VILLAGE HOUSING CHARIT LE TRUST FINANCIAL STATE THE YEAR E 30 SEPTE ER 2022 NTSF Charity Registration Number: 268886 LOCKINGE ESTATE OFFICE, ARDINGTON, WANTAGE, OXFORDSHIRE, OX12 8PP
VILLAGE HOUSING CHAIUTABLE TRUSJ. INDEX Year ended 30 September 2022 TRUSTF,ES' REPORT INDEPENDENT AUDITOR'S REPORT STATEMENT OF FINANCIAL AC'TIVITIES BALANCI,SHEET 10 NOTES TO THE FtNANCIAL STATEMENTS
VILLA(yE HOUSING CHAEUTABLE TRUST TRIJSTEES, REPORT Year ended 30 September 2022 The TteeS submit their report and accounts for the year cndcd 30 S¢ptCTnbcr 2022. CONS'I'ITUTJON -rh¢ I rust is ¢oi)stiiut¢d by th¢ Trust Deed daled 24th March 1974 following a settlement by Mr C L Loyd of certain house5 in the villages of Ardington aE)d LockingFe on ¢A¢lusively charitable Irusts. Addilional properties have been settled by Mr l.oyd since 1974. OBJECTIVE The objectives of the Trust are to provide housing and associated amenities for persons in necessitous circuinstances upon tenns appropriate to their means and for this purpos¢ to ¢onstw¢L improve or manage or facilitate or encourdLie the construction or improvement ofhouses. 8TATIJ8 'rhe'l'rust is a registered charity (Cty Commission Registration No. 268886). TRIJS'I'EES Tlie Trustees who served during the year were as follows- T C Loyd, Dr E A Boon, C Merry, Mrs M Greig and the Honourable W Cadogan. SELECTION AND APPOINTMENT OF TRUSTEES Wh¢n a nLed for a ncw -frustec is id¢ntificd, thc cxisting Trust¢¢s will review the eligibility criteria for Trustees, agree what skills, experience and knowl¢dg¢ ar¢ n¢eded agree <1 pfoLe5s fur recruiiment. The Trusl¢L% will th¢ best method for attracting candidatcs and intelview ihc candidates cquilably agairLSt the agreed criteria. The preferred Candidate will be identified and invited to join the Trustees, subject to references, fonna] vetting and approval of thc Trustcc board. Thc Txrson nominated for appoinlmcnt as Trustee will be required to sign a declaration of his or her eligibility to act as a'l'rustee in a fonn acceptable to the Trustees. The vetting will encompass disqualification checks, conflicts of interests and if appropriate, Disclosure and Barring Service. Appropriate snformation will be mad¢ available lo thc potential Trustees at cither the interview stage or the nomination stage about Trustee duties and responsibilities, the C])arity in¢luding its obje¢tives, its a¢¢ounts. the trusi deed8 and th¢ cxisting'l'rustees. A newly appointed Trustee will be offered and given appropriate induction and training. TRANSACTIONS WITH TRUSTEES Pleasc sec Notc 7 to the accounts for details oftransactions with the Trustees. INVESTMENT The Trustees have power of investment as an absolufr Ixneficial owner. REMUNEIL4'1'10N None of the Trustees received any r¢munera¢ion during the year.
VILLAGL HOUSING CHARI'I"ABLE TRUST TRUSTEES. REPORT (continued) Year ended 30 8epteEnber 2022 ORGANISATION The Trustees mcec periodically in ordcr lo discuss the management of the properties and to ant tenancies to necessitous rsOnS in ac¢ordance with th¢ Trust Deed. The day-to-day management 1$ Larried out by the Managyng Agents, Adkin, Chartered Suryeyors. at a fee agreed by the parties. PRtNCIPAL OFFICE Lo¢kinge Estate Office Ardington, Wantage. Oxon, OX12 8PP AUDITORS Dixon Wilson Audit services LLP 22 Chan¢¢ry Lane, London WC2A ILS BANKERS Barclays Bank plc 17 Market Place. Wantage, Oxon, OX12 8AG SOLICITORS Knighis plc Midland House, West Way. Oxford, OX2 OPH MANA(ilNG AGENTS Adkin. Chortered Surveyors Orpwood House, Ardingtun. Wantage OX12 8PQ TRUSTEES, ,SPoNSIBILITIE The Trusteeg are responsible for preparing the l-rustecs, report and th¢ financial ststemeTrts in arcordance with applicable law and lJnited Kingdom Accounting Standd$. Thc law applicablc to charities in F.ngland and Wales requires the trustees to prepare financial ststements for cach financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resourLes and appliealion of r¢sources of the charity for that period. In preparing these financial statements, the trustees arc required to.. 8eleLt suitable accounting polici and thcn apply Ih¢tn consistently. observe the m¢thod5 and principles of ihc Charities 8ORP- mak¢ judgeiiicniy and acwunting estimale5 that are reasonable and prudent- state whdher applicable accounting standards have been followed, 8ubje¢l to any departures disclos and explained in ihe tinanciai statemenis- and prepare the financial statements on the going coucern bagis unless it is inappropriate to presume that the charity will continue in business. I'he Trusl¢es are responsible for keeping accounting records which disclose with reasonable ¢Ur&¢Y the financial position of the charity and enabl¢ them to ensure that the financial statements comply with the Charities Act 2011. 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 hence fur taking reasonable steps for the prevention and detection of fraud and other trr¢gularities. EVtEW OF THF. YEAR During the year, the followtng activities in pursuance of its Obje¢tives as set out on Page 2 were undertaken by the Trust.. MaiTrtcnanee and Re airs the Trustees continue to tnaintain thc portfolio of properti¢s with particular emphasis being placed upon the needs of the elderly, less able tenants and young people. This includes internal decorntion. gardening assisiance and other help when reqllired. The Trustees expended £232,003 (2021- £205.339} on the maintenance of the existing portfolio of properties.
VII,I.AGE FIOUSING CHARI'I-ABLE'I'RUS'I. TRUSTEES: REPORT {conlinued) Year ended 30 Septcmber 2022 Pro rovements- the Tn]stees continue to ¢any out impriivements to the housing stock by upgrading the fa¢ilities such as kitchens, bathrooms, healing and other inslallations partiiularly when a property falls va¢anl and is due for refurbishment prior lo re-letting. In dddition, facilities such as showers. stairlifts and hand rails are providcd to assist elderly and less able tcnants. The Trustees did not make any expcnditurc (2021 £99.810) of a capital improvemeni nature in the year, excluding n¢w housing. New Housi there has been no new housing developments for the year. Potential Develo ment Land - the paddocks. which the Trust owns within the village of East Ilsley, offer long lem] potential for rcsidcntia] development together with various community bcnefits including a site for affordable n]ral housing subject to planniiig coi)sent bcing granted by the Local Authority concemed. To this end, a Promotion Agreement been entered inlo with Manor Oak Homes, to promote the site for development at the Compdny's risk and progress is being made towards the point at which a planning application can be submitted with the Parish Council sup]x)rt. Kisk- the Trubt¢¢5 have considered the risks to which the Charily is exposed and have Concluded that due to the number of properties within the portfolio, the ongoing maintenance programme, the occupancy rdte in recent years. the average number of applicants on ihe wailing list and the geographic spread of the dwellings, the risks of a signifi¢ant fall in renta] income or a major increase in the repair liabilities suddenly arising are limited. Pcrforniance The Trustees at their meetings rcview the performance of the Trust against its Charitabl¢ Objectives, which arc set out on pagc 2. In particular they consider the occupancy l¢vels, the necessitous circum%tan¢es of the tenants, the age range of the tenants and ihe maintenance and development of th¢ Trusl's properties. The performance statistics showed the followiiig changes between 2022 and 2021.. 2022 58 2021 58 Total nutnber of residcntial properties Properties vacant and being refurbishedlrc-let Total numb¢r of tcnants Age range of tenants 86 33/0 26% 83 1845 46-59 60+ Number of children of tenants 30V/D 270/D 430/0 12 13 There is furthcr inforn)ation in the Publi¢ B¢nefit section below as to how the obje¢tivcs are met and the above statistics are referred to at the end of that S¢Llion. ENEPIT The Trustccs continue to carry out the Charity's aims for the public benefit. 'rhe Trustees, having regard to the Public Benefit guidance published by the Charity Commission in aL'Lordance with section 17 of the Charities Act 2011, consider ihat the purposc and the activities of th¢ Charity satisfy lh¢ requiretnents of the Public Benefit t¢51 sct out iri Section 4 of the sam¢ Act. The aims are intended to beTJefit those members ofihe public who need to live in the villages of Ardington dnd Lo¢kingc for the purposes OF employment, retirement or in order to make A contribution to the work of the local community, through providing them with affordable rural housing at less than the open markel rental value for similar properties in the locality.
VJLI,AGE HOUSING CHARI'I'ABLF TRUST 'I'RUSI'LES' REPOR'I, {continued) Year ended 30 September 2022 The property Portfolio incl{¢8 bungalows and cottagos which have be¢n adapted to include stairlifts, wet rooms and other facilities, and which therefore ar¢ particularly suitable for access and occupation by the elderly and by tsons with ¢1 disability. As shown in the aix>ve Perfonnance Rcview slatistics, the Trustees also seek to maintain & variable mix in the age range of tenants in order to preserv¢ the balance of life in the local community. FANcIAl. POSITION During the year, the Trust received incorne OF £394,676 {2021 £385.266) including interesL of which £352,066 (2021- £321.398) wab spenl on maintenance. repairs, managemcnl, pr0fcss1on fees, insurance and oth¢r overheads as set uut in the 8tatemLnt of Financial Activities (page 9)- There was no capital expenditure in ihc year (2021 £99,810}. RF.SERVES POLICY Any surplus it)come is retained by the Tri]st in order to build up reserv¢5 for the purchase ol a(klitional properties or land on which ncw dwellings can be construcfrd to further the overall objectives. At 30, Seplemb¢r 2022 the net Current a&set txbsition showed a surplus of £180,370 (2021- £137,760). The ongoing policy of the Trustees is to retain 8urpliL8 income for the improvement of the existing housing stock as required and in die m¢dium temi to build up reserves for the consinKtion of new prowties which may require land to be purchased in the rst instance. CyotNG CONCLRN POLICY The Trustees have ¢onlinued to adopt the going concern basis for these financial statements, as there are no material un¢ert&inties ideniificd that may cast doubt about the Trust's ability to ¢untinue as a going con¢crn for thc foreseeablc future. The bank loan which replaced the bank overdraft facility i.q expected to proyidc the Trust with sufficient working capilal for planned operations for at least 12 months following the approval of these accounts. ACCOtffttTS These accounis have been drawn up in accordance with the r¢levant provisions of the Charities A¢t 2011, the FRS102 Statement of Recommended Prathice: Accounting and Reporting for Charities {SORP 2019) and lh¢ Trust DeLd. STATEMENT AS TO DISCLOSURE TO OUR AUDI'I"ORS In so far as the Trustees are aw2r¢ at the time of approving our'l-rus(eeg' report.. there is no relev8nt infornation, being inforniation needed by the auditor in connection with preparing their report. of which the charity's auditor is unaware. and eacli 'frusfre has taken all lh¢ steps that helshe ou¥ht to have taken as a Trustee in order to mak¢ themselves aware of any relevant audit inforn)ation and to e8tablish that the charity's auditors are aware of that infom?ation. For and on behalf of th¢ Trustees- T.C LOYD Date.. Trte£
VILLAGF. HOIJSING CFIARITABLE TRUST INDEPENDEN'I. AUDII'OR'S REPORT Year ended 30 September 2022 INDF.PENDEKf AUDITOR'S REPOR"r TO TIIE TRUSTEES OF THE VILLAGE HOUSING CHARII"ABI.F. TRUST Oplnlo We have audited the financial stat¢ments of Village Housing Charitable Trt (the 'clwiiy') for the year ended JQ S¢plcmber 2022 which eomprisc the statement of tirwn¢ial activitiei ba]ance sheEt, aod notes tt) the fjndncial statements. including a summary of significant accounting pulicies. Th¢ fITran¢ial reporting frdmewurk ih has been applied in theirptwaration 15 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial R¢rrf)rting Stsndard applirablc in the UK and Repllbli¢ of Ireland (United Kingdom Generdlly A£pt¢d Accouniing Pra¢1]>. In our OPillÉOE4 the fmancial stxt¢m¢nts'. 'give atwe and fair viewofthe state ofthe charity's affairs as at 30th Septcmber2022 and of its incomingresources and application of resources, in¢luding its income Sd expenditure, fijrthe ycar then ended; .have been properly prepared in accordance with Unitcd Kingdom Generally Accept¢d Accounting Ptacti¢¢' .have been prep8rcd in accordance with the r¢quircmcnts of the Charities Ad 2011. Bgsls for opinion Weconducted ouraudit in accordance with Int¢mationai Standalds ALKlitingT (UK) (ISAS IUK)) applicable law. Our trsponsibilities under those standards are further de5LTitKd in the Auditor's pOnsIbIlItI¢5 for the audit of th¢ financial statements section of our i¢port. W¢ ar¢ independent ofthe charity in accordan with the cthical r¢quircments that atr rclcvant to our audit of the financial statem¢nts in thc UK, including the FRC'S Ethical Standar4 and we have fulfill¢d our other ethi[ tEsp)nsibilitie5 in accordance with these requirements. We believe that the audit evidence we hav¢ obtained is sufficient 4md appr()priatc to provide a basis for our opinion. Conclusions reiailng to going eoncern In auditing the financial statements. we have eoncludcd thai the directoPs usc of the going concun basis of accounting in the prcparation of the financial statements is appropriatc. B&cd on the work we have p¢rfornie& we have not identified any material unceriainties relating to events or conditions that, individually or collectively, may cast signifi&2nt doLLbt on the charity's ability to continue as a going concern for 8 tn0d of at le&t twelve monthg from when th¢ fiT)Hn¢ial statemeftts were authoris¢d for i58ue. Our responsibilities and the Tesponsibilities of the trustees with rwct to going concern are desCrid in the relevant sections of this reixKt. Other inforaOn The other infoTmation compris&8 th¢ infornmtion includ¢d in the trustees, atmual report, other than the financial statements and our auditor'% port thereon. The trust¢es respOlb[e for the other infomation. Our opinion on the financial statemeJits does not cover th¢ other inforn?ation an(L except to the extent ()theTwise explicitly stated in our repor¢ we do not exp$5 any form of assurance conclusion thereon. In rIneCtIOn with our audit of the financia] Statements. ourwonsibility is lo read th¢ other inforniation and, in doing so, consider whether the other infomiation is materially inconsistent with th¢ financial statements or our
VILJ.AGE HOUSINCJ CHAIUTABLE TRUST INDEPENDENT AUDITOR'S REPORT (continued) Year ended 30 September 2022 knowledge obtained in the audit or othenvi5e appears to be materially misstaled. If we identify such material inconsist¢n¢ies or appaTent aterIa] mis51atements. we e requited to deteTmine whether there is a material misstatement in the fuJancia] slatements ora material misstatement of the other inf0mtiOn. If. b&8ed on the work we have perfom?ed. we conclude that theE is a tnaterial misstatement of this other information, we are required to report faL'L We have nothing to rcport in this Jrgard. Matters on whicb we are required to report by exeeptioD We have nothing to report in respect of the following maiters in relation to which the Chariti¢s Act 2011 requires us to r¢FOrt to you if, in our opinion-. .the infomiatioTL given in the tnl¢es, annual rewrt 1% in¢onsist¢nl ill any maieria] respeet with the fu¢1a1 statcm¢iits' or •the charity has not kept adequth accounting records. or .th¢ IiTwicial statements nol in agrccment with the accounting records 2nd Teknrns,. or •we hdve not received all the infornialion and explanations we require for our audiL Responsibilities of trllstees As explained more ElY in the tru5tees' responsibilities statemeni set out on pagc 3, the tnteeS are responsible for thc prepardtion of th¢ financial statements and for being satisfled that they giwe a true and fair vi¢w, and for .guch intemal control as the trustees detemiine is necessary to enable the preparation of finan¢ial statements thai are free from material misstatemen¢ whether due to fraud OT em)r. In preparing the firela] statements, the trustees responsible for assessing the eharity's abiltty to continue as a going Concern, disclosing, as dpplicable, matters related io going eoneem and usings the going concern blS of accounting unless the trustees either inl¢nd to liquide the charity or tr> eease OFEration& or have no realisti¢ altemative but to do so. Athditor'5 responsibilitics for the audlt of Ihe financial statsments We have been apptsinted as auditor under ge¢tion 144 of the Charities Aet 2011 and report in ac£ordanLe with regulations made under gectitsn 154 of that Act. Our objective5 we to obtain reaqonable #bsurance about whether the financial statements as a whol¢ ar¢ free from maieria] missraiemenL whether due to fraud or crror, and to issue an auditor's report that includes our opinion. Reasonable assurdnce is a high level of TanCe, but is not a guarantee that an audit wnducted in accordancc with ISAS {IJK) will always detect & mlltertal Tnisslatcment when it exists. Misstat¢ments can arise from fraud or error and are considered mat¢rial if, individually or in the aggregat¢, th¢y could re&8onably be expected to influence the economi¢ de¢isions of users taken on the b&8is of these financial statetnents. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design pn)cedur¢s in linc with our respr)nsibilit6es, outlincd above, to delect mdterial misstat¢menls in respecl of i)Tcgularitie4 including fraud. The extent to which our procedures are capable of detecting irregularitics, including fraud is dctailed below.. We gained aTk understanding of the le8 and regulatory framework appli¢able to the charity by e()nsideringy amongst other things. the jl1$dI¢ti0 in which itoperat¢¥ and considered the risk of acts by the charity thatwere contrary io appliLable laws and regTrulations, includin&. fraud. We designed audit procedures to respond to the assessed level of risL but recognised that the risk of not detecting a mateTial misstatement due to fraud i% highcr than the risk of not detecting one resulting from ettor, as frnud may involve deliberdte conc£alment by, for example, forgery or intentional misprcsCAtat1Ons, or through collusEon.
VILLAGE 140USING CHARI'I'ABLE 'I'RUS'r INDbPENDEN'f AUDII"OR'S REPORT (continued) Year ended 30 September 2022 We focused on laws and regulations which eould give rise io a material mi>akment in the fKId1 slatements, includin& but notlsmited to, Charities Act2011, the I,andloTd and Tenant Act 1985 and the Equality Aci 2010. Out tests included enquiries with managcmcnt and enquiries of third parties, including property agents. bankers and solicitors. As tn our audit& we s0 addressed the risk of managenKnt override of internal controls including testing journals and evaluating wheth¢r ther¢ was eviden of bi by management that represented a risk of material misstatement due to fraud. There are inherent limitstions in the audit procedures described above and, the further removed non-¢omplian¢e with laws and rebTulations is from th¢ ¢v¢nts and tranwtions rellectd in the f11 statements, the less likely we would berome aware of it. We did not identify any key audit matters r¢lating to irregularities, including fra1. A further d¢s¢ription of our feSFN)nsibiliti¢s for th¢ audit of the finan¢ial ststements is locatrd on the Financial Repurting CounL'il's website at: www.fr¢.or&uklauditorsresponsibilities. This descrtpiion forn)s Part of our auditor's report. Dixon Wilson Audit S¢rviccs LLP, Ststutory Auditor 22 Chancery Lane London WC2A ILS 31 July 2023 Date-. Dixon Wilson Audit Serviees LLP 1$ eligible to a¢t as an audiior in teTmy of section 1212 of the Companies Act 2006.
vtLLAGE HOUSING CHARITABLF. TRUST STATEMENTOF FINANCIAL AC'fIviTIES Ye4r to 30 Se tetnber 2022 ole 2022 2021 COME Income from Charitable activities Rents receivable 394,675 385,266 In¢om¢ Investment Interest TOTAL tNCOME AND ENDOWMENTS 394,676 385,266 EXPENDITURE endii e on Charitablc activitie Property Tnaintenance and repairs Rent payable Ele¢tri¢ity and ga5 Rates and water ¢haTges InsuMice Pn)pcrty management PTofvssionaJ and le9 fe¢$ Bank charges and interest Suiidry adjninistration tosts Sundry dIrtt charitsble expenditure Adtninistratoll fees Audit fees Accountancy fees 232.003 275 2,177 5,455 5.992 27,521 9.339 13,721 195 874 50,686 1,914 1,914 205.339 275 1,549 7,369 4,906 26,500 6.482 13.678 35 1,057 50,996 1.606 1.606 TOTAL EXPENDIIURE 352,066 321,398 NET MOVEMENT IN FUNDS 42.610 63,868 TOTAL FUNDS brought foThvaTd 4,08.3.922 4.020,054 TOTAL FUNDS caled ford 4,126.532 4,083,922 All amounts are respect of ¢ontinuing a¢tivitie5 and ajl funds are unrestricted in their application.
VILI.AGE IIOUSJNG CIIARITABLE TKUST BALANCE SHEET As at 30 Se tcmbu 2029 Nofe 2022 2021 PROGRAMME Rf.LAfED INVESTMENTS FTeehold land & buildings 4J50,162 4,350,162 CURRE ASSETS Debtot5 58,011 269.786 327.797 47,665 231681 C&8h at bank 279,346 CkEDITORS DUE WITHtN ONE YEAR Creditvrs and accrnals 147.427 141.586 147.427 141,586 NET CUIUiENT ASSETS 180,370 137,760 CREDITORS DUE ATr"fER ONE YEAR Bk IA)an 1404,000) 1404,0001 NET ASSETS 4.126.532 4,083,922 RE,PRESENIED BI: TOTAL UNRESTRICTED FUNDS 4,126.532 4.083,922 The finats¢ial statetnents on pages 9 to 14 wer¢ approved by the Trust¢es on 2810712023 and w¢re signed on their behalf by.. EABOON ru5tee} TCLOYD {I'ruste¢) 10
VILLAGF. HOUSING CHARt'rABLE TRUST NO'IES TO THE FINANCL4L S'I"A TF.MENTS Asat30Se tember 2022 I. ACCOIJNIING POLICIES Thc financi statements have becn ptEpar¢d in aceordantc with the finanLia] R¢wrtin8 StattdaTds applicab]e ill the UK and licpublic of Ircland11.'RS1021, the Stat¢m¢ni of Rerojnmended PTacti('. ACcoUmti and R¢wrting for Charilies ISORP 20151 and thc ChaTilies Act 2011. Vill08c I lousing Charitahle-l ( meets th¢ defmitton ofa public bcncfil ¢ntity under FRS102. These faClaI stat¢tllenls been prcpared und¢r the hisioric31 Cost wnvention. FUFtD ACCOUNTING UT¢StrICted Funds arc available for use at thc discretion ofthe TnL5te¢s in furtherCe of the genera] charitable obje¢lives. tksignatcd fi]nd& ofwhi¢h ther¢ ar¢ currcntly none: ar¢ unrtstricied fundb. which would bg transf¢d from the gener fund for Pth]cul puTwb¢s or projccts at tht discrction of Ihc'FTUSt¢¢s. R¢strictcd Funds, of wthich Ihcre are alw nune currently. would te fuftds. dimjated either foT Étp8rticularpuryo%¢ or the ¢ ofwhi¢h would be resiFiCteJ h) thai purrMI%. c QT B INCOMfNG RESOURCES All income. including Tcnt and intCK8t, is recognir£d and M)unied for when Ihe Chartry hbs enlitlemcni to the fvnds. the amount call be quaniified and the is Certainty of recei. RE,SObRCES EXPENDED All ¢xp¢ndiliir¢ Is Tecognid th¢re is a legal or construllive obligaiion io pay. Wh¢T¢ costs cannot he dircctly aitributd to an expenditure headin& they will be allo¢atcd to activities on a knis ¢onsistent with the use of re50ur¢es. PRO(iRAMME RELATED Es"1mrNTs Programme related invcsttnent% r¢pres¢nt residcntial prowiic8 held by the charity and which are let lW mgrk¢t rcnt in ordeT to providc affordable housing to the local community. Thc investments are hcld at cost with an annual impairn)ent rcview ¢a]Tied ollt by the trustees. TAXATION Th¢ activitie8 ofthc Charity are exerttpi from COTwration un(l¢r part 10 of the It¢ T&x Act 2007 lo Ihe ¢xtent thai they are applied to the organisatton's charitable objectives. Therefor¢ no liability arises to tsxation in viem. of the ¢xempiions aValable to the Trust as a ¢haTity. PREPARATION OF ]HE ACCOUNTS ON A GOtNG CON(:P.RN BASIS Ibc accounts havL been pr¢wed on agving conwm basis. Thc do not lIeVe thcr¢ is any dDubi Dv¢rthe charilgs ability to LM)ntinu¢ as a going o)tJccm. 'I'hc charity has madc a surplus Ihis year. BASIC FTrIANCIAL tNSTRUMENTS B&%ic financial instruments classified and 2CWUnt¢d for. &xording lo thc substan(t of the Contractu arrangcmcttl, financial 4sscis or fJnancig1 liabilitics. l inancia] ittstruTn¢nts arc initially recognised the 20WWit receivabl¢ or payynable including any r¢lated transaction costs.. LEGAL I.'()RM The Village Charitsble Trust i* SD unincoJy)rated charity rcgister¢d with ihc ChaTily evmmissiott in Ellgland & Wdl Iclwity nurnbcr 2688861- Its gIster¢d is L(kinge Estat¢ Offiec. ATdiDgton. Wantage, OxfoTdshirc, OX12 8PP.
VILLAGF. HOUStNG CHARI"I'ABLE TRUST NofES TO THE FINANCIAL STATEMENTS Asat308e i¢mber 2022 2022 2021 2. PROGRAMME. RELATED INVESTMENrs Freehold l.and & Building5- at eost Cost bTOU8ht forward l Octob¢r 2021 4,350,162 4,250,352 Additions in l Orpwood Padth)ck 23124 East Lo¢kinge 3,766 99,810 Cost Cgfti¢d fonward at 30 September 2022 4.350,162 4,350.162 The Trustees. ha*ing ¢arried out their annual impairment revtew. considff that there are no impairnients n r¢Epect of the dbvve Progrdmm¢ Relaied Investmenis. 3. DEBTOtis 2022 2021 Trnde debtors Prepayments 'I'¢nants' rent derM)sits held by 3rd party (see not¢ 4) 29,543 2,369 26.099 11,807 2.821 26,037 40,665 4. CREDITORS 2022 2021 Lockinge Trust15ee note 7) TTade ercditors Accruals Defeed Income Cotnmtrcial Renr Deposits Held Tenants, rent deposlts held by 3rd party (see note 3) Oihtr creditors 98,217 13.934 3,770 2.007 2,400 26,1199 i.ooo E47 427 105,308 2,164 3.672 2,005 2.400 26.037 141.586 Tenants, rent deposits are held by Adkin. chartOr survey0. 12
VILLAGE HOUSING CHARITAFILE TRUS'I. NO"fES TO IHE fiNANCIAL STATEMENTS Asai30S¢ tember 2022 5. BANK LOANS & OVLRDRAFT A bank loan of £404,000 linclllding £4.OIK> WTangement fce) h8s rq)laccd the ow¢rdTafl facility bejng for the sam¢ security. Interest is payable al 3.04/0 per annum. and the loan is repayabl¢ on or before 10th April 2025. The loan is s¢¢ured on 1-4 OrDwood Paddock. S¢hwl Road. Ardittgton OX12 8RIJ. 6. FUNDS 2022 2021 UnStrict Rtservcs Brought forward at l Octob¢r 2021 Change in year 4,083.922 42,610 4.020,054 63.868 Carried forward * 30 Sept¢mber 2022 4 1265_32 4,083.922 7. F.MPLOYEES AND TRUSTEES The Trust has no ¢mployees and no remunerntioD is pd to the Trustees12021- £Nil}. Transac s with Tru Mr. T C Ix)yd Ès the life tenant of th¢ Lockin¥e Trust and as such had an Int¢t in various pllr¢hases of goods and setwice5. including managycment, during the year to a total of £291,568 {2021- £367.002) in¢lusive of VA T. Th¢ purchases w¢ tnade on a nomal trading basis. No expenses We reimbursed to the Trustees durillg the year12021- £Nill. The amounts ow¢d tu Lockinge Trust at the y¢ar end are as set oul in note 4 on page 12. 8. TRANSAC.TIONS WITJ I AGENTS Adkin: Chartered Surveyors> provided mana¥emellt and other profe$sionai s¢tV1 amounting to £27,521 in thc year12021 £26,500) inclusive of VAT. 9. TRANSACTIONS WITH RELATED PAR'ftES The Loyd Lindsay Rooms are owned by the Cowitry Buildings Protection Trust, of which Mr T C Loyd is Pr¢sidcnt. VHCI. has held their Trustee Meelin¥s Loyd Lindsay Roon)s to the valuc of £16112021- £Nill. Oth¢r administration Costs are £196 (2021- £351. 10. FINANCIAL ASSETS AND LIABLLITIES 'I'he charity has fjnancial &sets and financial liabilities of a kind that qualify as basic financial instrumenLs. These are initiallly re¢ogniscd at transaction vallle and Subsequently measured at their amorti5¢d cost. Financial ass¢ts 2022 2021 Trade deb)$ Tenants, rent deposit5 held by 3rd paty (see note 4} 29,543 26.099 11,807 26,037 37.844 Financial liabiliii¢s 2022 2021 Bank loans & overdraft Tradc creditors other Creditors {Lwkinge Trusi, Aecruals, Comm¢rcial ad lenant rent derK)sit) 404,000 13,934 404,000 2.164 101.617 133,745 519,551 539.909 13
VILLAGE HOUSIN(i CHARII'ABI.F. TRUS'I. NOTES TO THE FINANC.IAL STA TEMF.NTS As ai Jo S¢ptembcr 2022 I I. OBLItiATIONS UNDER OPERATtNG LEASbS The total of lUTe minimum l¢&s¢ payment receivable by VHCT as a lessor is as follows= 2022 2021 Not latcrthan one year 77,905 64,042 64,042 14