2021-03-31-accounts

THE FENCE TRUST FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

Contents
				Page
Registered	Social Housing Provider		Information
Report ofthe Trustees
Independent	Auditor's	Report
Statement	of Comprehensive Income
Statement	of Financial	Position		10
Notes to the Finanaal		Statements

Registered	Charity number		237291
Regulator ofSocial Housing		registration	A3989
number
Trustees of	the Charity		Cllr. Mrs A. I.		Harewood		(Chair)
			Mr. R.J.Watson
			Mrs. D. Bentley			Smith
			Mr. P Tyrrell
			Cllr. S.Carter
			Mrs. E.Talbot
			Mr. E. Hunter
Manager			Ms. F.Wilson
Registered	office		2 Sherwood	Road
			Macclesfield
			Cheshire
			SK117RR
Auditor			Harts Ltd
			Westminster		House
			10Westminster			Rd
			Macclesfield
			Cheshire
			SK101BX
Solicitor			Wains Solicitors
			39 —43 Churchside
			Macclesgeld
			Cheshire
			SK101HW
Bankers			Natwest Bank
			2 Chestergate
			Macclesfield
			Cheshire
			SK116BS

elieve that the quality ofworkmans .	h	ip from	their sele	cted local contra	ctors to
				2021	2020
Reinvestment '/0				6'/o	3'/0
New Supply (Social housing units)		'/o		0'/o	0'/o
New Supply (Non-social housing	units) %			0/0	0/o
Gearing '/0				1O/o	(10/,)
EBITDA MRI interest cover '/0				(300/0)	(120) /0
Headline social housing cost 8				86,234	84,376
Operating margin (social housing		lettings)	'/o	44'/o	34'/0
Operating margin (overall) '/0				39'/0	18'/a
Return on capital employed '/o				3'/0	1'/o

STATE	MENT	OF COMPR	EHEN	SIVE INCOME (Including Inc	ome and	Expenditure	Account)
						2021	2020
						Continuing	Continuing
						Operations	Operations
						TOTAL	TOTAL
							5
					rents
Turnover					2	62,029	51,314
Donations	received					50	50
Administrative expenditure					2	(34,744)	(33,784)
Operating	surplus	I(deficit)				27,335	17,580
Interest receivable		and similar income			4	47	249
Interest payable and similar charges					4	(3,196)	(3,978)
Impairment	losses	current asset investments			8	-	(4,500)
Surplus I	(deficit)	on ordinary	activities for the year before tax			24,186	9,351
Tax on surplus I (deficit) on ordinary				activities
Surplus I	(deficit)	for the year	after	tax		24,186	9,351
Total comprehensive income			for the year			24,186	9,351

					2021	2020
				aoe	F	5
Fixed assets
Tangible fixed assets					625.418	625,418
Improvements to property					78,742	44,909
					704,160	670,327
Current assets
Current asset investments
Debtors					8,095	2,938
Cash at bank and in	hand				30,851	63,545
					38,946	66,483
Creditors: amounts	falling		due within one year	10	(19,171)	(24,154)
Net current assets I(liabilities)					19,775	42,329
Total assets less current			liabilities		723,935	712,656
Creditors: amounts	falling		due after more than one year	11	(24,070)	(36,977)
Total net assets I(liabilities)
					699,865	675,679
Reserves
Income and expenditure		reserve		16	222,754	198,568
Endowment reserve				16	477,111	477,111
Total Reserves
					699,865	675,679

culars ofturnov	er	and	admi	nist	rative expenditu	re from social	housing lettings
							2021	2020
							Total	Total
Turnover
Rent receivable	net	of	identifiable		service charges		62,029	51,314
Donations received							50	50
Turnover from	social		housing		lettings		62,079	51,364
Administrative	expenditure
Manager's remuneration							5,646	5,217
Routine maintenance							6,881	9,959
Garden upkeep							2,712	2,832
Council tax							224	763
Electricity							353	335
Insurance							3,968	2,785
Legal & Professional								2,182
Auditors fee							2,310	2,310
Subscriptions							501	486
Training								96
Print, post & stationery							77	163
Management fees							917
Depreciation of	housing		properties				11,155	6,656
Administrative	expenditure			on	social housing	lettings		33,784
Operating surplus		I(deficit)		on	social housing	lettings	27,335	17,580
Void losses							695	10,384

3	Accommodation	Accommodation	owned	owned	and	and	in management	in management
									Number	of	Number of
									units at		units at
									31"March		31"March
									2021		2020
	Completed	units:
	General	needs	housing
	Housing	for older people
	Commercial property
4	Interest and other		finance			income and charges
	a) Interest	receivable and			similar income
									2021		2020
										E	E
	Bank interest receivable									47	249
	b) Interest payable		and	similar			charges
									2021		2020
										E	E
	Bank loans	and overdrafts								3,196	3,978
5	Surplus / (deficit)		on ordinary				activities
	Surplus / (deficit) on ordinary					activities		is stated after charging	/ (crediting):
									2021		2020
										E	E
	Auditor's remuneration									2,310	2,310
	Depreciation	oftangible		fixed		assets			11,155		6,656
	Impairment	losses	current asset investments								4,500
									13,465		13,466

	Housing	Housing
	properties		Improvements to
	for letting including non-		property	Total
	social housing
	lettings
Cost
At 1"April 2020		625,418	66,558	691,976
Additions			44,988	44,988
At 31"March 2021		625,41 8	111,546	736,964
Depreciation:
At 1"April 2020			21,649	21,649
Charge for year			11,155	11,155
At 31"March 2021
			32,804	32,804
Net book value:
At 31"March 2021		625,418	78,742	704,160
At 31"March 2020		625,418	44,909	670,327

	The net book value of land and buildings	The net book value of land and buildings	The net book value of land and buildings	comprised:
					2021	2020
					E	F
	Land and	buildings:
	Freehold				704,160	670,327
8	Current asset investments
					2021	2020
					6	8
	Other Investments Impairment losses		—Treasury Stock 7 %4%2012/2015			4,500 (4,500)

			2021	2020
			6	6
Trade debtors Other debtors			5,572 801	1,616
Prepayments and accrued income			1,722	1,322
			8,095	2,938
Creditors: amounts	falling due within one year
			2021 E	2020f
Bank loans and overdraffs Rents paid in advance			8,250 1,606	8,250 1,604
Stanley and Brocklehurst		Almshouses	3,154	10,000
Other creditors Accruals and deferred	income		2,601 3,560	1,800 2,500
			19,171	24,154

		2021	2020
		8	8
Bank loans and overdrafts		24,070	33,824
Stanley and Brocklehurst	Almshouses		3,154
		24,070	36,978

Reserves
a) Total reserves
						2021	2020
						F	F
Income &expenditure	reserve		brought	forward		198,568	189,217
Endowment reserve brought		forward				477,111	477,111
Balance brought forward						675,679	666,328
Income and expenditure	surplus		I(deficit) at year end			24,186	9,351
Total reserves carried forward						699,865	675,679
b) Shown as
						2021	2020
						F
Income and expenditure	reserve (unrestricted				reserve)	222,754	198,568
Endowment reserve (restricted			reserve)			477,111	477,111
Balance carried forward						699,865	675,679