VILLAGE HOUSING CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 Charity Registration Number: 268886 LOCKINGE ESTATE OFFICE, ARDINGTON, WANTAGE, OXFORD5HIRE, OX12 8PP
VILLAGE HOUSTNG CHARITABLE TRUST INDEX Year ended 30 September 2021 TRUSTEES, REPORT INDEPENDENT AUDITOR'S REPORT STATEMENT OF FIN.ANCIAL ACTIVITIES BALANCE SHEET 10 NOTES TO THE FINANCIAL STA TEMENTS
VILLAGE HOUSING CHARITABLE TRUST TRUSTEES, REPOIIT Year ended 30 September 2021 The Trustee5 subinit their report and account5 for tlie year ended 30, September 202I. CONSTITUTION The Trust is constituted by the Trust Deed dated 24, March 1974 following a settlement by MT C L Loyd of certain houses in the villages of Ardingtoii and Lockinge on exc1115ivcly charitable triists. Additional propertie5 have been setiled by Mr Loyd since 1974. OBJECTIVES The obje¢liv¢s of the Trust are to provide hoiising and associated amenities for persons in necessitOLIS circumstances upon tenns appropriate to their Ineans and for tliis purpose to construct, improve or manage or facilitate or encourage the ¢onstrLlCtion or improvement of liouses. STATUS The Trust is a registered charity (Cliarity Cornmission Registration No. 268886). TRUSTEES The Trustees who served during the year were as follow5- T C Loyd, Dr E A Boon, C Merry, and the Honourable W Cadogan. SELEcfioN AND APPOINTMENT OF TRUSTEES Wlien a need for a new Trustee is identified, the existing Trustees will review the eligibility criteria for Trustees, agree what skills, experience and knowledge are needed and agree a process for recruitment. Tlie Trustees will agree the best method for attracting ¢andidates and interview the candidates equitably against the agreed criteria. The preferred candidate will be identified and invited to join th¢ Trustees, subject to references, formal vetting and approval of tlie Trustee board. Tlie person nominaied for appointment as Trustee will be required to sign a declaration of his or her eligibility to a¢t as a Trustee in a forin acceptable to11)e Trustees. The vetting will encompass disqualification checks, conflicts of interests and if appTopriate, Dis¢losure and BaIng Service. Appropriate inforination will be made available to the poteiitial Trustees at either the interview stage or the nomination stage about Trusiee duties and responsibilities. the Charity including its objectives, it5 accounts, the trust deeds and the existing Triistees. A newly appointed Trustee will be offcred and given appropriate induction and training. TRANSACTIONS WITH TRUSTEES Please see Note 7 to the accounts for details of transaciions with tlie Trustees. INVESTMENT The Trustees have power of investment as an absolute beneficial owner. REMUNERATION None of the Trustees received any remuneration during t]ie year.
VILLAGE HOUSING CHARITABLE TRUST TRUSTEES, REPORT (¢ontiniied) Year endcd 30 Septcinbei. 2021 ORGANISATION The Trustees Ineet periodically in order to discuss tlie Inanageinent of the properties and to grant tenancies to necessitous persons in accordance with the Trust Deed. The day-lo-day management is Carried out by tlie Managing Agents. Adkin, Chartered Surveyors. at a fee agreed by the parties. PRINCIPAL OFFICE Locking7e Estat¢ Office Ardington. Wantage. Oxon, OX12 8PP AUDITORS Dixon Wilson Audit Services LLP 22 Chan¢ery Lane, London WC2A I LS BANKERS Barclays Bank pl¢ 17 Market Place, Wantage, Oxon. OX12 8AG SOLICITORS Knights plc Midland House, West Way, Oxford. OX2 OPH MANAGING AGENTS Adkin. Chartered Surveyors Orpwood House, Ardington. Wantage OX12 8PQ TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the TTUStees' report and the financial statements in accordance with applicable law and United Kingdoin Accounting Standards. The law applicable to ¢harities in England and Wales requires the trustees to prepare financial 5tatein¢nts for eacli financial year wliicli give a true and fair view of the state of affairs of tlie Charity and of the incoming resources and application or resources of the charity for that period. In preparing ihese financial statements. the trustees are required to.. select suitable accounting policies and then apply thein consistently- obs¢rve Ilie metl)ods and principles of the Cliarities SORP; Tnake judgements and accounting estimates that are reasonable and prudent. state wliether applicable accounting standards have been followed, subject to any departures dis¢los¢d and explained in tl)e financial stateinents,. and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The tTUStees are responsible for keeping a¢¢ounting records whicl) disclose ivith reasonable accuracy the financial position of the charity and enable them to ensure that the financial stateTnenis comply ivith the Charities Act 201 I, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and lience for taking reasonable 5tep5 for the prevention and detection of fraud and other irregularities. REVIEW OF THE YEAR During the year. the following activities in pursuance of its Objectives as set oiit on Page 2 were undertaken by tli¢ Trust.. Mainlenan¢e and Re airs - the Trustees continue to maintain Ilie portfolio of propertie5 Witli parti¢ulaT emphasis being pla¢ed upon the needs ofthe elderl),, less able tenants and young people. Tliis incliides internal de¢oi'ation, gardening assistance and other help when required. The Trustees expended £205,339 (2020 - £167,687) on the maintenance of the existing portfolio of properties.
VILLAGE HOUSING CHARITABLE TRUST TRUSTEES, REPORT (¢ontiniied) Year ended 30 Septeinber 2021 Pro Im rovements - the Trustees continue to carry out iinprovements to the housing stock by upgrading the facilities such as kitchens, batlirooms, heating and other in5tallaiions P£lrticularly when a property falls vacant and is due for refiirbishment prior to re-letting. In addition, facilities su¢li as showers, stairlifts and liand rails are provided lo assist elderly and less able tenants. Tl)e Trustees spent £99,810 (2020 - £44,898) on expenditure of a capital iinprovem¢nt nalure in the year. excluding neiv l)oiising. New Housin there has been no new housing developtnents for the year. Potential Develo ment Land the paddocks. which the Trust owns within the village of East Ilsley, offer long term potential for residential development together with various community benefits includiiig a site for affordable rural lioiising siibject to planning consent bcing granted by the Local Authority concerned. To tl)is end, a Proinotion Agreement lias been entered into with Manor Oak Homes, to proinoie ihe site for dev¢lopm¢nt at tl)e Coinpany'5 risk. Ri5k- the Trustee5 have considered the risks to which the Charity 15 exposed and have concluded tliat due lo the number of prop¢rti¢s within the portfolio, the ongoing rnaintenance programme, the occupancy rate in recent years, the average nuinber of applicant5 on tlie waiting list and the geographic spread of the dwellings. tlie risks of a significant fall in rental income or a major increase in the repair liabilities suddenly arising are limited. Perfomance The Trustees at iheir meetings review the performance of tlie Trust against its Cliaritable Objectives, whi¢li are set oiit on page 2. In particular they consider the occupancy levels, the necessitous circuinstances of the t¢nants, the age range of the tenants and tlie maintenance and development of the Trust'5 properties. The performance statistlcs 51iowed the following changes between 2021 and 2020: 2021 58 2020 58 Total number of residential properties Properties vacant and being refurbisliedlre-let Total nuinber of tenants Age range of tenants 18-45 46-59 60+ Number of children of tenants There is further information in the Public Benefit section below as to how the objectives are met and the above statistics are referred lo at the end of that section. In this year. information relating to the demographic make-up of the tenants was not produced due to the challenges caused by the COVID-19 pandemic. PUBLIC BENEFIT The Trustee5 continue io carry out the Charity's aims for the public benefit. The Trtee5, having regard to the Public Benefit Euidance published by the Charity Commission in accordance with section 17 of the Charities Act 20 I I, eonsider that the purpose and tlie activities of the Charity satisfy tlie requirements of the Piiblic Benefit test sel oul in se¢lion 4 of the same Act. The aims are intended to benefit those members of th¢ public who need to live in the villages of Ardington and Lockinge for the purposes of employment. retirement or in order to make a ¢ontribution to tlie work of the local community, througFli providing them with affordable rural housing ai less ihan the open market rental value for similar properties in tlie locality.
VILLAGE HOUSING CHARITABLE TRUST TRUSTEES, REPOIIT (continued) Year ended 30 Septeinber 2021 The property portfolio includes bungalows and cottages which have been adapted to in¢liide stairlift5 and otlier facilities, and whicli tl)erefore are particulaTly siiitable for access and occiipation by tli¢ elderly and by persons with a disability. A5 sl)own in the above Perforinance Review statistics, the Trustees a150 seek to maintain a variable mix in the age range of tenants in order to preserve the balance of life in the local community. FINANCIAL POSITION During the year. the Trust received income of £385,266 (2020 - £380,831) including interest, of which £318,637 {2020- £284,922) was spent on maintenance. repair5. management, professional fees. illsuTan¢e and other overlieads as set out in the Stateinent of Financial Activities (page 8). Capital expenditure amounted to £99,810 {2020- £44.898). RESERVES POLICY Any surplu5 income is retained by the Trust in order to build up reserves for the purclias¢ of additional properties or land on which new dwellings can b¢ ¢onstrucied to further the overall objectives. At 30 September 2021 the net current asset position showed a surplus of £137,760 (2020 - £173,702)- The ongoing policy of the Trustees is to retain siirplus income for the improvement of the existing housing stock as required and in the medium term to build up reserves for the construction of new properties which may require land lo be purchased in th¢ first instance. GOING CONCERN POLICY Thc Trustees have continued to adopt the going concern ba515 for tliese financial statements. as there are no Inaterial uncertainties id¢ntified that may cast doubt about tlie Trust's ability to continue as a going concern for the foreseeable future. The bank loan which replaced tlie bank overdTafi facility is expected to provide the Trust with sufficient working capital for planned operations for al least 12 month5 following the approval of these accounts. ACCOUNTS These accounts have been drawn up in aeeordance with the r¢l¢vant provisions of the Charities Act 2011, the FRS102 Statement of Recommended Practice.. A¢couniing and Reporting for Charities (SORP 2019) and the Trust Deed. STATEMENT AS TO DISCLOSURE TO OUR AUDITORS In so far the Trustees are aware at the tiine of approving our Trustees, report: there is no relevant information, bcing information needed by the auditor in conne¢lion with preparing tlieir report, of wliich Ilie chaTily's auditor is unaware; and each Trustee has taken all the steps tliat helshe ought lo have taken as a Trustee in order lo make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of that inforniation. For and on behalf of ihe Trustees: T.C LOYD Date.. Tr£islEe
VILLAGE HOUSING CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT Year ended 30 September 2021 INDEPENDENT AUDITOR'S REPORI. TO THE TRUSTEES OF THE VILLAGE HOUSING CHARITABLE TRUST Opinion We have ldited the financial statements of Village Housing Charitable Trust {Ihe 'chariry') for the s'ear ended 30th Sept¢mber2021 wliich comprise the statemeni of financial activities, balance sheet, and notes to the financial Statements, including a 5UTnmary of Significant accounting policies. The financial Teportinb framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applieable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. 'give a true and fair view ofthe state of the charity's affairs as at 30th September2CQ l and of its incomingre50vrces and application of resources, including its income and expenditure, for the year then ended. .have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prdctice. .hove been prepared in accordance iyith the reqiiiremenls of the Charities Act 2011. Basis for tspinion We conducted our aLidit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standaTds are further described in the Audit.)r's responsibilities for the audit of the fiiiancial statenients section of OLir report. We ale independent of the chariryL in accoidance with the ethical requirements that are Televant to our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fvlfilled our other ethical respor15ibilities in accordance with these requiiemenls. We believe that the audit evidence ive have obtained 15 sufficient and appropriate to provide 3 basis for our opinion. Conclusions relating to going CODeern In auditing the financial statements, we have concluded that the directorfs use of the going concern basis of ccounting in the preparation of the financial stateinents is appropriate. Based on the work we have perfomied, we have not identified any Tnaterial uncertainties relating to events or onditions that, individually or collectively.. may cast significant doiibt on the charity's ability to continue as a going concem for a period of ai least twelve tnonths from when the financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going ¢gncern are described in the relevant sections of this report. Other inforniatio The other information Comprises the infomation included in the truslee5' annual report, other than the financia statements and our auditor's report thereon. The Irustees are respon5ibl¢ for the other infomiation. Our opinion on the financial statements does not cover the otlier infoiTnation and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclu510ri theieon. In connection with our audit of the financial statements. our responsibility is to tlad the other infonnation and, in doing so, consider whether the other infomialion is materially ii)consi5tenl witk. the financial ststeinents or oiir knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detem)ine whether there is a material misstatement in the financial stateinents or a material migstatement of tlie ot]ier itLfonnation. If, based on the work we have perforn)ed. we conclude that there is a material misstatement of this otlier infomation, we are required to report ihai fact. We have nothing lo report in this regard.
VILLAGE HOUSING CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (continued) Year ended 30 September 2021 Matters on which we are required to report by exccption We have nothing to report in respect of the following matters in relaiion to whieh the Charities Act 2011 requires us to report to you if, in our tspinion.. •the inforniation given in tho trustees, anllual report 15 inconsistent in any material respect with the financial statements. or •the charity has not kept adequate accounting records,. or .the financial statements are not in agreement with the accounting record5 and returns. or we have not received all the infom)ation and explanations we require for our audit. Responsibilities of trustees As explained more fiilly in the trustee5' Tespon5ibiliti¢s statement set out on page 3. the tNstee5 are responsible for the preparation of the financial statements and for being satisfied that tliey give a irue and fair view, and for such internal control as the trustees detem)ine is necessary to enable the preparation of financial statements that are free from inaterial misstatement, whether due to fraud or error. In preparing the financial statements, the trusfee5 are responsible for sessIng the charity's ability to continue as a going concern. dis¢losin& as applicable, matters related to going eoncem and using the going concern basis of accounting unles5 the trustee5 either intend to liquidate the charity or to cease operations, OT have no realistic altemative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance ivith regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about i¥hether the financial statements as a wliole are free from material misstatement. whetlier due to fraud or error, and to issue an auditor's rep)rt that includes our opinion. Reasonable assurance is a high level of a$5urance, but is not a guatanlee that an audit ¢onducted in accordance with ISAS (UK) will always detect a material misstatemen( M,hen it exEsls. Misstateinents can arise fi'om fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence ihe economic decisions of users taken on tlie basis of these financial statements. Irregulariti4 including fraud, are instances of non-compliance with law5 2nd regulations. We design procedures in line with our responsibilties, outlined above. to detect Inaterial misslatemenls in respect of irregularitie5, including fraud. The extent to which our procedures are capable of detecting irregu12ritie5, including fraud is detailed below- We gained an understanding of the legal and regulatory framework applicable to the charity by considering, amongst other things, the jurisdictions in which it operates, and considered the risk of acts by the d)arity that were COnry 10 applieable laws and regulations. including fraud. We designed audit procedures to respond to the assessed level of risk, bui recognised that the risk of not detecting a mal¢rial misstatement due to fraud is higlier thon the risk of not d¢tecting one resulting from error. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepr¢sentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatemeiit in the fjnancial slalements, including. but not limited to, Charities Act 2011, the Landltsrd and Tenant Act 1985 and the Equality Act 2010. Our tests included enquiries with management and enquiries of thiTd parties, including property agent5, bankers and solicitors. A5 in all our audits, Ive also addre55ed the risk of management oveThide of internal controls, including testing journals and evaluating whether there was evidence of bias by management that repre5ent¢d a risk of material misstatement due to fraud.
VILLAGE 140USING C14ARITABLE TRUST INDEPCNDENT AUDITOR'S REPORT (continu¢d) Year ended 30 Septeinber 2021 There are inherent limitations in the audit procedures described above and. the fvrtheT removed non-compliance with laws and regulations is from the events 2nd transl< Ctions reflected in the financial statements. the less likely we would become aware of it. We did not identify any kty audit matters relating to irregularities, including fraud. A further description of our responsibilities for the audit of the financial sialements is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsTesponsibilities. This description forms part of our auditor's report. Dixon Wilson Audit Service5 LLP, Statutory Auditor 22 Chancery Lane London WC2A I LS 29 July 2022 Date.. Dixon Wi150n Audit Services LLP is eligible to act as an auditor in iern)s of section 1212 of tlie Companies Act 2006.
VILLAGE HOUSING CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES Y¢aT to 30 September 2021 2021 2020 Notes INCOME Incotne frojn Charitable activities Rents receivable 385.266 380,830 Incotne from Investments Interest Other Income Promotional Fee Income TOTAL INCOME AND ENDOWMENTS 385,266 380.831 EXPENDITU Ex nditure on Charita Property tnaintenan¢e and repairs Rent payable Electricity and gas Rates and water charges Insurance Propety Enanagement Professional and legal fees Subscriptions Bank charges and interest Bad debt provision Sundry administration costs Sundry dircct charitable expenditUTe Administration fees Audit fees Accountancy fecs 205,339 275 1.549 7,369 4.906 26,500 6.482 167.687 275 1,486 5,040 3,597 26,345 6,991 13.678 8,628 35 1,057 50.9)6 1,606 1,606 244 979 59,938 .855 1,857 TOTAL EXPENDITURE 321.398 284,922 NEf MOVEMENT IN FUNDS 63.868 95,909 TOTAL FUNDS brought fonvard 4.0ry0,054 3,924,145 TOTAL FUNDS carried forward 4,083,922 4,020,054 All amounis are in respect of continuing activities and all fuods are unrestricted in their appli¢ation.
VILLAGE HOUSING CHARITABLE TRUST BALANCE SHEET Year to 30 S¢ teniber 2021 Nthe 2021 2020 PROGRAMME RELATED INVESTMENTS Fchold land & buildings 4,350,162 4,250.352 CURRENT ASSETS Debtors 47,665 231.681 44.777 249,312 294.089 Ch at bank 279,346 CREDITORS DUE WITHIN ONE YEAR Creditors and a¢cwals 141,586 120,387 141.586 120,387 NET CURRENT LIABILITIES 137,760 173.702 CREDITORS DUE AFTER ONE YEAR Bank Loan 1404,0001 1404.0001 NET ASSETS 4,083,922 4,020,054 REPRESENTED B Y.. TOTAL UNRESTRICTED FUNDS 4,083.922 4.020.054 Th¢ financial statements on pages 9 to 14 were approved by the Trustees on and were s1cd on their beha]f by: DR. BOON TCLOYD (Trusieel
VILLAGE HOUSING CHARITABLE TRUST NOTES TO THE FINANCIAL STA TEMENTS Year to 30 September 2021 I. ACCOUNTING POLTCICS nie finaiiciil slaleinenls have bcLn prepared in accordaiicc Ivith Ihc FiancIal Rcponiiig Siaiidards applicElblt in Ihc UK and Republic of IrL'land IFRS1021. tlic Siatcmcni ofR¢comineiided Pr&clice'. At¢ourtling aiid Reportiiig lor Village FIov5ing Chori1gbl¢ Trus1 meels ilie definition of a public benefii eniiiy und¢r FRSIO2. 1¢5¢ financial slalcmcnts liuv¢ becn prcpared under the hi51Drical cosi eonioniion. FUND ACCObNTING Unr¢siri¢icd Fun(5s ale available for al Ili¢ Jsscr¢iion ofilie Trustees in furtlicrancc ofili¢ gcn¢r81 charitabl¢ objeclii'¢s. De5ignaled funds, of i11Ch there %lte currcnily nenc, are iinr¢siricicd funds ithich iwiild b¢ transf¢rrcd from Ihc general fuiid foT prtiCUlr purposes or projecls al the dis¢reiion ofihc Trusi¢¢s. Rcslricled funds. of ivliich Ihcre are fjlso nonc currently, iiould bc funds doDatcd eiihcr foT a Particular purp05¢ or arc4 the ux ofwhicli would be reslriited lo Ihal purpose or area. INCOMING RESOURCES All incom¢. includiiig ll1 and interest, is recognised and ccounied for ivli¢ii tli¢ Charity hLsentiilemcni to the funds, the amount can be quan-.ified and tliere is certainty of receipt. RC.SOURCCS EXPF.NDED All e.Kpellditure is recogiiised ivhen there is a legal or consiriiciive obligaiion ITr pay. Where costs cannot be diTC¢tIy attributed to an expenditure lieading: they will be allocaied to a¢tivities on a ba515 consisieni wilh the use of resources. PROORAMMC RELATED INVfSTMCN'rs Programme relalcd inv¢sin]cnlS Teprescni rcsidcniial prop¢ni¢s held by Ilie chtrily and which arc l¢1 beloiv tnarkei reni in order to provide affordable housin.y to ihe local comjnunity. The inve51tn¢nts a held at cost Wlth an &nnual impairrnent review carried out by the trustees. 'rAXAI'ION The aciiviiits of (he Chariiy are ¢x¢iiipi-.roin COTporlltion under part 10 of the Incom¢ Tax Act 2007 lo Ihc extent that they are applied io rhe organisation's charitable objectives. Therefore no liability arises to tation in view of the exemptions available io the Trust as a charity. PREPARAT]ON OF THE Accouprrs ON A GOING CONCLRN 13.4SIS Thc accounts hav¢ b¢eii preparcd on a going concern basis. Ibe Trusiees do not believe ihere 15 any doubi ov¢r Ili¢ churity'5 abilit). to continue lls a going concern. Thc chariiy has made a surplus thi5 yellr. BASIC fiNANCIAL INSTRUMENTS Basic finaTJciJI inslrunieTrls are Cl7551r[Ld 1nd l¢CollI11¢ for, according lo Ilic 5ub51an¢e ofihc coniraclual Jrrnngetneni. as rinw)cial asscis or finaiicial liabilit1¢5. financial instruments thre initi111>. rL'¢ognised al ihe ainounl receivEiblo or wyn1ble iiicluding any related transaction costs. LEOAL FORM The VillJge FIou55n8 Chdrilable Trust is *n iinincorporaicd cliarity r¢gi51¢red iviili ihc Chariiy Comniissioii in England & Ivales (charity nur)bcr 2688861. lis registcd Jddr¢ss is Lockinge Esidie OITice. Ardiiigioii, Wanlage, Oxfurdsliire, OX12 8PP.
VILLAGE HOUSING CFIARifABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year to 30 September 2021 2(J21 2020 2. PROGRAMME RELATBD INVESTMENTS Fr¢eliold Land & Buildings at cost Cost brought forward at l October 2020 4.250,352 4.205.454 Additions in l Orpwod Paddock 31 High Street 50 Ardi&i8ton 23124 East Lockinge ear 3.766 5,000 15,000 24.898 96.044 99.810 44,898 Cost ¢arried forward ai 30 September 2021 4,350,162 4,250,352 The Trustees, having ¢arried out their annual impairment review, consider that there are no impaimients in respect of the above PTogTamme Relaied Invesiments. 3. DEBTORS 2021 2020 Trade debtors Prepayment5 Tenants, rent deposiis h¢ld by 3rd party (see note 4} 18,807 2.821 26,037 3.621 25,975 47.665 44,777 4. CREDITORS 2021 2020 Lockinge Trust (see note 71 Trade creditors Accruals Deferred Inconie Commercial Rent Deposits Held Tenants, rent dep05jts held by 3rd paTty (see note 3) 105,308 2,164 3,672 2,005 2,400 26,037 L41.586 83,496 2.234 4,139 2,143 2,400 25,975 120.387 Tenants, rent d¢posits are held by Adkin. CharteTed Sutveyors. 12
VILLAGE HOUSING CHARITABLE TRUST NO'FE5 TO'FI.IE FINANCIAL S'I'A'FCMI-.NI Y¢ar to 30 S¢pt¢nik'r 2021 5. BANK LOANS & OVERDRAFr A bank loan 01 £404,000 {including £4,OW arrnngcmoni fcel has replaced the overdTaA facilil>' bLing for the same security. Inter¢5115 payable at 3.04% per annum, and lh¢ loan 15 rcpayable on or b¥lore 10th April 2025. The loan is secured on 1-4 Orpi%'wd Padduck. Schvol Rd. Ardin¥ion OXI 2 81II3. 6. FUNDS 2021 2020 Brouglii forivard at l October 2020 Changc in ycar 4,020,054 63,868 3.924.145 95.909 CaTried fonvaTd ai 30 SLPtembei 20?] 4,083,922 4,020.054 7. EMPLOYEES AND TRUSTEES Thc Trusi has no employLQS and no rcmuncration is paid 10 Ihc Trusice5 (2020- £Nill. Transactions ivilh Triisiccs Mr. T C Lovd is ilic lifc teiiani oftlie Lockinge Trusl and as such had an interesi in various purchases of g(y)d5 and servi¢es. including management, during Ihc }rar io a ioial of £367 00212020- £275.6341 inclusivc of VAT. The purchases w¢re made on a nomial trading basi5. No ¢xpcn5C5 werc rcitnburscd io ihc Trustees during the year12020- £Nill. The amounis o%i'ed 10 Lockinge Trusi al (he year end are as sel out in note 4 on pag¢ 12. 8. TRANSACTIONS WITH AGENTS Adkin, Chartered Surveyors, provided managemeni and ollier profe55ional 5¢rvi¢es amouniing 10 £26.500 in Ihe yL2r12020- £26,34il inclusivL of VAT. 9. TRANSACTIONS WITFI RELATED PARTIES Thc Loyd Lindsa>, Rooms arc oiyncd by ihc Country Buildings Proi¢¢-.ion Trua, ofivhich Mr T C Loyd 15 Pr¢5id¢nl. VFICT ha5 li¢ld Ih¢ir Tru51¢¢ M¢¢lings ai Lo)'d LIndY Roorns Iv Ihe value of £Nil12020- £661. Other administration c05t5 ar¢ £35 {2020- £280). 10. FINANCIAL ASSETS AND LIABILITIES The charity has financial ass¢t5 and financial liabilities ola kind Ihai quèlify as basic financial instrunienis. These are initiallly r¢rognised at transaction valu¢ and 5ubsequenily measiired ai iheir amortiscd c051. Finan¢ial assets 2021 2020 Trade dcbiors 18,807 26,037 Tenanis. reni deposiis held by 3rd party (see noic 41 25,975 44,844 41,156 2021 2020 Bank loans & overdraft 404,000 2,164 404,000 2,234 Tradc crcditors Other crtdiiors ILockin8c Trusi. AcLruals Commcrcial and Tcnani rcni deposi1} 133,745 539.909 518.105
VILLAGE HOUSING C14ARITABLE TRUST NOTCS TO THE FtN'ANCIAL STATEMENTS Year 10 30 SLPtLIn.r 2021 I I. OBLIGATIONS UNDER OPERATING LEASES The ioial of futurc mtiiimum l¢ase payment receivable by VHrf as a lessor is as folloivs.. 2021 2020 Not laicr than one year (A,042 66,743 64.042 66,743