Charity registration number: 500553
Aireborough Flower Fund Homes Annual Report and Financial Statements for the Year Ended 31 March 2021
Aireborough Flower Fund Homes
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 12 |
Aireborough Flower Fund Homes
Reference and Administrative Details
Chairman E Tomlinson, Chair Trustees R Barraclough T Garczynski C Grandison P M Midgley J Richardson Principal Office 65 Victoria Road Guiseley Leeds LS20 8DQ Charity Registration Number 500553 Bankers Yorkshire Bank Horsforth 32 Town Street Horsforth Leeds LS18 4RJ Independent Examiner A D Ormondroyd FCA Fox Jennings Cullen Tarn House, 77 High Street Yeadon Leeds West Yorkshire LS19 7SP
This page does not form part of the charity's financial statements. Page 1
Aireborough Flower Fund Homes
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2021.
Registered office
The registered office of the charity is that of its solicitors, Ison Harrison, 65 Victoria Road, Guiseley, Leeds LS20 8DQ.
Organisational structure
A management committee comprising the above trustees, assisted by three part-time (non-voting) employees, administers the charity. The trustees and the employees are elected and appointed on an annual basis at the annual general meeting of the charity.
Objectives and activities
The object of the charity is the provision of purpose built bungalows for the elderly of Guiseley, Yeadon and Rawdon, to enable them to retain their independence. Local people operate the charity with the assistance of local professionals, who provide their services at discounted rates.
The tenants of the properties continue to pay a rental, below commercial rates, and these funds enable the management committee to continue to maintain the properties to a high standard. The rents are reviewed on a regular basis to reflect current costs of maintenance and running costs.
Additional income is raised from occasional legacies, donations in lieu of funeral flowers and donations from local organisations and individuals.
A careful control of financial resources has ensured the charity has retained enough resources to cope with its continuing maintenance responsibilities.
Essential repair and maintenance costs have continued to be met during the year and provision has been made to ensure such work will always be undertaken in the future to fulfil the charity’s obligations to its tenants.
A review of insurance cover was begun during the year and this will enable the Charity to ensure it is not under-insured.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Investment policy
The charity ensures that its funds are invested for no more than one year so that cash is available to respond to development opportunities as they arise.
Nature of governing document
Aireborough Flower Fund Homes is a registered charity, number 500553, and is constituted by a Deed of Trust and operates within the parameters of its Constitution, which was adopted on 23 February 1999.
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Aireborough Flower Fund Homes
Trustees' Report
Risk management
All the funds of the charity are held in trustee accounts and any withdrawal requires two signatures.
Tenants are required to make payments of rents by standing order into the charity’s bank account.
Expenditure, with the exception of regular minor items, is authorised by the management committee.
The regular reports submitted by the various officers at the management meetings enable the trustees to monitor the major risks to which the charity is exposed so that necessary steps can be taken to mitigate those risks.
The charity maintains a comprehensive insurance policy which provides for risks assessed by a professional insurance broker.
Statement of Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Declaration
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... E Tomlinson Chairman
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Aireborough Flower Fund Homes
Independent Examiner's Report to the trustees of Aireborough Flower Fund Homes
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 5 to 12.
Respective responsibilities of trustees and examiner
As the charity’s trustees of Aireborough Flower Fund Homes you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Aireborough Flower Fund Homes's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of Aireborough Flower Fund Homes as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... A D Ormondroyd FCA Fox Jennings Cullen
Tarn House, 77 High Street Yeadon Leeds West Yorkshire LS19 7SP
Date:.............................
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Aireborough Flower Fund Homes
Income and Expenditure Account for the Year Ended 31 March 2021
| Note Income and Endowments from: Rental income 2 Investment income 3 Total Income Expenditure on: Charitable activities Total Expenditure Gains/losses on investment assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 14 |
Unrestricted £ 106,608 93 106,701 (33,981) (33,981) 978,766 1,051,486 3,281,973 4,333,459 |
Total 2021 £ 106,608 93 106,701 (33,981) (33,981) 978,766 1,051,486 3,281,973 4,333,459 |
Total 2020 £ 107,000 505 |
|---|---|---|---|
| 107,505 | |||
| (47,233) | |||
| (47,233) | |||
| 93,600 | |||
| 153,872 3,128,101 |
|||
| 3,281,973 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 14.
The notes on pages 7 to 12 form an integral part of these financial statements. Page 5
Aireborough Flower Fund Homes
(Registration number: 500553) Balance Sheet as at 31 March 2021
| Note Fixed assets Investment properties Current assets Investments 10 Cash at bank and in hand 11 Creditors: Amounts falling due within one year 12 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 13 Net assets Funds of the charity: Unrestricted income funds Unrestricted Total funds 14 |
2021 £ 4,200,000 112,948 50,211 163,159 (29,700) 133,459 4,333,459 - 4,333,459 4,333,459 4,333,459 |
2020 £ 3,213,600 142,855 31,567 |
|---|---|---|
| 174,422 (43,003) |
||
| 131,419 | ||
| 3,345,019 (63,046) |
||
| 3,281,973 | ||
| 3,281,973 | ||
| 3,281,973 |
The financial statements on pages 5 to 12 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... E Tomlinson Chairman
The notes on pages 7 to 12 form an integral part of these financial statements. Page 6
Aireborough Flower Fund Homes
Notes to the Financial Statements for the Year Ended 31 March 2021
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Aireborough Flower Fund Homes meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Donations and legacies
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Investment income
Income from interest is accounted for in the Income and Expenditure Account on an accruals basis.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Repairs and maintenance
In accordance with recommended practice, no provision is made for cyclical repairs and therefore actual costs are charged directly to the income and expenditure account as and when incurred.
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Aireborough Flower Fund Homes
Notes to the Financial Statements for the Year Ended 31 March 2021
Major repairs
The Association does not provide for future major repairs on housing properties unless they represent commitments or obligations at the Balance Sheet date where there is no discretion to avoid the expenditure.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Investment properties
Investment properties are revalued annually by trustees to reflect fair values. Trustees' valuations are based observable market prices, their own expertise, and the knowledge of rebuild costs of similar properties. Newly acquired property assets are held at cost (i.e. equivalent to fair value due to their recent acquisition) until the time of the next annual review, a period not exceeding twelve months.
Current asset investments
Current asset investments are included at the lower of cost and net realisable value / market value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
2 Other income
| Rental income | Unrestricted funds General £ 106,608 |
Total 2021 £ 106,608 |
Total 2020 £ 107,000 |
|---|---|---|---|
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Aireborough Flower Fund Homes
Notes to the Financial Statements for the Year Ended 31 March 2021
3 Investment income
Interest receivable and similar income; Interest receivable on bank deposits
| Unrestricted | ||||
|---|---|---|---|---|
| funds | Total | Total | ||
| General | 2021 | 2020 | ||
| £ | £ | £ | ||
| 93 | 93 | 505 |
4 Expenditure on charitable activities
Governance costs
| Unrestricted | ||
|---|---|---|
| funds | Total | Total |
| General | 2021 | 2020 |
| £ | £ | £ |
| 33,981 | 33,981 | 47,233 |
5 Analysis of governance and support costs
Governance costs
| Independent examiner fees Examination of the financial statements Legal fees Other governance costs |
Unrestricted funds General £ 1,224 235 32,522 33,981 |
Total 2021 £ 1,224 235 32,522 33,981 |
Total 2020 £ 1,164 631 45,438 |
|---|---|---|---|
| 47,233 |
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Aireborough Flower Fund Homes
Notes to the Financial Statements for the Year Ended 31 March 2021
6 Net incoming/outgoing resources
Net incoming resources for the year include:
| Depreciation of fixed assets 7 Independent examiner's remuneration Examination of the financial statements |
2021 £ - 2021 £ 1,224 |
2020 £ (600) |
|---|---|---|
| 2020 £ 1,164 |
8 Taxation
The charity is a registered charity and is therefore exempt from taxation.
9 Fixed asset investments
| 9 Fixed asset investments |
||
|---|---|---|
| Investment properties Investment properties Cost or Valuation At 1 April 2020 Revaluation Additions At 31 March 2021 Provision At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
2021 £ 4,200,000 |
2020 £ 3,213,600 |
| Investment properties £ 3,213,600 978,766 7,634 |
||
| 4,200,000 - |
||
| 4,200,000 | ||
| 3,213,600 |
The historical cost of the investment properties, without depreciation, would be £1,428,510 (2019 - £1,420,876). There has been no valuation of investment property by an independent valuer. The investment property is all freehold.
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Aireborough Flower Fund Homes
Notes to the Financial Statements for the Year Ended 31 March 2021
10 Current asset investments
| 10 Current asset investments | |||||
|---|---|---|---|---|---|
| Cash deposits 11 Cash and cash equivalents Cash at bank 12 Creditors: amounts falling due within one year Bank loans Accruals 13 Creditors: amounts falling due after one year Bank loans 14 Funds Balance at 1 April 2020 £ Incoming resources £ Unrestricted General 3,281,973 106,701 Balance at 1 April 2019 £ Incoming resources £ Unrestricted General 3,128,101 107,505 |
Resources expended £ (33,981) Resources expended £ (47,233) |
2021 £ 112,948 2021 £ 50,211 2021 £ 28,476 1,224 29,700 2021 £ - Other recognised gains/(losses) £ 978,766 Other recognised gains/(losses) £ 93,600 |
2020 £ 142,855 |
||
| 2020 £ 31,567 |
|||||
| 2020 £ 41,839 1,164 |
|||||
| 43,003 | |||||
| 2020 £ 63,046 |
|||||
| Balance at 31 March 2021 £ 4,333,459 |
|||||
| Balance at 31 March 2020 £ 3,281,973 |
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Aireborough Flower Fund Homes
Notes to the Financial Statements for the Year Ended 31 March 2021
15 Analysis of net assets between funds
| 15 Analysis of net assets between funds | ||
|---|---|---|
| 31 March 2021 Fixed asset investments Current assets Current liabilities Total net assets 31 March 2020 Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets |
Unrestricted General £ 4,200,000 163,159 (29,700) 4,333,459 Unrestricted General £ 3,213,600 174,422 (43,003) (63,046) 3,281,973 |
Total funds £ 4,200,000 163,159 (29,700) |
| 4,333,459 | ||
| Total funds £ 3,213,600 174,422 (43,003) (63,046) |
||
| 3,281,973 |
16 Analysis of net funds
| 16 Analysis of net funds | ||
|---|---|---|
| At 1 April 2020 £ Cash at bank and in hand 31,567 Debt due within one year (41,839) Debt due after more than one year (63,046) Current asset investments 142,855 Net funds 69,537 At 1 April 2019 £ Cash at bank and in hand 165,449 Debt due within one year (41,839) Debt due after more than one year (151,339) Current asset investments 57,350 Net funds 29,621 |
Cash flow £ 18,644 13,363 63,046 (29,908) 65,145 Cash flow £ (133,882) - 88,293 85,505 39,916 |
At 31 March 2021 £ 50,211 (28,476) - 112,947 |
| 134,682 | ||
| At 31 March 2020 £ 31,567 (41,839) (63,046) 142,855 |
||
| 69,537 |
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Aireborough Flower Fund Homes
Management Income and Expenditure Account for the Year Ended 31 March 2021
| Note Property revenue income Rental income Property revenue expenditure Insurance Repairs and maintenance Sundry expenses Cost of trustee meetings Management charges payable Bank charges Mortgage interest Independent Examiner’s remuneration Legal fees Gains/losses on investment assets Property revenue surplus for the year Other income Investment income Total surplus for the year |
Total 2021 £ 106,608 3,316 19,319 24 - 7,270 - 2,593 1,224 235 33,981 978,766 72,627 93 1,051,486 |
Total 2020 £ 107,000 2,432 29,518 54 86 7,352 (50) 6,046 1,164 631 |
|---|---|---|
| 47,233 | ||
| 93,600 59,767 505 |
||
| 153,872 |
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