**REGISTERED CHARITY NUMBER: 244569** **Report of the Trustees and** **Financial Statements for the Year Ended 31st March 2023** **for The Hopmarket Charity** The Richards Sandy Partnership Thorneloe House 25 Barbourne Road Worcester Worcestershire WR1 1RU **The Hopmarket Charity** ## **Contents of the Financial Statements for the Year Ended 31st March 2023** ||**Page**| |---|---| |**Report of the Trustees**|1 to 4| |**Independent Examiner's Report**|5| |**Statement of Financial Activities**|6| |**Balance Sheet**|7| |**Notes to the Financial Statements**|8 to 14| |**Detailed Statement of Financial Activities**|15| ## **The Hopmarket Charity** ## **Report of the Trustees for the Year Ended 31st March 2023** The trustees present their report with the financial statements of the charity for the year ended 31st March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The charity has been set up to benefit "needy persons" in the city of Worcester. "Needy persons" means persons who by reason of poverty, sickness or infirmity whether young or old are in need of financial assistance, care or attention. "Needy persons in the city of Worcester" are persons whose need arises in the city, whether or not they permanently reside there. In accordance with Charity Commission guidance, the trustees regard people suffering from poverty as including persons who do not have the resources to provide for themselves, either on a short or a long-term basis, with the normal things of life which most people take for granted. The trustees aim to address both the causes and the consequences of poverty by allocating grants to assist with both the prevention and relief of poverty. In view of the limited resources of the charity, the trustees take the view that the objects of the charity can best be fulfilled by supporting other organisations which have been established for purposes within the charity's objects, rather than devoting the resources of the charity to the support of a limited number of individuals. ## **Significant activities** The Charity owns a building known as the Hopmarket complex (formerly The Hop Market Hotel) in Foregate Street, Worcester, together with annexed premises at 13, 14, 15 and 16 The Foregate, Worcester. The complex comprises a number of retail units with residential accommodation above. The income from leasing the premises of the Charity is held on trust to apply the same for the benefit of needy persons in the city. Needy persons are defined in the Act as persons who by reason of poverty, sickness or infirmity whether young or old are in need of financial assistance, care and attention. The flats above the retail units are leased to Platform Housing Group. Although no rent is payable, Platform Housing Group bears 75% of the cost of the repairs and maintenance to the building. ## **Public benefit** The trustees confirm that they have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance issued by the Charity Commission on public benefit when deciding on the charity's activities. ## **ACHIEVEMENT AND PERFORMANCE** ## **Property Management** Fisher German LLP advised the Charity during the year that they did not wish to continue beyond May 2023. The Trustees authorised Council officers to work with the Chair and Vice-Chair to source a new management agency proposal. The advice from City Council Property Services was that a "full service" single contract, providing both the managing agent services as well as lettings, would be the most suitable way to proceed. GJS Dillon indicated they would be potentially interested in the opportunity. Therefore, bearing in mind that the Charity does not have to undertake a formal procurement process but needs to be satisfied it has met its fiduciary duties appropriately, the Council's Corporate Director - Planning and Governance proposed to the Chair and Vice-Chair a sequential negotiation process. Upon completion of this process, a final Proposal from GJS Dillon was put before the Board of Trustees. The Proposal is more expensive than the previous charge. However, Fisher German LLP considered they under-priced the Hopmarket contract and would not be able to honour a price of this order, even if they were willing to continue. Officers were satisfied that the Proposal as presented will not create a financial pressure for the Charity. The Trustees agreed with the recommendation to accept the Proposal. Trustees concluded that the initial term should be for 3 years with the option to roll on. The contract with Fisher German LLP terminated on 31st March 2023 and GJS Dillon commenced with effect from 1st April 2023. ## **Platform Housing Group** A number of online meetings were held between Trustees, Officers and senior staff from Platform Housing Group during the year to discuss various matters of mutual interest, including roof repairs, window replacement and the fire alarm system. Page 1 **The Hopmarket Charity** ## **Report of the Trustees for the Year Ended 31st March 2023** ## **ACHIEVEMENT AND PERFORMANCE (continued)** ## **Hopmarket Promotion and Income Generation** Janet Yates, the City Council's Economic Development Officer (Enterprise and Business Growth) advises the Board and traders on marketing initiatives including social media, and income generation. The Trustees receive regular briefing notes at their Board meetings. During the year the trading position showed signs of improvement. The Charity has a promotions budget and it was agreed that the budget for 2022/23 should be the underspend from 2021/22 (£106.94), the ARG Restart grant for a new website (£6,000) along with a new allocation of £6,200 for 2022/23. With an additional contribution to signage the total amount for the year was £12,980.74. New developments agreed by the Trustees during the year include proposals for the installation of new courtyard bins and wall mounted ashtrays and the location of 2 new cycle stands. ## **Legal Issues** The Board received advice and guidance throughout the year from Sian Stroud, the City Council's Corporate Director - Planning and Governance, with additional advice from Georgina Coley, Legal Services Manager. Two issues which arose during the year required specialist legal advice: 14 The Foregate (Black & Whit3) - Following a criminal conviction of the tenant for assault on the occupier of no. 15 The Foregate (Hopmarket Flowers), external legal advice was sought on behalf of the Trustees. The response was that an assault by an individual tenant on another tenant is not a matter which is relevant to the terms of the tenancy. The Trustees acknowledged that the advice from the external lawyers must be accepted and no action can be taken by the Charity as landlord to remove the tenant. The Trustees concluded that all tenants should agree to a set of good neighbour regulations. 13 The Foregate (The Emporium) - It was evident that the tenant was sub-letting part of the premises with no agreement and no income to the Charity. Specialist legal advice was sought to protect the legal interests of the Charity and a notice was served under the Law of Property Act 1925 requiring the change of use to cease. However, the tenant subsequently vacated the property in November 2022 with outstanding rent arrears of around £16,000. The Trustees agreed to instruct Officers pursue repayment of this debt. Steps have been taken to bring 13 The Foregate back to market as a lettable unit. ## **Applications for Grant Aid** The Trustees agreed a sum of £42k for grants to be awarded by the Hopmarket Charity for 2023/24. A total of 17 grant applications were received during 2022/23 with bids totalling just over £124k. In line with the grant awards process agreed at the Trustees in 2016, a summary assessment of the applications against the agreed criteria was completed by members of the Council's Finance Service. This was independently reviewed by the Council's Head of Finance, who is the Charity's Treasurer. Following this process, three Trustees, together with the Treasurer and an officer from the City Council Finance Team, met to review the assessment findings, in line with the agreed procedure. The summary assessment of applications was then reported to the Trustees at their Board meeting on 27th March 2023. The Trustees agreed that in the next financial year the Charity will make grants to 10 organisations totalling £42,279. Notification of these grant awards was given to the organisations shortly after the financial year end. ## **FINANCIAL REVIEW** ## **Financial position** The Financial review was carried out in Feb 23 for 2022/23 and was based on the current year-to-date actuals and the forecasts of future costs and income. The level of income was forecast to be less than budgeted. This was due mainly to vacant units and outstanding debt. The management and administration costs were forecast to be more than budgeted, mainly due to legal fees and an increased contingency to cover any further costs. The premises expenditure was forecast to be lower due to less repair and maintenance work being carried out. The forecast overall surplus at 31 March 2023 was c£42k. Therefore, this amount was made available for funding grant distribution in 2023/24. The surplus was forecast to be c.£21k less than budgeted and included a contribution of £6.5k to replenish the Development Fund. The forecast surplus for 31st Mar 2024 was £45.9k. Page 2 **The Hopmarket Charity** ## **Report of the Trustees for the Year Ended 31st March 2023** ## **FINANCIAL REVIEW (continued)** The Repairs Fund at 31 March 2023 was forecast to be higher than budgeted due to no major repairs having been carried out in 2022/23. There was a balance of £12.3K on the Development Fund reserve brought forward from 2021/22. The forecast spend for 22/23 was £6.2k leaving a balance of £6.1k to be carried forward to 23/24 which has been ringfenced for the new website. ## **Reserves policy** The Charity holds general unrestricted funds (which excludes amounts held in designated funds) of £47,588 (2122 - £91,933) to fund ongoing expenditure if there is a future drop in rental income received by the Charity. Details regarding designated funds held by the Charity can be found in note 14 of the notes to the financial statements. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The Hopmarket is a Charity established under Act of Parliament. Its current Governing Act is the Worcester City Council Act 1985. ## **Recruitment and appointment of new trustees** The Charity is governed by a Board of Trustees. The Board has at least 6, but not more than 7 Worcester City Councillors and at least 2, but no more than 3 Independent Trustees. The City Councillor Trustees are appointed annually in May. The Independent Trustees are appointed for a period of up to four years. The following Worcester City Councillors were Trustees appointed by the Council for the period covered by this report: - Councillor Jenny Barnes - - Councillor Allah Ditta (resigned 23 May 2023) - Councillor Nida Hassan (resigned 23 May 2023) - Councillor Jo Hodges (resigned 9 May 2022) - Councillor Stephen Hodgson - Councillor Mike Johnson (resigned 9 May 2022) - Councillor Karen Lewing - Councillor Chris Mitchell (appointed 5 November 2022 and resigned 23 May 2023) The following Independent Trustees were Trustees appointed by the Council for the period covered by this report: - Jo Hodges (appointed 24 May 2022) - Bill Simpson The Chair of the Trustees for the period was Mr Bill Simpson. Councillor Mike Johnson was Vice-Chair to May 2022. He was succeeded by Councillor Jenny Barnes The Trustees Board met four times during the period covered by this report, in August and November 2022 and January and March 2023. ## **Organisational structure** The Charity is administered by Worcester City Council from the Guildhall, High Street, Worcester. The Council's Head of Finance acts as the Treasurer of the Charity and legal support is provided by the Council's Legal Services team. ## **Trustee remuneration** The Trustees received no remuneration during 2022/23 and there were no related party transactions. ## **REFERENCE AND ADMINISTRATIVE DETAILS** **Registered Charity number** 244569 ## **Principal address** Guildhall Worcester Worcestershire WR1 2EY Page 3 The Hopmarket Charity Report of the Trustees for the Year Ended 31st March 2023 Trustees City Councillor Truste85 Councilloi Jenny Baine5 Councillor Lynn Denham Councillor Allah Ditta Councillor Nida Hassan Councillor Josephine Hodges Ctsuncillor Stephen Hodg50n Counollor Mike Johnson Councillor Karen Lewing Councillor Chiis Mitchell Councillor Elena Round Councillor James Stanley Vice-chairman Resigned 23 May 2023 (reappointed as an Independent Tiustee) Appointed 23 May 2023 Re51gned 23 May 2023 Resigned 23 May 2023 Resigned 24 May 2022 (reappointed as an Independent Trustee) Resigned g May 2022 Vice-Ch8irman Appointed 5 Novernber 2022 and resigned 23 May 2023 Appointed 23 May 2023 Appointed 23 May 2023 Ind8pendent Trustèes Jenny Barnes Josephine Hodges Bill Simpson Vice-chairman Reappointed 23 May 2023 Ilormer City Councillor Trustee) Reappointed 24 May 2022 Iformer City Councillor Trustee) Chairman Independent Examiner The Richards Sandy Partnership Thoineloe House 25 Bart>ourne Road Worcester Worcestershire WRI 1RU Treasur8r Mark Baldwin Head of Finance Wor¢ester Cily Council The Guildhall High Slieet Worceslei Worcestershire WR12EY Administrators Worcester City Council The Guildhall High Street Wtsrcester Worcesteishire VVR12EY Investment property manag8rs GJS Dillon Limited 7 Roman Way Business Centre Droitwich Woicestershire WR9 9AJ Fisher German LLP Global House Hindlip Lane Worcester WR3 8SB Approved b order of the board of trustees on 20th November 2023 and signed on its behalf by.. B Simps Trust Page 4 ## ## ## ## ## **The Hopmarket Charity** ## **Statement of Financial Activities** ## **for the Year Ended 31st March 2023** |Notes
**INCOME AND ENDOWMENTS**
**FROM**
Donations and legacies
3
Investment income
4
**Total**
**EXPENDITURE ON**
Raising funds
5
**Charitable activities**
Grants issued
**Total**
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
14
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED**
**FORWARD**|Unrestricted
funds

£
**-**
**148,603**
**148,603**
**91,857**
**88,311**
**180,168**
**(31,565)**
**(10,932)**
**(42,497)**
**1,261,933**
**1,219,436**|Development
designated
fund
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**932 **
**932**
**12,307**
**13,239**|Repairs
designated
fund
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**10,000**
**10,000**
**82,567**
**92,567 **|**2023**
**Total**
**funds**
**£**
**-**
**148,603**
**148,603**
**91,857**
**88,311**
**180,168**
**(31,565)**
**-**
**(31,565)**
**1,356,807**
**1,325,242**|2022
Total
funds
£
8,875
145,218| |---|---|---|---|---|---| ||||||154,093| ||||||79,274
24,028| ||||||103,302| ||||||50,791
-| ||||||50,791
1,306,016| ||||||1,356,807| The notes form part of these financial statements Page 6 The Hopmarket Charity Balance Sheet 31st Ma￿h 2023 2023 2022 Development designated fund Repairs designated fund Unrestricted funds Total funds Total funds Notes FIXED ASSETS Investmenl property 10 1.170,000 1.170,000 1,170,000 CURRENT ASSETS Debtors Cash at bank 103,964 50,232 103,964 156.238 127,273 116,722 13,439 92,S67 154,196 13,439 92,567 260.202 243,995 CREDITORS Amounts falling due within one year 12 1103,7111 12001 1103,9111 155.0911 NET CURRENT ASSETS 13,239 92,567 156.291 188.904 TOTAL ASSETS LESS CURRENT LIABILITIES 1,220,485 13,239 92.567 1,326.291 1.358,904 CREDITORS Amounts falling due After more than one year 13 11,0491 11.0491 12,0971 NET ASSETS 1219436 13,239 92,567 1325,242 1,356,807 FUNDS Unrestricted funds: General unrestricted funds Capital reserve fund Development fund Repairs fund 14 49,436 1,170,000 13,239 92.567 91,933 1,170,000 12.307 1,325.242 1.356,807 TOTAL FUNDS 1,325,242 1,35e.807 The financial slalemenls were approved by the Board tsf Trustees and authorised for issue on 20th November 2023 and wore signed on its behalf by.. Bsi on-T stee The notes lom part of these financial statemerils Page 7 **The Hopmarket Charity** ## **Notes to the Financial Statements for the Year Ended 31st March 2023** ## **1. ACCOUNTING POLICIES** ## **BASIS OF PREPARING THE FINANCIAL STATEMENTS** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1. ## **INCOME** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Rental income is received on a straight line basis over the period to which it relates. Grant income is recognised when there is evidence of entitlement to the grant, receipt is probable and its amount can be measured reliably. Entitlement usually arises immediately on its receipt, unless there are terms or conditions which must be met before the charity is entitled to the income. Interest income is recognised for all interest-bearing instruments on an accruals basis. ## **EXPENDITURE** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants payable are charged to expenditure when the offer is conveyed to the recipient, unless the offer is conditional in which case such grants are charged to expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. ## **INVESTMENT PROPERTY** Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. ## **TAXATION** The charity is exempt from tax on its charitable activities. ## **FUND ACCOUNTING** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **FINANCIAL INSTRUMENTS** The charity has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charity becomes party to contractual provisions of the instrument. Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Page 8 continued... **The Hopmarket Charity** ## **Notes to the Financial Statements - continued for the Year Ended 31st March 2023** ## **1. ACCOUNTING POLICIES - continued** ## **FINANCIAL INSTRUMENTS** ## **Basic Financial Assets** Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. ## **Basic Financial Liabilities** Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction cost. ## **SERVICE CHARGE MONIES** Service charge monies collected and managed by the investment property manager of the charity are managed on trust on behalf of the tenants of the investment property. Service charge monies are not considered to belong to the charity and the financial activities (including income, expenditure, assets and liabilities) relating to service charge monies have been excluded from these financial statements. ## **2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY** Accounting estimates and judgement are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ## **Significant sources of estimation uncertainty** The investment property is revalued to market value based on a year end valuation performed by the trustees (based on a prior year valuation performed by a qualified independent valuer). However, some judgement is applied in comparing the investment property to recent sales of similar properties in the area and the market value of the investment property cannot be directly measured until such time that it is sold. The value of investment property is included in note 10 of the financial statements. ## **3. DONATIONS AND LEGACIES** |Grants
Grants received, included in the above, are as follows:
Worcester City Council - Covid-19 relief
**4.**
**INVESTMENT INCOME**
Rents received|**2023**
**£**
**-**
**2023**
**£**
**-**
**2023**
**£**
**148,603**|2022
£
8,875
2022
£
8,875
2022
£
145,218| |---|---|---| Page 9 continued... **The Hopmarket Charity** ## **Notes to the Financial Statements - continued** **for the Year Ended 31st March 2023** ## **5. RAISING FUNDS** ## **INVESTMENT MANAGEMENT COSTS** ## **6.** |Investment property manager fees
Property insurance
Advertising and marketing
Electricity, water and business rates
Bad debt provision
Property repairs and maintenance
**GRANTS PAYABLE**
Grants paid to institutions
The total grants paid to institutions during the year was as follows:
Armchair
Blind Veterans UK
Disabled Sailors Association
Footsteps
Happy Days
Headway Worcester Trust
Maggs Day Centre
Mentor Link
React
Relate Worcestershire
St. Stephen's Church
Worcester Citizens Advice Bureau & WHABAC
Worcester Community Trust|**2023**
**£**
**14,990**
**50,627**
**5,568**
**1,646**
**7,808**
**11,218**
**91,857 **
**2023**
**£**
**59,605**
**2023**
**£**
**3,000**
**1,000**
**3,500**
**5,000**
**1,020**
**6,300**
**8,000**
**7,300**
**4,685**
**1,500**
**2,300**
**6,000**
**10,000**
**59,605**|2022
£
28,300
38,061
7,633
2,424
-
2,856| |---|---|---| |||79,274| |||2022
£
-| |||2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-| |||-| The total grants paid to institutions during the year was as follows: ## **7.** ## **SUPPORT COSTS** Support costs, included in the above, are as follows: |Administration charges
Independent examination fee
Trustee indemnity insurance
Legal fees
Sundries|**2023**
**£**
**16,300**
**2,190**
**682**
**9,294**
**240**
**28,706**|2022
£
16,300
2,130
394
4,946
258| |---|---|---| |||24,028| Page 10 continued... **The Hopmarket Charity** ## **Notes to the Financial Statements - continued for the Year Ended 31st March 2023** ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022. ## **TRUSTEES' EXPENSES** There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022. ## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ## **10.** |**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Grants issued
**Total**
**NET INCOME**
**Transfers between funds**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**INVESTMENT PROPERTY**
**FAIR VALUE**
At 1st April 2022
and 31st March 2023
**NET BOOK VALUE**
At 31st March 2023
At 31st March 2022|Unrestricted
funds
£
8,875
145,218
154,093
79,274
24,028
103,302
50,791
(14,834)
35,957
1,225,976
1,261,933|Development
designated
fund
£
-
-
-
-
-
-
-
4,834
4,834
7,473
12,307|Repairs
designated
fund
£
-
-
-
-
-
-
-
10,000
10,000
72,567
82,567||Total
funds
£
8,875
145,218| |---|---|---|---|---|---| ||||||154,093| ||||||79,274
24,028| ||||||103,302| ||||||50,791
-| ||||||50,791
1,306,016| ||||||1,356,807| ||||||**£**
**1,170,000**
**1,170,000**
1,170,000| ||||||| ||||||| The year end valuation of investment property has been undertaken by the trustees, based on 2021's valuation undertaken by Jason Clines MRICS on behalf of Fisher German LLP. Page 11 continued... **The Hopmarket Charity** ## **Notes to the Financial Statements - continued** **for the Year Ended 31st March 2023** |**11.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Fisher German LLP
Prepayments and accrued income
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Tenant deposits
Worcester City Council
Accrued expenses
Deferred income (see note 15)
**13.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
Deferred income (see note 15)
**14.**
**MOVEMENT IN FUNDS**
Net
movement
At 1.4.22
in funds
£
£
**Unrestricted funds**
General unrestricted funds
**91,933**
**(31,565)**
Capital reserve fund
**1,170,000**
**-**
Development fund
**12,307**
**-**
Repairs fund
**82,567 **
**-**
**1,356,807 **
**(31,565)**
**TOTAL FUNDS**
**1,356,807 **
**(31,565) **
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General unrestricted funds
**148,603**
**TOTAL FUNDS**
**148,603**||**2023**
**£**
**1,688**
**43,696**
**58,580**
**103,964 **
**2023**
**£**
**2,204**
**96,198**
**4,461**
**1,048**
**103,911**
**2023**
**£**
**1,049**
Transfers
between
funds
£
**(10,932)**
**-**
**932**
**10,000**
**-**
**-**
Resources
expended
£
**(180,168)**
**(180,168) **|2022
£
5,994
70,831
50,448
127,273
2022
£
4,048
28,574
21,420
1,049
55,091
2022
£
2,097
At
31.3.23
£
**49,436**
**1,170,000**
**13,239**
**92,567 **
**1,325,242**
**1,325,242**
Movement
in funds
£
**(31,565)**
**(31,565) **| |---|---|---|---| ||||| ||||| ||||| Page 12 continued... **The Hopmarket Charity** ## **Notes to the Financial Statements - continued for the Year Ended 31st March 2023** ## **14. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
General unrestricted funds
Capital reserve fund
Development fund
Repairs fund
**TOTAL FUNDS**
Comparative net movement in funds, included in
**Unrestricted funds**
General unrestricted funds
**TOTAL FUNDS**|Net
movement
At 1.4.21
in funds
£
£
55,976
50,791
1,170,000
-
7,473
-
72,567
-
1,306,016
50,791
1,306,016
50,791
the above are as follows:
Incoming
resources
£
154,093
154,093||Transfers
between
funds
£
(14,834)
-
4,834
10,000
-
-
Resources
expended
£
(103,302)
(103,302)|At
31.3.22
£
91,933
1,170,000
12,307
82,567|At
31.3.22
£
91,933
1,170,000
12,307
82,567| |---|---|---|---|---|---| |||||1,356,807|| |||||1,356,807|| |||||Movement
in funds
£
50,791
50,791|| ||||||50,791| ## **Repairs Fund** The Repairs Fund is held to provide funding for major repairs and as a contingency for unforeseen repairs. This is particularly important for a building of this age, type and construction. The Charity's property agent is consulted to ensure the adequacy of the reserve. ## **Development Fund** The Development Fund is held for future investment in marketing activity to promote and develop the Hopmarket and thereby attract more lettings. ## **Capital Reserves Fund** The Capital Reserves Fund represents the Charity's holding in the investment property. ## **15. DEFERRED INCOME** Deferred income relates to £2,097 (2022 - £3,145) 10 year lease payment received in advance. ## **16. RELATED PARTY DISCLOSURES** Worcester City Council provides key management personnel services to the charity. Worcester City Council received key management personnel remuneration for these services of £16,300 (2022 - £16,300). During the year Worcester City Council made payments to third parties as agent of the charity totalling £79,898 (2022 - £15,791). At the year end the charity owed Worcester City Council £96,197 (2022 - £28,574). There were no other related party transactions in the year. Page 13 continued... **The Hopmarket Charity** ## **Notes to the Financial Statements - continued for the Year Ended 31st March 2023** ## **17. OPERATING LEASE INCOME COMMITMENTS** Minimum lease income due to the charity under non-cancellable operating leases fall due as follows: |Within one year
Between one and five years
After five years|2023
£
84,469
214,797
128,339
472,605|2022
£
72,303
117,303
161,950| |---|---|---| |||351,556| ## **18. FUNDS HELD AS AGENT** At the year end Fisher German held on trust in regard to service charge monies relating to the tenants of the investment property cash of £15,691 (2022 - £3,135). This excludes net amounts owed to the service charge monies account by tenants and the charity, as well as amounts owed by the service charge monies account to its creditors. Page 14 ## **The Hopmarket Charity** ## **Detailed Statement of Financial Activities for the Year Ended 31st March 2023** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Grants
**Investment income**
Rents received
**Total incoming resources**
**EXPENDITURE**
**Investment management costs**
Investment property manager fees
Property insurance
Advertising and marketing
Electricity, water and business rates
Bad debt provision
Property repairs and maintenance
**Charitable activities**
Grants to institutions
**Support costs**
Administration charges
Independent examination fee
Trustee indemnity insurance
Legal fees
Sundries
Total resources expended
**Net (expenditure)/income**|2023
£
**-**
**148,603**
**148,603**
**14,990**
**50,627**
**5,568**
**1,646**
**7,808**
**11,218**
**91,857**
**59,605**
**16,300**
**2,190**
**682**
**9,294**
**240**
**28,706**
**180,168**
**(31,565) **|2022
£
8,875
145,218| |---|---|---| |||154,093
28,300
38,061
7,633
2,424
-
2,856| |||79,274
-
16,300
2,130
394
4,946
258| |||24,028| |||103,302| |||50,791| This page does not form part of the statutory financial statements Page 15