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 Informal￿on
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 ocCU￿ed 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 rese￿eS 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 fO￿ard
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 fO￿ard
734,978
731,044
19