The Leathersellers, Barnet Charity Annual Report and Accounts For the year ended 31 December 2021 Charity Registration Number 247986
Contents Reports Legal and administrative information Report of the Trustees Independent examinerfs report Accounts Statement of Financial Activities Balan¢e Sheet Notes to the accounts 9-18 The Leathersellers. Barnet Charity
Legal and administrative information Trustees: Mr M T Berman Chairman (Nominative Trustee until IS December 20241 Mr M J Bradly Russell {Nominative Trustee until 9 December 20231 Mr G G Bacon Ex-officio Trustee (appointed 22 July 20201 Ms CJ Lennon Ex-officio Trustee (appointed 21 July 20211 Mrj A Muirhead Ex-officio Trustee (resigned 21 July 20211 MrRWPeart (Nominative Trustee until IS December 20241 Mrs E J Womer51ey (Nominative Trustee until 11 December 20221 Address: 7 St. Helen's Place London EC3A 6AB Management Company: Harri50n Housing 46 St James's Gardens London WII 4RQ Independent Exarniner: MHA Maclntyre Hudson 2 London Wall Barbican London EC2Y SAU Prlnclpal Banker: HSBC Bank plc IC(l Broad Street London EC2N IBG Solicltor: Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A3LH The Leathersellers. Barnet Charity I
Report of the Trustees For the year ended 31 December 2021 The Trustees present their annual report and accounts of The Leathersellers. Barnet Charity for the year ended 31 Detembef 2021. The accounts have been pTepared in accordance with the accounting policies set out on pages 9 to 11 of the attached actounts and comply with the Charity'5 trust deed. the Charities Act 2011 and the Statement of Recommended Practice= Accounting and Reportlng èppli¢able to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. Structurei governance and management The Leather5ellers' Barnet Charity is a registered Charity. number 247986. governed by a Scheme approved by the Charity Commission dated 25 June 2(Kl7. The Trustees are appointed by the Court of Assistants, the controlling body of The Leathersellers, Company. The Master and Second Warden of the Leatherseller5' Company are Ex Officio Trustees and are elected to serve for one year commencing on or about the 19 July each year. The other Trustees are appointed lor a period ol four years. The current Trustee5 of the Charity are shown on page l. Each trustee takes responsibllity for monitoring the Charivs activities and consideration is given to the skills mix of the Trustees to ensure that the Board of Trustees has all the necessary expertise required to contribute fully to the Charity's developrnent. Periodic briefings and cour5e5 are also provided for Trustees. No trustee received any remuneration from the Charity during ihe year nor were any out of pocket travelling expenses reimbursed to the Trustees. No trustee had any beneficial interest in any contract with thE Charity in the year. Harrison Housing who themselves are an almshouse charity manage the Barnet properties on a day-to-day ba515. Risk Management The Trustees have reviewed the Risk Registerwhich seeks to identify the significant risks to which the Charity is exposed. Areas considered include the dably operations of the Charity, its investments and its finances. The Trustees seek to mitigate identified risks by ensuring controls exist over the financial systems and safe custody of the Charity's assets and investments. The Trustees believe that by monitoring the reserves of the Charity over the long term, the stability of the reserves prowdes assurance that they have established effective means to mitigate those risk5. Purpose, Oblecttves and actlvltles for the publlc benefft The Charitys primary purpose, as per its Scheme. is to provide. maintain and manage accommodation for peoplewho are in need and to provide forthe general well-being of the residents. The Trustees confirm that they have considered the Charity Commission's general guidance on public benefit when planning the activities of the Charity and believe that the Charitys activities provide a clear public benefit. The Leathersellers. Barnet Charity 2
Report of the Trustees For the year ended 31 December 2021 Achle¥emÈnts durinB the year The Charity provide5 22 flats. five of which can accommodate couples with the other seventeen suitable for single occupancy only at the almshouses in Barnet. The occupancy rate for the year was 99.0% compared to 91.4% for 2020 which had been impacted by the effects of the Covid 2019 pandemic. Although the occupanry rate wa5 not impacted by Co¥id the charity did suffer indirectly as the major cyclical works on the Chapel Block which had been planned for the summer of 2021 were delayed as the result of a key contractor having to take an extended break from work as the result of suffering Irom long Covid. The work5 have been re5chedvled for 2022. Financial Review Total income at £221,764 fortheyearwas compa to the previous yearfs figure of £200.695. However, the income for 2020 was adversely affected by the Covid 19 pandemic and had shown a decline against 2019 both in terms of investment income received and SIdents. contributions. Investment income in 2021 was less than 1% below the income enjoyed in 2019 whilst contribution5 from residents was 10.8% up against 2020 income but only up 6.4% compared to such income for 2019. General Fund e¥penditure on charitable activities was £186.50612020: £188.6801. Expenditure in most areas was in line with costs incurred in 2020 with the exception of repairs and maintenance where expenditure fell by £8,064112%1 An analysis of repairs is shown in note 4 on page 12. The surplus for theyearon General Funds before transfers was £35,25812020'. £12,015). The Trustees approved a transfer of £15,(ts)12020: £15,000) to the Extraordinary Repairs Fund leaving a surplus before investments gains of £20.25812020= loss £2.985}. Investment gains were £12,914 12020..105s £17,889) which resulted in 3 total surplus on General Funds of £33,172 for the year12020.. deficit £20,874). The General Fund stood at E227.21212020- £194.0401 at the year end. The benefit to residents from the appointment of the Scheme Manager in 2019 continue to grow as the community at Leathersellers Close appear happy and are highly supportive of each other. Communal facilities which were closed in 2020 due to the pandemic were re-opened during the year. The Extraordinary Repair Fund is held for futts maior repairs to the fabric of the buildinE5 and expenditure in year from this fund was £7.004 12020.. £3.489} which was significantly less than planned. The key Contractor who was due to manage the planned works on the Chapel block was affected by Covid and the project ha5 been put back to 2022 as a result. The value of the fund at the end of the year was É190,YIO 12020.. E169,8431 after including the transfer of £IS.000 frorn General Fund5. The fund is represented by M&G Accumulation Income Units & the M&G Charity Fund Income Units. The unreali5ed gain on the Perrnanent Endowment of £66.296 did not quite recover the ground lost in 2020 when the unrealised 10s5 was £104,021 but nevertheless the balance on the fund at the year end stood at £S61,838 showing an impioved position12020= £495.5421. Income from the fund is used for the well-being ol the residents and the capital of the Permanent Endowment must be held indefinitely by the Charity. The Leathersellers, Barnet Charity 3
Report of the Trustees For the year ended 31 December 2021 Reserves Pollry of the Charity It is the poliry of the Trustees to retain sufficient general reseNes to allow lil the unhindered immediate operations of the Charity in respect of its principal objects, lill the enhancement of common facilitie5 and {iiil the refurbishment of the kitchens and bathroom5 in the flats as vacancies permit. The Trustees have examined the requirement for free reserves i.e. those unrestricted funds not invested in tangible fixed assets, designated for specific purpose5 or OtheISe committed. The Trustees consider that, given the nature of the Charity's work. the level of free reserves should be equivalent to at least three month5. expenditure on charitable objectsat any onetime. TheTrustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources due to timing differences irh income flows, adequate working capita5 to cover core costs. and will allow the Charity to cope and respond to unforeseen emergencies whilst specific artion plans are implemented. The actual level of free reserves is £115.29712020: £106.0391 which is in excess of the required reserves policy level. Long teim reserves to fund major repairs and refurbishment to the premises occupied by the Charity are held in the Extraordinary Repair Fund. This is shown 35 the Designated Fund on the Balance Sheet. Investment Policy There are no restrictions on the Charity's powers to invest. The Trustees have set an Investment strategy consistent with specific requirements across the Funds held. Investments totalled É780.361 at year end market value. comprising £561.838 of Permanent Endowment. £190.910 of De5i8nated Funds and £27.613 of General Funds. All funds are invested in M&G Charifund units. Statement of Trustee's responsibilities Charity Law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the intome and expenditure of the Charity for that perlod. In preparing accounts which gbve a true and fair view. the Trustees are required to.. select suitable accounting policies and then apply them ¢onsistently- make judgments and estimates that are reasonable and prudent- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts,. prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue operation. The Trtjsteesare responsible for keeping proper accounting recordswhich dÈsclose with reasonable accuracy. at any time, the financial position of the Charity and which enable ihem to ensure that the accounts complv with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Leathersellers, Barnet Charity 4
Report of the Trustees For the year ended 31 Oecember 2021 COVIL¥Ig Pandemic After almost 2 years it is clear that the COVID-19 pandemic has had only limired impact of the Charity's ability to operate in a very similar way to the position prior to 2020. The Charily does not receive dorsations and ihus has not seen the loss of income experienced by many in the Charity sector. The Charivs investment portfolio ha5 largely recovered the unrealised losses suffered during the early part of the pandemic and at the year end was worth approximately £780,00012020.' E685,orKJl and these investments could be liquidated and used to defrèy annual operating costs if the need arose. The Trustees have reviewed and updated their 10 year forecasts and remain satisfied that the forecasts demonstrate the Charity's ability to continue normal operations for the foreseeable future. The Charity entered its 2022 financial year holding almost £99,1) in cash at the bank. The reduction in cash compared to the position at January 2021 was primarily the result of having paid many of its Supplier5 prior to the year end with the result that creditors due within one year showed a reduction of almost £20.Crf)O compared to the opening position. The Trustees have every reason to be confident that the Charity should continue to operate a$ 4 8oinB concern for the foreseeable futLtre. Signed on behalf of the TrLtrStees- Trustee Approved by the Trustees on= 2 * The Leathersellers. Barnet Charity 5
Independent examinerfs report Independent Examinerfs Report to the Trustees of The Leatherseller< Barnet Charlty I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2021 which are set out on pages 7 to 18. Respon5ibilitie$ and bzsls (rf report A5 the charity's trustees you are responsible for the yeparation of the accounts in accordance with the requirements of the Charities Act 20111.the Art'l. I report in respect of my examination of the charl5 accounts tarried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the ACL Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giwng me cause to believe that in any material respert: accounting records were not kept in respect of the charity as required by section 130 of the Act: or the a¢¢ounts do not accord with those records- or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charitie5 (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair Vie which is not a matter considered as part of an independent examination. I have no concerns and have corne acTOS5 no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Sudhir Singh FCA MHA MACINTYRE HUDSON 2 London Wall 8arbican London EC2Y SAU Date: 4 July 2022 The Leaihersellers. Barnet Charity 6
Statement of Financial Activities for the year to 31 December 2021 2021 2020 Unrestritted Oesignated Endowment Total Total funds fvAds funds fund5 funds Note Income and Endowments Investment Incoffte Residents. contribulions 36.315 185.449 36.315 185.449 33.426 167.269 Total In¢ome 221.764 121.764 200.69S Expenditure Expenditure on charitable 186.5( 193.slo 192,169 Total Expenditure 186.$06 193.510 192.169 Net Income before transfers 35.ZS8 17.11041 28.254 8.526 Transfer beiween funds 15 11S.IMxII Is.( Net income before GalnllLos51 on investments 20.2S8 7.996 28.254 8.526 Net GainllLos51 on investment assets 12.914 13.071 66.296 92.281 1142.1721 12.914 13.071 66.196 92.281 1142.1721 Net Movement In Fufids 33.172 21.(67 66.296 120.53S 1133,6461 Fund Balantes at the start af the ypar 194.040 169.843 495.542 859.425 993,071 Fund Balances at ihe end ol the year 2Z7212 190.910 561.838 979.960 859,425 The notes on pages 9 to 18 fomi part of these financial siaiements. The Leather5ellers' Barnet Charity 7
Balance Sheet as at 310ecember 2021 2021 2020 Unrestrieted Funds Designated Funds Endowrnent Fund5 Total Funds Total Funds Note FSxed assets Tangible fixed assets 111.915 111,915 88.(1 Investments at market value io 27.613 190.910 SGI.838 780.361 683,694 139,528 190.910 561.838 892.276 771,695 Current a55ets Debtors Cash at bank and in hand li S.972 5.972 3.392 9B.912 98.912 121.119 104,884 104,884 124.511 Credltors.. amounts fallin8 due within one year 12 17.200 17.200 36.781 Net current assets 87.684 87.684 87.730 Total assets less current liabilitles 2272lZ 190310 561*38 979.960 B59,425 Represented b Funds and reserves Permanent endowment funds Designated funds- extraordinary iepairs Unre5thcted funds 561,838 S6138 495.542 190.910 190.910 169.843 227.212 227.212 194.040 227212 190.910 S6138 979.960 8S9.42S Trustee Approved by the Trvstees on 2 In 2020 all desiRTrated and endowment funds were allocafed io fixed asset investments. The notes on pages 9 to 18 form part of these financial 5taternents. The Leather5ellers' Barnet Charity 8
Notes to the accounts for the year ended 31 December 2021 l AccountKn8 Policies The Leathersellers, Barnet Charity is a Charity registered in England & Wales. number 247986. and is governed by a Scheme approved by the Charity commission dated 25 June 2007. Basls of Accounting The accounts of the Charity have been prepared on a going concern basis under the historical tost conventron, with the exception that investments are included at market value. The accourbts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting applicable to charities preparing their accounts in accordance with the Financial Reporting Standard IFR51021 and applicable UKAccountin8Standards and the CharitiesAct 2011 and UK Generally Accepted Practio as it applies from l January 2015. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'trve and fair view. This departure has involved following the Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial ReportinE Standard applicable in the UK and Republic of Ireland IFRS 1021 i55ued on 16 July 2014 rather than the Accounting and Reporting by Charities= Statement of Recommended Practice effective from l April 25 which has since been withdrawn. The Charity meets the definition of a public entity under FRS 102. The financial statements are presented in steding whith is the funttional currency of the Charity and rounded to the nearest pound. The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, including the impact of COVID-19. The budgeted income and expenditure is sufficient with the level of reseNes for the Charlty to be able io continue as a going concern. Income and Endowments All incoming resources are included in the Statement of Financial Activities ISOFAI when the Charity is legally entitled to the income. Residents. contributions (which include Service charge income) are accounted for in the period to which they relate. Expenditure and the Basis of Apportioning Costs All expenditure is accounted for on an accruals basis and has been classified under heading5 that aggregate all costs related to the category. Expenditure is recognised once there is a legal or constructive obligation to make payments to third parties. it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Charitable ex enditure Costsforthe full year indude the costsof refurbishment. maintenanceand management ofthe propertv and costs relating to the general welfare ot the residents. All expenditure is charged sn the financial year to which it relates. The Leathersellers. Barnet Charity 9
Notes to the accounts for the year ended 31 December 2021 Support costs Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office costs, governance tosts and administrative costs. They are incurred directly in support of expenditure on the objects of the Charity. Tangible fixed assets A VIeW for Smpaifment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be retoverable. Shortfa115 between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activitie5. The surplus or deficit on disposal of fixed assets is accounted for in the income and expenditure account of the period in which the disposal occurs as the difference between the net sale proceeds and the net carrying value. Depreciation All assets over £5.OCQ are capitalised. Depreciation is provided on all tangible fixed ats. at rates alculated to write off the c05t, less estimated residual value, of each asset on a systematic basis over its expected useful life. ND depreciatiort is provided on freehold land. Asset Lives Years Kitchen 15 Bathroom 15 Electrics 40 Security eqvipment Car park improvements 50 Investments Fixed asset investments are a form of basic financial instruments and are inÉtially recogni5ed at their transaction value and subsequently MeasUd at fair value Using the closing Quoted market price or the share of the Net Asset Value of the fund lif unlisted). All gains and losses are taken to the Statement of Financial Activities as they arise. The Stalement of Financial Activities includes the net gains and losses arisinE on revaluations and disposals throughout the year. A5 investments are revalued to fair value contÉnuously. no realised gains or losses arise. Debtors and Creditor5 Debtor5 are recognised when the Charity is legally entitled to the income after any performance conditions have been met. the amount can be measured reliably and it is probable that the income will be received. Creditors a recognised when the Ch3rity hès a present legal or constructive obligation resulting from a past Èveftt and the settlement is excted to result in an outtlow of economic benefits. The Leathersellers, Barnet Charity io
Notes to the accounts for the year ended 310ecember 2021 Fund Ac¢ountlng Restrictedfunds Restricted funds comprise monies raised for. or their use restricted to a specific purpose {see note 151. Deslgnated funds Designated funds comprise Unfestricted funds that have been set aside by the Trustees for particular purposes. The airn and use of each designated fund is set ovt in the note5 to the financial statements. Endowment Funds The majority of these are funds permanentlyendowed for the particularcharitable objectives set out in the Tru5tees' Report where the capiLIl may not be spent. General Fund The general fund comprises unrestricted accumulated Surpluses and deficits on continuing activitie5. It is available for use at the discretion of the Trustees in furtherance of the Charity's objectives. FIMancial Instruments The Charity onty hold5 basic financial instruments. The financial assets and financial liabilities of the Charity are as follows- Debtors- trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 11. Prepayments are not financial instnjments. Cash at bank- is classified as a basic financial instrument and És measured at face value. Liabilities- Trade creditors, accruals and other ueditors will be tlassified as financial instruments and are measured at amorti5ed cost as detailed in Note 12. Deferred income is not deemed to be a financial liability as the cash settlement ha5 already taken place and there is simply an obligation to deliver charitable 5ervice5 rather than cash or another financial in5trvment. 2 Investmerrt Income 2021 2020 1ntm*rtt Income Divid2nd5 from Endowment Funds Dividend5 from General Funds ank Deposit Interest 31.920 4.385 io 24.189 9.036 200 36.315 33.425 The Leathersellers, Barnet Charity 11
Notes to the accounts for the year ended 31 December 2021 3 ExpEnditure on Charitable activities 2021 2020 Dlrert Expenditure Repairs & rnaintenance (note 41 Cleaning Upkeep of Garden5 Lighting and Heating Water raies and Cotsntil tax Insurance Telephone fjifts to residents Donation5 Residents Welfare Careline Emergency Service Depreciation Support costs Inore 51 Governance costs (note 61 59.245 2,986 22.965 20.922 2,973 3,698 3,207 1.121 67.309 3.034 22.455 20,390 3.7SI 3.549 675 1.024 loo 2.156 3,503 7.129 50.485 3.120 2,349 3.712 8.334 51,574 3,420 186,506 188.680 Cytlical repairs (Designated Funds) 3.489 Totsl Expendlture- allfvnds 193.510 192,169 4 Repairs 2021 2020 Flat refurbishments and access Surveyor5 fees Boiler & HeatiTrg overhaul & repair Water hyeierte works Fire alarm. extinguishers & doors Electrical test%ne antj repaiis Day to day repairs Pest Control 10.922 960 22.543 1.740 11,776 1.384 4,221 3.702 20.767 1.176 11.359 1.005 460 11.996 20.959 1.584 59.245 67.309 5 support Costs 2021 2020 Management Fee Oiher expenditure 49.511 2.063 SI74 48.720 1,765 50.485 The Leathersellers. Barnet Charity 12
Notes to the accounts for the year ended 31 December 2021 6 Governance Costs 2021 202D Independent Examiner's fees 3.420 3,120 7 Trustees. and Key ManaEement Personnel Remuneration and Expens The Trustees. who comprise all the Key Management Personnel of the Charity. neither received nor waived any remuneration durin8 the year 202112020= £nill. The Trustees did not have any expenses reimbursed dvring the year12020: £nill. Harrison Housing were employed by the Trustees to act a5 the Managing Agent for the charity an(1 are responsible for day-to-day administration. 8 Employees There were no employees in 202112020: Nill. 9 Tangible Fixed A55ets Freehold Land and Buildin The charity owns freehold18nd and buildings. being its almshouse properties in Barnet. The land and buildings were originally held in trust in perpetuity by the Leathersellers. Company for use of the poor under a Declaration of Trust dated 22 April 1846. The Declaration was incorporated into the Charity Commission's scheme of 1984. The Declaration of Trust was for land purchased by the Leathersellers, Company in 1603 for £100 and for buildin85 erected thereon in 1838 at a cost of £3.274. Part of the property was re-built in the 19605. The trustees have assumed that the buildings have been fully depreciated and consequently neitherthe land northe buildings has been included in the accounts on the grounds of mateiiality. The Custodianship of the propetty was transferred to the charity in 2007. Bullding Improvements Cost At l January 2021 Additions during the year At 31 December 2021 97.375 32,248 129,623 Depreciation At l January 2021 Charge for the yea At 31 December 2021 9374 8.334 17,708 Net book value At 31 December 2021 111.915 At 31 December 2020 88.001 The Leathersellers, Barnet Charlty 13
Notes to the accounts for the year ended 31 December 2021 10 Investments units Cost 2021 2020 Endowments M&G Charifund In¢ome Units Grasvenor Trust The Leathersellers. Bamet Charities Iformerly Coverley and 8uThcel The Leatheisellers. Barnet Charitie5 Iformerly Quncel The Leathersellers. 8enEvolent Fund The Leathersellers, Benevolent Fund The Ellioll and Others Trust 46.12 772 718 633 1.016.33 17.012 15.816 13.950 177.61 2,973 2.764 2,438 3.494.18 1.943.00 29,426.00 36.103.24 58.488 20.847 471.619 S71,711 54.376 30.237 457.927 561.838 47,960 26.669 403.892 495.542 SiBnifies value at transfer General and Designated Funds M&G Charifund (lImlatiOn Units The Leatherseller5' Barnet Charity 376.093 44,832 44.832 109.084 109.084 91,628 91.628 37&093 M&G Charifund In ome Units The Leathersellers, Barnel Charity 7.032.36 7.032.36 115,729 115.729 109A39 109,439 96,524 96.S24 Total at end of year 732.272 780.361 683.694 Movernent on Investments Valuation at the start of the year Additional investments (Restricted fundl 683,694 4.385 688,079 92,282 821.S41 4.325 82S.866 1142.1721 683.694 Revaluation GainllL055) Valuation at the end of the year 780,361 The re5erve5 policy and allocation of investment funds is explained on page 4 of the Trustees, Report. Further details are provided in note 15 to the accounts on pages 16 and 17. The Leathersellers, Barnet Charity 14
Notes to the accounts for the year ended 31 December 2021 11 Debtors 2021 2020 Trade debtors Prepayments Other debtors 3.086 Z.886 685 2.617 90 5.972 3.392 12 Credltor5: amounts falling due within one year 2020 2020 Trade ueditors Resident accounts in credit 10.676 sos 26,860 3,957 5.964 Accruals 6.019 17.200 36,781 13 Contingent Liabilities There are no known contirtgertt liabilities as at 31 December 202112020= £nill 14 Related Party Transartions The Trustees of the Charity are all appointed, ex officio or as nominative Trustees by the Leathersellers. Company. There were no transartions directlywi(h the Leathersellers. Company during either year and there were no balances outstanding at either year end w5th the Leathersellers. Company. There have been no related party transactions in either reporting period. The Leathersellers. Barnet Charity 15
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Notes to the accounts for the year ended 31 December 2021 Llnked Charltles The L<2thersellets' 112met Ch2riry has the follonE linked charities: AnnL. EIIioL IlirnLt Aliiishouses Elizibcth Grasi'cnor Iorhcrwisc Gravcncr) JaTnes Bunce for Almspeople John .Sudbury Nissen Tw$¢ Extraordinary Repair Fund The Trustee5 maintain an Ertraordinary Repair Fund as required under the Trust Deed for the extraordinary repair. cyclical repairs. improvement or rebuilding of ihe homes and the other property of the Charity. The Trustee5 keep the size of the fijnd under review in the light of the demands which may be made upon the fund. During the year ended 31 December 2021 £15,00012020'. £15,000) was transferred into this fund in line with fvtV forecast expenditure to 2030. Only £7,004 repairs were tarried outduring theyear which were chargeable to the Extraordinary Repair Fund asthe major project was delayed by key contractors being unavailable due to the Covid 19 pandemic. Unrealised investment gains relating to this fund were £13.07112020: unrealised loss £20,2621. The value of the fund at 31 December 2021 was £190.91012020= £169.8431. Endowment Funds Income from the following permanent endowmerrts are able to be used by thÈ Charity rn pursuance of its general charitable objective5. Unreali5ed gains orlosseson thevalue of the endowments are retained in the relevant fund. In July 1984 the Charity Commission approved the transfer to the Leatherseller5' Barnet Charities of one sixth of the permanent endowment and accumutated income of the C J Coverley Trust amounting to £1.397. In April 1990 the Commission approved the transfer of £4.713 from the capital and accumulated income of the Charity of James Bunce. Under the same Scherne £1,211 of the capital and accumulated income of the Charity for the benefit of the churchwardens of Otterden was transferred and the related income is now paid to the Leatherseller5 Bamet Charities. In May 2004 a transfer of investments rèpresenting the Endowments and accumulated General Funds of the Leatherseller< Company Benevolent Fund Icharity Registration Number 2479871 at values of £63,016 and £26,789 respectively were made to the Leathersellers. Barnet Charit¢e5 under the Charity Commission agreement of25 March 2(K)4. iv. In December 2006 a transfer of investments representing 35% of the endowments of the Ann Elliott and Others Trust (Charity Registration Number 2558841 at a value of £471.619 was made under a Charity Commission Scheme dated 6 November 2006. The Leathersellers. Barnet Charity 18