2022-03-31-accounts

THE FENCE TRUST FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

Contents
				Page
Registered	Social Housing Provider		Information
Report ofthe Trustees
Independent	Auditor's	Report
Statement	ofComprehensive Income
Statement	of Financial	Position
Notes to the Financial		Statements		12

Registered	Charity number		237291
Regulator ofSocial Housing		registration	A3989
number
Trustees of	the Charity		Cllr. Mr.SCarter		(Chair)
			Mr. R.J.Watson
			Mrs. D. Bentley		Smith
			Mr. P. Tyrrell
			Mr. E. Hunter
			Cllr. Mrs.A.I Harewood
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
			Macclesfield
			Cheshire
			SK10 1HW
Bankers			Natwest Bank
			2 Chesteigate
			Macclesfield
			Cheshire
			SK116BS

.
					2022	2021
Reinvestment '/0					0'/0	6'/o
New Supply (Social housing units)		'/0			00/o	0'/0
New Supply (Non-social housing	units)		'/0		po/0	po/0
Gearing '/0					30/0	1'/0
EBITDA MRI interest cover '/0					1385/0	(300)/o
Headline social housing cost 6					62,507	66,234
Operating margin (social housing		lettings)		'/0	390/o	44'/0
Operating margin (overall) '/o					35'/0	390/0
Return on capital employed '/0					30/0	30/o

STATEMENT		OF COMPR	EHE	NSIVE INCOME (Including Inc	ome and	Expenditure	Account)
						2022	2021
						Conlinulng	Congnulng
						Operse one	Operagons
						TOTAL	TOTAL
							6
Turnover					2	63,025	62,029
Donations received							50
Administrative expenditure					2	(38,727)	(34,744)
Operating surplus		I(deficit)				24,298	27,335
Interest receivable		and similar	income		4	5	47
Interest payable	and similar charges				4	(2,387)	(3,196)
Surplus)(deficit)		on ordinary	activities for the year before tax			21,916	24,186,
Tax on surplus I	(deficit) on ordinary			activities
Surplus)(deficit)		for the year	after	tax		21,916	24,186
Total comprehensive income			for the year			21,916	24,186

				2022	2021
			Note	6	6
Fixed assets
Tangible fixed assets				625.418	625,418
Improvements to property				67,588	78,743
				693,006	704,161
Current assets
Debtors				14,665	8,095
Cash at bank and in	hand			45,962	30,851
				60,627	38,946
Creditors: amounts	falling due within one year			(18,344)	(19,171)
Net current assets I(liabilities)				42,283	19,775
Total assets less current liabilities				735,289	723,936
Creditors: amounts	falling due after more than one year		10	(13,508)	(24,071)
Total net assets I(liabilities)
				721,781	699,865
Reserves
Income and expenditure		reserve	15	244,670	222,754
Endowment reserve			15	477,111	477,111
Total Reserves
				721,781	699,865

iculars ofturnover an	d adm	inist	rative expendit	ure from social	housing lettings
					2022	2021
					Total	Total
Turnover
Rent receivable net of	identifiable		service charges		63,025	62,029
Donations received						50
Turnover from social	housing		lettings		63,025	62,079
Administrative expenditure
Manager's remuneration Routine maintenance Garden upkeep Council tax					5,447 11,661 2,836	5,646 6,881 2,712 224
Electricity					282	353
Insurance Legal &Professional					4,469	3,968
Auditors fee Subscriptions					2,310 506	2,310 501
Training
Print, post &stationery					61	77
Management fees						917
Depreciation of housing	properties				11,155	11,155
Administrative expenditure		on	social housing	lettings	38,727	34,744
Operating surplus I(deficit)		on	social housing	lettings	24,298	27,335
Void losses						695

3	Accommodation owned and	Accommodation owned and	in management	in management
					Number	of	Number of
					units at		units at
					31"March		31"March
					2022		2021
	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
					2022		2021
							6
	Bank interest receivable						47
	b) Interest payable and similar charges
					2022		2021
	Bank loans and overdrafts					2,387	3,196
5	Surplus /(deficit) on ordinary		activities
	Surplus / (deficit) on ordinary	activities		is stated after charging	/ (crediting):
					2022		2021
							6
	Auditor's remuneration					2,310	2,310
	Depreciation oftangible fixed	assets			11,155		11,155
	Impairment losses current asset		investments
					13,465		13,465

	Housing
	properties	Improvements to
	for letting including non-	property	Total
	social housing
	lettlngs
Cost
At 1n April 2021	625,418	111,546	736,964
Additions
At31"March 2022	625,418	111,546	736,964
Depreciation:
At 1"April 2021		32,803	32,803
Charge for year		11,155	11,155
At31"March 2022
		43,958	43,958
Net book value:
At31"March 2022	625,418	67,588	693,006
At31"March 2021	625,418	78,743	704,161

	The net book	The net book	value of land and buildings	value of land and buildings	value of land and buildings	comprised:
							2022	2021
	Land and buildings:
	Freehold						693,006	704,161
8	Debtors
							2022	2021
							6	6
	Trade debtom						12,076	5,572
	Other debtors						801	801
	Prepayments		and accrued income				1,788	1,722
							14,665	8 895
9	Creditors:	amounts		falling due within		one year
							2022	2021
								F
	Bank loans	and overdrafts					8,250	8,250
	Rents paid	in advance					2,029	1,606
	Stanley and Brocklehurst				Almshouses		3,154	3,154
	Other creditors						2,601	2,601
	Accruals and deferred			income			2,310	3,560
							18,344	19171
10	Creditors:	amounts		falling due after more than one year
							2022	2021
								6
	Bank loans	and overdraRs					13,508	24,071
	Stanley and	Brocklehurst			Almshouses
							13,508	24,071

Reserves
a) Total reserves
					2022f	2021f
Income &expenditure	reserve brought		forward		222,754	198,568
Endowment reserve brought forward					477,111	477,111
Balance brought forward					699865	675 679
Income and expenditure	surplus(	(deficit) at year end			21,916	24,186
Total reserves carried forward					721 781	6996!~
b) Shown as
					2022f	2021f
Income and expenditure	reserve	(unrestricted		reserve)	244,670	222,754
Endowment reserve (restricted reserve)					477,111	477,111
Balance canted forward					721,781	699865