Charity registration number: 235139
Arthur Norfolk Battersby Trust
Annual Report and Financial Statements for the Year Ended 5 April 2023
The Moffatts Partnership LLP Chartered Accountants Suite 1.1 First Floor Jackson House Sibson Road Sale M33 7RR
Arthur Norfolk Battersby Trust
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 18 |
Arthur Norfolk Battersby Trust
Reference and Administrative Details
Chair Mr N Young Trustees Mr N Young Mrs N Owen Mrs J Garside Mr D M Stone Mrs H O'Sullivan Ms T Montgomery Miss A Burns Secretary Mrs J Garside Other Officers Mr N Young, Treasurer Charity Registration Number 235139 Principal Office Battersby Court Old Hall Drive Stockport SK2 5UA Independent Examiner The Moffatts Partnership LLP Chartered Accountants Suite 1.1 First Floor Jackson House Sibson Road Sale M33 7RR Bankers Metro Bank 45 Market Street Manchester M1 1WR
Page 1
Arthur Norfolk Battersby Trust
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 5 April 2023.
Structure, governance and management
Nature of governing document
The governing documents are a Declaration of Trust dated 21 July 1966 and the Charity Commission Scheme sealed 26 July 1971.
Recruitment and appointment of trustees
The Board of Trustees shall consist of a minimum of four nominative and up to four additional co-operative trustees who shall be appointed for a term of four years and five years respectively.
The officers of the charity are appointed on an annual basis.
The board of trustees meets three times each year where matters discussed include issues arising in respect of the bungalows, correspondence received, warden’s reports concerning residents, financial matters including setting rates of contributions from the residents. Day to day duties are allocated amongst the trustees on an agreed basis.
Objectives and activities
Objects and aims
Under the terms of his will Arthur Norfolk Battersby (who died 30.1.1962) created a Trust for the purpose of providing in perpetuity a home or rest house for aged or infirm persons of good character and deserving of assistance who reside within the Borough of Stockport or within a reasonable distance. Priority is given to persons or the widows of persons who during their active lives were engaged in business or a profession.
Objectives, strategies and activities
The dwellings principally consist of 20 bungalows, together with a house occupied by a warden and other ancillary facilities. The charity is managed by a board of trustees who fix the subsidised contributions payable by residents at a level to ensure accommodation is provided in perpetuity.
Public benefit
The Trust furthers public benefit by providing in perpetuity a home or rest house for aged or infirm persons of good character and deserving of assistance who reside within the Borough of Stockport or within a reasonable distance.
Applicants are carefully considered by the Trustees in accordance with the conditions (page 1) set out in the Will.
The charity is a member of the Almshouses Association which offers guidance and advice to members and represents their interests.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 2
Arthur Norfolk Battersby Trust
Trustees' Report
Achievements and performance
The trustees ensure that the dwellings are maintained to a high standard and a satisfactory level of occupancy has again been achieved. The expenditure on repairs and running costs is shown in note 4 to the accounts.
In recent years, the Trustees have strived to improve our amenity with the prime focus on providing clean, comfortable and safe housing for our residents. We have updated bathrooms, kitchens and redesigned the central courtyard and car-park. All repairs have been carried out in a timely fashion and we continue to employ an on-site Warden to manage things on a daily basis.
In October and in line with our benefactor’s wishes to provide homes for deserving local residents, we began the construction of 2 additional, double-occupancy bungalows which will be completed and ready for occupation in July 2023. Through prudent cost control over many years, we had the necessary funds to carry out this project and new residents have already signed their licences to occupy. We continue to have full occupancy in all of our bungalows and the amenity is attractive to those seeking the services we offer.
Routine operating costs have been contained within previous years’ levels and we have benefitted from good fixed-price tariffs for our electricity and gas.
The additional contributions from the new bungalows coupled with a below-inflation increase in existing contributions in July 2023 will ensure that we remain financially strong for very many years to come.
Financial review
The attached financial statements show the current state of the finances, which the Board consider to be sound and in their opinion, the assets of the Charity are adequate to fulfil its obligations.
Total incoming resources for the year amounted to £115,313 (2022 - £108,954) with expenditure for the year of £64,339 (2022 - £72,514).
Together with losses arising on investments of £24,841 the total net movement for the year was a surplus of £26,133 (2022 - surplus £83,450).
Policy on reserves
The trustees have reviewed the reserves of the charity. The review concluded that to allow the charity to be managed efficiently and to provide a buffer for a significant decline in occupancy of the bungalows, a general reserve equivalent to approximately £75,000 should be maintained. This equates to approximately twelve months of unrestricted fund recurring expenditure.
Other reserves (designated funds) are maintained to cover cyclical or extraordinary repairs and for the eventual rebuilding cost of the bungalows.
Funds in deficit
There are no funds in deficit.
Page 3
Arthur Norfolk Battersby Trust
Trustees' Report
Investment policy and objectives
The investments held have been acquired in accordance with powers given by the Will. The trustees have considered the most appropriate policy for investing funds and have found that a mixture of specialised unit trusts, designed for the charity sector, building society bonds and bank deposits meet their requirements both for income and capital growth. The return on investments for the year is considered satisfactory.
Going concern
The trustees are satisfied that the charity remains a going concern.
The annual report was approved by the trustees of the charity on 2 November 2023 and signed on its behalf by:
......................................... Mr N Young Chairman and trustee
Page 4
Arthur Norfolk Battersby Trust
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper 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 Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 2 November 2023 and signed on its behalf by:
......................................... Mr N Young Chairman and Trustee
Page 5
Arthur Norfolk Battersby Trust
Independent Examiner's Report to the trustees of Arthur Norfolk Battersby Trust
I report to the trustees on my examination of the accounts of Arthur Norfolk Battersby Trust for the year ended 5 April 2023.
Responsibilities and basis of report
As the charity trustees of Arthur Norfolk Battersby Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Arthur Norfolk Battersby Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of Arthur Norfolk Battersby Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... John Saxon F.C.A
The Moffatts Partnership LLP Chartered Accountants Suite 1.1 First Floor Jackson House Sibson Road Sale M33 7RR
2 November 2023
Page 6
Arthur Norfolk Battersby Trust
Statement of Financial Activities for the Year Ended 5 April 2023
| Unrestricted | Endowment | Total | Total | |||||
|---|---|---|---|---|---|---|---|---|
| funds | funds | 2023 | 2022 | |||||
| Note | £ | £ | £ | £ | ||||
| Income and Endowments from: | ||||||||
| Charitable activities | 2 | 84,759 | - | 84,759 | 82,015 | |||
| Investment income | 3 | 30,554 | - | 30,554 | 26,939 | |||
| Total income | 115,313 | - | 115,313 | 108,954 | ||||
| Expenditure on: | ||||||||
| Charitable activities | 4 | (56,713) | (7,626) | (64,339) | (72,514) | |||
| Total expenditure | (56,713) | (7,626) | (64,339) | (72,514) | ||||
| Gains/losses on investment assets | (24,841) | - | (24,841) | 47,010 | ||||
| Net income/(expenditure) | 33,759 | (7,626) | 26,133 | 83,450 | ||||
| Gross transfers between funds | (328,275) | 328,275 | - | - | ||||
| Net movement in funds | (294,516) | 320,649 | 26,133 | 83,450 | ||||
| Reconciliation of funds | ||||||||
| Total funds brought forward | 1,031,819 | 122,887 | 1,154,706 | 1,071,256 | ||||
| Total funds carried forward | 16 | 737,303 | 443,536 | 1,180,839 | 1,154,706 |
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2022 is shown in note 16.
The notes on pages 9 to 18 form an integral part of these financial statements. Page 7
Arthur Norfolk Battersby Trust
(Registration number: 235139) Balance Sheet as at 5 April 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | ||
| Fixed assets | ||||
| Tangible assets | 11 | 457,205 | 138,475 | |
| Investments | 12 | 445,037 | 769,878 | |
| 902,242 | 908,353 | |||
| Current assets | ||||
| Debtors | 13 | 876 | 24,897 | |
| Cash at bank and in hand | 14 | 290,151 | 229,671 | |
| 291,027 | 254,568 | |||
| Creditors: Amounts falling due within one year | 15 | (12,430) | (8,215) | |
| Net current assets | 278,597 | 246,353 | ||
| Net assets | 1,180,839 | 1,154,706 | ||
| Funds of the charity: | ||||
| Endowment funds | 443,536 | 122,887 | ||
| Unrestricted income funds | ||||
| Unrestricted funds | 737,303 | 1,031,819 | ||
| Total funds | 16 | 1,180,839 | 1,154,706 |
The financial statements on pages 7 to 18 were approved by the trustees, and authorised for issue on 2 November 2023 and signed on their behalf by:
......................................... Mr N Young Chairman and trustee
The notes on pages 9 to 18 form an integral part of these financial statements. Page 8
Arthur Norfolk Battersby Trust
Notes to the Financial Statements for the Year Ended 5 April 2023
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Arthur Norfolk Battersby Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
The amount included in the accounts in respect of residents contributions represent the amounts receivable from residents for the year.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received.
Investment income
Investment income is recognised on a receivable basis.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably.
All resources expended are inclusive of irrecoverable VAT.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes expenditure associated with the running costs and maintenance of the bungalows.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements including independent examination.
Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Page 9
Arthur Norfolk Battersby Trust
Notes to the Financial Statements for the Year Ended 5 April 2023
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £1.00 or more are initially recorded at cost.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Furniture and Appliances 15% straight line method Freehold Buildings 1.5% straight line method
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 10
Arthur Norfolk Battersby Trust
Notes to the Financial Statements for the Year Ended 5 April 2023
Fund structure
Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
The permanent endowment fund represents those assets which must be permanently held by the charity.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
2 Income from charitable activities
| Unrestricted | ||||||
|---|---|---|---|---|---|---|
| funds | Total | Total | ||||
| General | 2023 | 2022 | ||||
| £ | £ | £ | ||||
| Residents | Contributions | 84,759 | 84,759 | 82,015 |
Page 11
Arthur Norfolk Battersby Trust
Notes to the Financial Statements for the Year Ended 5 April 2023
3 Investment income
| Unrestricted funds | Unrestricted funds | Unrestricted funds | Total | Total | ||||
|---|---|---|---|---|---|---|---|---|
| Designated | General | 2023 | 2022 | |||||
| £ | £ | £ | £ | |||||
| Interest receivable and similar income; | ||||||||
| Interest receivable on bank deposits | - | 446 | 446 | 187 | ||||
| Other income from fixed asset investments | 5,966 | 24,142 | 30,108 | 26,752 | ||||
| 5,966 | 24,588 | 30,554 | 26,939 |
4 Expenditure on charitable activities
| Unrestricted | Endowment | ||||||
|---|---|---|---|---|---|---|---|
| funds | funds | Total | Total | ||||
| General | Permanent | 2023 | 2022 | ||||
| £ | £ | £ | £ | ||||
| Warden's remuneration (inc council tax) | 8,061 | - | 8,061 | 8,182 | |||
| Gas, electric and water | 13,627 | - | 13,627 | 14,654 | |||
| Repairs, renewals and maintenance | 20,660 | - | 20,660 | 33,406 | |||
| Care Call Alarm Service | 2,618 | - | 2,618 | 2,488 | |||
| Insurance | 2,216 | - | 2,216 | 2,096 | |||
| Postage, stationery and telephone | 744 | - | 744 | 675 | |||
| Website and internet | 96 | - | 96 | 96 | |||
| Council tax - vacant dwellings | - | - | - | 154 | |||
| Sundry | 1,800 | - | 1,800 | 1,807 | |||
| Travel expenses | 242 | - | 242 | 277 | |||
| Independent Examination | 1,680 | - | 1,680 | 1,608 | |||
| Depreciation | 3,691 | 7,626 | 11,317 | 6,235 | |||
| Loss on disposal | 349 | - | 349 | - | |||
| Legal Fees | 300 | - | 300 | - | |||
| Other governance costs | 629 | - | 629 | 836 | |||
| 56,713 | 7,626 | 64,339 | 72,514 |
£56,713 (2022 - £69,810) of the above expenditure was attributable to unrestricted funds and £7,626 (2022 - £2,704) to permanent endowment funds.
Page 12
Arthur Norfolk Battersby Trust
Notes to the Financial Statements for the Year Ended 5 April 2023
5 Analysis of governance and support costs
Governance costs
| Unrestricted | |||
|---|---|---|---|
| funds | Total | Total | |
| General | 2023 | 2022 | |
| £ | £ | £ | |
| Independent examiner fees | |||
| Examination of the financial statements | 1,680 | 1,680 | 1,608 |
| Legal fees | 300 | 300 | - |
| Other governance costs | 629 | 629 | 836 |
| 2,609 | 2,609 | 2,444 |
6 Net incoming/outgoing resources
Net incoming resources for the year include:
| Net incoming resources for the year include: | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Loss on disposal of fixed assets held for the charity's own use | 349 | - |
| Depreciation of fixed assets | 11,317 | 6,235 |
| Independent Examination | 1,680 | 1,608 |
7 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
Mr N Young
- £197 (2022: £201) of expenses were reimbursed to Mr N Young during the year.
Miss A Burns
- £45 (2022: £Nil) of expenses were reimbursed to Miss A Burns during the year.
Mrs J Garside
- £Nil (2022: £18) of expenses were reimbursed to Mrs J Garside during the year.
Mrs H O'Sullivan
- £Nil (2022: £33) of expenses were reimbursed to Mrs H O'Sullivan during the year.
Mr D M Stone
- £Nil (2022: £24) of expenses were reimbursed to Mr D M Stone during the year.
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any other benefits from the charity during the year.
Page 13
Arthur Norfolk Battersby Trust
Notes to the Financial Statements for the Year Ended 5 April 2023
8 Staff costs
The aggregate payroll costs were as follows:
| The aggregate payroll costs were as follows: | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Staff costs during the year were: | ||
| Wages and salaries | 6,560 | 6,580 |
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
| 2023 | 2022 | |||
|---|---|---|---|---|
| No | No | |||
| Warden | 1 | 1 | ||
| No | employee received emoluments of more than £60,000 during the year | |||
| 9 | Independent examiner's remuneration | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Examination of the financial statements | 1,680 | 1,608 |
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Page 14
Arthur Norfolk Battersby Trust
Notes to the Financial Statements for the Year Ended 5 April 2023
11 Tangible fixed assets
| 11 Tangible fixed assets | |||||||
|---|---|---|---|---|---|---|---|
| Land and | Furniture and | ||||||
| buildings | equipment | Total | |||||
| £ | £ | £ | |||||
| Cost | |||||||
| At 6 April 2022 | 180,296 | 25,135 | 205,431 | ||||
| Additions | 328,275 | 2,122 | 330,397 | ||||
| Disposals | - | (1,056) | (1,056) | ||||
| At 5 April 2023 | 508,571 | 26,201 | 534,772 | ||||
| Depreciation | |||||||
| At 6 April 2022 | 57,409 | 9,548 | 66,957 | ||||
| Charge for the year | 7,626 | 3,691 | 11,317 | ||||
| Eliminated on disposals | - | (707) | (707) | ||||
| At 5 April 2023 | 65,035 | 12,532 | 77,567 | ||||
| Net book value | |||||||
| At 5 April 2023 | 443,536 | 13,669 | 457,205 | ||||
| At 5 April 2022 | 122,887 | 15,587 | 138,474 | ||||
| 12 Fixed asset investments | |||||||
| 2023 | 2022 | ||||||
| £ | £ | ||||||
| Other investments | 445,037 | 769,878 |
Other investments Other investments
| Other investments | |||
|---|---|---|---|
| Listed | |||
| investments | Total | ||
| £ | £ | ||
| Cost or Valuation | |||
| At 6 April 2022 | 769,878 | 769,878 | |
| Revaluation | (24,841) | (24,841) | |
| Disposals | (300,000) | (300,000) | |
| At 5 April 2023 | 445,037 | 445,037 | |
| Net book value | |||
| At 5 April 2023 | 445,037 | 445,037 | |
| At 5 April 2022 | 769,878 | 769,878 |
Page 15
Arthur Norfolk Battersby Trust
Notes to the Financial Statements for the Year Ended 5 April 2023
13 Debtors
| 13 Debtors | |||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Prepayments | 876 | 24,897 | |
| 14 Cash and cash equivalents | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Cash on hand | 69 | 21 | |
| Cash at bank | 290,082 | 229,650 | |
| 290,151 | 229,671 | ||
| 15 Creditors: amounts falling due within one year | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Accruals | 6,684 | 2,815 | |
| Deferred income | 5,746 | 5,400 | |
| 12,430 | 8,215 |
Page 16
Arthur Norfolk Battersby Trust
Notes to the Financial Statements for the Year Ended 5 April 2023
16 Funds
| Other | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at 6 | Incoming | Resources | recognised | Balance at 5 | |||||||
| April 2022 | resources | expended | Transfers | gains/(losses) | April 2023 | ||||||
| £ | £ | £ | £ | £ | £ | ||||||
| Unrestricted funds | |||||||||||
| General | |||||||||||
| General Funds | 74,030 | 109,347 | (56,713) | (50,000) | - | 76,664 | |||||
| Designated | |||||||||||
| Rebuilding Reserve Fund | 845,000 | - | - | (278,275) | (18,383) | 548,342 | |||||
| Extraordinary Repair Fund | 59,670 | 2,983 | - | - | (3,229) | 59,424 | |||||
| Cyclical Maintenance Fund | 53,119 | 2,983 | - | - | (3,229) | 52,873 | |||||
| 957,789 | 5,966 | - | (278,275) | (24,841) | 660,639 | ||||||
| Total unrestricted funds | 1,031,819 | 115,313 | (56,713) | (328,275) | (24,841) | 737,303 | |||||
| Endowment funds | |||||||||||
| Permanent | |||||||||||
| Permanent Endowment Fund | 122,887 | - | (7,626) | 328,275 | - | 443,536 | |||||
| Total funds | 1,154,706 | 115,313 | (64,339) | - | (24,841) | 1,180,839 | |||||
| Other | |||||||||||
| Balance at 6 | Incoming | Resources | recognised | Balance at 5 | |||||||
| April 2021 | resources | expended | Transfers | gains/(losses) | April 2022 | ||||||
| £ | £ | £ | £ | £ | £ | ||||||
| Unrestricted funds | |||||||||||
| General | |||||||||||
| General Funds | 74,108 | 104,894 | (50,925) | (54,047) | - | 74,030 | |||||
| Designated | |||||||||||
| Rebuilding Reserve Fund | 820,000 | - | - | (16,010) | 41,010 | 845,000 | |||||
| Extraordinary Repair Fund | 29,640 | 2,030 | - | 25,000 | 3,000 | 59,670 | |||||
| Cyclical Maintenance Fund | 27,149 | 2,030 | (18,885) | 39,825 | 3,000 | 53,119 | |||||
| 876,789 | 4,060 | (18,885) | 48,815 | 47,010 | 957,789 | ||||||
| Total unrestricted funds | 950,897 | 108,954 | (69,810) | (5,232) | 47,010 | 1,031,819 | |||||
| Endowment funds | |||||||||||
| Permanent | |||||||||||
| Permanent Endowment Fund | 120,359 | - | (2,704) | 5,232 | - | 122,887 | |||||
| Total funds | 1,071,256 | 108,954 | (72,514) | - | 47,010 | 1,154,706 |
Page 17
Arthur Norfolk Battersby Trust
Notes to the Financial Statements for the Year Ended 5 April 2023
The specific purposes for which the funds are to be applied are as follows:
Rebuilding Reserve Fund - This is a designated reserve fund to cover any costs in relation to rebuilding of the bungalows. Transfers are made to it from general funds.
Extraordinary Repair Fund - This is a designated reserve fund for future major expenditure. Transfers are made to it from general funds and it can be drawn upon to meet major items of repair.
Cyclical Maintenance Fund -This is a designated reserve fund for maintenance occurring at regular intervals, e.g. internal and external redecoration. Transfers are made to it from general funds.
Transfers between funds relate to payments made out of unrestricted funds to augment buildings held within endowment funds and adjustments to the designated funds.
17 Analysis of net assets between funds
| 17 Analysis of net assets between funds | |||||||
|---|---|---|---|---|---|---|---|
| Endowment | Total funds at 5 | ||||||
| Unrestricted funds | funds | April | |||||
| General | Designated | Permanent | 2023 | ||||
| £ | £ | £ | £ | ||||
| Tangible fixed assets | 13,669 | - | 443,536 | 457,205 | |||
| Fixed asset investments | - | 445,037 | - | 445,037 | |||
| Current assets | 75,425 | 215,602 | - | 291,027 | |||
| Current liabilities | (12,430) | - | - | (12,430) | |||
| Total net assets | 76,664 | 660,639 | 443,536 | 1,180,839 | |||
| Endowment | Total funds at 5 | ||||||
| Unrestricted funds | funds | April | |||||
| General | Designated | Permanent | 2022 | ||||
| £ | £ | £ | £ | ||||
| Tangible fixed assets | 15,588 | - | 122,887 | 138,475 | |||
| Fixed asset investments | - | 769,878 | - | 769,878 | |||
| Current assets | 66,657 | 187,911 | - | 254,568 | |||
| Current liabilities | (8,215) | - | - | (8,215) | |||
| Total net assets | 74,030 | 957,789 | 122,887 | 1,154,706 |
18 Related party transactions
There were no related party transactions in the year.
Page 18