THE FENCE TRUST FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2Q24 Contents Page Registered Soclal Houslng Provlder Information Report of the Trustees Independent Audltols Report Statement of Comprehensive Income statement of Financial Position Notes lo the Financlal Statements 10 11 12
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Reglstered Charlty number 237291 Regulator of Soclal Houslng reglstratlon number A3989 Trustees of the Charlty Cllr.Mr. N. P. Mannion (Chair) Mrs. D. Bentley Smith Mr. P. Tyrrell Mr. E. Hunter Manager Reglstered offlce Ms. F. Wilson 2 Sherwood Road Macclesfield Cheshlre SK117RR Audltor Harts Ltd Weslminsler House 10 Vveslminster Rd Macclesfield Cheshire SK10 IBX Sollcltor Wain8 Solicitors 39- 43 Churchside Macclesfield Cheshire SK10 1HW Bankers Nalwest Bank 2 Cheslergate Macclesfield CheshiTe SK116BS
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES REPORT The Board of Trustees of The Fence Trust presents their report and th8 audited flnancial statements of the Registered Provider IRPI for the year ended 31 March 2024. Structure, governance and management The Trustees of the Board who have served during the year were as follows.. Cllr. Mr. N. P. Mannion Mrs. D. Bentley Smith Mr. P. Tyrrell Mr. E. Hunter The Trust is governed by a Charlty Commlsslon scheme dated 27 February 1986 and a further scheme made on the 8 June 1992 and is a Registered Charity. It is also a Registered Social Housing Provider. Oblectlves and actlvltles The Fence Trust is a Reolstered Charity and a Registered Social Landlord. The charity provides accommodation for poor married couples and single people 55 years of age and over. The charity operates excSusively within the Borough of M8cclesfleld las a131 March 19741. The charity owns and maintains seven properties. specifically designated for elderly people. The weekly maintenance contributions from the residents are the only source of funds available to the Trustees to provide a safe environment for potentially vulnerable people, to maintain and improve the properties and lo perform statutory safety checks. There is additionally a small investment income from funds held in the COIF Charities Deposit Fund. Fence Trust Is allowed to make charitable payments to residents where appropriate. The Trustees of the charlty maintaln that they have complied with the duly described In section 4 of the Charities Act 2011 to have due regard lo public benefit guidance published by the Commisslon. The Trustees have considered this and believe that the charity provldes public benefit by mainlainlng seven almshouses as quality housing for elderly people at a cost well below market levels. Achlevements and performanco The charity continues lo provide 10 units of accommodation in a listed development near the centre of Macclesfield,. including three endowment properties let at near market rents and a commercial offlce in the original hospice. Overall, the financial results show a surplus and the medium term buslness plan shows the charity being cash positive for the foreseeable future. New windows have been installed at 1, 2 and 3 Fence Court and repairs lo the facias and gullering 811 and 2 Fence Court have been required. Further damp was discovered at Fence House and essenllal work has taken place to deal with Ihls. The key items have been work on windows, mortar, flashirsg the eves and eve braces.
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES REPORT Flnanclal revlew Trustees have a reasonable expectation that the charity has adequate resources to continue operations for the foreseeable future. Reserves are held In view of the high interest mortgage loans still being repaid and also lo manage fluctuatlons in income due to voids. Whilst the Almshouses are generally fully occupied at present there have been periods when empty properties have resulted in a signlficant reduction of income. In the case of Fence House in particular repairs can be expensive due lo the helght of the building and also Ils special architectural features. Some reserves are also needed for repair work which is done en bloc to minimise scaffolding costs. Analysls uslng flnanclal and non-flnanclal key performance Indlcators The figures (expressed as £000) In the table below are taken from the Annual Report & Financial Slalemenls for the year ended 31 March 2024. 2023 63.1 52.5 10.6 Turnover Administrative expenditure Operatlng surplus Interest receivable & payable and other charges Total comprehensSve Income for the year Income & expenditure reserve 253.9 As$essment of how we are achlevlng value for money Includlng performance metrlcs The Trustees believe that the quality of workmanshlp from their selected local contractors to be Important for their client group. 2024T 2023 oo 0° 0% Reinvestment O New Supply (Social housing unilsl Vo New Supply INon-soci81 housing unilsl OA Gearing V EBITDA MRI interest cover Vo Headllne social housing cost £ Operating margin (social houslng letlingsl O Operating margln loveralll '/. Return on capital ernployed '/. oo -7¥0 2579 /0 1351Vo £4,356 1 £3,758 6°/ 1D Major Rlsks and uncertalntles are consldered to be The homes no longer provide accommodation or facilities suitable for our client group b. There are significant changes to the housing benefit system HM Government forces rent reductions onto the supported housing sector d. The age of the properties necessitates significant expenditure e. The Trustees lose key members and are not able to replace them with member5 wllh relevant skills Assessment of compllance wlth the Govornance and Flnanclal Vlablllty standard Trustees have developed a medlum li.e. flve yearl flnancial model which shows that the charlly remains cash positive. This model has been reviewed by the Regulator of Social Housing.
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES REPORT Code of Govemance The Trustees have adopted the Charity Commisslon Good Governance Code. Board's responslbllltles The Board Is responsible for preparing the report and financlal statements in accordance with applicable law and regulations. Registered social housing legislation requires the Board lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the association and of ils income and expenditure for that period. In preparing these financial statements, the Board Is required to: select suitable accounting policies and then apply them conslstently., make judgements and estimates that are reasonable and PTudent', stale whether applicable accounting standards have been followed, subjeel to any materlal departures dlsclosed and explained in the financlaS statements., and prepare the financial statements on the going concern basis unless il Is Inapproprlate lo presume that the association will continue business. The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial poslllon of the association and enable il lo ensure that the financial statements comply with the Houslng and Regeneration Act 2008 and the Accountlng Dlreclion for private registered provlders of social housing In England 2022. 11 has general responsibility for taking reasonable steps lo safeguard the assets of the association and lo prevent and delect fraud and other irregularities. The Board is responslble for the maintenance and integrity of the corporate and financial Information included on the association's website. Legislation in the United Klngdom governing the preparation and dissemination of financial statements may differ from legislation in other lurisdiclions. We, the Trustees of the Board who held office al the date of approval of these Flnancial Statements as set out above each confimi, so far as we are aware, that.. there is no relevant audit information of whlch the company's auditors are unaware.. and we have taken all the steps that we ought to have taken as Trustees in order to make ourselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. By order o the Board Cllr Mr. N. P Mannion, Chair of Trugtees Dated . 101.119...
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2Q24 INDEPENDENT AUDITOR'S REPORT Oplnlon We have audited the financl81 statements of The Fence Trust for the year ended 3151 March 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet and the related notes. The linancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" In our opinion the financial statements.. give a true and fair vlew of the state of the charity's affairs as at 31st March 2024, and of its incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011, the Houslng and Regeneration Act 2008 and the Accounting Direcllon for pr1vate reglslered providers of soclaS houslng In England 2022. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and app11cable law. Our responsibilities under those standards are further descrlbed in the Auditofs responsibilities for the audit of the financial statements section of our report. We are independent of the association In accoTdance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfllled our other ethical responsibilllies in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate lo provide a basis for our oplnion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the board's use of going concern basis of accounting in the preparation of the financial sllaements is appropriate. Based on the work we have performed, we have not identified any mateTial uncertainties relating lo events or conditions that, individLJally or collectively, may casr significant doubl on the association's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responslbililies of the board with respect to going concem are described in the relevant sections of this report. Other Infomiatlon The Board is re8ponslble for the Dlher information. The other information comprises the Informatlon Included in the annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the extent olherwlse explicitly staled in our report, we do not express any fom) of cissurance conclusion thereon.
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT In connecllon with our audit of the financial statements, our responsibility is lo read the other Informalon and, in dolng so, consider whether the other information is materially inconsistent wlth the financial slalements or our knowledge obtained in the audit or olhenmise appears lo be materiably misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material mlsstalement In the financial statements or a material misstatement of the other inform81ion. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required lo report that fact. We have nothing to report1n this regard. Matters on whlch we are requlred to report by exceptlon We have nothing to Teport in respect of the following matters where the Charities Act 2011 require5 US to report to you If, in our oplnion.. the information given In the Board Report Is inconsislenl in any material respect with the fin2ncial statements., or sufficient accounting records have not been kept: or the financial statements are not in agreement wllh the accountlng records and returns. or we have not recelved all the Informallon and explanations we requiro for our audit. In addllion, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requlres us to report to you if, In our opinion: a satisfactory system of control over transactions has not been malntalned. Responslbllltles of the Board As explained more fully in the Board's responslbilities statement set out on page 5, the Board members (who are also the Trustees of the charily for the purposes of charity law} are responsible for the preparation of the f1nancial slalements and for being satisfied that they give a true and fair vlew, and for such internal control as the Board determlne is necessary to enable the preparation of financial slalements that are free from material misslalement. whether due lo fraud or error. In preparing the financial statements. the Board is responslble for assessing the associallon's abillty to continue as a going concern, disclosing, as applicable, matters related to going concern and uslng the golng concern basls of accounting unless the Board either Intends to Ilquidale the association or lo cease operations, or has no realistic allernalive but lo do so. Audltor's responslbllltles for the audlt of the flnanclal statements Our objecllves are to obtain reasonable assurance about whether th8 financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditorfs report that Includes our opinion. Reasonable assurance is a high level of assurance, bLJt is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exlsls. Misslalements can arise from fraud or error and are considered material if. individually or in the aggregate, Ih8y could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalements.
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT The objecllves of our audit, In respect lo fraud, are-. to identify and assess the rlsks of materlal misslatemenl of the financlal statements due lo fraud,. to obtain sufficient appropriate audlt evidence regarding the assessed risks of material mlsslatement due to fraud, through designing and implementing appropriate responses; and lo respond appropriately lo fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows.. We obtalned an understanding of the legal and regulatory frameworks that are applicable lo the Charity and d8termlned that the most signiflcanl are the Charities Act 2011, and Housing and Regeneratlon Act 2008. We understood how The Fence Trust Is complying wllh those frameworks by making Inquiries of management responsible for Charity legislation and certification procedures. We corroborated our enquiries through discussion with the Trustees and reviewing mlnutes of trustees meetings lo identify any non-compllance with laws and regulations. We assessed the susceptibility of th8 Charity's financl81 statements lo malerlal misstatement, including how fraud might occur by discussion with Iruslees to understand where ils considered there was a susceplibilily to fralbd. We considered the controls that the Charity has established lo address risks Identified, or that olhemise prevent, deter and delect fraud. To address the risk of fraud through management bias and override of controls, we performed analytical procedures lo identify and unusu81 or unexpected relatlonships,. Investigated the rationale behind slgnificant or unusual Iransactlons,. and tested journal entries lo identify unusual transactions. There are inherent limllations in our audit procedures described above. The more removed that laws and regulalions ar8 from flnancial transactions, the less likely it Is that we would become aware of non compliance. Auditing standards also limit the audit procedures required to identify non-compllance with laws and regulations enquiry of the Iruslees and other management and inspection of regulatory and legal correspondence. if any. Material misstatement that arises due to fraud can be harder to detect than those Ihal arise from error as they may involve deliberate concealment or collusion. Based on thls understanding we deslgned our audit procedures lo identify non-compliance wlth such laws and regulation5 that could materially Impact the financial statements. Taking into accounts our understanding of the Charity, our procedures involved enquires of management and focussed testing as appropriate with conslderalion lo risk assessment. A further descriptlon of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website 21.. www.frc.or .uklaudilorsTes onsib11ities. This description forms part of our auditor's report.
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITOR'S REPORT Use of our report This report is made solely lo the association's Board, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might slate to the association's Board those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest exlenl permltled by law, we do not accept or assume responsibility lo anyone other than the association and the assoclation's Board as a body, for our audit work, for this report, or for the opinions we have formed. Melissa Bowers FCCA For and on behalf of Harts Llmlled Chartered Accounlanls and Statutory Auditors Wpslminsler House 10 Westminster Rd Macclesfield Cheshire SK1C) 1BX Dated
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF COMPREHENSIVE INCOME (Including Income and Expendlture Account) 2024 2023 Contlnulno Oporatlons TOTAL Contlnulng OpeT¥IIDns TOTAL Noto Turnover Donations received Adminislralive expenditure 63,075 63,075 159.068) (52,4901 Operatlng surplus I Ideflclt) 4,007 10.585 Interest receivable and slmilar income Interest payable and similar charges 512 15851 189 {1,5111 Surplus I Ideflclt} on ordlnary actlvltles for th¢ year before tax 3,934 9,263 Tax on surplus I Ideficill on ordinary activities Surplus I Ideflclt) for the year after tax 3,934 9,263 Total comprehenslve Income for th8 year 3,934 9,263 Dated '. Signed on behalf of the Board of Trustees Cllr.Mr. N.P. Mannion, Chair of Trustees Mrs. D. Bentley Smith, Trustee 10
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL POSITION 2024 2023 Flxed assets Tangible fixed assets Improvements to property 625,418 45,279 625,418 56,434 670.697 681,852 Current assets Debtors Cash al bank and in hand 4,995 72,639 6.834 59,756 77,634 66,590 Creditors.. amounts falllng due wlthln one year (13,353) {15,3281 Net current assets l {Ilabllltles) 64,281 51.262 Total assets less current Ilabllltles 734.978 733,114 Credltors.. amounts falllng due after more than one year 10 12,0701 Total net assets1 {Ilabllltlesl 734,978 731,044 Reserves Income and expenditLJre reseTve Endowment reseNe 15 15 257,867 477,111 253,933 477,111 Total Reserves 734.978 731,044 The financlal statements were approved and aulhorised for Issue by the Board of Trustees on Dated Z i .1.0g1.z.LF.,.,.... Signed on be If of the Board of Trustees Cllr.Mr. N.P. Mannion, Chair of Trustees Mrs. D. Ben ley Smlth, Trustee The notes on pages 12 10 19 fomi part of these accounts.
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Summary of slgnlflcant accountlng pollcles (a) General Informatlon and basls of preparatlon The Fence Trust is a Registered Charity {23729118nd a private Registered Provider of Soclal Housing IA39391 in the United Kingdom. The address of the reglstered office is given in the RP information on page 2 of these financial slalemenls. The naturts of the RP'S operations and principal activities are that of an Almshouse Charity provlding acGommodalion for poor single people or married couples of age 55 years and over within the borough of Macclesfield. The RP constltules a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 the Financial Reporting Standard Applicable in the UK and Republlc of Ireland IFRS 1021, the Statement of Recommended Practice for Social Housing Providers 2018 and with the Accounting Direction for private registered providers of 80cial housing In England 2022. The financial statements are also prepared under the requirements of the Housing an Regeneration Act 2008. The financial statements have been prepared on a going concern basis under the hlstorical cost convention, modified lo include certaln items at fair value. The financlal slalements are prepared in sterling, which is the functional currency of the RP, and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been conslstently applied to all years presented unless olherwlse stated. Ibl Tanglble flxed assets Tangible flxed assets (including social houslng propertie51 are slated at cost lor deemed costl or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable lo making the asset capable of operating as intended such as the cost of acquiring land and buildings, developments costs, interest charges on loans during the development perlod and expenditure on improvements. Expenditure on improvements will only be capitalised when il results in Incremental future benefits such as increasing rental Income, reducing maintenance costs or resulting In a significant extension of the useful economic life of the propety. Depreciallon is provided on all tangible flxed assets, al rates calculated lo write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows.. Housing properties, houses Propertles for non-social housing Sellings Nil Improvements lo property 10°/o on cost Major components of housing properties, surh as property improvements and heating systems, have been accounted for and depreciated separately from the connected housing property, over their expected useful economic lives and are included in property, plant and equiprnenl The useful economlc lives of all tangible fixed assets are reviewed annually. 12
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Ic) Debtors and credltors rece5vable I payable wlthln one year Debtors and creditors with no slated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairmenl are recognised in the statement of comprehensive income in other adminislralive expenses. Rights ol social landlords to have improvement works carried out to properties by a third party (such as a local authority) are recognlsed as prepayments where payment has ocCUed in advance of the works being carried out and receipts in adv8nce from the same third party recognised as liabllllies. Assets and liabilities or income and expenditure are not offset. Id} Investments Investments are recognised initially al fair value which is normally the Iransacllon price excludlng transaction costs. Subsequently, they are measured 8t fair value through the statement of comprehensive income if the shares are publlcly traded or their fair value can othemise be measured reliably. Other investments are measured al cost less impairment. lel Loans and borrowlngs Loans and borrowings are inillally recognised al the transaction prlce Including transaction costs. SubseqLtently, they are measured al amortised cost using the effective Intere51 rate method, less impalrmenl. If an arrangement constitutes a financlng transaction it Is measured at present value. ln Turnover and other Income Turnover represents rental and service charges income receivable in the year net of rent and seNice charge losses from voids Property Manag8d by Agents Where the RP carries the financlal risk on property managed by agents, all the income and expenditur8 arising from the property is included in the slalemenl of comprehenslve income. Where tlie agency carries the fin8ncial risk, the slalement of comprehensive Income Includes only that Income and expenditure whlch relates solely to the RP. Interest and dividends receivable Inleresl income 18 recognised uslng the effective interest method and dividend income is recognised as the RP'S right lo recelve payment is established. Igl Endowment Reserves Endowment reseNes are those reseeS which are only expendable In accordance with the wishes of the funder or regulatory body. Endowment funds represent those assets which musl be held permanently, revenue and expenditure cannot be directly sel against endowment reserves but is taken through the statement of comprehensive income and then a transfer lo endowment resetves is made as appropriate. 13
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 2 Partlculars of turnover and admln15tratlv8 expendlture from soclal houslng lettlngs 2024 2023 Total Total Turnover Rent receivable net of identifiable seNice charges 63,075 63,075 Donatlons recelved Turnover from soclal houslng lettlngs 63,075 63,075 Admlnlstratlve expendltuve Manager's remuneration Routine maintenance Garden upkeep Council tax Eleclrlcily Insurance Legal & Professlonal Audltors fee Subscriptions Training Print, post & stationery Management fees Bad debts 7,020 26,910 2,875 6,500 10.928 2,130 782 2,498 244 3.212 2,448 348 2,586 521 32 214 5,000 15,000 Depreciation of housing properties 11,155 11,155 Admlnlstratlve expendlture on soclal houslng lettlngs Operatlng surplus I Ideflcltl on soclal housing lettlngs 59,068 52,490 4,007 10,585 Void losses 14
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YIAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Accommodatlon owned and In management Number of unlts at 316t March 2024 Number of unlts at 31Bt March 2023 Completed units.. General needs houslng Housing for older people Commercial property 11 11 Interest and otl)er flnance Income and charges 81 Interest receivable and slmilar income 2024 2023 Bank Interest receivable 512 189 bl Interest payable and simllar charges 2024 2023 Bank loans and overdrafts 585 1,511 Surplus I IdeflGIt) on ordlnary actlvltles Surplus / Ideficill on ordinary activities Is slated after charging I Icrediling): 2024 2023 Audltor's remuneration Depreciation of langSble fixed assets Impairment losses ¢urrent asset investments 2,448 11,155 2,586 11,155 13,603 13,741 15
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS Remuneratlon The total remuneration for the Board of Trustees amounted to £ nil {2023- £ nill. The remuneration figure of £7,02012023 - £6,500) is in respect of the Manager, Ms F Wilson who has been employed on a part lime basis since October 2016. Tanglble flxed assets- houslng propertles Houslng propertl88 lor lettlng Includlng non- social houslng Improvements to property Total Cost: Al isl Aprll 2023 Additions 625.418 111,546 736,964 Al 31$1 March 2024 Depreclation: At 1sI April 2023 Charge for year 625.418 111,546 736,964 55.112 11.155 55,112 11,155 Al 3181 March 2024 66,267 66,297 Nel book value.. At 31s1 March 2024 625,418 45,279 670.697 Al 3151 March 2023 625.418 56,434 681.852 The Fence 8nd Endowment Houses together with the Almshouses were constructed In the late Nineteenth Century. There is no record of the original cost. The housing properties are Included in the financial statements al their hlstoric estimated value. The development and improvement costs that relate to Improvements carried out since 1992 which were funded by a Housing Corporation grant and a mortgage loan from the Housing Corporation secured by a charge on houslng, land and buildings and from The Fence Trust's own resources. The Charitles SORP IFRS1021 states that a tangible fixed asset must be depreciated over ils useful economic life. The Charity should choose a depreciation method which relects the use of the asset and the expected liming or consumption of ils economic benefits. This residual value of the properties has been considered and not deemed to be lower than cost, as such no depreciation has been applied. Depreciation is provided on property improvements al a slralght line rate of 1 OD/• on cost. This Is in accordance with FRS102, a charity may choose to adopt an accounting pollcy of revaluation but If il does so then all assets in that class must be revalued. 16
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS The net book value of land and buildings comprised: 2024 2023 Land and buildings.. Freehold 670,697 681.852 Debtors 2024 2023 Trade debtors other debtors Prepayments and accrued Income 3.233 801 961 5,218 801 815 4,995 6,834 CredltOTS: amounts falllng due wlthln ono year 2024 2023 Bank loans and overdrafts Rents paid in advance Stanley and Brocklehurst Almshouses Other credllors Accruals and deferred income 8.250 2,029 2,029 2,601 8,723 2,601 2,448 13,353 15.328 10 Credltors.. amounts falllng due after more than one yoar 2023 2023 Bank loans and overdrafts 2,070 2,070 The mortgages tolalling £NII (2023- £10,320) are secured by a charge on the Fence Trust's housing, land and buildings. The mortgage is rep&yable by equal inslalments of princlpal and interest, the final Inslalmenl paid 2024. 17
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 11 Contlngent Ilabllltles As al the 31 March 2024 there were no conlingenl Ilabili118S. 12 Related party transactlons The Stanley & Brocklehurst Almshouses shares the same Board of Trustees as the Fence Trust. The Fence Trust also shares the same Manager as the Stanley & Brocklehurst Almshouses, Ms F Wilson is remunerated by the Stanley & Brocklehurst Almshouses of whlch 50Vo is recharged to the Fence Trust. Over the course of the year £7,020 12023 £6.5001. was paid to the Stanley & Brocklehurst Almshouses In respect of Ms F Wilson's salary. there is no balance outstanding in respect of salarles at the year end of 31 March 202412023- nll}. There were £32 (2023 - £1311 re-lmbursements this year in respect of printlng supply Items lo Ms F Wllson. 13 Avorage number of employees The average number of employees during the year was 1 12023 . 1), Ms F Wilson the Trust Manager h8s been employed on a part lime basis since October 2016. The 4 Trustees 12023 '. 41 are not remunerated for thelr services to the Trust. 14 Post balance sheet events The board of Iruslees have confimed that there are no significant post balance sheet events. 18
THE FENCE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS 15 Reserves a) Total reserves 2024 2023 Income & expenditure reserve brought fOard Endowment reserve brought forward 253,933 477,111 244,670 477,111 Balance brought forward 731.044 721,781 Income and expendlture surplus I Ideficil) al year end 3,934 9,263 Totsl reserves carried forward 734,978 731,044 bl Shown as 2023 2023 Income and expenditure reserve {unreslricled reserve) Endowment reserve Irestricled reserve) 257,867 477,111 253,933 477,111 Balance carried fOard 734,978 731,044 19