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|