THE FENCE TRUST
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
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|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|
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|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|||
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|.|||||||
|---|---|---|---|---|---|---|
||||||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|
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|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|
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|||||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|
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|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|
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|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|
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||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|
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||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|
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|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|