The Leathersellers, Barnet Charity Annual Report and Accounts For the year ended 31 December 2023 Charity Registration Number 247986
Contents Reports Legal and administrative information Report of the Trustees Independent examinerfs report Attounts Statement of Financial Activities Balance Sheet Note5 to the accounts 9-19 Tlie Leaiheisellers. Barnel Cliarily
Legal and administrative information Trustees: Mr M T Berman Chairman INominativeTru5tee until 15 December 20241 Mr M J Bradly Russell {Nominative Trustee until 9 December 20271 Mr M G Williams {Ex-Officio Trustee (appointed 20 July 20221 Mr RN Tustin8 {Ex-Officio Trustee appointed 19 July 20231 MrRWPeart (Nominative Trustee until 15 December 20241 Mr C J V Williams (Nominative Trustee appointed 13 December 20221 Mrs E J Womersley Iresigned as Trustee on IO, April 20231 Ms C J Lennon (Ex-officio Trustee until 19, July 20231 Address: 7 St. Helen's Place London EC3A 6AB Management Company: Harrison Housin8 46 St James's Gardens London WII 4RQ Independent Examiner: MHA MHA House Chartercourt Swansea Enterprise Park Swansea SA7 9FS Principal Banker: HSBC Bank plc 1-3 Bishopgate London EC2N 3AQ Solititor: Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH The Leathersellers, Barnet Charity I
Report of the Trustees For the year ended 31 December 2023 The Trustees present their annual report and accounts of The Leathersellers. Barnet Charity for the year ended 31 December 2023. 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 charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kin8dom and Republic of Ireland IFRS 102). Structurei governance and rnanagement The Leathersellers, Barnet Charity is a registered Charity. number 247986, 8overned by a Scheme approved by the Charity Commission dated 25 June 2007. The Trustees are appointed by the Court of Assistants. 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 commencing on or about the 19 July each year. The other Trustees are appointed for an initial period of four years 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 Trustees to vary. Prior to that date the Trust Deed allowed for 4 nominatbve trustees though the Charity had 5 nominative Trustees as a result of an unintentional mistake for the short period from 13 December 2022 to 6th April 2023. This was 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 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 operation5 and development. Periodic briefings and courses are also provided for Trustees. No trustee received any remuneration from the Charity during the year norwere any out of pocket travellin8 expenses reimbursed lo the Trustees. No trustee had any beneficial interest in aiiy conlracl with the Charity in the year. Harrison Housin8 who themselves are an almshouse charity manage the Barnet properties on a day-to-day basis. Risk Management The Trustees have reviewed the Risk Register which seeks to identify the significant risks to which the Charity is exposed. Areas considered include the daily operations of the Charity. its investments and its finances. The Trustees seek to mitigate identified risks by ensuring controls exist over the financial system5 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 re5erve5 provides assurance that they have established effective means to mitigate material ri5k5. Purpose. Objectives and activities for the public benefit The Charity's primary purpose. as per its Scheme, is to provide. maintain and manage accommodation for people who are in need and to provide forthe general well-being of the residents. The Trustees confirm that The Leathersellers. Barnet Charity 2
Report of the Trustees For the year ended 31 December2023 they have considered the Charity Cornmi55ion's general guidance on public benefit when planning the activities of the Charity and believe that the Charitvs activities provide a clear public benefit. Achievements during the year The Charity continues to provide almshouse accommodation in Barnet comprising 22 flats, five of which can accommodate couples with ihe other seventeen suitable for single occupancy. The occupancy rate for the year was 97.6%12022:ICrfJ%I. Investment income was comparable with the prior year desplte difficult market conditions and residents contributions increased by almost 6%. 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 2023 was £240.193 compared to the previous year when income from the same sources totalled £233,141. Two flats were void in the year for a short period. The occupancy rate remained high at 97.6%. Investment income for 2023 was £34.020 showing an decrease of£4.327 over the income for 2022. Some of the decrease resulted from a part disposal of the M&G investments in February 2023. Expenditure increased by 25.5% year on year. There is an element of cost inflation. particularly in regard to utility charge5 and labour-intensive services such as cleaning and grounds maintenance. Cyclical works con515ted of remedial work to parapet walls and associated repairs1£33.8321. The budget was for E81,072, but rewiring works and cyclical decoration have been delayed. £50.0(X) was transferred to the designated fund to pay for these works in the future. An analysis of repairs is shown in note 4 on page 12. The 5urplu5 for the year on General Funds before transfers was £34.83412022= £44.7041- The Trustees approved a transfer of £50,012022= £75.0001 to the Extraordinary Repairs Fund leaving a deficit of £15.116 before an investment gain of £3.39012022: loss of £5.3041. The net movement in General Funds for the year was a deficit of £11.776 (2022- £35,599). The General Fund stood at £179.837 {2022: E191.6131 at the year end. The Extraordinary Repair Fund is held for future major repairs to the fabric of the buildings and expenditure in year from this fund was £33.832 {2022: E2.1071. The value of the fund at the end of the year was £272,630 12022: £258.4191 after including the transfer of £50.(NJO from General Funds. The value ofthe Permanent Endowment Fund started the yearat £534.608 and grew by £19.116 due to the performance of the investments. The year end fund was £553,724. Income from the fund 15 used for the well-being of the residents and the capital of the Permanent Endowment must be held indefinitely by the Charity. The Leathersellers, Barnet Charity 3
Report of the Trustee5 For the year ended 31 Oecember 2023 Reserve5 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 respett of it5 principal objects. lill the enhancement of common facilities and liiil the refurbishment of the kitchens and bathrooms in the flats as vacancies permit. The Trustees have examined the requirement for free reserves i.e. those unrestricled funds not invested in tangible fixed assets, designated for specific purposes or othenvise 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 Months, expenditure on charitable objects 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 differences 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 reseNes 15 £77.32812022= £86,880} which is in excess of the required reserrfes 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 Pollcy There are no restrictions on the Charity's powers to invest. The Trustee5 have set an investment strategy consistent with specific requirements across the Funds held. Quoted Investments totalled £774,06212022: £584.1901 at year end market value, allocated as £553,727 12022: £397,847) in Pemianent Endowment Funds and £220,33912022= É186.3431 in Designated Funds. 55% of funds are invested in M&G Charifund Income units and M&G Charifund Accumulation Linits and the rest in CCLA COIF funds. Statement of Trustee's responsibllities 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 give a true and fair view, the Trustees are required to: select suitable accounting policies and then apply them consistently- make judgments and estimate5 that are reasonable and prudent.. state whether applicable accounting Standards and statements of ¢0mmended practlce have boen 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 responsible for keeping properactounting recordswhich disclose with reasonable accuracy. at any time, the financial position of the Charity and whith enable them to ensure that the accounts comply 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 Trustees have reviewed and updated their 10-year forecasts and remain satlsfied that the forecasts demonstrate the Charitws ability to continue normal operations for the foreseeable future. The Leathersellers, Barnet Charity 4
Report of the Trustees For the year ended 31 December2023 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: 20?LP The Leathersellers. Barnet Charity 5
Independent examinerfs report Independent Examinerfs Report to the Tru5tee5 of The Leathersellerg Bamet Charity I report to ihe charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set outon pages7 to 18. Responsibilities and basis of report As the charity's trustees you are responsible for the prepaiation of the accounts in accordance with the requirements of the Charities Act 2011 {'the AcYI- I report in respect of my examination of the charl$ accounts carried 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 settion 14515llb) of the Act. Independent exarninerfs statement I have completed my examination. I confirm that no material matters have come 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 concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 28 other than any requirement that the account5 give a 'true and fair view, 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. Rachel Doyle MHA MHA House Charter Court Swansea Enterprise Park Swansea SA7 9FS MPIA is the trading name of Maclntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC3123131- The Leathersellers. Barnet Charity 6
Statement of Financial Activities for the year to 31 December 2023 2023 2022 Unresiricted Oesignated Endowment Total Toial nds funds funds funds funds Note lrttomè and Endowments Investrneni Income 34.020 206.173 34.020 206.173 38,347 194,794 Residents contributions Total In<ome 240.193 240.193 233.141 Expenditure Expenditure on charitable activities 205.359 33.832 239,191 190.543 Total Expenditure 205,359 3331 239.191 190,543 Net Income befo transfers 34A34 {33.8321 1.002 42,598 Transfer between fund5 15 150.(X)01 50.( Net Income before ILossll Gain on investmènts {IS.116) 16.168 1,002 42,598 Net ILossl/Gain on investment assets 3.390 11.9561 19,116 20,550 137,9181 3,390 11,9561 19,116 20,550 137,9181 Net Movement in Fund5 {11.7761 14.Z12 19.116 21.552 4,679 Fund Balances at the start of the year 191,612 258,419 534.608 984,639 979.960 Fund Balances at the end of the year I7936 272.631 553,724 1,006,191 984,639 The notes on pages 9 to 18 form part of these financial statements. The Leathersellers, Barnet Charity 7
Balance Sheet s ot 31 December 2023 2023 2022 Unre5tiicted Designated Endowmènt Funds Funds Fund5 Total Ftsnds Total Funds Note FiMÈd assets Tangible fixed assets Investment portfolio at market value 102.508 102,508 104.733 220.338 553,724 774.062 584,190 102.508 220.338 553,724 876,570 688.923 Cufrent assets Debtors Investments Cash at bank and in hand io 6,159 103,707 l¢i,912 6.159 IS6,000 16.912 7,067 292,005 29,889 li 52,293 126.778 52,293 179,071 328.962 Credltors: amounts falling due within one year 12 49,450 49A50 33,246 Net ¢urrent assets 77.328 52.293 129.622 295,716 Total assets less current I7936 272,631 553,724 1.006,191 984,639 Represented by: Funds and reserves Is Permanent endowment lunds 553.724 553.724 534,608 Designated funds- extraordinary repair5 Unrestricted Igenerall funds 272.631 272,631 258,419 179.836 179,836 191,612 179.836 272,631 $53.724 1,006,191 984,639 Approved by the Tru5tee5 on lip W 20 The notes on page5 9 to 18 form part of these financial statements. The Leatherselled Barnet Charity 8
Notes to the accounts for the year ended 31 December2023 l Accounting Policies The Leathersellers. Barnet Charity is a Charity reEistered in England & Wales. number 247986. and is governed by a Scheme approved by the Charity commission dated 25 June 2007. Basis of Accounting The accounts of the Charity have been prepared on a going concern basis under the historical c05t convention, with the exception that investrnents are included at market value. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accountin8 and Reporting applicable to charities preparing their accounts in accordance with the Financial Reporting Standard IFRS1021 and applicable UK Accounting Standard5 and the Charitie5 Act 2011 and UK Generally Accepted Practice as it applies from l January 2015. The financial statements have been prepared to give a 'tme 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 vie. This departure has invofved following the 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 IFRS 102} issued on 16 July 2014 rather than the Accounting and Reporting by Charities= Statement of Recommended Practice effective from l April 2CA)5 which has since 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 basi5 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. The budgeted income and expenditure is Sufficient with the level of reserves for the Charity to be able to 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. Resident< contributions {which include Service charge income) are accounted for in the period to which they relate. Expendlture and the Basis of Apportsoning 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 reliablv. Charitable ex enditure Costs forthe full year include the costs of refurbishment, maintenance and management of the property and costs relating to the general welfare of the residents. All expenditure is charged in the financial year to which it relates. The Leathersellers. Barnet Charity 9
Notes to the accounts for the year ended 31 December 2023 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 costs and administrative costs. They a incurred directly in support of expenditure on the objects of the Charity. Tangible fixed assets A review for impairment of a fixed asset is carried out if evenls Of changes in circumstances inditate that the carrying value of any fixed asset may not be recover3ble. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impaiments. Impairment losses are retognised in the Statement of Financial ActiYitie5. 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 (lifference between the net sale proceeds and the net carrying value. Depreciation All assets over £5,000 are capiialised. 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. A55et Lives Kltchen Bathroom Boilers Electric5 Security equipment Car park improvements Years 15 15 15 40 50 Investments Fixed asset investments are a fom) of basic financial instruments and a initially recognised at their transaction value and subsequently measured 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 Statement of Financial ActbVitie5 includes the net gains and losses arising on revaluations and disposals throughout the year. As investments are revalued to fair valve continuously, no realised 8ains or losses arise. Debtors and Creditors Debtors are reco8nised 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 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 benefits. The Leathersellers, Barnet Charity 10
Notes to the accounts for the year ended 31 December 2023 Fund Accounting Restrictedfunds Re5trirted fund5 comprise monies raised for. or their use restricted to a specific purposelsee note 161. Designated funds Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purp05e5. 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. Flnanclal Instruments The Charity only holds basic financial instruments. The financial asset5 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 12. Prepayments are not financial instruments. Cash at bank- is classified as a basic financial instrument and is rnea5ured at face value. Liabilities- Trade creditors, accruals and other creditor5 will be classified as financial instruments and are measured at amortised c05t as detailed in Note 11. Deferred income is not deemed to be a financial liability as the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument. 2 Investment Income 2023 2022 Investment Income Dividends from Endowment Funds Dividènds from Gener31 FLtnds Bank Deposit Interest 27,065 5,907 1,048 32,889 5,164 294 34.020 38,347 The Leather5eller5' Barnet Charity 11
Notes to the accounts for the year ended 31 December 2023 3 Expenditure on Charitable activities 2023 2022 Dlrect Empendlture Repaiis & maintenance (note 41 Cleaning Upkeep of Gardens Lighting and Heating Water rates and Council tax Insurance Telephone Gifts to residents Resldents Welfare Careline Emergency Service Depreciation and loss on disposal Support Costs (note 51 57.762 3.701 31255 24,127 3.683 4.203 56,458 3,205 29,878 17.831 3.316 3,992 223 1.122 4.665 1.622 13,007 59326 205,359 33,832 239.191 1.121 4.863 3.453 8.436 5S,660 188,436 2.107 190.543 Cycllcal repairs (Designated Funds) Total Expenditvre- 311 fund5 4 Repairs 2023 2022 Flat refurbishments and access 4.553 11.310 3.462 214 Boiler & Heating overhaul & repair Water h¥Eiene woiks File Éllarrn. extinguishers & doors Electrical testin8 and repairs Day to day repairs Pest Control 16,372 4,591 1,021 10,503 22,915 1,056 56.458 15,091 22,076 1.056 57.762 S Support Costs 2023 2022 Management Fee Independent Examinerfs Fee Other expenditure 54,448 3,652 1,226 59.326 Sl.222 3.432 1,006 55.660 6 Tru5tees' and Key Management Personnel Remuneration and Expenses The Trustees, who comprise all the Key Management Personnel of the Charity. neither received nor waived any remuneration durirbg the year 2023 12022= £nill. The Trustees did not have any expenses reimbursed during the year12022: £nill. Harrison Housing were employed by the Trustees to act as the Managing Agent for the charity and are responsible for day-to-day administration. The Leathersellers. Bamet Charity 12
Notes to the accounts for the year ended 31 December2023 7 Employees There were no employees in 202312022: Nil}. 8 Tangible Fixed Assets Freehold Land and Buildin The charity owns freehold land and buildings. being its almshouse propertie5 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 £IIX) and for buildings 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 building5 have been fully depreciated and consequently neither the 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. 8uildin8 Improvements Cost At l January 2023 Additions during the year Di5P05al during the year At 31 December 2023 130.876 10.782 15.8491 135.809 Dè reciation At l January 2023 Charge for the year Disposal At 31 December 2023 26,143 8.519 11.3611 33.301 Net book value At 31 December 2023 102,508 At 310ecember 2022 104,733 The Leather5ellers' Barnet Charity 13
Notes to the accounts for the yearended 31 December 2023 9 Investments Units Cost 2023 2022 Endowments M&G Charifund Income Units Grasvenor Trust The Leaiherseller5' Barnet Charitie5 (formerly Coverley and Buncel The Leatheisellers. Bamet Charities (formerly Buncel The Leathersellers. Benevolenr Fund The Leathersellers. Benevolent Fund The Ann Elliott and Others Trust 23.05 331 507.95 8.502 7,289 11,21 88.77 1,486 1274 1.957 J.746.37 971.10 29,232 10.419 235.858 285,883 25,060 13.935 211.173 259.062 38.506 21,412 324,264 397,847 14.716.Lil 18.053.24 CCLA COIF The Le3thersellers' Benevoleni Fund The Ann Ellioti and Others Tiusl 2.742.50 12,100.80 14.848.30 51,054 224,853 275.907 54.524 240,136 294,660 General and DesiEnated Funds &0 CliarifunJ Accunhulaiiofi Units The Leathersellers. Barnei Charity 376.09 376.09 44.832 44,832 112.817 112.817 108.865 108,865 M&G Charifund Income Units The Leather5ellers' Barnet Charity 3.514.36 3,514.36 57.834 57.834 50.431 50.431 77.478 77,478 CCLA COIF Leathersellers. Barnet Charity General 2,876.92 2.876.92 53,775 53.775 57,092 57,092 Total at end of year 718,231 774.062 584,190 Movement on Inve5twnents Valuation at the start of the year Additional investments (Accumulation fund) CCLA COIF 584.190 5.907 329.682 919.779 1166,2661 780.361 5,164 785,525 1163,4171 Sale of investments Rea1É5ed and Unrealised ILossesllGains on investmen Valuation at the end of the year 20,549 137,9181 584.190 774.062 The reserves policy and allocatron of investment funds is explained on page 4 of the Trustees, Report. Further details are provided in note IS to the accounts on pages 16 and 17. The Leathersellers, Barnet Charity 14
Notes to the accounts for the yearended 31 December2023 10 Debtor5 2023 2022 Trade debtors Prepayment5 other debtors 2,115 3,619 425 3,689 3,093 285 6,159 7,067 11 Current Asset Investments 2023 2022 Short Term Bank Deposits 156.000 292.005 156.01)0 292,005 IZ Creditors: amounts falling due within one year ZOZ3 2022 Trade creditors Resident accounts in credit Accruals 16.564 1.620 31.266 23,712 527 9,007 49.450 33.246 13 Contingent Liabilities There are no known contingent liabilities as at 31 December 202312022: £nil). 14 Related Party Transartion5 The Tru5tee5 of the Charity are all appointed. ex officio or as nominative Trustee5 by the Leathersellers. Company. There were no transactions directly with the Leathersellers. Company during eitheryear 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
rrt ty) rrt 4 Wi O ri o Ln Q) rj pl p4 r* c c£ 0£££
i ¢ r*i V O m Ln 0> VJ c c £ rLS
Notes to the accounts for the year ended 31 December 2023 15 Fund5 Reconciliation {continued) Extraordinary Repair Fund The Trustees maintain an Extraordinary Repair Fund as required under the Trust Deed for the extraordinary repair, cyclical repairs. improvement or rebuilding of the homes and the other property of the Charity. The Trustees keep the size of the fund under review in the light of the demands which may be made upon the fund. During the year ended 31 December 2023 £50,00012022.. £75,Cthl was transferred into this fund in line with future forecast expenditure to 2030. Repairs costing £33,832 12022.. £2,107) carried out durin8 the year were chargeable to the Extraordinary Repair Fund. Unrealised investment losses relating to this fund were E5.38412022= EI.956). The value of the fund at 31 December 2023 was £272,631 {2022- £258,419). Endowment Funds Income from the following permanent endowments are able to be used by the Charity in pursuance of itsgeneral charitable objectives. Unrealised gains or losseson the value of the endowments are retained in the relevant fund. In July 1984 the Charity Commission approved the transfer to the Leathersellers. Barnet Charities of one sixth of the pemianent 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 accumulated income of the Charity for the benefit of the churchwardens of Otterden was transferred and the related incorne 15 now paid to the Leathersellers Barnet Charitie5. In May 2004 a transfer of investments representing the Endowments and accumulated General Funds of the Leathersellers. Company Benevolent Fund (Charity Registration Number 2479871 at values of £63.016 and £26.789 respectively were made to the Leathersellerg Bamet Charities under the Charity Commission agreement of 25 March 2CK)4. iv. In Oecember 2(KJ6 3 transfer ol investments representing 35% of the endowment5 of the Ann Elliott and Others Trust (Charity Re8lStration Number 2558841 at a value of £471,619 was made Lbnder a Charity Commission Scheme dated 6 November 2(K$6. Llnked Charities The Leathersellers, Barnet Charity has the following linked charities: Anne Elliot Barnet Almshouses Elizabeth Grasvenor Iotherwise Gravenerl James Bunce for Almspeople John Sudbury Nissen Trust The Leathersellers, Barnet Charity 18