Report ofthe Tn Unudited Statements for th¢ Ye•r EDd¢d 29tb JaDUry 2024 for The Michael Bl*nning Tru Pinfield8 Limited Chartered Accounlants Meryll Howe 57 Woreester Road BrollL8grove B617DN
The Miclhael Bl*nnlng Tntst Cont¢tt¢$ of the Financial Slalements for the year ended 29tb J#nuary 2024 Page Report of the Tnte¢S I to 3 Independent Examlfter's Report Statsment of Flnandal A¢dvliks Balance Sheet Notes to the FinAnctsI Stxtements 7 to 11
Tbe Ml¢lwl BlwbnSng Tntyt Report of the Trnstees for the yer ended 29th January 2024 The tnLstees present their report with the fiDallci statements of the C17ty for the year ended 29th January 2024. The ttuste&s have adopted the provisions of Ac¢ounts"ng Jnd R¢wrting by Chariti¢$: ' StateTn¢ryt of R¢comuKuded Ptactice applicable to ¢hotities pTEpar1 their accowiL4 in cOrdanCe with the Financi Rcporting Stsudard appli¢abl¢ in the UK alkl R¢publi¢ of Ireland (FRS 102) {effective l Jatiuary 2019). ORJF.CTIVES AND ACnVITIES C)bjects vf the ch¥rity The objects of the chatity are to use the funds and the income of the Tht for tbe excI1Ve chon'thble provision of housing (whether with or without &wciated 8rneDities) for the aged and the relief a1 &ssistance of the aged. Publlc benellt The tmsle¢s have paid Yegard lo th¢ guidan¢¢ on public b¢nefit ISA1 by the Ch8Tity Commission. ACHIEVEMEKf AND PERFORMANCE Revlew of aetfvltles The Tru4¢ continue$ to support th¢ Housing Asswiation with 108nS to develop The Shir¢s in Mos¢ley. Thi% developmcnt was complet¢d during thc y¢or al m8rkcaing of the apartrnents is ongoing. To further a&%1 the Housin8 A&8ociation. the Tne¢S havc SuSded requests for interast pAyments. Whilst these pawlents ar¢ being accrued for, th¢ TnLStees kttp this decision regularreview. Achlevement and perfornne¢ The perfoMwe of th¢ chanty hs set out in th¢ atta¢h¢d finan¢iAI $tst¢m¢nts. The objects of th¢ charily have been achieved in accumulaiin8 a further sUlUS to reserves which will ultllnaly be invested in housing for the elderly as part of ihe ongoin¥ str#tw of the cbarity. FINANCIAL REVIEW Reserv¢8 polley The policy of the charity is to maintain sufficient reserves at a level to fimd the ODgoiDg n]anagemcnt expenses. Any surp1% rescrvi% will be a¢cumulai¢d io invest in improving the existtng housing for th¢ cld¢rly• QT in n¢w developments, through the Michacl Blanning Tr1 Hollsins A&sfKiAtion Ltd STRUCTURE. GOVERNANCE AND MANACEMENr G'overninR body The charity is controlleAI by its gov¢ming (kKwnen( a deed of trust a1 con11¢$ an unincorp)rated chty. The Ttust is 8 rEgIered Charity. number 266691. Th¢ ¢h8rity 1$ ¢ontrnll¢d by its governing do¢umen( a deed of trust, and constitutes an unincotp)rateAJ charity. The deed w&$ dated 13 November 1973 an initial fund of £5,(KKI. A propety distx)&71, stock Etwket iny¢stmcnts and a legacy frrth Mrs. Florence Blanning have increased th¢ valu¢ of the TnL%t as shown in the annexed accounts. Recrnitment and appoitttment of new trStee8 Trnstees are recruited from all sectOTS of the busi#e5s Commwiity. bawj on a skill-based nctds asse&8menl rclevant to the charity. App)intment as a Tnltr follows infornia] meetings with the CUTrent TnL$tee5. All Trustees are a]50 kKwrd members of the Michael BlaDDing Tn1 Hoill8 AsslatIon Ltd.
The hfjclhael Tr Report ofthe Tn for the year ended 2h January 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Rbk mn*gement ' The TNstces have erdn)itied th¢ major stTatwc, business Al operational Tisks that the chan'ty fac&s. The Financc and Risk M8na8¢m¢nt SU11¢c¢ of the Michael Blantiin8 TTht Housing AsscKiation Ltd gularlY 1¢W aTKI r¢[ upon wch risks and wast and inwIeme improvements. REFERENCE AND ADMtNISTRATIVE DETAllS Registered Chg4rity number 266691 Prfinelpal #ddres8 Shakespeare Martineau LLP No I Co]more Squwr Birniingham B4 6AA Tru%tees J B I lughes Cbllinnan J D Loudon K R James deceased (rasigned 15.5.23) A G Garnett A H Knowles R J Kcnncdy M A BIM)th (resigned 3.10.23) A C M Oulsnam H Andrews J S Wheatley {appointoJ 25.7.23) Independent Ex#mlDer Pinfields Limited Chartered A¢count8nts Meryll House 57 Worcester Road Bromsgrove Worc0CrhirC B617DN Sollcltors Shakespeare Martineau LLP No I Colmore Square BirtninghaTn B4 6AA STATEMF.NT OF TRUSTEES, RESPONSIBILrrILs The ttustees are responsible for prq)aritig thc Rwrt of th¢ Trusltts and the financial statements in &rKordan¢e with applicable law and United Kingdom Aixxbunting Standarth (United Kingdom Gcneralty Acceptod Accounttng Prncts"¢¢}.
Tbe Ml¢hael BInIng Trust Rewrt ofthe Trnstees for the year end 29th Jalluary 2024 STATEMENT OF TRUSTELS, RESPONSIBILITILS- contthued ' The law applicabl¢ to ¢harities in E* aml Wales the chitieS Act 2011. Ch&Tity (Aullts and Reports) R¢gulations 2(K)8 and thc provisioDS of the tnt detd requires th¢ tnLStees prepare financial ststements for h financial y¢ar which give a and fair view of the stale of affair5 of the charity and of the tncoming resources and application of resources, including the in¢(e and expendiwT< of the chartry for that period. In preparing th(ks¢ fin&n¢i81 statemenis. the true¢S arc rcqwred to 5el¢xt suitable arLountin8 p)Iici&4 gnd then apply than observe the methods and pnn¢iples in the CbaTJ"ty SORP. Ite judg¢ments 8TKI eth'maics that arc rwonable atMI udlt. prepare the financial statements on the going conc¢m b&sis unless it is in8pprW to presume tha¢ the charity will continue in businw. The tswstees are respoD8ible for kcepiDg pro accounting re which disclosc with re4s0nable a¢cur8¢y at any tsme the financial p)sition of the ¢harity and to ¢nabl¢ thcm to CDSUTC that thc financial srat¢ments ¢omply with the Ch#rities Aci 2011, the Charity {Aecounts and Reports) Re8ulats'ons 2(K)8 and the provisions of the trkL81 deed. They are also resp)nsible for 5afeguardin8 the a&sets of th¢ ¢i)an'ty and hence for ¢aking reasonable 51eps for the prevelltion and detectioD of fraud and other irregularities. 23....QK4..loLF... and si8j on its b¢halfby: Approved by order of the Ethrd of tntstees on .. ...... JBHU Page 3
Independent EDmlner'$ Rewtyrt to the Trustees of Independent examiner'8 report to tbe trn8teos of Tht Ml¢hel BlnDing Tn I report to the ckn.ty trustees OT) my exwninatton of the rnts of The Michael BIAnning Tru (the Trnstl for th¢ year cndcd 29th January 2024. Responslbilitles basb 0[rert ' As thL charity truste of the Trust you resp)nsibk for the PrePalon of the accoullts An aco)rdatt¢e wilh the quir¢m¢nLS of the Chariti&S Ad 2011 Cthe Ad). I report respect of my eXamIOll of the TDJst'S 8CCOUDts carri under Section 145 of the Act and in ing out my examination I h•ve followed all applible Dilon8 given by the Cljarity ConJmi$sion under Section 145(5)(b) of the Act. Ind¢pendent ex8mlner'$ $t4tement I have completej tny examination. I confirni that no mataial rnatte have come to my atteniion in conni%lion with the examination giving me cause to believe that in any mawial r¢spe¢t: a¢coulltitig r¢¢ords were noi k¢pt in rwl of the Tntsl as wuireAJ by Section 130 of the ACL. or thL accounts do not accord with th(K re(xTrrds' or the accounts do not comply with the applicable requir¢m¢nts ¢ffi¢¢rning the fomi al orntent of accounts sel out in the Charitses (AecounLS and Reports) Regulatsons 2(K)8 other than any ryuirement that the ccounts give a trne and fair view which is not a matter considered ls part of an indep¢nd¢nt cxamination. I have no concerns and hav¢ Come a¢mss other matters in conne¢tion with the eXaMiOrt to which attention should be dTrwn in this rep)rt in der to enable a prnper 1¢ThIng of the accounts to be reached. Paul J Tivey FCA FCCA Pinfi¢ld8 Limited Meryll House 57 WorLYster Road BrOmsv¢ W0¢st¢r5hl B617DN DAts'. Pag¢4
The Trfrbael Blannlng Tn Balance Sheet 29th January 21ll4 2024 UDrestrlcted fund 2023 Total Notcs CURRENT ASSETS D¢btors Lash at bank 5.419,095 59.021 5,283.199 140,804 5.478,116 5.424,003 CREDITORS Amounts falling due within one year ($965 {5.881) NET CURRENT A&SETS 5,472,151 5,4111,122 TO'fAL ASSETS LESS CURRENT LIABILITIES $472,151 5.418.222 NET ASSETS $472,151 5.418.122 FUNDS unStriCted fiJnd8: General fiind $471151 5.418,122 TOTAL FUNDS 5,472.151 5,418,122 The financial 8talcments weff 4yroved by the Board of Tnts*es and authorised for issue on . and were signed on its b¢half by.. J D Loudon- TtUStee JBHugh The notc6 forni part of thc5¢ financial statem
The B]anthg Tn Notes to the w1nalI1 ststtmts for tht year ewied 29th January 2024 ACCOUNTING POLICIES BASIS of preparlDg the finanell statements The financial ststements of thc charity. whicb i8 a public bthefit ¢ntity under FRS 102, have been pwared in accordance with the Charities SORP (FRS 102) Accounting and Rewrting by Charities: Statement of Recommended Practice appIlble elwitics preparing their accounts in accordanee with the Financial Reporting Standard applicAbk in the UK and Republic of Ereland (FRS 102) {effe¢ts"ve I January 2019),. FinAncial Reporting Stsndard 102 Tr Financial R¢p)rting Srondard applicable in thc UK and Republic of Ireland, and the CFon'ti¢s 2011. The financial statements have been prepared under the historical cost convention. FiDanciAI RertIng Standard J02- redu¢ed dSs¢losMre exemptions I'he clwity has taken kdvantagc of th¢ followtng discliMir¢ exemption in preparin8 these firwicial st4tem¢nt& as pemutted by FRS102 -th¢ requircments of Scction 7 of CashflowT. The fllw]cial statements have been prepared to pv¢ 8 In and fair view and have departd from the ChJriii¢s IA¢wunts wjd R¢ports) Regulations 2(M)8 only to the eXt requ to providc a ttu¢ and fr vicw. This dcwdrtUTC has involved following the aritieS SORP (FRS 102) published in Octobcr 2019 ther than the Accounting and Reporting by Charities. ' St8tewKnt of Recommendcd Practice Effective from l April 25 wlllch b&$ Sillce been wtththxw The prtsentation 0rencY of these financial Sfatemctr 18 St¢rlin8 (£) and they are rounded to the nearest £1. Crld¢AI Aecountlne Jud2¢meDts key ree8 of estlmxtlon unccrtlnty There are no ¢riti¢al a¢¢ourning judg¢m¢nts or key SOUTC¢5 of o8timation uncertainty. In¢ome All income is recogDi8¢d in tbe StsmEnt of FinarKial Activities once the charity h&s entitl¢m¢llt to the funds. it is probable that the Income will be rtceivoj and the amount can b¢ m¢8sur¢d reliably. endItUre LiabilitsLs are re£ogDised &8 expenditute &8 Sn &8 thcrc is a legal or c0Th51n¥t oblig81ion rLJmmittiDg thc charity io ihat ¢xp¢ndimr¢, It ig PFobabl¢ that 4 transfer of ecorM)mic befits will be qUired in settlement and the amount of the ob.l10n can be Me&sUd reliably. EX[ditUrE is a¢count¢d for on an acenwls bas'is and hgs been Cl&51fied under headings that a¥we all cost reled to the cate¥ory. Wh¢ff $ts cannot b¢ dir¢¢tly Attribud w InIcUlar headings they have been ailoL*ted to activities on a basis consistent with the use of resour¢es. Taxgtion The ctwity i8 exempt from lax i)n its charitable activities. Fund accounting Unre&tsiLted fLllJd5" cart be used in accordw with th¢ thitable objcctiv¢s at the discretion of the tnL8tces. Page 7 nttnu¢d..
The MICh Blnllkng Trust Notes to the Finncial Statements- Continued for the year ended 29th January 2024 Accour(riNG POLICIES. t¢Jn¢iDued Fund aeeollntlng Rc%tricted funds can only be ed for particular ItriCIal PUTW8e8 within the obJ'eAs of the clwity. Restrictions arise when specified by the donoror Wh fuTx15 are raised for particular restricted purpos¢s. Further planatt.0ll of the Dature aj of firwj is included in the not&4 ihe firCIal Slatements. Financial instruments The Associauon has elect&J to apply the t01$10$ of Section 11 Financial Instruments, and SeLion 12'(thr Finan¢ial IILStnimmts Issw, of FRS IIY2, in fvu. to all of its financiAI 1n8tnlly. Financial assets and financial liabilities are reLognised when the Aswiation be¢om¢s 4 party to the contractual provisions of the instruments arwj are offset only wh¢n the Aswcialion currently has a legally ¢nfoK'¢abl¢ right to set off th¢ r¢¥owwol amounts and inten(L% either to scttle on a net b88is. or to r¢alisc the &88ei and 8¢ttlc thc liabiliry qimultaneo8]y. Tiad¢ d¢btors are re¢¢ivabl¢ within one year afyj Iberefo th) not ¢onstitute a financing transaction. They arc Tneasured at trdnsaction pric¢ although a provision for impairnient of trade debtors will be ¢stablished if ihcrc 18 obJtive cyidence that the 8mounts will not be colle¢t¢d a¢¢ordin8 to the ori&nal ternis of the contract. Trade creditors are payable within one year and therefore do not ti)nstityt¢ a financing transaction. TRUSTEES, REMUNERATION AND BEI¥EFITS There wer¢ no Thte¢s, r¢muDeratioD N)r any oth¢r Ixnefits paid or due for the ye4r (2023.. £Nil). The TnL8tees are considered the key managemeni of the Tftl STAFF COSTS Th¢tr ar¢ no employtts and therefo no individu81 earAs mor¢ tlwn £60,(XKI. Th¢ avcragc monthly numir of ¢mploye¢s dutiDg Y was as follows: 2024 2tr23 No employees Teceived emolumeDts ID exce&8 of £60.IXKJ. Page 8 continued...
The Mkhad BlDning Trust Notes to the Slatements- contlnued for the yr ended 29th 2024 MANAGKMENT AND ADMINISTRATION 2024 2023 Legal and profe&8ion81 fees Iendent exami$ ftts Batd( charge 5,100 1,764 5,400 1.680 867 7.082 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 LA)on to Michael Blanning Trust Howng Association Lid Loan interest reccivablc 5262,016 157,079 5.187,016 9C),183 &419,095 5.283.199 Houslng Trust IAMDS The loan iniejE8t receivable from Michael Blanning Tnt H¢JJsing Association Ltd for the year of £60,896 12023.. £60.896) has been ¢alculatrd ai 2.50/0 on £2.435,820 (2023.. £2,435,820) being the loan balance on completed developments. The agreed policy for the Tn¢ is to d¢f¢r or not Charge any interesl on loans for the acquisition of land or for development& untsl a housin8 scheme is complete tind c¢cypied. The balanrz of interest outstsnding from Mich1 Blamiing Tn¥t Housm8 Aswciation Ltd. at 29 January 2024 is £157,079 (2023.. £96,183) whi¢h 18 included in thbtots in note 4 aE)ve. The loans are secur1 by way of lega] chgeS on variow proiknie& 18 no fixed repaent date. Th¢ TrSt h&8 d¢f¢rr¢d all lo and m)rtfdges to a secottd cknge following Michael Blanning TnLSt Housing Association Ltd obtsining finance for new developmen sh finance being U[¢d by a first charge or mortgage to developnent filler8. continued...
The Midthel Bly4ning Trnst Notes to the Winllcial Sttements- ¢onthiued for the year ended 29th J#nuary 2024 CASH AT BANK 2024 Totsl 2023 Total funds NatWe plc. current account 59.021 140,804 Totsl 59,021 140,804 CREDITOIL8: AMOUNTS FALLING DUE wfTillN ONE YEAR 2024 20 ACcnlS 5.965 5.881 RELATED PARTY TRANSACTIONS During the year the Trtt incurred Sts for le1 servi(Y amounting to £9 (2023.. £1,2) 10 Shakespeare Mtirtineau LLP. Solicitor4 a firni in Tl¢b Tntste¢s Mr. L IL James and Mr. J. Hughes. are onsultants. The Trust over the years has made substantial loans to Michael Blarffting TnL8t Housing Akqociaiion Ltd.. a registered ¢omkwy uThJ¢r the Cw)erativ¢ ond Community Ben1$ Sle11£s Act 2014 {Re$tratiOn Numbcr 27848R) whose iy)Ard m¢n)bers Are aiso Trust¢¢s of the Tru. The amount due to the charity al the year end w&$ £5,262.016 (2023.. £5,187,016) 18 in Not¢ 4 trj th¢ a)unts. plus accrued inierest of £557.079 (2023: £96.182) &8 stsd in Note 4. The tNsl is controlleA by its Tne. The loans ar¢ s¢¢ured by way of legal charges on Vario The is no fixtAI repaymen¢ date. The Trust has deferrryj all loans aTKI vTh)rtgages to a second cbaTBe following Michael Blanning Trust Housing Association Ltd obtaining finartt f ncw developn such finan¢¢ being SVrEd by a fjrst charge or mortgage to development fuler$. Pagc 10 continuciL..
The Michael Bl*nnkng Trust Notes to the FmgJncRai StateD)ellts- ¢oDtln¥ed for the yr ellded 29th January 2024 2024 2023 Capitsl funds In¢om¢ fimds 3539,490 1.932,655 3,539,496 1.878.626 5A72,151 5.418,122 10. INDEPENDENT EXAMINER'S FEE The independent exAminef8 fee was £1,764 inch1Ve of VAT (2023: £1,680). Pag¢ 11