The Michael Blanning Trust UNAUDITED FINANCIAL STATEMENTS For the year ended 29 January 2022 Charity R8gistratlon No. 266691 The Michael Blanning Trust Report and Accounts Conten Information Trustees. Rewrt Independent Examin8rf8 ReFXYt Statement of Financial A¢llvk Balance Sheet Notes to the A(xounts 7-10 The Michael Blanning Trust INFORMATION TRUSTEES K. R. James Esq. A. C. M.OulsnamE8q. M. Booth Esq. J. Hughes Esq. D.JuttonE8q. R. Kennedy Esq. J. D. Loudon Esq. J. Moore Esq. A. Gamett Esq A. Knowles {reswned {apF(Jinted {app)inted 27 March 2022) 14 April 20221 14 Apnl 2022) SOLICITORS Shakespeare Marb'neau LLP No 1 Colmore Square Birmingham B4 6AA INDEPENDENT EXAMINERS PPW Limiled Clarendon House 14 St Andrews Street Drothich WR9 8DY CHARITY REGISTRATION NUMBER 266691 Trustees, Report Of The Michael Blanning Trust The Trustees present their reFort and unaudited fina￿1 statsments of the charity for the year ended 29 January 2022. The Trustees have adoptss the provisions of Accounting and Reporting by Charities". Statsment of Recommended Pra¢ti¢e aPpI￿able to charities preparlng their accounts in accordance with the Financial Rep￿Ing Standxd appluble in the UK and Republ￿ of Ireland {FRS1021 (effective January 2015). GOVERNING 80DY The Trust is a registered charity, number 266691. The chafty is (￿ntrOlled by ts goveming dttumert a deed of trust. and constitutes an unincorporated charity. The deed was dated 13 November 1973 with an inidal fvnd of £5.000. A propèrty disp)5al. stock market investments and a legacy from Mrs. Fk￿en￿ Blanning have intyeased the valu8 of the Trust a8 shown in the annexed accounts. OBJECTS OF THE CHARITY The obj'ects of the charity are to use the lunds and the income of the Trust for the exclusfve charttable prov18ion of housing Iwthether vAth or ￿thout associatsd amenitie5) for the aged and the rellef and a88iStanc• of the wjed. RECRUITMENT AND APPOINTMEKf OF NEW TRUSTEES Trustee8 are recrurted from all Sectors of tho business communlty, based on a 8klllfrba8ed needs assessment relevant to the Charity. Appointment as a Tru8te8 follow3 infomwl meeb'ngs with the current Trustees. All Trustees are al80 IM)ard membern of ts Mthael Blanning Trust Housing Association Ltd. REVIE4V OF ACTIVITIES The existing developments whk* the Trust has SUpp￿￿j with the 81anning TfU8t Housing A8s0¢iation Ltd continue to do well. desprte Covid. The Trust has in the past supwrted the Housing AsKKiation with k)ans to assist in the purchase of freehokl knd at 216-220 Wake Green Road, Mos*y and B contrnuing the Support by currently suspending requests ftK interest payments on those kjang v*hile the sile is being developed 88 Extra co￿ housing. The buikl is progressirKJ aKI marketing of tlw flats has already cxxnrnenced. ACHIEVEMENTS AND PERFORMPNCE The perfomiance of the charfty Is set out in the att&thed finanoal statements. The objeds of the tharity have been a¢hEved in &curnulating a furttrtr surplus to regeprfes whth wll ultirnately be inves￿￿ In houslng for the ekledy as part of the lywoing strategy of the ¢harity. RISK MANAGEMEKr The T￿￿ have examined the major Strateg￿. busFness arKI operational risks that the charity faces. The Finance and Risk manage￿nt sutpcommittee of the Michael BLqnnirKJ Trust Housing Association Ltd. regularly wew aThJ report upon such risks and suggest and implement improvements. RESERVES POUCY The policy of the charity 15 to rnaintain sufftient reserves at a level to furKI the ongoing rnanagerr￿t expenses. Any Surplus reserves will be axumulated to invest in improving the existing housing for the elderly, or in new developments. through the MKhael Blanning Trust Housing As%Jryation Ltd. Trustees. Report Of The Mich￿1 Blanning Trust STATEMENT OF TRUSTEES. RESPONSIBIUTIES The Trustees are restx)nsible for preparing the report of the Trustees arKI the financial statements in a¢¢ordance with applicable law and United Kingdom Ac￿ntIng Standards {United lQngdom Generally Acceptsd Accounting Pra¢ttt). The Iw applicable to Char￿e8 In Engbnd and Wales, ts Charilies Act 2011, Charity (Accounts and Reports) RegUlat￿S 2008 and the FYovisw)n8 of the trust deed require the Trustees to prepare financral statements for each flnanaal year wthich gwe a true and fair view of the state of affairs of the charity and of the incomlng resources and application of resources. including the income and expenditure. of Ihe charlty for that perknd. In preparing these financial StateM￿ts the Trust085 are required to.. (81 Ibl Icl (d) sèlect suitable acwuntlng poltles aThJ apply them consistently: observe the methods and principles that a￿ reasonable and pwdert. makejudgements and estimates that are rea80nable and pruden( prepare the ffina￿al statements on the going concem ba8ffj unl888 It SB Inapproylats to presume that the charity will continue in business. The Tru8tee8 are responsble for keepmng proper ac￿nting reo)rds ¥thlch dlsclose with reasonab accuracy at any time the financial posilion of the chanty and ¥th￿h enable theTruste88 to ensure that the financial Statements comply with the prov1w¢￿$ of the Charibes Act 2011, the Charity (Accounts and Reports) Regulations 21))8 and the provis￿nS of the trust deed. They are 0180 responsible for 8afeguar(ling the assets of the tharity and for taking rea8(￿able steps for Ihe prevention and detection of fraud and other irwulariti85. Approved by order of the board of Tru8tee8 19 2022 and 8i9ned on its behalf by . ins given by th8 Charity Commis8ion. An examination includes a revivw of the ￿l￿nting records kept by the Charity and comp8ri80n of the Alxounts presented wrth those r￿)rds. It afso includes cons￿￿eration of any unu8ual items or disdosures in the Accounts. and seeking explanations from th8 truste8s concemlng any such matters. The procedures undertaken do ￿t provMJ8 all the evmjence that wouhj be wuired In an audrt, and consequently no opinion is given as to vthether the Accounts present a 'tr￿ arKI fairf view and the report is limited to th08e matt•rn Set out in the statement b8kn¥. IndO￿nd•n1 Examln•V• St•t•m In connection with our examination. no material matter3 have come to our attention .' 111 whlch give8 US rea8onabte C￿$8 to believe that In, any nthial respe¢L the requirements . -to keep accounting records in axordan¢e with section 130 of the Charibes Act -to prep8r8 a￿Unts wh￿h a(xx)rd ￿ the 8￿x)Unting records ￿ ￿mplY with the accounting roquirnments of the Charrbes Act have not been met or (2) to which, in our opinh￿, attention should be drawn In order trj en* a prow urKler5tanding of the accounts to be rexhed. Cla￿ndon House 14 St. Andrews Street Dro1￿ICh Worcs. VIR9 8DY PPW Llmlted Page 4 The Michael Blanning Trust Stratement of Finanoal Aclivitie$ For the year ended 29 January 2022 2022 2021 Incomlng r•8our¢•o Loan Interest 60,896 60,896 Total In¢omlnp R••ourc•• 60,896 60,896 Managemont and administrallon of the dwity 11.184 11.600 Net Movement In Funds 49,712 49,296 BalarK* brought forward 5,314.YJ8 5.265,300 Balan(x ￿rrIed forward 5.364.308 5,314,596 The Michael Blanning Trust BALANCE SHEET As at 29 January 2022 2022 2021 CURRENT ASSETS Housing Twst loan Debtors Cash at bank 3 5,187,016 96.182 87,710 5,187,016 35,286 101,714 5.370,9)8 5,324,016 CREDITORS.. Amounts falling due within one year (6.600) 19,420) Net Current A88ets 5,364,308 5,314.598 Net assets 5,364.308 5,314,596 FUNDS Unrestrkted 7 5.364,308 5,314,596 Approved by the Tn￿1888 on 19 May 2tr22 and 8yned behalf by.. K. R. James Esq. Chalmi8n of Trustees A. C. M.OulsnamEsq. Trustee Page 6 The Michael Blanning Trust Notes to the accounts For the year ended 29 January 2022 1 ACCOUNTING POLICIES Ba818 ot prwrlng th• flnan¢lal Statem The financlal statements of the charity. which 18 a Publ￿ benefft entity under FRS102, have b88n prepared in actordan¢e with the charities SORP IFRS 1021 'Accounting and Reporting by Charilias.. Statement of Recommended Practi9e applicabFe to chariiies preparing their accounts in a¢cordan¢e with the Finandal Reporting Standard applKable in the UK and Republic of Iretand le￿tive January 2015), and the chant￿ Act 2011. The financial statemonts ha￿ been prepa￿j under Ihe historical cost Convents'on. Flnanclal R•portlng Standavd 102- r•duwl dl•clo•ur• •x•mptlon• The chaTity ha8 tak•n advantage of the followiw disck)5ure exempkn in preparing the8e financlal statements, as pemitted by FRS102 - thè requir•ments of Section 7 Ststoment of Cashfk Ineom• All incom8 IB recogniwj in the statem￿ of Fmancl81 Aclivftkn once the charlty h88 entitlement to th• funds, rt is probable that the in¢om6 will be receNed and the amount Can be measured reliabty. Expondltur• Liabilities are re¢ogn18ed 88 expendiiure a8 8oon as there is legal or construcbvè oblKJation committing the charity to that expendilure, It is probab￿ that a transfer of economic benefits will be required in settlement and the amount of the obligation can be m8asured reliably. Exp8ndrture is a¢￿Unted for on an accruals t)asis. Taxatlon The charity is exempt from tax on its charitth actsvil￿. Fund Accounting Unwtricted funds can be used in accorilance with the charitable oty'ectfves at the d￿etion of the Trustees. Restricted furKls can onty be used for partular restricted purFoses within Ihe objects of the charity: these restr￿lI0nS arise when sp￿fied by the dOr￿r or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each is i￿luded in Note 8 to the ac(ounts. Financlal In•trum•nts The Assc¢iation has elec￿8 to apply the kYo¥ish)ns of SeLlion 11 'BaS￿ Financial Instruments. and Sectton 12 '0ther Financial Inslwments Issues, of FRS 102. in fiJll. to all of its f¢nan¢ial instruments. The Michael Blanning Trust Notes lo the accounts For the year ended 29 January 2022 Continued Financial assets and flnanaal fiabilitss are re¢c*Jnised Nthen the Assc¢iation beco￿ a paty to the contractual provisions of the instruments and are offset only when the Association currently has a legally enforceable right to set off the recognised amounts and intends either to seide ￿ a net basis, or to realise the a58et and 8eltle the liabillty swnultaneDUSty. Trade debtors are receivable wlthln one year and theref￿ do not c<)nstiiute a financing transaction. They are measured at transaction price athough a provision for Impalm￿nt of trade d8btcffs will be established rf there is obje¢li¥e evKlence that the arnounts due will not be Collected according to the original tem18 of the o)ntracL Trade ¢redltors are Payab￿ wlthkn orn year and therefrrn do not eonsliluts a finandng transactlon. 2 MANAGEMENT AND ADMINISTRAMON 2022 2021 Legal and profe8slon81 fees IrKlependent examinerfs fees Bank Charges 9,620 10,080 1,500 20 11,184 11.600 3 HOUSING TRUST LOANS 2021 Loan to Michael Blannlng Tn*t HO￿ing As8LKiakn Ltd. 5,187.016 5.187,016 The Michael Blanning Trust Notes lo the accounts For the year ervjed 29 January 2022 Continued The loan interESt receivable from Michael Blanning Trust Housing AsscKotion Ltd. for the year of £G0.8￿12021.. £60,896) has been cakuLqted * 2.5% on £2.435.820 12020.. £2.435.8201 being the roan balance on compteted developments. The agreed poli¢y for the Trust is to defer or not Charge any intere8t on k)ans for Ihe acquisit￿ of land or for developments. until a housirKJ 8¢heme is complete and occupied. The balance of interest outstanding frrAn.m￿hael BLqnning Trust Housing Assockgtion Ltd.at 29 January 2022 is £96.182 (2021.. £35.286} vknich És included in debtors in Note 4 below. The h)an$ are seujred by way of *al charges on various woperti86. There 18 no fixed repgymont date. The Trust has deferred all loans and rn￿e8 to a secoThl charyae folltywing Michael Blannlng Trust Housing Associakn'on Ltd obtaining finance for new developments, such finance being secured by flrst charge or mortgage to devdownent funder& 4 DEBTORS 2022 2021 Logn Inter88t receNable 98,182 35,286 96.182 35,286 5 CASH AT BANK 2022 2021 N8IWe3t plc. current x¢ount 87.710 101.714 87,710 101.714 6 CREDITORS 2021 Accruals 9.420 9.420 Page 9 The Michael Blanning Trust Notes to the afxounts For the year ended 29 January 2022 Continued 7 UNRESTrICTED FUNDS 2021 Capital funds Income fund$ 3,539.496 1,824.812 3,539.496 1,775,100 5,364,308 5,314.596 8 INDEPENDENT &WINER'S FEE The independent examlnerfs fee was £1,580 YKlugfve of VAT (21Y21: £1.5(XI). 9 RELATED PARTY TRANSACTIONS During the year tho Trust Incurred costs fry legal ser4lc• amounting to £600 12021: £1,800) to Shakep8are Martirnw LLP, &￿￿1t0￿. a Ilrm in vknir* Trustees Mr. K R. James and 141r. J. Hughe8, are consutsnts. The Trust over the years has madé substantial toans trj Mthael Blanning Trust Housing Asscciation Ltd., 8 registered company under the Cowoperkn and Communty Benefft &Kieti88 Acl 2014 IRegislr8tion Number 27848RI whose board members are also Trustees of the Trust. The amount due to the charity at the year eThJ vrds £5,187,016 (2021: £5.187.016) as described in Note 3 to the accounts, plus accrued interest of £96,182 {2021: £35.286) as statad in Note 4. The trust18 controlled by its Truste88. 10 TRUSTEES, REMUNERATION AND BENEFrrs There were no Trustees, remuneration nor any other berth ￿ld or due for Ihe year (2020: £Nil). The Trustees are considwed the key mar￿ernent of Ihe TrusL Page 10