551
34,555
Net movgment In
funds
116,5721
34,417
17,845
4.084
Reconclllatlon of
fund$-
Total funds brought
forward
Nel movement in funds
278,341
116,572)
249,520
34,417
79,687
607.548
17,845
603,464
4,084
Total funds carrled
fonvard
261,769
283,937
79,6B7
625.393
607,548
The Slalement of financial acllvities indudes all gains and losses recognised in the year.
The notes on pages 8 10 18 form part of these financlal statements.
Mrs J Gowen
Mrs P Fenn
Date.. IS. 0&. 2
/f. 0É.2oZ(*
Pag8 6

THE SYBIL CARTHEW TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2023
2023
2022
Nota
Flxod assèts
Tangible assets
Inveslmènls
269.914
296,223
240,326
290, 783
566,137
531, 109
CUr￿nt assets
Debtors
Investments
Cash at bank and In hand
4,415
396
59,478
2,609
391
12
79.425
64,289
82,425
Creditors.. amounts falling due within one
year
13
(5.0331
(5,986)
Not current assats
59,256
T6.439
Totsl net assets
625.393
607,548
Charity funds
Endowment funds
Restricted funds
Unrestricted funds
14
14
14
79,687
283,937
261,769
79,687
249,520
278,341
Total funds
625,393
607.548
The finat)cial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by..
Mrs J Gowen
Mrs P Fenn
Dale..
The notes on pages 8 to 18 form part of these financial stslements.
If 06.AOZ
Page 7

## **THE SYBIL CARTHEW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **1. General information** 

The Sybil Carthew Trust is a registered Charity in England and Wales, Charity registration number 234234. The Sybil Carthew Trust is also a registered provider of social housing, registration number A2704. The registered office is Carthew Court, 11 Station Road, Woodbridge, Suffolk, IP12 4AU. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounts Direction for Private Registered Providers of Social Housing 2022. 

The financial statements are presented in sterling which is the functional currency of the Charity and are round to the nearest £. 

The Sybil Carthew Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 

## **2.2 Income** 

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 

## **2.3 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. 

All expenditure is inclusive of irrecoverable VAT. 

## **2.4 Interest receivable** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 

Page 8 



**THE SYBIL CARTHEW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **2. Accounting policies (continued)** 

## **2.5 Tangible fixed assets and depreciation** 

Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. 

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. 

The estimated useful lives are as follows: 

Fixtures and fittings - 25 % reducing balance basis Property Improvements - 50 years straight line 

Freehold property is maintained to such a standard that their estimated residual value is not less than cost. As a result no depreciation is charged. The Trustees perform annual impairment reviews to ensure that the recoverable amount is not less than the carrying value. 

## **2.6 Investments** 

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. 

## **2.7 Debtors** 

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## **2.8 Cash at bank and in hand** 

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **2.9 Liabilities and provisions** 

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 

Page 9 



**THE SYBIL CARTHEW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **2. Accounting policies (continued)** 

## **2.10 Financial instruments** 

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 

## **2.11 Fund accounting** 

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 

Investment income, gains and losses are allocated to the appropriate fund. 

Endowment funds represent the permanent endowment of the charity. 

## **3. Income from charitable activities** 

|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>Contributions from Residents - Rent<br>47,640<br>Contributions from Residents - Service charge<br>37,403<br>Guest Flat Income<br>140<br>Less: Vacant Flats<br>(1,663)<br>83,520|**Total**<br>**funds**<br>**2023**<br>**£**<br>**47,640**<br>**37,403**<br>**140**<br>**(1,663)**<br>**83,520**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_45,093_<br>_27,911_<br>_800_<br>_-_|
|---|---|---|
|||_73,804_|



Page 10 



## **THE SYBIL CARTHEW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **4. Investment income** 

|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>Shares<br>6,565<br>Interest<br>442<br>7,007|**Total**<br>**funds**<br>**2023**<br>**£**<br>**6,565**<br>**442**<br>**7,007**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_6,373_<br>_40_|
|---|---|---|
|||_6,413_|



## **5. Analysis of expenditure by activities** 

||**Activities**||||
|---|---|---|---|---|
||**undertaken**|**Support**|**Total**|_Total_|
||**directly**|**costs**|**funds**|_funds_|
||**2023**|**2023**|**2023**|_2022_|
||**£**|**£**|**£**|_£_|
|Provision of almshouses|70,569|7,554|**78,123**|_65,049_|



## **Analysis of direct costs** 

|Staff costs<br>Heat and Light<br>Insurance<br>Maintenance - General<br>Maintenance - Grounds<br>Consulting<br>Depreciation<br>Resident Compensation|**Housing**<br>**2023**<br>**£**<br>20,838<br>19,836<br>4,099<br>14,141<br>6,681<br>-<br>4,974<br>-<br>70,569|**Total**<br>**funds**<br>**2023**<br>**£**<br>**20,838**<br>**19,836**<br>**4,099**<br>**14,141**<br>**6,681**<br>**-**<br>**4,974**<br>**-**<br>**70,569**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_20,287_<br>_15,856_<br>_3,744_<br>_4,539_<br>_4,063_<br>_1,315_<br>_4,282_<br>_375_|
|---|---|---|---|
||||_54,461_|



Page 11 



**THE SYBIL CARTHEW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **5. Analysis of expenditure by activities (continued)** 

## **Analysis of support costs** 

|Telephone<br>Sundry<br>Governance costs|**Housing**<br>**2023**<br>**£**<br>805<br>1,348<br>5,401<br>7,554|**Total**<br>**funds**<br>**2023**<br>**£**<br>**805**<br>**1,348**<br>**5,401**<br>**7,554**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_2,573_<br>_971_<br>_7,044_|
|---|---|---|---|
||||_10,588_|



## **6. Accountant's remuneration** 

||**2023**|_2022_|
|---|---|---|
||**£**|_£_|
|Fees payable to the Charity's independent accountant for the preparation of|||
|the Charity's annual accounts|**2,544**|_2,310_|



## **7. Staff costs** 

|Wages and salaries<br>Social security costs<br>Contribution to defined contribution pension schemes|**2023**<br>**£**<br>**20,353**<br>**485**<br>**-**<br>**20,838**|_2022_<br>_£_<br>_19,837_<br>_-_<br>_450_|
|---|---|---|
||||
|||_20,287_|



The average number of persons employed by the Charity during the year was as follows: 

||**2023**|_2022_|
|---|---|---|
||**No.**|_No._|
|Average number of employees|**4**|_4_|



Page 12 



## **THE SYBIL CARTHEW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **7. Staff costs (continued)** 

The average headcount expressed as full-time equivalents was: 

||**2023**|_2022_|
|---|---|---|
||**No.**|_No._|
|Full-time equivalent number of employees|**1**|_1_|



No employee received remuneration amounting to more than £60,000 in either year. 

There is no remuneration payable to key management personnel. 

## **8. Trustees' remuneration and expenses** 

During the year ended 31 December 2023, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ . 

During the year ended 31 December 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ . 

## **9. Tangible fixed assets** 

|**Cost or valuation**<br>At 1 January 2023<br>Additions<br>At 31 December 2023<br>**Depreciation**<br>At 1 January 2023<br>Charge for the year<br>At 31 December 2023<br>**Net book value**<br>At 31 December 2023<br>_At 31 December 2022_|**Freehold**<br>**property**<br>**£**<br>**70,511**<br>**-**<br>**70,511**<br>**-**<br>**-**<br>**-**<br>**70,511**<br>_70,511_|**Furniture**<br>**£**<br>**7,041**<br>**-**<br>**7,041**<br>**7,041**<br>**-**<br>**7,041**<br>**-**<br>_-_|**Equipment**<br>**£**<br>**2,358**<br>**-**<br>**2,358**<br>**2,358**<br>**-**<br>**2,358**<br>**-**<br>_-_|**Property**<br>**Improvements**<br>**£**<br>**213,792**<br>**34,555**<br>**248,347**<br>**43,977**<br>**4,967**<br>**48,944**<br>**199,403**<br>_169,815_|**Total**<br>**£**<br>**293,702**<br>**34,555**|
|---|---|---|---|---|---|
||||||**328,257**|
||||||**53,376**<br>**4,967**|
||||||**58,343**|
||||||**269,914**|
||||||_240,326_|



Page 13 



## **THE SYBIL CARTHEW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **10. Fixed asset investments** 

|**Cost or valuation**<br>At 1 January 2023<br>Revaluations<br>At 31 December 2023<br>**Net book value**<br>At 31 December 2023<br>_At 31 December 2022_<br>Units<br>Value<br>Charinco<br>12,908<br>19,148<br>M & G Charifund income units<br>7,678<br>110,179<br>National Association of Almshouses<br>737<br>82,605<br>Common Investment Fund<br>Equities Investment Fund for<br>281<br>84,291<br>Charities M&G Charifund Acc units|**Listed**<br>**investments**<br>**£**<br>**290,782**<br>**5,441**|
|---|---|
||**296,223**|
||**296,223**|
||_290,782_|
|||



## **11. Debtors** 

|**Due within one year**<br>Rent arrears<br>Prepayments and accrued income|**2023**<br>**£**<br>**2,255**<br>**2,160**<br>**4,415**|_2022_<br>_£_<br>_670_<br>_1,939_<br>_2,609_|
|---|---|---|



## **12. Current asset investments** 

||**2023**|_2022_|
|---|---|---|
||**£**|_£_|
|Ipswich Building Society|**396**|_391_|



Page 14 



## **THE SYBIL CARTHEW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **13. Creditors: Amounts falling due within one year** 

|Trade creditors<br>Other taxation and social security<br>Other creditors<br>Accruals and deferred income|**2023**<br>**£**<br>**1,702**<br>**920**<br>**-**<br>**2,411**<br>**5,033**|_2022_<br>_£_<br>_1,054_<br>_685_<br>_2,070_<br>_2,177_|
|---|---|---|
||||
|||_5,986_|



Page 15 



## **THE SYBIL CARTHEW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **14. Statement of funds** 

## **Statement of funds - current year** 

|**Unrestricted**<br>**funds**<br>**Designated**<br>**funds**<br>Cyclical<br>Maintenance<br>Fund<br>**General funds**<br>General Funds -<br>all funds<br>**Endowment**<br>**funds**<br>Endowment<br>Fund<br>**Restricted**<br>**funds**<br>Extraordinary<br>Repair Fund<br>Restricted<br>Property<br>Improvements<br>**Total of funds**|**Balance at 1**<br>**January**<br>**2023**<br>**£**<br>**111,180**<br>**167,161**<br>**79,687**<br>**79,705**<br>**169,815**<br>**249,520**<br>**607,548**|**Income**<br>**£**<br>**-**<br>**90,527**<br>**-**<br>**-**<br>**-**<br>**-**<br>**90,527**|**Expenditure**<br>**£**<br>**-**<br>**(73,156)**<br>**-**<br>**-**<br>**(4,967)**<br>**(4,967)**<br>**(78,123)**|**Transfers**<br>**in/out**<br>**£**<br>**-**<br>**(34,555)**<br>**-**<br>**-**<br>**34,555**<br>**34,555**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**-**<br>**612**<br>**-**<br>**4,829**<br>**-**<br>**4,829**<br>**5,441**|**Balance at**<br>**31**<br>**December**<br>**2023**<br>**£**<br>**111,180**|
|---|---|---|---|---|---|---|
|||||||**150,589**|
|||||||**79,687**|
|||||||**84,534**<br>**199,403**|
|||||||**283,937**|
|||||||**625,393**|



Page 16 



**THE SYBIL CARTHEW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **14. Statement of funds (continued)** 

## **Designated Funds** 

Cyclical maintenance fund - designated funds to cover the cost of regular maintenance expenditure. 

## **Restricted Funds** 

Extraordinary repair fund - restricted funds from extraordinary investments for the purpose of providing repairs and improvements of an irregular and non-recurring nature. Restricted property improvements - restricted funds held as depreciating fixed assets. 

Transfers into restricted funds - There was a transfer of £34,555 to the Restricted Property Improvements Fund relating to extensive works being carried out to the cantilever balconies. 

## **Statement of funds - prior year** 

|**Unrestricted funds**<br>**Designated funds**<br>Cyclical Maintenance Fund<br>**General funds**<br>Property improvements<br>**Total Unrestricted funds**<br>**Endowment funds**<br>Endowment Fund<br>**Restricted funds**<br>Extraordinary Repair Fund<br>Restricted Property<br>Improvements<br>**Total of funds**|_Balance at_<br>_1 January_<br>_2022_<br>_£_<br>_111,180_<br>_159,411_<br>_270,591_<br>_79,687_<br>_79,095_<br>_174,091_<br>_253,186_<br>_603,464_|_Income_<br>_£_<br>_-_<br>_80,217_<br>_80,217_<br>_-_<br>_-_<br>_-_<br>_-_<br>_80,217_|_Expenditure_<br>_£_<br>_-_<br>_(60,773)_<br>_(60,773)_<br>_-_<br>_-_<br>_(4,276)_<br>_(4,276)_<br>_(65,049)_|_Gains/_<br>_(Losses)_<br>_£_<br>_-_<br>_(11,694)_<br>_(11,694)_<br>_-_<br>_610_<br>_-_<br>_610_<br>_(11,084)_|_Balance at_<br>_31_<br>_December_<br>_2022_<br>_£_<br>_111,180_|
|---|---|---|---|---|---|
||||||_167,161_|
||||||_278,341_|
||||||_79,687_|
||||||_79,705_<br>_169,815_|
||||||_249,520_|
||||||_607,548_|



Page 17 



**THE SYBIL CARTHEW TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** 

## **15. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>Tangible fixed assets<br>-<br>Fixed asset investments<br>202,513<br>Current assets<br>64,289<br>Creditors due within one year<br>(5,033)<br>**Total**<br>261,769|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>199,403<br>84,534<br>-<br>-<br>283,937|**Endowment**<br>**funds**<br>**2023**<br>**£**<br>70,511<br>9,176<br>-<br>-<br>79,687|**Total**<br>**funds**<br>**2023**<br>**£**<br>**269,914**<br>**296,223**<br>**64,289**<br>**(5,033)**<br>**625,393**|
|---|---|---|---|



## **Analysis of net assets between funds - prior year** 

|Tangible fixed assets<br>Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|_Unrestricted_<br>_funds_<br>_2022_<br>_£_<br>_-_<br>_201,902_<br>_82,425_<br>_(5,986)_<br>_278,341_|_Restricted_<br>_funds_<br>_2022_<br>_£_<br>_169,815_<br>_79,705_<br>_-_<br>_-_<br>_249,520_|_Endowment_<br>_funds_<br>_2022_<br>_£_<br>_70,511_<br>_9,176_<br>_-_<br>_-_<br>_79,687_|_Total_<br>_funds_<br>_2022_<br>_£_<br>_240,326_<br>_290,783_<br>_82,425_<br>_(5,986)_<br>_607,548_|
|---|---|---|---|---|



## **16. Related party transactions** 

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2023. 

Page 18