VILLAGE HOUSING CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Charity Registration Number: 268886 LOCKINGE ESTATE OFFICE, ARDINGTON, WANTAGE, OXFORDSHIRE, OX12 8PP
VILLAGE HOUSING CHARITABLE TRUST INIIEX Year ended 30 Septlmbcr 2024 TRUSTEES. REPORT INDEPENDENT AUDITOR'S REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE S14ELT 10 NOTES TO THE FtNANCIAL S'I'A'I'EMENTS li
VILLA(yF. HOUSING CHARITABLE TRUST TRUSTEES, flEPORT Year ended 30 September 2024 The Trustees submit their report and a¢¢ounts tor the year ended 30 Soptember 2024. CONSTITUTION The Trust is constituted by the Trust Deed dated 24 March 1974 following a qettlement by Mr C L Loyd of certain houses in the vill(TeS of Ardinglon and Lockinge on exclusively charitsblc trusts. Additional properties have been settled by Mr Loyd sin¢¢ 1974. OBJECTI The objcLtives of the Trust are to provide housing and associated amenities for persons in necessitous Circumstanc upon tenns appropriate to their means and for this purpose to construct, improve or manag¢ or faLilitate or encourdge th¢ construction or improvement ot'houses. STATUS The T'n]st is a registered charity (Charity Conunission Registration No. 268886). TRUSTEES The-l-rustees who servcd 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 APPOtNTMENT OF TRUSTF.ES lfvThen a need for a new Trustee is identified. the existing Trust¢es will review the eligibility criteria for Trustees, agrcc what skills, experience and knowledge are needed and agree a pro¢es5 for recruitment. The Trustees will agree the best method for atetIng candidat¢s and interview the candidates cquitably against the agreed criteria. The preferred candidate will be identified and invited to join the Trustees, subject to rcferences, fomal veltingF and approval of the Trustee board. The person nominated for appointment as Trustee will be required io sign a declaration of his or hcrcligibility to art as a Trustee in a fonn acceptable to the Trustees. The velliRg will encompass disqualification ¢heeks, conflicts of interests and if appropriate, Disclosure and Barring Service. Appropridte infortnation will bc made available to the potcntial Trustees at cither the interview Stage or the nOmnatiOn stsge aboui Trustee duties and rcsponsibilities, th¢ Charity including its objectives, its &¢cDunts. the tnjst decds and the existing Trustees. A newly appointed TruSe will be offered and given appropriatc induction and training. 'I'L4NSACTIONS WI'I"H TRUSTEES Please see Note 7 lo the accounts for dctails of transactions with the TNstees. tNVE81'MFNT The Trustees have power of investment as an absolute beneficia] owmer. REMUNERA TION None of the'l ruslees received any remuneration during the year.
VILLAGF, HOUSING CHARI'fABLE'I"RUST TRUS'I'EES, REPORT (continued) Year ended 30 Septcmlw 2024 ORGANI ATION -I'he Trustees meet periodically in order to discuss the management of the properties and to grant tenancies to necessilous persons in accordance with the Trust Deed. The day-to-day management is Carried out by the Managing Agents. Adkin, Chartered Surveyors, at a fee abreed by th¢ parties. PRINCIPAL FFJCE Lockinge Estate Office Ardington. Wanta¥¢, Oxon. OX12 8PP AufJJTORS Dixon Wilson Audit Servi¢¢s LLP 22 Chancery Lane, l.ondon WC2A I LS BANKERS Barclays Bank pl¢ 32 Bridge StreeL Banbury, Oxon, OX16 5PN SOLICITORS Knights plc Midland House. Wesi Way, Oxford, OX2 OPH MANAGINCJ AGE.NTS Adki Chartered Suryeyors Orpwood House, Ardington, Wantage OXI 2 8PQ IJSTEES. RF.SPONS1i311.ITIES The Trustees are responsible for preparing the Trustees. report and the financial ststemerns in accordan¢e wilh applicable law and United Kingdom Accouiiting Standards. 'I'he law applicable lo eharities in England and Wales requires the trustees lo prcpare tinancia] stdfrments for each financial year which givc & truc and fair vitw of the state of affairs ot'the Charity and of the incoming rcsourccs and application of rcsources of th¢ charity for thal period. In preparing these financiai statements, the trustees are required to.. lect suitable acco)unting poli¢ies dnd then apply them consistently. observe thc methods and principles of the Charities SORP- make judgements and accounting estimates that dre reasonable and prudenL stale whether applicable accoun(ing slandards have I) followed. subject to any departur¢y disclosed and explained in the fillancial statements; and prepare the finanlial statements on ihc going concern basis unless it is inappropriate to pr¢sume that the charity will continue in business. The Tru¥ees are responsible for keeping accounting records which disclose with reasonable a¢¢uracy the financial position of the charity and enable them ro cnsure that the financial stalements comply with the Cliarities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and th¢ provisions of the trust deed. They are also responsible for safcguarding the assels of the charity and hence for iaking reasonable steps for the prev¢ntion and dete¥'tiun of fraud and other irregularities. EW OF THF. YEAR During thc year, the following activities in pursuance of its Objectives as set out on Pag¢ 2 were undertaken by the'lrust.. Maintenance and Re thc Trustccs continue to maintain thtr portfolio of properties with particular emphasis being pliccd upon the nceds of the eld¢rly, lesg able tenants and y()ung tople. This includcs internal dccoratioty gard¢ning <iStanCe and other help when required. The Trustees expended £391,026 (2023 - £176,143) on the m8intenance of the exisiing portfolio of properties.
VII.LAGE I IOUSINCJ LHAIUTABLE'fRUST TRUS'fEES' tILPORT (continued) Year ended 30 Septembcr 2024 ro rovements- the Trustees Continue to carry out improveTnent5 to the housin&F Stock by upgrading the facilities such as kitchens, bathrooms, heating and other instsllations particularly whcii a proFtrty falls vaCt and is due for refurbishment prior to re-letting. In addItOn. facilities such as showers, stairlifts and hand rdils are provided to assist elderly and Icss able tenants. The Trustees spent £372,883 (2023 £35,487) on expendilure of a capital improvement nature in the year, excluding new housing. New Housin - During the year. the VHCT purchased 26 High Strcet, Ardington #nd has Caled out both repaiys and capital work to th¢ property. Potential D¢velo ment L the paddocks, which the Trust owns within the village of East Ilsley, offcr long temi potential for residential development together with various ¢ommunity benefits including a site for affordabl¢ rural housing subject to planning consent Iking granted by the Local Authority concerned. To this end, a Promolion Agreemcnt h&% [en enter¢d into with Manor Oak Homes, tu promote the sitc for dcvelopm¢nt at the Company's risk and progress is being made towards the point at which a planning application can be submitied with the Parish Council support. - the Trustees have Considered the rigks to which the Charity 15 exposed and have concluded that due to the number of propcrties widiin th¢ portfolio, the ongoing tnaintenance pmgramm the o¢eupancy rate in rcLent years, the avera¥e number of applicants on the wailing list dnd the gcographic spread of the dwellingy, the risks of a $gnifIcant fall in rental income or a major increase in the repair liabilities suddenly arising are limited. Perforniance The Trustees at th¢ir meetings tEview the perforniancc of the Trust against its Charitable Objectives, whÉeh are set out on page 2. In particular they consider the oceupancy levcls, the necessilous circumstances of the tenanls, the age range of the tenants and the maintenance and d¢velopment of the Trust's propcrties. The perforn)ance statistics showed the following? changes between 2024 and 2023: 2024 59 2023 58 Total numbcr of residential properties Propertics vaLanl and being refurbished/re-let Tijtsl iiuJI)b¥I vfi¥ii£Ui Age ran¥e of tenants 85 18-45 46-59 60+ Nurnr of children of tenants 33% 41% 14 18 There is further inforniation in the Publi¢ Bcnefit section klow as to how the objeetives are met and the atxjve statistics are referred to at the end of that section. PUBLIC B FIT The Trnstees continue to carry out the Charity's aims lor the public benefit. Thc Trustees, hdving regard to the Public Bencfit guidan¢¢ published by the Charity Commission in accordance with section 17 of the Charitle5 Act 2011, ronsider thai the purpose the activities of the Charily satisfy the requirements of tiic Public Benefit test Set out in s¢¢lion 4 of the sume Act. The aims are intended to benefit those members of the publi¢ who need to live in the vill<lLFes of Ardington aiid Locking¢ tur the purposes of employmvnt, retirement or in order to make a contribution to the work of the lo¢al community, through providing them with affordable twal housing at lesq than the open market rental valuc for similar properties in the locality.
VILLAGE FIOUSING CHARITABLE TRUST 'I'RUSTEES' REPORT (continued) Year ended 30 Scptember 2024 The property Portfolio includes bungalows and ¢ottages which have been adapted to include stairlifis, wet rooms and other fa¢ilities. and which therore are p(lrticularly suitable for access and occupation by the ¢ld¢rly and by persons with adisability. As shown in the above Perforn)ancc R¢view statislics, the Truste¢s also seek to maintain a variablc mix in the ag¢ range of tcnaThiS in order to preserve th¢ balan¢¢ of life in the local community- FINAN IAL POSITION Diiring thc year: the Tntst receivcd income of £418,794 (2023 £415,355) including interest, of whi¢h £522,370 {2023 - £294,080) was spent on maint¢nan¢e, repairs, managcmLnty professional fees, insurance and other overheads as set out in th¢ Statetnent of Financial Activities (page 8). Capital expenditure amollnt¢d to £372,883 (2023 - £35,487). RESERVES POLICY Any surplus income is retained by the Trust in order to build up reserves for the purchase of additional prOrtieS or land on which n¢w dwellings can be constructed to further th¢ ov¢rall objectives. At 30th September 2024 the net current assct sItion showed a deficit of £210,301 (2023 £266.158). surplus The ongoing policy of the Trustees is to retain surplus income for the impri)vement of ihe existing housing stock as required and in the mediuTn temi to build up reserves for the construction of new prop¢rties which may require land to bc purchased in the first instance. GOIN(i CONCERN POLICY The 'l-rustees have continued lo adopt the going concern basis for these financial statements, as there are no maierial unLertainties identified thut may cast doubt about the Trnsi's ability to continue as a goiiig concern for the foresecable future. A new batth loan is being negotiated in July 2025 dnd is expe¢led io provide the Trust with sufficient working capital for planned operations for at least 12 months following the approval of these accounts. ACCOUNTS Tliese acLuunis Ive been drawn up in accordance with the relevant provisions of th¢ Charities Act 2011, the FRSI 02 Statement of Recommended Practice: Accounting and Reporting for Charities (SORP 2019) and the Trust Deed. STATEMF.NT AS TO DISCLOSURE TO OUK AIJDITOIIS In so far as the'l ruste¢s ar¢ aware at the lim¢ of approving our Tnjstees, repcJrt- there is no relevant infom)ation, being infomiation needed by thc auditor in conn¢ction with prepatring their rcp(Jrt, of which the Charity's auditor is unaware. and ¢d¢h TTrtee has taken all thc steps that he/she ought to have taken as a Trusiee in order to make themselves aware of any relcvant audit infom]ation and io establish that the charity's auditors are aware of that inforniation. For E4nd on behalf of the Truste T.C LOYD Tnulee Date:
VILLA(iE HOUSING CHARITABLE TRUST TNDEPENDENT AUDJTOR'S REPORT Year ended 30 September 2Q24 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE VILLACIE HOUSTNG CI.IARITABLE TRUST opinll We have audited the financial statements of Village Hoysing cPtable TTUSt (the 'charity') for ihe year ended 3(yh September 2024 which comprise the slatement of fll)ancial activities, balance ghee( and notes to the financial statementg.. inLluding a summ9ry of significant accounting policies. The financial reporting framework that h&% been applied in theirpreparation is applicable lawand United Kingdom Accounting Standards, including F'inancial Reporting stAndd 102 The F'inancia] Reporting Stsndard applieable Èn the UK and Republic of Ireland (United Kingdom Gen¢rnlly Accepted Accounting Practice). In our opinion, the financial statements.. "give atru¢and fairview of the stateofthecharity's affai05 at30tb September2024 and of its incomin¥ rewur¢e$ and opplication of resources, including its income and expenditure, foi the year then Ended; .have been properly pr¢pared in accorddnLe with Unil¢d Kingdom Generdlly Accepted Accounting Prd£ti¢e; •have been prepared in aLGordance with the requirements of the Ch1t]eS Act 2011. Basis for opinion We conducted ouraudst in a¢cordan¢e with Iniemalional Standards on AEiting OJK) (TSAS UJK)) and applic2ble law. Our responsibiliti¢s under those standgtrds are further dcscribcd in thc Auditor's rcsponsibilitieg for the audit of the finaneial stAt¢mcnts section ofour rewkrt. We are independenl of the charity in attordancc wth the ethical requircmcnts that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical St4ndrf and we have fulfilled our other ethical responsibilities in aecordanee with these reqU1Ments. We belieye that the &udit ¢vid¢nce we have obtained is suffi¢i¢nt and 8ppropriate Éo provide a basis for our opinion. Conelusions relating to going concern In auditln8 the finan¢ial statemenw we have ¢orAcluded that the direciorfs use of the going Concem basis of accounting in th¢ prepardtion of the financial staiements is appropriate. Based on the work we have perfomjed, we have not identified any m2teriAI uneertainties relating to events or conditic)n.% thal. iTrdividiJ2lly nr t.(Jlleclively, niiiy L%lSt siLJnifieant dnuht the eh*rity'k #T)ility to oonfiniie gs A going conccrn fora riod of at l¢ast twelve months from when the original fjnan¢ia] stalefflents were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in th¢ relevant seclioRs of this report. Other Information 1.he other infom)ation comprises the infomiation included in the trustees, annual repo¢ other than the financial statements our auditor's report thereon. The trustecs are reSnsIble forthc other infomiation. Our opinion on the financial statements do¢$ not ¢over the other intomiation and, ¢x¢ept to the extent otherwisc explicitly ststed in our reporL we do not exprcss any fomi of &ssuran¢¢ conclusion thereon. In connection with out audit of the financiaI Slateents, our responsibility is to read the other information and, in doing so, consider whether Ihc oth¢r inforniation is materially inconsist¢nt with the rInLia[ stat¢m¢nts or our
VILLAGL HOUSING CHARITABLE"fRUST INDEPENDENT AUDITOR'S REPORT (continued) Year ended 30 September 2024 knowledge obtained in the audit or othenvis¢ appears to be materially MISSt¢d. If we identify such material inconsistenLies or appant material misgtatements. we are required to detemiine whether there is a materi misstatement in the financial statements or a matcrial misststement ofthe other information. Ir. based on the ivork we have perfomJe(L we conclude that th¢r¢ is a materia] misstatement of this othcr infonnation. we aTe requir¢d to report that fact. We have nothing to rert in this regard. Matters OD which we aT¢ required to report by exception We have nothing io JYFK)rt in reSpt of the following maErets in r¢lation to which the Charities Act 2011 requires us to report to you if. in our opinion.. •the inf0mtion given in the tNstees' annual report ]% inconsistent in any material resp¢¢t with the financial siatements. or •th¢ charity has not kepl udequate accounting record%; or .the financia] 8tat¢ments are not in agreement with the accounting records and return5; or we have not received all the infom]10 and explanations we require for our alIL RponsIbIlitieS of tn15tees As explained morc fully in the trustees, responsibilities statement se( out on page 3, the trustees are responsible for the preparation of the financial stxtements and for beingF satisfied that they gFive a tjue and lair view, and for such internal control as th¢ tryteeS delemine is necessary to enable the preparntion of fllwicial statements that e Iree from material misstatement, whether due to fraud or error. In preparing the financial st2tement& the trustees ar¢ responsible for assessing the cFwity's ability to continue as a going concem. diseltsging, as applicable, Matte related to going concern and using the goinK concern basi5 of accounting unle55 the trustees ¢ith¢r intend to liquidate the charity or to Crase operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial ststements We have been appointed &$ auditor under section 144 of the Charities Act 2011 and r¢port in accordance with regulations made under section 154 of that Act. Our objectives to obtain reasonable axsuranco about whether the fillancial statements as a whole are ftte fro maieria] misstatemenL whether duc to fraud or em)r, and to issu¢ an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit ¢onduLtd in aCL(Irdance with 18As (UK) will always detect a material mlsstatement when it exists. Misstatements. arise from fra1 or error and are considered material if, individually or in the aggregatc, they could reasonably be expected to int]uen¢¢ ihe economic decisions of users taken on th¢ basis of these rtnanLia] statemenls. Irregularities, including frau¢ are instances of non-compliance with laws and r¢gulations. We design prcKYdures in line with our rcsponsibilitie5, oudin¢d above, to detect mat¢rial misstatements in respect of irregularities, including fraud. 'fh¢ exQnt to which our procedu ¢apable of detecting iTregularitiw including fraud is detailed below.. We gdined an und¢rsianding of the lega] and regul&ory framework applicable to the Charity by eonsideTin8, amongst other things, the jurisdi¢tions in which il OperdtC, and ¢onsidcred the rigk of acts by the ctwity that were unlrary to applicable laws and r¢gUIlOnS, including fraud. We designed audit procedu$ Its respond to the assessed level of risk, bui reeo&Fnised that the risk of not d¢te¢ting a material Tnisstatement due to fraud is htgher thdll the risk of not d¢t¢¢'ting one resulting from error, as fraud may involve deliberate concealment by> for example, for8ery or ittic'ntional EniSTepresentations, or through collusion.
VILLAGF HOUStNG CIIARI'IABLE TRUST INDEPENDEN'f AUDITOR'S REPORT (continucd) Year cndcd 30 September 2024 We focused on laws and regulations which could give rise to a material misststement in the financial staternents, includin& but not limitsd tt>, Clwities Act 2011, the Landlord and Tenartl Act 1985 and the r.qua]ty Act 2010. Our tesL8 included enquiri¢s with management and ¢nquiries of third parties, Éncluding properly agents, ba[er$ and solicitot3. As in all our audits, we a]so addressed th¢ risk of rnamgement override of intemal control¥ in¢luding testing journals and evaluating whether there w&s evidence of bi&9 by manag¢m¢nt that represented a risk of material misstatemcnt due to fraud. Therc are inherent limitstiot]s in the audit procedures d¢scrib¢d above and, the further rcmoved non-complianee with law5 and regulations is frc>m th¢ ¢v¢nts and transactions reflcctcd in the financia] statements, thc less likely we would become aware of it. We did nol identify any key audit Fnatters relating io irregularitie5, including fraud. A further description of our responsibilities for the audit of the financial ateMentS is locakd on the financial Reporting Council's websilc at." www.frc.org.uk/auditorsresponsibilities. "Iljis description forn part of our auditor's report. Dixon Wilson Audit Services LLP, Ststutory Auditor 22 Chancery Lane London WL2A ILS 10 July 2025 D£tte:................................ Dixon Wilson Audit Services LLP is eligible to act as an auditor in ternis of section 1212 of the CompÉleS A¢t 2006.
VILLAGL HOUSING CHARITABLE'FRUST STATEMEprr OF FINANCIAL ACTIVITIES Year to 30 Se tcmber 2024 2024 2023 Notes INCOME Income from Ch Rents receivable e actiwtiC5 406,879 405.310 IntoFne from Inves Int¢rest 2,915 2.345 Other Income Othcr Income 9,000 418.794 7.700 415,355 TOTAL tNCOME AND ENDOWMENTS EXPENDITURE tur¢ on Charitsbl¢ attiviiies PToperty mainlenance and repair5 Rent payable Electricity and gas Rates and water charges Insurance Property managem¢nt Professional legyal fees Battk chaTges 8nd int¢ttst Bad debt provision Sundry adtllÉlliStration costs Sundry dtre¢t fjhaTitable expenditure Administration fees Audit fees Accountanry fees 391,026 275 2,852 10,354 9,702 30.084 3.001 13,719 176,143 275 2,815 5,293 7,532 28,801 13.702 104 1,858 55,087 2,154 2,154 70 1,615 52,721 2,041 2,041 TOTAL EXPENDII"URE 522,370 294,080 NET MOVEMLNT IN FUNDS 1103.576) 121,275 TOTAL FUNDS brought foTWATd 4.247.807 4,126.532 TOTAL FUNDS CWTied fotward 4.144,231 4.247,807 All amollnts are in respect of continuing activities and all funds are unrestrict¢d in their application.
VILLAGE HOUStNG CHARITABLE TRUS'r BALANCE SHb.ET Year to 30 September 2024 'Ole 2024 2023 PROGRAMME Rf.LATED INVESTMENTS rreehold land & buildsngs 4,758,532 4,385,649 cuRREr ASSETS Debtors 39.352 45,812 377.956 Cash at bank 10.458 49,810 423.768 CREDITORS Dub WITIIIN ONE YEAR Creditors and accruals 260.111 157,610 157,610 260.111 NET CURRENT LIABILITtES )10.3011 266.158 CREDITOR8 DUF. AFTF.R ONE YBAR Bank Loan {404.000) {404,0001 NET ASSETS 4,144,231 4,247,807 REPRESENTED B Y.. TOTAL UNRES"rcTED FUNDS 4,144,231 4,247,807 The financial stat¢ments on pages 9 to 14 wcre approved by the Trustces on and were signed on thcir behalf by.. 9 July 2025 DR. (Tru BOON TCLOYD ITru5teel io
VELLAGE HOUSING CHARtTABLE TRUST NOIES TO TFII.. FINANCIAL S'IATE,ML,NTS ye to JO S¢ptember 2024 I. ACCOUNTING POIJC'.11-. ' Th¢ flnancial siaments have tEen preed in acr4)rdance with the Finthciaj Reporting St2ndards wlic&blc in th¢ UK Kepublic ot"Ircland11.'R8102}, th¢ Stat¢m¢ni of Rew]bmBndd Pralc¢.. Accouoiing artd R¢wrting for Charilies ISORP 20151 ihc Chariti Act 2011. Village IlousittB ChlbI¢.[.TUsl m¢ets' the definition ora public entity undcr TrRSIO2. These finoncial 8tat¢ment$ h8ve iKen prepared underthe historical cosl ix)nverttion. FUND ALLI)UN'IING Unrcsiriiied Funds available for use dtth¢ discreliort vf th¢ TTusk¢5 in fvrthcrdncc of the EeneTal chfiritabl6 objectives. DeSIated furtd& of which the 8re tUrntlY non4 arc unrestrict¢d fvnds which would be traA%rC¢d fron) the fimd for particu]ar PUTtx)ses or PTojects at Ihe disctttion ofthc Trustecs. RCsth¢t Funds, of wthich thcre 8rc nonc currenlly, Nvould k funds (k>nated either for a particular purrH)se or dre4 ihe of which Uld I¢stri¢d to thèi pwise OT aT¢& FNCOMFNG RESOURCES All incornc. including rent and int¢re8l is Te£ognisLd and accounled foT wkn the Charity has ¢rttitlement to the fund& the amount caft be quantified and thew is ¢ertainty of receipt. RESOURCES EXPENDED All expenditurc is recognis¢d when ihere is a le8a] or wnstrucuve obligation to FNIY. Where co5 csmot be diT¢CtIy ttributed to an expenditu headin& they will be allo¢at¢d to a¢tLVitie5 on a basis consistent with the use of resources. PIIO(iK4MMF. RELA'fED INVFSTMENTS Programine rc'ldl¥d inveslmenis r¢present Tesid¢nÉial propcrtics hL'ld by the charity and which 8TC Ict Irlow markci rcnl in order to Provide affordable housing to the lo] community. The investments are held at cost wilh an annual impairment ievicw carried out by the trustees. IAXATION Ih¢ activiti¢s of Ihc Charity are ¢xempi from corp)rwion t&K under p2rt 10 of the Income Tax Aci 2007 to the eKtent that they are applied to the organisation's charitable objectives. Therefore no liability aris&s to t&%atioll in view of the exempiion$ available tt> thc Trust as a ¢haTity. p]tFPARAT5nN OF ACCOUNI'S ()N A COINC CONClliN ]JASIS The acLuunts have ptetwrtd OD agoinge4)nctm basis. 'lTheTrustecs do not IKli¢v¢ therc is any doul* ovtt the ch2r2tys dbility to continuc agoin¥ concern. 8IL FtNANCtAL IN%TkUMEN15 B£¥iC nl¢la1 instnllnent% cl&s%iti¢d and acLounted for. Qccording lo the %ubstaDC¢ ofthe contraciual 4]Tangemeni. fin11 assets or fJnan¢ia] liabilili¢s. Firtfjnci instrumcnis arc initially r¢cogniscd at the amount Ctivble or PdJ]nable in¢luding any r¢laied transaction costs. LEGAL F'ORM 'Ihe Village Htrusing Charitsb]e Tru i% An unincorFrf)rated charity registCTcd with thc ChaTity Commission in England & Wal (charity nutnbcr 2688861. Its rcBistered addT¢SS is knK'kinge EsLtte OffJc¢, Ardingi0 Oxfordshire, OX12 8PP.
VILLAGE HOUSING CHARITABLE TRIJST NOIES TU THF. FINANCIAL STATEMENTS Year to 30 September 2024 ?024 2023 2. PROGRAMME RELATED tNVES1Th1ENTS Fteehold Land & Buildings- at $t Cost brought fonvard at l October 2023 4,385.649 4.350,162 AddttEons in 3 Th¢ Close- fees 4 T'he Clos¢- fees 26 High Streei 29 High Sire¢1 600 600 344,353 28,530 i72.883 35,487 Cost catried forwaTd at 30 September 2024 4.758.532 4.385,649 The Trustees, having carti¢d out their ant]ua] impairment ¥evi¢w, considcr that there are no impairments in rcspeet of the above Progratnme Related Investments. 3. DI-.BTORS 2024 2023 Trade d¢btots Prepayrnents Tenanis, rent deposits held by 3rd party (see note 4) 12,967 423 25,962 19.191 1.222 25.399 39,352 45,812 4. CREDITORS 2024 2023 Lockinge Tru%t (see note 7) Trade creditors Accruals Deferred Income Cvmm¢rriaJ Kcni DcpnsiTS iI¢ld 'I'enants' reni deposits held by 3rd paty (see note 3) Other ¢reditors 223,912 2,791 4.138 1.546 2.400 25,324 115.634 7,692 3,942 ,543 2,400 25.399 260,111 157,610 Tenallts, rent deposiL% are held by Adkin, Chartercd Surveyors. 12
VILLAGE. HOUSING CHARITABI.F."fRU8T NOTES 'I'()"I'HF. FINANCIAL STATEMF.NTS Year to 30 Se tember 2024 5. BANK LOANS & OVERDRAFr A bank loan of £404,000 {including £4,000 aTrangement fee) h&% replaced the overdraft facility being for the same security. Interest is payable at 3.040/0 per annum, and the loan is r¢payabl¢ on or before 10th April 2025. The loan is secured on 1-4 On)wood Paddock. School Road. Ardinaton OX12 8RB. In July 2025, a new bank loan of £403,200 {including £4200 a2r8ngeTnent fee) was being negotiated. The draft agree]nent states that interest will be charged ai the Bank Rat¢ plus 2.30/0 per annum, Mryth a loan terni of five years. The loan is intended to be secured on 14 Otywood PaddocK School Road, Ardington OX12 8RB. 6. FUNDS 2024 Cted Reserves Brought forward at l Othbcr2023 Change in year Carried forward at 30 September 2024 4,247.807 I l OJ.570 4,126,532 121275 4,144.231 4,247,807 7. EMPLOYEES AND'fRUSTEES 'rhe Trust has no e]nployees HT no remun¢tion is paid to thc Trustee5 {2023- £Nill. .1 ransactions w(Ih Trustees tr. T C I.oyd is the life tcnapt of the 14ockinge Trust and as such had an interest in varÉous purchases of goods and seJvi¢es, including monagemeni, during the year to a total of £174.669 {2023 - £276.844) inclusive of VAT. The purchases were made ot) a nornial trading basis. No expenses were reMIX$cd to the Trustees during the year (2023 - £Nill. The amounts owed to Lockinge Trust at the year end are as set out in not¢ 4 on page 12. 8. TRANSACTIONS WITH AGENTS Adkin, Chartered SurveyoJ5, PTovided management and other professional s¢Trice5 amounting to £30.153 in the year (2023 - £28,801 l inclusjve of VAT. 9. TRANSACTtONS WITH RELATED PARTIES The Loyd Lindsay Rooms are owned by the c.ounty Buildings Protrction TrnsL of which Mr T C Loyd is Presid¢nt. VHC.T has held their'l-rustee Me¢iing)s at Loyd Lindsay Rooms to the value of£nil12023 - £351. Other adminEstralion costs art £10412023 £351. 10. FINANCIAL ASSE'I-S ANJ) LIAIIILI-fIES The charity has financial &8sels and financial liabilitle5 of a kind that qualify as basic fjnancial instruments. These are initiallly rewlSed a¢ transaction valuc and subsequently MeaSL al thetr amortised cost. Finan¢1 assets 2024 2023 'I'rade debtors Tenonts, wnt dcposits held by 3rd party (see note 4) 12,967 25,962 19.191 25,399 13
VILLAGE HOUSIN(i CHARITABLE TRUST NOTES TO THE F'INANCIAL s'fA TLMEN'I'S Year to 30 Se tember 2024 Financial Itabilities 2024 2023 Bank loans & overdraft Ttzde credilors Other creditors ILo¢kinge Irust, Accruals, Commercial and Tenant rent deposiLI 404,000 2,791 404,1>00 7.692 255,774 147,375 662,565 559,067 I I. OBLIGATIONS UNDER OPE.RATING LEASES The totsl of future minimutn leas¢ payment rcceivable by VHCT as a lessor is as folloms.. 2024 2Q23 Not lat¢rthan one year 64,422 77.467 77,467 14