VILLAGE HOUSING CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Charity Registration Number: 268886 LOCKINGE ESTATE OFFICE, ARDINGTON, WANTAGE, OXFORDSHIRE, OX12 8PP
VILLAGE HOUSING CHARITABLE TRUST INDEX Year ended 30 Septembcr 2023 TRUSTC.ES' REPORT DEPENDENT AUDITOR'S REPORT STATEMENT OF FtNANCIAL ACTlVtTIES BALANCE SIIEE,T 10 NOTE% TO THE F"INANCIAL STATCMENTS
vtLLAGE I.IOUSING CHAIUTABLE TRUST TRUSTEES. REPORT Year ended 30 Septembcr 2023 The Trustees submit their report and accounts for the year ended 30th September 2023. LONSTITUTI The Trust is constituted by the 'l'rust Deed dated 24 March 1974 following a settlement by Mr C L I,oyd of certain houses in the villages of Ardington and Lockinge on exclusively charitable trusts. Additional properties have b¢en settled by Mr Loyd sin¢e 1974. OBJECTIVES The objcctives of the Trust are to provide housing? and associated amLnities for persons in necessitous circuiy)Stanc upoii Icrnis appropriate to iheir means and for this PUTtx)se to construct, improve or manage or facilitate or encourage the consttuction or improvement of houses. STATUS The Trust is a regist¢r¢d charity (Chajity Commission Registration No. 268886). TRUSTF.ES The Triistees who seryed during the year were as follows-. T C Loyd, Dr E A Boon, C Meny, Mrs M Greig and the Honourable W Cadogan. SELECTION AND APPOINTMI.NT or TRUSTEES When a need for a new 'fn]stee is identifi¢d, the existing Trustees will review the eligibility criteria for Trustees. aee what skills, experience and knowledge are nccded and agree a process for reLruitment. The Truste¢s will a¥ree the bcst method for attracting oandidates and interview the ¢andidates equitably against the agreed criteria. l-he preferred candidate will b¢ identified and invited to join the Trustees, SLsbject to references, forn)al vetting and approval of the Trustee board. 'fhe p¢rion nominated for appointmcnt as Trustee will be required to sign adeclaration ofhis or hereligibiliiy to act as a Trustee in a forni acceptabl¢ to the Trust¢¢s. The vetling will encompass disqualification checks, conflicts of interests and if appropriate, Disclosure and Barring Service. Appropriate infonnation will be made available to the po)tentidl Truslees at eithcr the interview stage or the nomination stage about Trustce duties and responsibiliiics. the Charity including ils objectives, its acc(Jiints. the trust deeds and the existing Trustees. A newly appointed Trustee will be offered and given appropriate induvtion and training. TIiANSA ONS WITH TRIJSTFES Please see Note 7 to the accounts for details of transactions with the Trustees. INVLSTMENT The Trustees have power of investment as an absolutc beneficial owner. Rf.MUNERAI'ION None ofthc Trustees received any rerrLuneration during the year.
VILLAGE HOUSING CHARITABLE TRUST TRUSTEES. RF.PORT (continued} Year ended 30 Seplember 2023 ORGANISATION The Truslees meet periodically in ordcrto discuss the management ofthe properties and to grant tCTJancies to ne¢essilous persons in ac¢ordance with the Trust Deed. The day-to-day managen]ent is carried out by the Managing Agents, Adkin, Chartered Surveyors, at a fee agreed by the patties. PRtNCIPAL OFFICE Lockinge Estste Office Ardington, Wantagc. Oxon, OXI 2 8PP AUDITORS Dixon Wilson Audit Seryices LLP 22 Chancery Lane, London WC2A ILS BANKERS Barclays Bank plc 17 Market Place, Wantage, Oxon, OXI 2 8AG SOLICITORS Knights plc Midland House. West Way, Oxford, OX2 OPFI MANAGING AGENT Adkin, Chartered Surveyors Orpwood Hou, Ardington, Wantage OX12 8PQ TRUSTEES. RESPONSIBILITIES The Trustees are respon8ible for preparing the Trustees. report and the financial siatemen(s in accordance witl) applicablc law and lJiiilcd Kingdom Accounting Standards. The law appli¢able to ch1t]eS in Lnglaiid and Wal¢s requires the trustees to prcpare financial statements for cach financial ye&r which give a Ii'ue and fair view of the stale of affairs of ihe Charity and of the incoming resour¢¢s and application of resourTrs of the charity for thal period. In preparing these financial statements. the ttustees are required to.. select suitable a¢counting policies and then apply them consistently. observe the methods and principles of the Charitics SORP. TnuKe judgJ¢mcnts and accounTlng estimates that are reasonablc and prudent; state whether applible accounting stdndards have been followe(L subject to any departurcs disclosed and expl¢iined in the financial siatements. and prcparc the financial statements on the going concem basis unl¢ss il is inappropriate io presume that the Charity will continue in busin¢ss. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financiAI position of the CliartY and enable them lo cTrsure that the tinancial siaiemcnts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 alld the provi.%ions of the Irust deed. They are also responsible for safeguarding the Assets of the charity and hence tor taking reasonable steps for the prevention and detection of fraud and othcr irregularilies. REVIEW OF THE YEAR Durin&F the year, the following activities in pursuance of its Objectives as set out on Page 2 were undertaken by the Trust-. Mainlen<ince and Repairg the Tru%tees continue to maintain the pnrtfolio of properties wIth particular emphasis being placed upon ihe eedS of the eldcrly, les8 able tenant$ and young peopl¢. This includes internal decoraiion, gardening assistan¢¢ and other help whcn required.'fiie Trustees expended £176,143 (2022 - £232,003) on the maintcnance of the existing por(folio of properties.
VII,LAGE I lOUStNG CIIARI'fABLE TRUST TRUSTEES, REPORT (continued) Year ¢ndcd 30 Seplcmber 2023 Im rovement5- the Trustees continue to carry out improvements to the housing sto¢k by upgrading Ihc faLilities such as kitchens, bathrooms, heating and other Insl&ll0n$ Wicul¢1Y when d property falls vacant and is due for refurbishment prior to re-letting. In addition, fdcilities such as show¢rs, qtairlitts and hand rails are provided to assist clderly and less able tenants. The Trustees spent £35,487 {2022 - £0) on expendilure of a capital improvement nature in the ycar. excludin&F new housing. New Housin there has b¢¢n no new housing developments for th¢ year. Polential Develo ment Lan the paddo¢ks, which the Trust owns within the village of East Ilsley, offer long tenn ]J)t¢ntial for residential development together with various community benefits including a site for affordable rural ho]ng SLibject to planning consent being granted by the Local Authority concerned. To this end, a Promotion Agrcement has been entered into with Manor Oak Homes, to promote the site for dcvelopment at the Company'5 risk and pro¥SS is being mdde towards the point al which a planning application Can be submitted with the l>arish Council support. Risk- the Trustees have ¢onsidered the risks to which th¢ Charity is exposed and have Concluded that due to the numb¢r of properties within th¢ porttolio. the ongoing maint¢nance programme, the o¢cupancy rate in recent y¢df5, the average number of appliLants on the waiting list and the geographic spr¢ad of the dwellings, the risks of a significani fall in rental income or a aJor increas¢ in the repair liabilities suddenly arising are liinited. Perforniance The Trustees at their meetings rcview the perfomiance of the Trust agtiinst its Charitable Objectivcs. which are get out on page 2. In particular they consider the o¢oupancy lev¢ls, the neccssitous cirLumstances of the tenanLq, the age range of the tenants and the maintenance and development of the Trust's propertics. The perforn)anLe slatistics showed the following chang£% between 2023 and 2022.. 2023 58 2022 58 .1 olal llujnber ofresidentiai properties Properties vacant and being refurbishe<Vr¢-let Total number of tenants AbFC r]6¢ ofLrTram3 88 33Yo 86 33/0 260/0 18-45 4&59 60+ Number of ¢hildren of tenants 14 13 There is fiirther infomiation in the Public Benefit section below as to how the objectives ar¢ met and Ihc above statistics are referred to al th¢ end of that section. UBLI BENEFIT The-fn]stecs continuc to carry out the Chariiy's aims for the public benefit. 'I'he Truste¢s, having regard to the Public Benefit guidance published by the Charity Commission in aecordancc with section 17 of the Charities Act 2011. Consider that the purpose and the activities of the Charity satisfv the requirements ot. the Public Benefit test sct out in section 4 of the same ACL The aims are intended to benefit those members of the public who need to live in the villages of Ardington and Lockingc for tlie purposes of employinenL r¢tirement or in order to make a contribution to the work of tlie IoLdl Lointnunity, through providing th¢m with affordablc rural housing at less than the open market rental value for similar properties in the lo¢ality.
VILLAGE HOUStNG CHARITABI.E TRUST TRUSTF.F.S' REPORT (continued) Year ended 30 Septeinber 2023 The property portfolio includes bungalows and cottag¢s which have been adapted to include stairlifts, wet rooms and other facilities, and which therefore are particularly suitable for ac¢ess and occupation by the elderly and by persons with a disability- As shown in thL above Perforniance Review statistics, the Trustees also seek to maintain a variable mix in the agc range of tenants in ord¢r to preserve the balance of life in Ihe local community. FINANCIAL POSI"I'I During the y¢2r, thc Trust received in¢ome of £415.355 (2022 - £394.676} includingF Interest, of which £294,080 {2022 - £352.066) was spcnt on maintenan¢e, repairs, management, profcssional fees, insurance and other ovcrheads as sel out in the Staiement of Financial Activities (pagc 8). Capital expcnditiire aEkiounted to £35.487 (2022 - £0). RF.SERVES POLICY Any surplus incom¢ is retained by the Trust in order to build up rcsctves for the piirclia8e of additional properties or land on whiLh new dwellings can be constructed to further the overall objectives. At 30, September 2023 the nel current asset position showed a surplus of £266,158 (2022- £180,370). The ongoing policy of the Trustees is to retain surplus income forthe imprcjvement of the existing housing stock as required and in the medium lem to build up reserves for the Construction of new properties which may require la]Id to be purchased in the first instance. GOTN CONCFRN POLICY The .1 rustees have coiitinued to adopt the going concern basis for these financial statements, as there are no material uncertainties identified that may cast doubl about th¢ Trust'8 ability to ¢ontinuc as a going concern for th¢ foreseeable future. The bank loan which replaced the bank ovcrdraft facility is cxpected to provide the Trust with sufficient working capital for plann¢d OFKrations for al least 12 months following the approval ot these accounts. ACCOUNTS Th¢s¢ accounts have been drawn up in acwrdance with the rel¢vant provisions of the Charities Act 2011. th¢ FRS102 Statement of Recommended Practice- Accounting and Reporting for Charities (SORP 2019) and the Trust Detd. STAI'L.MENT A DISCLOSURF. TO OIJR AUDIT()RS In so far as the Trustees arc aware at the time of approving Qui. Trustees, report- th¢ is no relevant infonnation: being infortnation needed by th¢ wditor in connection with preparing their report, ofwhich the charity's auditor is unawa. and each Trustee has tukcn all the steps that helshe ought to have taken as a Tru%tee in order to tnakc themselv¢s aware of any relevant audit infom]ation and to establish that the cliarity's auditors are aware of that inforniation. For and on behalf ofthe Trustees= T.C I.OYD Date.. Trnslee
VILLAGF. HQUStNG CHARITABLE TRIIST INDF.PENDLNT AUDITOR'S REPORT Year tnded 30 SepteMr 2023 tNDFPENDF.NT AUDII"OR'S REPORT TO THE TRUSTEES OF THE VtLLAGE HOUStNCJ CHARITABLE TRUST Opinion We have audited the fir]cial statements of Village Housing Charitable Trust (the 'charity') foT the year ended 301h Septcmber 2023 which comprise the 5tatem¢nt olfinancial activities, ba]8n¢e sheeL ld notes to the financial ststcments. including a summary of significant acwunting poli¢ies. The finan¢ia] reporting framework that has been applied in theirpreparation is applicable Idw and United Kingidom AccounLin& Standards. includinbi Finaniial Reporting StsndaTd ia2'1'he Financidl RertIng Standard appliLable in the UK and Republic of Ireland {Ilnited Ksngdom GeneTally Accepted A¢Lounling Practice). In our opinion, the fllLqncial slalements: 'give atrue and fair view ofthestateofthe charity'saffairs as at30th September2023 and of its in¢Thning resour¢es and dpplication of resouree8, including its it)come and ¢xpcnditure, for the year thcn ended- .hav¢ been properly prepared in 2ecordan¢e with United Kingdom Generally AcL¢pted Ac¢ounting Practice. .have becT) prepared in accordan¢¢ with the requirements of the Charities ALt 2011. B4si8 for opinion We conducted our audit in accordance with Intemation Stsndards on Auditin¥ (UK} (ISAS (UK)} and applicable law. Our responsibilities under thuse standards are further des¥rib¢d in th¢ Auditor's responsibilities fTrr the audit of th¢ financial ststcments se¢iion of our report. We are independent Of th¢ charity in ttccardance with the ethsca] requiirments that ar¢ r¢l¢vant to our audit of the fmancial statements in the IJK, including thc FRC'S Ethicaj Standard: and we have fulfill¢d our other ethical responsibilities in aecordanee with these requireinents. We believe that the audit evid¢n¢e we have obtained is sufficient and appropTiate to provide a b&sis lor our opinion. Comeluslons relating to going coneern In auditing the financial ststements, w¢ have concluded that the director's use of the going concem basis of accounting in the preparalion of the fInancial statements is appropriate. Based on th¢ work we have perforn]ed, we have not identified any material uncertaintieg relating to events or eonditinn8 thAt. irM4ividiilly Dr c.nlle.elively. cA%t gi¥nifi('Ani d(Jiibt on ih ¢'harily's ability to oontinuo 06 going Lon¢¢rn fora period of at least twelve tnonth5 from when the otiginal financial siaternents were authorised ror issue. Our restx)nsibilities and the respIbIlItieS of the trustees with resF¢ct to going concern axe described in the Televant sections of this report. Other information The other infomiation comprises the infom110 included in th¢ trustees, annuai report nther than the fin1 Statements and our auditor's report thereon. The trustees are wsponsible for the othcr infamiation. Our opinion on the finanLiai statements does not cover the Ott inforniation and, except to the extent otherwise cxplicit]y stated in our reporL we do not express any fom) of assurancc conclusion th¢rcon. In connection with our audit of the financial statern¢n our resFK)nsibility is to read the other irLfom)ation and, in doing so, consider whethcr the other inforniation is materially inconsistent with the fInaclaI slatements OT our
VIJ.LAGE HOUStNG CFIARITAF31,F. TRUST INDLPENDENT AUI)ITOR'S REPORT (continued) Year ended 30 September 21123 knowledge obtsined in the audit or otherwise apptrats to be maleria]ly misstated. If we identify such material inconsistencies or apparent material misstaternenls, we ar¢ required to detem)ine wheth¢r there is a material 7nisststement in the fUnCl[ slatements or a material misst&rteTnent of the other inforn)atian. If, based on the work we have perfornied, we conclude that there is a malerial misstaternent of this other infom)ation, we arc required to report that fa¢L We have nothing io report in this regar(L Matter5 on whleh wc are required to report by exception We havc nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to ttport to you if, in our opinion.. .th¢ infom)ation given in thc trustees, annual rtport is iJ)consistenl in any material r¢spe¢i with the financial statcments. or .the charity ha5 not kept adequate accounting records" or •thc firw)ciai statements a not in agreement with th¢ a¢counting records and returns" Dr •we have not rt¢¢ived a]1 the inf0M)lon and explanations we require for our audit. Responslbilities frf trustses As explained more ]lY in the trustees, responsibilities statement set out on page 3, the trtLStees are regpon5ible foT the preparation of the financial statemenis and for betng satisfied that they bFive a true and fair view, and for such intemal control as the trustees detemiine is necessary to enable the preparation of stLtements that are fre¢ from Tnaterial misstatement. whether due to fraud or error. In preparing the financial statem¢nts, the trustee5 are resFonsible for assessing the eharity's ability to continuc as a going conccm, disclosingy, as applicable, matters related to guing concem and usinbT the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's respoDsibilitics for the audit of the finaneial ststemeDts We have been appointed as auditor under section 144 of the Charitie5 Act 2011 and rewrt in aecordance with regulations made under section 154 of that Act. Our objc¢tives are to obtain redsonable gUranCe about whether the financi2] Statements as a whole ar¢ free froJJt materiai misstalemenL whether duc Lo fraud or error, and to ISSUC an auditor's rcport that includes our opinion. Rvdsonable assurance is a high level of assurance, but is nol a guarantee that an audit ci)nducted in accordance with ISAS (UK) will alway8 detect a material misstatement when it exigts. Mi&statements can arise from frdud or error and are considered material if. individually or in the aggregate, they wuld asOnablY be expELted tt> influenLe the economic decisions of users taken on the basis of these financial stateinents. ]egUlarItieS, including fraud, are instan¢¢s of non-Gompliancc with laws and regulations. We design pr(Kedures in linc with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Th¢ extent to which our pr(wdures are capable of detecting irregularilies, including fraud is detailed bc10.: We gitined an iinderstandsng OF the legal and regulatory framewo)l( applicablc to the charity by Considering, aTnongst other thin&Ns, the jurisdiclions in which it 0t¢S and considered thc rsk ofacts by the charity that were ontrary to appIlb]e law5 ar regiulauons. including fraud. We de5igncd audit procedures to rcspond to the ass¢s5ed Icvel of risk, but recogRised that the risk of n(A dctccting a material mi5slatemcnt due to fraud is higher th] the risk of nol det¢cting iyne resulting from error, as frdud may involve delibcrate ¢onccalment by, for example. lorgery or intenttonal misrepresentatiotjs, or Lhrough collusion.
VILLAGE I IOUSING CHARITABLE TRUST INL)F.PF.NDENT AUDITOR'S RE,PORT (continu¢d) Year ¢nded 30 September 2023 We focused on laws and regulations which could give rise to a mal£rial misstatement in the financial St8Ments. including, but not limited , Charities Act 2011, the Landlord and Tenant Act 1985 and the Equality Act 2010. Our tests included ¢nquiries with management and enquiries ofthird parhes, including property agents, bankers d solieitors. As in all our audits, we also addressed th¢ risk of management ov¢rrid¢ of intemal controls, including testing journa15 evalwdtin¥ whether there w8s ¢vidence of bias by management that represented a risk ot. material miS51atemenl due to fraud. Theft are inherent limitations in the audit procedures de5cribcd above and. the fLllth¢r removed non-¢omplian¢e wÈth laws and regulations ss from the events and tranwtions refl¢Lted in the fmancial statem¢nts, the le55 likcly we would become aware of it. We did not identify any key aL1t matters relating to irreLFularities, including fraud. A further description of our respoTTrsibilities for the audit of the fll)aneia] statements is lotd on the Financial Reporting Council's website at: www.frc.org.uk/audilorsresponsibilities. This description fomis part of our auditor's report. IJ L.IIL Dixon Wilson Audit S¢rvice5 LLP, Statutory Auditor 22 Chancery L¢ London WC2A ILS Date.. 2 July 2024 Dixon Wilson Audit Services LLP is eligb]e to act as an auditor in terms of section 1212 of the Coinpanies Act 2006.
VILLAGF PIOUSING CERI"[ABLE TRUST S'I'ATEMF.NT OF FTNANC.IAI. AC.TIVII'ILS Year to 30 Se tember 2023 2023 2022 Notes INCOM IncoTnc from c.haritable activities Rents receivable 405,310 394.675 Income from Inv¢stments Interest 2,345 her Incorne Other In¢oTn¢ 7,700 415.355 TOTAL INCOME AND ENDOWMENTS 394,676 F.NDITtJRE enditur¢ on Charitable actiVSties Property maintenance and paIrS Rent payable Electricity and gas Rales and water charges Insurance Property Tnanagement Prof¢ssional and legal fees Bank charges and interest Bad debt provision Sundry administraiion Costs Sundry direct charitable expenditure Adminibtration fees Audit fees Accountancy fees 176,143 275 2,815 5,293 7,532 28.801 1,031 13.702 232,003 275 2,177 5.455 5,992 27,521 9,339 13,721 70 1,615 52,721 2,041 2,041 195 874 50,686 1.914 TOTAL EXPENDITURE 294.080 332,066 NET MOVEMENT IN FUNDS 121.275 42,610 TOTAL FUNDS brought foTward 4,126,532 4,083,922 "I'OTAL FUNDS carried forward 4,247,807 4,126,532 All amollrtts ar¢ in respect of continuing tIvitIeS and all funds are unrcstri¢ted in th¢iT application.
VILLAGE HOUSING CHARIT ABLE'I'RUS'I IIALANC".F. SHEE'I. Year to 30 September 2023 Nole 2023 2022 PROGRAMME RELATED ITWESTMEN'13 Freehold land & buildings 4,385,649 4,350,162 CURKENT ASSETS Debtors 45.812 58.011 269 786 Cash at bank 377.956 327.797 C.REDtTOR8 DUE WITHIN ONE YEAR CreditOT5 and a¢¢rua15 157,610 147.427 157,610 147,427 NET CURRENT ASSP.T5 266.158 180,370 CREDETORS DUE AFTER ONF. YEAR Bank Loan (404,000} {404,000) NET ASSETS 4,247.807 4,126.532 REPRESENTED BY.. TOTAL UNRESTRICTED FUNDS 4247,807 4,126,5i2 The financial statements on pages 9 to 14 werc approved by the Trustees on 17106124 and w¢re signed on their beha]fby'. .EABOON I'lrusteel TC. I.OYD {TJusteel 10
VILLAGE IIOIJ8ING C.HARI'I-ABLE TRUST NOTES TO"fHE FINANCIAL STATF.NIENrs Year to JO Se tcmber 2023 I. ACCQUN'rtNCJ POLICIF,S Tlie financial SlulLm¢nls have be¢n prepd in accord¢¢ wilh Ihe Fi[¢1 Rcpotting Standtrds applicable it) the UK and Republic of Ireland11,'K%102). Ihc SLit¢ment of Recojllmended Pwtic¢.' Accounting and R¢FN)rting for Cknitics ISORP 211151 and the Chariiies Act 2011. Village Housing Charitablc'l nisl meets the d¢finition of a public benefit entity under FRSIO2. The fjnaniiaj stat¢m¢nis have be¢n prewcd undeT the historical cost convcntion. FUND ACCOUNTING UnrcstriLi¢d fun(ts are availbbl¢ for at thc disurtion of the TrJskcs in furtheT8nLe of the general ¢haritabl¢ objecitves. tksignthed fvnds, of w,hich there arc currently non¢, ar¢ unrestrictcd fulld which would b¢ transferred from the g¢n¢rul fund for p8ni¢ular purposes ur projects at thc disur¢tion of th¢ Trust5. R¢stricicd Funds, of wfrich thre are 80 no>iic currenily, w()uld be funds donad eiihvi for a particular purpose ur are4 the usc of wh&ch would be reStriCied to that puryx>8e or arw INLDMtNG RESOURCES All income: including Tettt and inrc5t. is r¢cogni5ed aJJd accounted Forwh¢n the Chariry has cntitlemenl to the funds, the amouni Can be quantified and there is ¢¢rtainly of receipt. RESOURCES EXPENOED All expendiluTL' ib recogiiiscd when thtrc is a Icgal or n$trULtie obligatiott to pay. WhErc cos15 cannot be diretily attributed to an exp¢nditure headin& they will be loCated to activities on a b&8is ¢onsistent with the use of reS0rres. PROGL4MME RELATED INVESTMEN'I8 PrugTYtnm¢ related investsnents rcprcscni re%idtntial pr()Mits held by tlie cliarity end which are lei LElow market rent n order to provide affordable housing to the local community. The inv¢5tmcnts ar¢ h¢ld at G05t with an annual impaimient review carried out by the In]st¢es. TAXATION Thc &ctiiiitieg ot'thc Charitv are exempt frum corpvralion i&x under WdTI 10 of tlie Income Tax Aci 2007 to the extent that they arc applied to the organi5ation's charilable objectives. Therefore no liability aris¢s io tayation in view of the exempiions available to the Trust as a chariry. PREPAL4TION OF THE ACCOLTrJTS ON A GOING CONCERN BA819 lThe acLx)unts have prepared on agyoing coneern basis. Thc TtUSt¢£s do not tKlieve there i% doubt ovcr thc charitys thility to continue as agoing concem. 'Ihe charity has made a surplus this ye. BASIC FtNANCIAL INSTRUmE[[s 119Si¢ tinancial inslwm¢nts are classified and ccounted foT, ac¢ord2ngto the subsitrnee of the wntractual sThng¢mcn¢ ls rInanLidJ ¢{8 or financial liabilitics. Fitianciaj instruments arc initially recognised al the dnK>unt re(tivable QF P4)mabk including any related transaction costs. LE(iAI. P'ORM 'the Village Housing Churitable Trust is 2n uninc4)rporatcd charity rcgistcrcd M'ilh Ihc ChaTity Lommission in En¥land & Wales (charity nurnb¢r 2688861. Its tC8lSt¢r¢d addrugs is Locking¢ Esia Offjce, AFd]ngtO Wantsge. OxfoTdshire, OX12 XPP.
VILLAGE HOUSING CHAIUTABLE TRIJ8T NOTES TO'IFIE FINANCIAL STATEN4LNTS Year to 30 Septetnb¢r 2023 2023 2022 2. PROGL4MME RELATED tNVESTMEKfS Freehold Land & Buildings- at ¢osi Cost brought forward at l October 2022 4,350.162 4,350.162 ditlOll5 in 3 The Close- fees 4 The Close- fees 29 HiJ¢J Street 600 600 34,287 35,487 Cost Carried forward at 30 Septembei 2023 4,385.649 4,350.162 The Trustee%. having carri¢d out their annual impaimient review, ¢onsid¢r that there ar¢ no impaiTments in r¥spect uf the above Programm¢ Related Invc5tments. 3. DEB'I'ORS 2023 2022 TTade debtors PrepaJTnenL% T¢nants' reni deposits held by 3rd party (sec note 4) 19.191 1.222 25,399 29,543 2,369 26,099 45,812 58.011 4. CREDITORS 2023 2022 Lockinge Trust Ise¢ note 7} Trade creditors Accruals Def¢rred Income Comm¢rcial Rent Deposits Held Tenants, rent deposits held by 3rd party {see note 31 Other orcditors 115.634 7.692 3,942 1.543 2,400 98.217 3,770 1007 2,400 26.n4C) 1.000 157.610 1,000 147,427 Tenants. rent deposits are held by Adkin. Chartered Surveyors. 12
VILLAGE HOUSING CHARITABLE TRUST NO'I'ES TO THE FtNANCIAL S'I'A'fEMf.N'lS Year 10 30 S¢ptemb¢F 2023 5. BANK LOANS & OVERDRAFT A bank loan of £404,000 (including £4,000 amgemtnt fee) h&8 replaced th¢ overdraft ¢11ity being for the sam¢ security. Interest is payable at 3.040/D per annum, and the loan is repayable on or b¢fore 10th April 2025. Th¢ lo&n is secured on 1-4 Orllwood Paddock. S¢hool Road. Ardin2ton OX12 8RB. 6 FUNDS 2023 2022 ljnrestrirted Reserves Brought forwaTd at l October 2022 Changc in year 4,12C).532 121,275 4,r183,922 42,610 Carried foTward at 30 September 2023 4.247,807 4,126532 7. EMPLOYF.ES AND'fRU,STEES The Trust has no employees and no remuneration 15 poid to the Trustee5 (2022- £Nil}. Tran ions with Trustees Mr. T C Loyd is the lifc tenant of the Lockinge Trust and ès quch had an interest in vaTiOUS purchases of goods and services, includin¥ management, during the year to a totsl of£276.844 {2022- £291,568) in¢lu5ivc of VAT. I'he purch&8es were made on a normal trading basis. No expcns¢s wcre reimbursed io the Tru5te¢s during the year12022 . £Nill. The amount% owed to Lockinge Tnjst at th¢ year end are a5 Set out in note 4 page 12. 8. TRANSACTIONS WITH AGENTS Adkin. Chartered Surveyors, provided manag¢me]]t and other professional services amounting (0 £28,8Ql in the year (2022- £27,521) inclubive of VAT. 9. TRANSACTIONS WITH RF,LAI'ED PARTIES The Loyd Lindsay Rooms are owned by the County Building5 Proteciion Trnst, of which Mr-r C Loyd is President. VHCT has held theiY'l"ruste¢ Meetingg at Loyd Lindsay Rooms to the value of £3512022 - £J61}. Other administration costs are £35 {2022- £1961. 10. I.'INANCIAI, ASSETS AND LIABILITIES The charity ha$ financial assets and fJnaD¢ial liabilEties of a kind that qualify as basic financial instruments. These Initiallly Fe¢olSed at transaction value and subsequently measured gt their amort15ed cost. inan¢iaJ assets 2023 2022 I rade debtors Tenants, rent deposits held by 3rd party (see note 4} 29,543 26,099 25,399 44.590 55,642 rinancial liabilities 2023 2022 Bank loans & overdydft Trade Creditors Other cre(litors {I.ockin¥e TTUSt, Acc]U% ComTt2ercial alld Tenant r¢nt derK)sit} 404,000 7.692 404,000 13.934 147,375 101,617 559,067 519.551 13
vtLLAGE HOUSINCJ CHARITAIILE TRUST NOI'ES TO THE blNANCIAL STATEN(ENTS Yegs to 30 September 2023 I I. OBLIGATIONS UNDER OPERATING LEASES The total of futur¢ minimum lease payment receiwdble by VHCT as a lessor 15 as follows.. 2023 2022 Not later than one year 77.467 77,905 77.467 77,905 14