The Leathersellers, Barnet Charity Annual Report and Accounts For the year ended 31 December 2022 Charity Reglstration Number 247986
Contents Reports Legal and administrative information Report of the Trustee5 Independent examlnerfs report Accounts Statement of Financial Activities Balance Sheet Notes to the accounts 9-19 The Leathersellers, Barnet Charitv
Legal and administrative informatlon Trustees: Mr M T Berman Chairman (Nominative Trustee until 15 December 20241 Mr M J Bradly Russell INominative Trustee until 9 December 20231 MrG G Bacon Ex-officio Trustee (until 20 July 20221 Ms CJ Lennon Ex-officio Trustee lappointed 21 July 20211 Mr M G Williams Ex-officio Trustee lappointed 20 July 20221 MrRWPeart (Nominative Trustee until 15 December 20241 Mr5 E J Womersley (Nominative Trustee until 6 April 20231 Mr C J V Williams (Nominative Trustee appointed 13 December 20221 Address: 7 St. Helen's Place London EC3A 6AB Management Companv". Harrison Housing 46 St James's Gardens London WII 4RQ Independent Examiner: MHA Maclntyre Hudson 2 London W811 Barbican London EC2Y SAU Prlnclpal Banker: HSBC Bank plc 1-3 Bishopgate London EC2N 3AQ Solicitor: Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH The Leatherseller5' Barnet Charity I
Report of the Trustees For the year ended 31 December 2022 The Trvstees present their annual report and accounts of The Leatherseller5' Barnet Charity for the year ended 31 December 2022. The accounts have been prepared in accordance with the accounting policies set out on pages 9 to 11 of the attached accounts and comply with the Charity's trust deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting applicable to charities 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 Leathersellers, Barnet Charity 15 a registered Chartty, number 247986. governed by a Scheme approved by the Charity Commission dated 25 June 2007. The Trustees are appointed by the Court of As51Stant5, the controlling body of The Leathersellers, Company. The Master and Second Warden of the Leathersellers, Company are Ex Officio Trustees and are elected to serve for one year commencin8 on or about the 19 July each year. The other Trustees are appointed for an initial period of four year5 which can be extended as the Leathersellers, Company determines. The Trust Deed was amended on 26 April 2023 to allow for the number of Nominative Trustee5 to vary. Prior to that date the Trust Deed allowed for 4 nominative trustees though the Charity had 5 nominatThre Trustees as a result of an unintentional mistake for the short period from 13 December 2022 to 6, April 2023. This has now been corrected by the amendment of the Deed on 26 April 2023 referred to above. The current Trustees of the Charity are shown on page l. Each trustee takes responsibility for monitoring the Charity's activities and consideration 15 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 operations and development. Periodic briefings and courses are aLso provided for Trustee5. No trustee received any remuneration from the Charity during the year norwere 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 Houslng who themsefves are an almshouse charity manage the Barnet properties on a day-to-day basis. Rlsk Management The Trustees have reviewed the Risk Registerwhich seeks to identify the significant risks to which the Charity is exposed. Areas considered include the daily operations of the Charty, its investments and its finances. The Trustees seek to mf(igate 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 provides assurance that they have established effective means to mitigate material risks. The Leathersellers, Barnet Charity 2
Report of the Trustees For the year ended 31 December 2022 Purpose, Objettives and a¢tivitie5 for the public benefit The Charity's primary purpose, as per it5 Scheme, is to provide, maintain and manage accommodation for people who are in need and to provide forthe general well-being of the resident5. 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 CharitWs activities provide a clear public benefit. Achievements during the year The Charlty continues to provlde almshouse accommodation in Barnet comprising 22 flats, five of which can accommodate couples with the other seventeen 5Ultable for single occupancy. The occupancy rate for the vear was I¢X).0%12021'. 99.0%) although one flat did fall empty shortly after the end of the financial year. The rnajor ryclical works on the Chapel Block which were originally planned for the summer of 2021 had been rescheduled for 2022 but were again delayed. However, it was a busy year for property maintenance as significant time had to be spent on more minor but time consuming works. A new Condition Survey was obtained which revealed several unexpected works being required. The delayed tyclical works are being scheduled for future years. The residents at Leathersellers Close appear to be happy and are highly supportive of each other with the Scheme Manager playing a crucial role in providing them with help and support over a range of matters affecting their daily lives. Flnanclal Revlew Total income for 2022 was £233,141 compared to the previous year when income from the same sources totalled £221,764. As all flats remained occupied during the year no income was lost to voids. Investment income for 2022 was £38,347 showing an increase of £2,032 over the income for 2021 desplte the fact that part of the investment portfolio was realised as cash during the year as a first step towards investing in new funds with an objective of diversifyingthe investment portfolio to spread risk and to improve returns. General Fund expenditure on charitable activities was £188,43712021: £186,5061. Most expenditure wa5 in line with budget except for repairs and maintenance which was underspent by £5,434 (excluding cyclical repairs). The principal reason behind the net underspend arose from a saving on void repairs budgeted at £10,000, as all flats remained occupied throughout the financial year. An analysis of repairs is shown in note 4 on page 12. The surplus for the year on General Funds before transfers was £44,70412021- £35,258). The Trustees approved a transfer of £75,00012021.. £15,0) to the Extraordinary Repairs Fund leaving a deficit of £30,296 before investments losses of £5,304 12021.. gain £12.9141. The net movement in General Funds for the year was a deficit of £35,59912021 surplus £33,172). The General Fund stood at £191,61312021'. £227,212) at the year end. The Extraordinary Repair Fund is held for future major repalrs to the fabric of the buildings and expendlture in year from this fund was £2,107 12021.. £7,0041 the modest level of expenditure was the result of planned works once again suffering delays. The value of the fund at the end of the year was £258,419 12021: £190,910) after including the transfer of £75,000 from General Funds. The Leathersellers, Barnet Charity 3
Report of the Trustees For the year ended 31 December 2022 The value of the Permanent Endowment Fund started the year at £561,838 but fell by £27,230 as it incurred unrealised losses on its underlying investments to end the year at £534,608. Income from the fund is used for the well-being of the SIdentS and the capital of the Permanent Endowment must be held indefinitely by the Charity. As reported under investments the Trustees sold part of the investment portfolio during the year as part of a planned rebalancing of the investments. Reser•es Policy of the Charity It is the policy of the Trustees to retain sufficient general reserves to allow lil the unhindered immediate operations of the Charity in respect of its principal objects, lill the enhancement of common facilities and Iliil the refurbishment of the kitchens and bathrooms in the flats as vacancies permit. The Trustees have examined the requirement for free resetves i.e. those unrestricted fijnds not invested in tangible fixed assets, designated for specific purposes or otherwise cornmitted. The Trustees consider that, given the natu of the Charity's work, the level of free reseryes should be equivalent to at least three months, expenditure on charitable object5 at any one time. The Trustees are of the opinion that this provides sufficient flexibility to cover temporary shortfalls in incoming resources due to timing diflerences in income flows, adequate working capital to cover core costs, and will allow the Charity to cope and respond to unforeseen emergencies whilst specific action plans are implemented. The actual level of free reseryes is £86,88012021: £115,297) which is in excess of the required resee$ policy level. Long term reserves to fund major repairs and refurbishment to the premises occupied by the Charity are held in the Extraordinary Repair Fund. This is shown as 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 wlth specific requlrements across the Funds held. During the year the Charity sold part of its holding comprised by M&G Charifund Units raising cash of £163,417. The cash was held on short term deposit at the year end pending its reinvestment into CCLA funds previously identified by the Tnjstees as a suitable alternative investment to diversify risk and potentially increase income. Quoted Investments totalled £584,19012021: £780,361) at year end market value, allocated a5 £397,847 in Permanent Endowment Funds and £186,343 in Designated Funds. All funds are invested in M&G Charifund Income units and M&G Charifund Accumulation units. Statement of Trustee's resptsnslbilities 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 income and expenditure of the Charity for that period. In preparing accounts which 8ive a true and fair view, the Trustees are required to.. select suitable accounting policies and then apply them consistently: make judgments and estimates ihal are reasonable and prudent- The Leathersellers, Barnet Charity 4
Report of the Trustees For the year ended 31 December 2022 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 Trustees are re5pon5iblefor keeping proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the Charity and which enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charf(y and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees have reviewed and updated their 10 year forecasts and remain satisfied that the forecasts demonstrate the Charitls ability to continue normal operations for the foreseeable future. The Charity entered its 2023 financial year holding almost £326,000 in cash at the bank. Of the total cash at bank £164,0(XJ was earmarked for re-investment into the CharItS investment portfolio being the sum derived from the sale of investments during the year. The Trustees have every reason to be confident that the Charity should continue to operate as a going concern for the foreseeable future. Signed on behalf of the Trustees.. Trustee Approved by the Trustees on.. 2& A4( Ja The Leatherseller5' Barnet Charity 5
Independent examinerfs report Independent Examiner's Report to the Trustees of The Leathersellers, Barnet Charity I report to the charity trustees on my examlnation of the accounts of the charity for the year ended 31 Dernber 2022 which are Set out on pages 7 to 19. Responslbllltles and basls of report As the charitls trustees you are responsible for the preparation of the accounts in accordance with the requi ments of the Charities Art 20111'the Act'l. I report in respect of my examination of the charltvs accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Direction5 given by the Charity Commlssion under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confim) that no material matters have corne to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the charity as required by section 130 of the Act: or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements conceming the form and content of account5 Set out in the Charitie5 IAccounts 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 come across 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. £AL Svdhir Singh FCA MHA MACINTYRE HUDSON 2 London Wall Place London EC2Y SAU Date.. 12 May 2023 The Leathersellers, Barnet Charity 6
Statement of Financial Activities for the year to 31 December 2022 2022 2021 Unrestricted Designated Endowment Total Total funds funds funds funds funds Note Income and Endowments Investment Income Residents contributions 38,347 194,794 38,347 194,794 36.315 185,449 Total Income 233.141 233.141 221.764 Expenditure Expenditu on charitable artivities 188,437 2,107 190.543 193.510 Total Expendlture 188.437 2.107 190.543 193,510 Nèt incorne before tran51er5 44.704 12.1071 42.598 28.254 Transfer between funds 15 175.0001 75,CM)O Net income before ILossII Galn on Investments 130,2%) 72,893 42.598 28.254 Net ILossllGain on investment 35sets 15,3041 15.3841 127.2301 137,9181 92.281 153041 {5.3841 127.2301 137.9181 92.281 Net Movement In Funds 135.5991 67.509 127.2301 4,679 120,535 Fund Balances at the start of the year 227,212 190,910 561,838 979,960 859,425 Fund Balznos at the end of the year 191.613 258A19 534.608 984,639 979,960 The notes on page5 9 to 19 form part of these financial statements. The Leathersellers, Barnet Charity 7
Balance Sheet as at 31 December 2022 2022 2021 Unrestricted Funds Designated Funds Endowment Funds Totsl Funds Total Fund5 Note Flxed assets Tangible fixed assets Investment portfolio at malket value lQ4.733 104,733 111,915 186,343 397,847 584.190 780.361 104,733 186.343 397,847 688,923 892,276 Current assets Debtors io li 7,067 83,168 7,067 292,005 5.972 82,000 Investments Cash at bank and in hand 72,076 136,761 29,889 29,889 16,912 120,125 72,076 136,761 328,962 104,884 Credltors: amounts falling due within one year 12 33,246 33,246 17,2 Net current assèts 86,879 72.076 136.761 295,716 87,684 Total assets less current liabilities 191.612 258.419 534,608 984.639 979,960 Represented bv: Funds and reserves 15 Permanent endowment funds Desi8nated funds- extraordinary repairs Unrestricted Igenerall funds 534,608 534,608 561.838 258,419 258.419 190,910 191,612 191.612 227,212 191,612 258,419 534,608 984,639 979.960 Approved by the Trus ee5 on 2023 Trnstee In 2021 designated and endowment funds were allocated to fixed asset investments. with the balante allocated to unstrIrted funds, fuller details are shown under note 16. The note5 on page5 9 to 19 forln part of these financial Statements. The Leathersellers, Bamet Charity 8
Notes to the accounts for the year ended 31 December 2022 l Accounting Poli¢ies 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. Basis of Attounting The accounts of the Charity have been prepared on 3 going concern basis under the historical cost convention, with the exception that investments are included at market value. The accounts 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 IFRS1021 and applicable UK Accounting5tandards and the Charitie5 Act 2011 and UK Generally Accepted Practice as it applies from l January 2015. The financial 5tatement5 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 'true and fair view,. This departure has involved following the Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applitable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 which has sino been withdrawn. The Charity meets the definition of a public entity under FRS 102. The financial statements are presented in sterling which is the functional 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 experted level of income and expenditure for 12 months from authorising these financial statements. The budgeted incorne and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern. Income and Endowrnents All incoming resources are included in the Statement of Financial Activities15oFAI when the Charity is legally entitled to the income. Residents, contributions Iwhich include SeNice charge incomel 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 headings that aggregate all costs related to the category. Expenditure is recognised once there is a legal or constructive obligation to make payments to third partie5, It 15 probable that the settlement will be required and the amount of the obligation can be measured reliably. Charitable ex enditure Cost5 forthefullyear include the costs of refurbishment, maintenance and management of the property and costs relating to the general welfare of the resident5. All expenditure 15 charged in the financial year to which it relates. The Leather5ellers' Barnet Charity 9
Notes to the accounts for the year ended 31 December 2022 Support costs Support costs are those that asslst the work of the Charity but do not directty represent charitable activities and include office costs, governance costs and administrative costs. They are incurred directly in support of expenditure on the objects of the Charity. Tangible fixed assets A review for impairment of a flxed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed a55ets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities. 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. Depreclation All a55ets over £5,000 are capitalised. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life. No depreciation is provided on freehold land. Asset Lives Years Kitchen 15 Bathroom 15 Electrics 40 Securlty equlpmetrt Car park improvements so Investments Fixed asset Investments are a form of basic financial instruments and are initially recognise(l at their transaction value and subsequently measured at fair value uslng the closing quoted market price or the share of the Net Asset Value of the fund Irf unli5tedl. All gains and losses are taken to the Statement of Financial Activities as they arise. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposa15 throughout the year. As investments are revalued to fair value contlnUOUsly, no alised gains or losses arlse. Debtors and Creditors Debtors are recognised when the Charity Is legally entitled to the income after any performance conditions have been met, the amount tan be measured reliably and it is probable that the income will be received. Creditors are recognised when the Charity has a present legal or constructive obligation resulting from a past event and the settlement is expected to result in an outflow of economic beneflts. The Leathersellers, Barnet Charity 10
Notes to the accounts for the year ended 31 December 2022 Fund Accounting Restrictedfunds Restricted funds comprise monies raised for, or their use restricted to a specific purpose Isee note 161. Deslgnated funds Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund Is set out In the notes to the financial statements. Endowment Funds The majority of these are funds permanently endowed for the particular charitable objectives set out in the Trustees, Report where the capital may not be spent. General Fund The general fund comprises unrestricted accumulated surpluses and deficits on continuing activities. It is available for use at the discretion of the Trustees in furtherance of the Charity's objectives. Flnan¢ial Instruments The Charity only holds basic financial instruments. The financial assets and financial liabilities of the Charity are as follows- Debtors- trade and other debtors lincluding accrued incomel are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 11. Prepayments are not financial instruments. Cash at bank- is classified a5 a basic financial instrument and is rneasud at fa value. Liabilities- Trade creditors, accruals and other creditors will be classified as financial instruments and are measured at amortised cost as detailed in Note 11. Deferred income is not deemed to be a financial liability a5 the cash settlement has already taken place and there is simply an obligation to deliver charitable servlces rather than cash or another financial instrument. 2 Investment Income 2022 2021 InvÈstmènt Income Dividends from Endowment Funds Dividends frorn General Funds Bank Deposit Interest 32W9 5,164 294 31.920 4.385 io 38.347 36,315 The Leathersellers, Barnet Charity 11
Notes to the accounts for the year ended 31 December 2022 3 Expenditure on Charitable activities 2022 2021 Direct ExpendSture Repairs & maintenance Inote 41 Cle3ning Upkeep of Gardens Lightiftg and Heating Water rates and Council tax S6.458 3.205 29,878 17.831 3,316 3,992 223 59,245 2,986 22,965 20,922 2,973 3,698 3.207 1.121 2.349 3.712 8.334 54,994 186,506 Insurance Telephone Gifts to residents Residents Welfare CarelSne Emergency Service Depreciation Support costs (note 51 1,121 4,863 3,453 8A36 55.660 188,436 Cyclical repairs IOe5ignated Funds) 2,107 Total Expendlture- all funds 190.543 193.510 4 Repalrs 2022 2021 Flat refurbishments and attess Surveyors fees Boiler & Heating overhaul & repair Water hygiene work5 Fire alarm, extinguishers & doors Electrical testing and repairs Day to day repairs Pest Control 10,922 960 16,372 4,591 1021 10.503 22.915 1.056 56.458 11,359 1.005 460 11,996 20,959 1,584 59,245 5 Support Costs 2022 2021 Management Fee Independent Examlner's Fee Other expenditure 51222 3A32 1.006 55.660 49,511 3,420 2,063 54,994 The Leathersellers, Barnet Charity 12
Notes to the accounts for the year ended 31 December 2022 6 Trustees, and Key Management Personnel Remuneration and Expenses The Trustee5, who comprise all the Key Management Personnel of the Charity, neither receNed nor waived any muneratIon during the year 202212021.. £nill. The Trustees did not have any expenses reimbursed during the year12021.' £nill. Harrison Housing were employed by the Trustees to act as the Managing Agent for the chartty and are responslble for day-to-day administration. 7 Employee5 There were no employees In 202212021- Nill. 8 Tangible Fixed Assets Freehold Land and Buildin The charity owns freehold land 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 buildings erected thereon in 1838 at a cost of £3,274. Part of the property was re-built in the 1960$. The trustee5 have assurned that the buildings have been fully depreciated and consequently neitherthe land nor the buildings has been included in the accounts on the grounds of materiality. The custodianship of the property was transferred to the charity in 2007. Bulldln8 Improvements Cost At l January 2022 Additions during the year At 310ecember 2022 129.623 1,253 130,876 Depreciation At l January 2022 Charge for the year At 310ecernber 2022 17.708 8,435 26,143 Net book valuè At 31 December 2022 104.733 At 31 December 2021 111,915 The Leathersellers, Barnet Charity 13
Notes to the accounts for the year ended 31 December 2022 9 Investments Units C05t 2022 2021 Endowmènts M&G Charifund Incorne Units GrasvenorTru5t The ieather5ellers' Barnei Charities Iformedy Coverley and Buncel The Leathersellers, 8arnet Charities Iformerly Buncel The Leathersellers, Benevolent Fund The Leather5ellers' Benevolent Fund The Ann Elliott and Others Trust 34.59 579 508 718 762.14 12,757 11.200 15,816 133.19 2.229 1.957 2,764 2,620.27 1,457.05 22.066.00 27.073.24 43,860 15.633 353.658 428,717 38.506 21A12 324.264 397A47 54.376 30,237 457,927 561,838 Sl8nifies value at transfer General and De51gnated Funds M&G Charifund Accumulation Units The Leather5Ellers' Barnet Charity 376.09 44.832 44,832 108.865 108,865 109,084 109,084 376.09 M&G Charifund Income Units The Leathersellers, Bafnet Charity 5.272.36 5,272.36 86,765 86,765 77,478 77.478 109.439 109.439 Total at end of year 560.314 584.190 780,361 Movement on Investments Valuation at the start of the year Additional investments (Accumulation fund) 780,361 5,164 785,525 1163,4171 683.694 4.385 688,079 Sale of investments Realised and Unreali5ed ILossesllGains on investments Valuation at the end of the year (37,9181 584,190 92.282 780,361 The reseeS 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 310ecember 2022 10 Debtors 2022 2021 Trade debtors Prepayments Other debtors 3,689 3,093 285 3,086 2,886 7,067 5.972 11 Current Asset Investments 2022 2021 Short Term Bank Deposits 291.)5 82,0 292005 82.orKJ 12 Creditors: amounts falllng due wlthin one year 2022 2021 Trade creditors Resident aetounts in credit Aecruals 23,712 527 9,007 10.676 505 6,019 33.246 17,200 13 Contingent Liabilities There are no known contingent liabilities as at 31 December 202212021- £nill. 14 Related PartyTransaction$ The Trustees of the Charity are all appolnted, ex officio or as nominative Trustees by the Leathersellers, Company. There were no transactions directly WTth the Leathersellers, Company during either year and there were no balances outstanding at either year end with 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 2022 15 Funds Reconciliation Icontinuedl 2021 Allocation of designated and endowment fund5 2021 Unrestricted Funds Designated Funds Endowment Funds Total Funds Note Flxed assets Tangible fixed assets Investment portfolio at market value 111.915 111.915 io 27,613 190.910 561,838 780,361 139.528 190.910 561.838 892.276 Current assèts Debtors Cash at bank and in hand li 5,972 5,972 98.912 98.912 104,884 104,884 Credittsrs.. amounts fallin8 due wlthln one year Net current assets 12 I7,27 17,200 87,684 87,684 Total assels less current 227,212 190,910 561,838 979,960 Represented by: Funds and reserves 15 Permanent endowrnent funds 561.838 561.838 Designated funds- extraordinary repairs Unrestricted Igenerall funds 190,910 190.910 227,212 227,212 227,212 190.910 561.838 979.960 The Leathersellers, Barnet Charity 18
Notes to the accounts for the year ended 31 December 2022 15 Funds Reconclllation l¢ontlnuedl Extraordinary Repair Fund The Trustees malntain an Extraordinary Repalr Fund as required under the Trust Deed for the extraordinary repair, cyclical repairs, improvement or rebuilding of the home5 and the other property of the Charity. The Trustees keep the si2e of the fund under review in the light of the demands which may be made upon the fund. During the year ended 31 December 2022 £75,00012021.. £15,000) was transferred into this fund in line with futureforecast expenditure to 2030. Repairs costing £2,107 carried out during the year were chargeable to the Extraordinary Repair Fund as the major projects were postponed. Unreali5ed investment losses relating to this fund were £5.38412021- unreali5ed gain £13,071). The value of the fund at 31 December 2022 was £258,41912021- £190,910). Endowment Funds Income from the following pemianent endowments are able to be used by the Charity in pursuance of its Eeneral charitable objectives. Unrealised gains or losses on the value of the endowments are retained in the relevant fund. In July 1984 the Charity Commission approved the transfer to the Leathersellers, Barnet Charitie5 of one sixth of the permanent endowment and accumulated 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 Scheme £1,211 of the capital and actumulated income of the Charity for the benefit of the churchwardens of Otterden was transferred and the related income Is now paid to the Leathersellers Barnet Charities. In May 2004 a transfer of investment5 representing the Endowment5 and accumulated General Funds of the Leathersellers, Company Benevolent Fund Icharity Registration Number 2479871 at value5 of £63,016 and £26,789 respectively were made to the Leathersellers, Barnet Charities under the Charity Cornmission agreement of 25 March 2¢))4. iv. In December2LK)6 a transfer of investments representing 35% of the entlowments of the Ann Elliott and Others Trust (Charity Registration Number 2558841 at a value of £471,619 was made under Charity Commission Stheme dated 6 November 2006. Linked Charities The Leathersellers, Barnet Chariry has the following linked charities.- Anne Elliot Barnet Almshouses Eli2abeth Grasvenor (Otherwise Gravener) James Bunce for Almspeople John Sudbury Nissen Trust The Leathersellers, Barnet Charity 19