Charity number: NIC 107793 Hearth Historic Buildings Trust Members. Report and Financial Statements For the Year Ended 31 March 2023
Hearth Historic Buildings Trust Contents Page Reference and Administratlve Details of the Charity, its Members and Advisers Members. Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Flnan¢ial Statements 9-17
Hearth Historlc Bulldings Trusl Refèrence and Administrative Details of the Charity, its Members and Advisors For the Year Ended 31 March 2023 Members Mr A Rankin MBE, Chair Ms R Harkin Mrs K Latimer OBE Mr M Patton OBE. Vice Chair Mr G Sloan Mr C Thirkettle Mr R Williamson Mr A Hennessey, Treasurer Mr C Hamill Mrs V Faith-Devine, Secretsry Mr A Webb Company registered number IP 145 Charity registered number NIC 107793 Registered office Old Museum Building 7 College Square North Belfast BT16AS Secretary Mrs V Faith-Devine Accountants ASM (B) Ltd Chartered Accountants and Registered Auditors 4th Floor Glendinning House 6 Murray Street Belfast BT16DN Bankers Danske Bank 6 Donegall Square West Belfast BT1 6JS Solicitors Johns Elliot 40 Linenhall Street Belfast BT2 8BA Page 1
Hearth Hlstoric Bulldings Trust Members. Report For the Year Ended 31 March 2023 The Members present their annual report together with the financial statements for the 1 April 2022 to 31 March 2023. The Members confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charitys governing document and the provisions of the Statement of Recommended Practice (SORP). applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity previously traded under the name Hearth Revolving Fund. Objectives and activities a. Hlstory and purposes Hearth Historic Buildings Trust was initially formed in 1972 as a Charity that would borrow money to restore buildings and repay the loans on selling the finished products. After a few years it became apparent that in the political and economic climate of the time Hearth could operate more successfully as a housing association and Hearth Housing Association was duly registered in 1978 as a sister organisation to take advantage of the newly created funding for such bodies, with the same committee involved in both bodies. Over the years both charities expanded and Changed but they remained closely involved, with the housing association staff available to cary out work for the revolving fund on a fee-eaming basis and each body able to tackle different schemes in different ways. Sadly. government policy sought to reduce the number and variety of housing associations and after some years of negotiation Hearth Housing Association duly merged with Clanmil Housing Association in December 2016. With its housing association arm now gone, Hearth has reverted to its original form as a building preservation trust. but now as the holder of a number of properties that have been retained and provide regular income. With the change in status and address the committee decided to change its name from Hearth Revolving Fund to Hearth Historic Buildings Trust. reflecting the fact that there is now only one Hearth Charity and that it also manages propety as well as selling it. b. Activities for achieving objectives Hearth Historic Buildings Trust continues to restore historic buildings in Northern Ireland which are at risk of dereliction or loss. The Charity generally restores historic buildings for re-sale. but also manages some properties. and is not restricted to housing uses. The charity concentrates on scheme5 which for one reason or another might be considered financially unattractive by a private developer. It aims to restore buildings of importance which would otherwise be lost. rather than to make profits from its operations. c. Actlvities undertaken to achieve objectives In setting objectives and planning for activities, the Members have given due consideration to general guidance published by the Charity Commission for Northern Ireland relating to public ben8fit and in particular to its supplementary public benefit guidance on buildings preservation. Page 2
Hearth Historlc Bulldlngs Trust Members, Report (continued) For the Year Ended 31 March 2023 Achievements and performance Review of activities Hearth continued to carry out its work without paid staff, keepings its overheads light and gradually reducing debts. It works closely with the Ulster Architectural Heritage Society in their mutual office at the Old Museum. and also maintains good relations with the Historic Environment Division of the Department for Communities. We continue to manage and let out houses at Alexandra Park Gate Lodge and College Green House. both in Belfast and People's Park Gate Lodge in Ballymena, as well as two holiday let properties in College Green and Curry's Cottage, Derrylin. Sion Mills Stables continues to be let to Sion Mills Building PreseNation Trust, and our commercial lease wilh Molly's Yard continues. During the financial year, 47 Queen's Parade, Bangor was sold. Our activities are now focused on Riddel's Warehouse in Belfast, which we acquired with a loan from Ulster Garden Villages. A Resilient Heritage grant from the Heritage Lottery Fund enabled us to commission a number of consultancy reports on the project as well as relaunching our website and corporate identity. We are grateful to the Architectural Heritage Fund for additional grant and loan finance that is enabling further repairs to the building, and we continue to be in regular discussions with the National Lottery Heritage Fund in respect of continued funding. b. Reserves policy The Members have set a strategic financial policy to maintain a level of reserves sufficient to fund working capital, unexpected expenditure and shortfalls in income. The Members review the liquidity position of the Charity on a regular basis and will seek to sell owned properties to release cash to the Charity. Financial review a. Results Net incoming resources were £59.540. There was fair value adjustments on land and buildings totalling £NIL (2022: £58,000). Net movement in, funds was therefore £59,540. b. Going Concern The Trustees have considered projected costs and income for the forthcoming year against a background of continuing difficult economic times. They are cognisant ofthe need to broaden the charit$ abilityto secure funding and will continue to work towards this goal in the next financial year. After making appropriate enquiries, the Members have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they conlinue to adopt the going concern basis in preparing the financial statements. structurep governance and management a. Constitution The charity is a registered Industrial and Provident Society. The principal object of the Charity is to restore historic buildings in Northern Ireland which are at risk of dereliction or loss. Page 3
Hearth Historic Buildlngs Trust Members. Report {¢ontinued) For the Year Ended 31 March 2023 Structure, governance and management (continued) b. Methods of appointment or election of Members The management of the Charity is the responsibility of the Members who are elected and co-opted under the terms of the Trust deed. Plans for future periods Our main focus for the future is still on Riddel's Warehouse in Belfast. The Covid epidemic had delayed further funding applications that had been planned. but the building continues to be used for a variety of"meanwhile' uses, including filming, theatre and music events and it is kept in repair pending its full restoration. During the year we received funding from the Dormant Accounts Fund to enable us to employ a Project Development Officer. After advertising the position and carrytng out interviews the successful candidate will start work in September 2022. DurÉng the year we sold the propety at 47 Queen's Parade. Bangor. After the year end we received notification that we had been successful in our Stage 1 application to the National Lottery Heritage Fund. Statement of Members. responsibilities The Members (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Members, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Members to prepare financial statements for each financial year. Under company law. the Members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure. for that period. In preparing these financial statements, the Members are required to- select suitable accounting policies and then apply them consistently: observe the methods and principles of Ihe Charities SORP (FRS 102): make judgments and accounting estimates that are reasonable and prudent: state whether applicable UK Accounting Standards {FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements.. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Members are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 Companies Act 2006. They 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. Approved by order of the members of the board of Members on 3 October 2023 and signed on their behalf by: Mr A Rankin MBE Chair Page 4
Hearth Historic Buildlngs Trust Independent Examlner's Report For the Year Ended 31 March 2023 Independent Examiner's Report to the Members of Hearth Hlstoric Buildings Trust I report on the financial statements of the charity for the year ended 31 March 2023 which are set out on pages 7 to 17. Respective Responsibilities of charity Members and Examiner As the charitys members {and also the directors of the company for the purpose of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to: examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008; follow the procedures laid down in the general Directions given by the Commission under section 65(91(b) of the Charities Act: and state whether particular matters have come to my attention. Basis of Independent Examinerfs Statement I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65{9)(b) of the Charities Act. My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as charity members concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: that accounting records were not kept in accordance with section 386 of the Companies Act 2006; that the accounts do not accord wilh those accounting records- that the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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)- that there is furlher information needed for a proper understanding of the accounts to be reached. Page 5
Hearth Historic Buildings Trust Independent Examiner's Report (continued) For the Year Ended 31 March 2023 Independent Examlner's Statement I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. This report is made solely to the charitls Members, as a body, in accordan with section 65(3){a) of the Charities Act (Northern Ireland) 2008 and regulations made under section 66 of that Act. Mywork has been undertaken so that I might state to the charity's Members those matters l am required to stste to them in an Independent Examinerfs Report and for no other purpose. To the fijllest extent permitted by law. I do not accept or assume responsibility to anyone other than the charity and the Charivs Members as a body, for mywork or for this report. Signed: Dated: 3 October 2023 Brian Clerkin. FCA Independent Examiner ASM (B) Ltd Chartered Accountants and Registered Auditors 4th Floor Glendinning House 6 Murray Street Belfast BT16DN Page 6
Hearth Hlstoric Buildings Trust Statement of financial activltles (Incorporating income and expenditure account) For the Year Ended 31 March 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitable activities Investments 85,300 99,491 16 85,300 99,491 16 10,348 132,419 Total income 184,807 184.807 142.776 Expenditure on: Charitable activities 125,267 125,267 88,015 Total expenditure 125,267 125.267 88,015 Net movement in funds before other recognlsed gains 59,540 59,540 54.761 Other recognised gains: Gains on revaluation of fixed assets 58,000 Net movement in funds 59,540 59.540 112,761 Reconciliation of funds: Total funds brought forward Net movement in funds 1,762.393 59,540 1.762.393 59,540 1,649.632 112,761 Total funds carried forward 1,821,933 1,821.933 1,762,393 The Ststement of Financial Activities includes all gains and losses re¢ognised in the year. The notes on pages 9 to 17 form parl of these financial statements. Page 7
Hearth Hlstoric Buildings Trust Registered number." IP 145 Balance Sheet As at 31 March 2023 2023 2022 Note Flxed assets Tangible assets 10 2,475,326 2,487,161 2,475,326 2.487,161 Current assets Debtors Cash at bank and in hand 261,808 6,156 61.012 6.172 267,964 67,184 Creditors.. amounts falling due within one year 12 (696,920) (582,591) Net current liabilities (428,956) (515,407) Total assets less current liabilities Creditors: amounts falling due after more than one year 2.046,370 1,971,754 13 (224.437) (209.361) Total net assets 1,821,933 1,762,393 Charity funds Restricted funds Unrestrlcted funds 14 14 1,821,933 1,762.393 Total funds 1,821,933 1,762,393 The financial statements were approved and authorised for issue by the Members on 03 October 2023 and signed on their behalf by. MrARan Chair in MBE Mr A Hennessey Treasurer Mrs V Faith-Devlne Secretary The notes on pages 9 to 17 form part of these financial slatements. Page 8
Hearth Historic Buildings Trust Notes to the Financial Statements For the Year Ended 31 March 2023 Accounting policies 1.1 Basis of preparation of flnan¢lal statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) 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 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Hearth Histori¢ Buildings Trust 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. 1.2 Income All Income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in Ihe Statement of Financial Activities on a receivable basis. The balance of income received for specifiG purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Donated services or facilities are recognised when the charity has control over the item. any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. On receipt. donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation Charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charivs objectives. as well as any associated support costs. Page 9
Hearth Hlstoric Buildings Trust Notes to the Financial Statements For the Year Ended 31 March 2023 Accounting pollcles (continued) 1.4 Interest receivable Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the Charity,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 1.5 Tangible fixed assets and depreclatlon A review for impairment of a fixed asset is carrled out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls beeen the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Ststement of Financial Activities incorporating Income and Expenditure Account. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less thelr residual value over their estimated useful lives on the following bases. Freehold propety No depreciation is charged Gains and losses on disposals are determined by comparing the proceeds with the carrwng amount and are re¢ognised in the Statement of Financial Activities. 1.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar arxount. 1.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to setue the debt or the amount it has received as advanced payments for the goods or services it must provide. 1.9 Financial Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 10
Hearth Historic Buildlngs Trust Notes to the Financlal Statements For the Year Ended 31 March 2023 Accountlng policies (contlnued) 1.10 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Members in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Going concern The Members of the Charity have reviewed the reSoUrS available and believe that the charity has adequate resources to continue in operational existence for the forseeable future. Accordingly, Hearth Historic Buildings Trust continue to adopt the going concern basis in preparing the financial statements. The Members have considered the likely continued impact of the current economic conditions on the charity, and, while they expect that this will continue to have an adverse effect, they believe that the charity will be able to manage the impact through prudent management of its cash resources. In respect of creditors, the Charity owes £500,000 in respect of loans to another third party Charity. These loans are interest free and the third paty has not indicated any requirement from the Charity to repay these loans until such times that the purpose of the loan has been realised. Income from donations and legacies Unrestricted funds 2023 Totsl funds 2023 Total funds 2022 Donations Grants receivable 1,100 84.200 1,100 84,200 348 10,000 Total 2023 85.300 85,300 10.348 Grants receivable includes £30,000 from AHF, £25.000 from Whitemountain and £28.000 from Dormant Accounts Fund Nl. A donation of £1,000 was also received in the year ended 31 March 2023 from Noel Killen. Page11
Hearth Hlstoric Buildings Trust Notes to the Financial Statements For the Year Ended 31 March 2023 Income from charitable actlvltles Unrestricted funds 2023 Total funds 2023 Total funds 2022 Rent and rates receivable Ground rents and service charges receivable Holiday lets Rental for use of warehouse 76.462 3,430 17,944 1,655 76,462 3,430 17,944 1.655 83,077 2,613 14,729 32.000 99,491 99,491 132,419 Investment Income Unrestricted funds 2023 Total funds 2023 Total funds 2022 Interest receivable 16 16 Page 12
Hearth Historlc Bulldings Trust Notes to the Financial Statements For the Year Ended 31 March 2023 Analysis of expendlture on charitable activities Summary by fund type Unreslricted funds 2023 Total 2023 Total 2022 Property repairs maintenance Holiday lets expenses Management charges Rent and rates Insurance Professional fees Heat and light Independent examination fee Sundries Salaries and wages Bank interest (Profit)Iloss on disposal of fixed assets 14,024 159 5.521 8,879 23,358 12,372 4,377 2,500 1,801 19,800 12,470 20.006 14,024 159 5,521 8,879 23,358 12,372 4.377 2.500 1,801 19,800 12,470 20,006 31,425 3,580 6,275 8.860 12,926 10,291 1,081 2.500 530 10.547 Total 2023 125,267 125,267 88,015 Independent examiner's remuneration The independent examinevs remuneration amounts to an independent examiner fee of £2,500 {2022- £2.500). Staff costs 2023 2022 Gross cost 19,800 19.800 The average number of persons employed by the Charity during the year was as follows.. 2023 2022 No. Administration No employee received remuneration amounting to more than £60.000 in either year. Page 13
Hearth Hlstoric Buildings Trust Notes to the Financial Statements For the Year Ended 31 March 2023 Members, remuneration and expenses During the year. no Members received any remuneration or other benefits (2022.. £NIL). During the year ended 31 March 2023. no Member expenses have been incurred (2022: £NIL). 10. Tangible fixed assets Freehold property Cost or valuallon At 1 April 2022 Additions Disposals 2,487,161 243,165 {255,000> At 31 March 2023 2.475.326 Net book value At 31 March 2023 2,475.326 At 31 March 2022 2,487,161 During the financial year, the property at Queen's Parade. Bangor, was sold for £234.994. This resulted in a disposal at cost of £255.000 and a loss on disposal of£20,006. The additions in year primariliy relate to Riddel's Warehouse. The members have reviewed the remaining valuations as al 31 March 2023 and believe that the valuations are still appropriate. The carrying value of the property schemes are as follows: Alexandra Park £125,000, People's Park £110,000, Currls Cottage £70,000. College Green House (including Mollvs Yard) £785,000. Irish Street. Downpatrick £25.000, Sion Mills £500,000 and Riddels £860.326. 11. Debtors 2023 2022 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income 13,416 243,691 4,701 5.673 47,339 8,000 261,808 61.012 Page 14
Hearth Historic Buildlngs Trust Notes to the Financlal Statements For the Year Ended 31 March 2023 12. Credltors". Amounts falling due within one year 2023 2022 Loans and overdrafts Armagh Sinking Fund Other creditors Accruals and deferred income 590,268 6.172 1,100 99,380 563,521 6,172 1.350 11,548 696.920 582,591 Bank loans and overdrafts include loans and mortgages of£500,000 in respect of The Ulster Garden Villages. These loans are interest free and the third party has not indicated any requirement for the Charity to repay these loans until such times that the purpose of the loan has been realised. 13. Credltors: Amounts falling due after more than one year 2023 2022 Bank loans Other loans 187,723 36,714 209.361 224,437 209,361 Included within the above are amounts falling due as follows: 2023 2022 Between one and two years Bank loans Other loans 22.562 36,715 24,768 Between two and five years Bank loans 165,161 184.593 Interest on the Danske Bank loans are at variable rates and are secured by mortgages on the related property at College Green, Belfast. Dan5ke Bank loans totalled £209.620 at the year end. Page 15
Hearth Hlstoric Buildings Trust Notes to the Financial Statements For the Year Ended 31 March 2023 14. Statement of funds Statement of funds - current year Balance at 1 April 2022 Balance at 31 March 2023 Income Expenditure Unrestricted funds General Funds - all funds ConseNation Area Revolving Fund Surplus Account Capital Fund Conservation Area Revolving Fund Share Capital 648,506 184,807 (125,267) 708,046 123,066 715,811 275,000 10 123,066 715,811 275,000 10 1.762,393 184,807 (125,267) 1,821,933 Statement of funds - prior year Balance at 1 April 2021 Balance at 31 March 2022 Gainsl (Losses) Income Expenditure Unrestricted funds General Funds- all funds Conservation Area Revolving Fund Surplus Account Capital Fund Conservation Area Revolving Fund Share Capital 535,745 142.776 (88,015) 58.000 648,506 123.066 715,811 123,066 715,811 275,000 10 275.000 10 1.649,632 142,776 {88,015) 58,000 1.762,393 Page 16
Hearth Historic Buildlngs Trust Notes to the Financlal Statements For the Year Ended 31 March 2023 15. Analysis of net assets between funds Analysis of net assets between funds - currènt year Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 2,475,326 2,475,326 267,964 267.964 (696,920) (696,920) (224.437) {224,437) Total 1.821,933 1.821.933 Analysis of net assets between funds - prior year Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 2,487,161 2.487.161 67,184 67,184 (582,591) (582,591) (209.361) (209,361) Total 1.762,393 1.762.393 16. Related party transactions None of the trustees have been paid any remuneration or received any other benefits from any involvement with the charity. There has been no other related party transactions during the year. Page 17
Hearth Historlc Bulldings Trust Income and expenditure account For the Year Ended 31 March 2023 2023 2023 2022 2022 Income Grants receivable Rent and rates receivable Ground rents and service charges receivable Holiday lets Investment Income Donations Rental from use of warehouse Miscellaneous 84,200 76,282 3,430 17,944 16 2,172 10,000 83.077 2,613 14,729 348 32,000 763 Gross income in the reporting period 184,807 142,776 Less: Direct Costs Property repairs maintenance Holiday let expenses Property management charges and fees Rent and rates payable Insurance Heat and light Telephone 14,023 159 5,521 8,879 23,360 4.377 145 31.425 3.580 6.275 8,860 12,926 1.081 56,464 64.147 Support costs Independent examinationlaudit fees Sundries Professional fees 2.500 1,656 12,371 12,470 20.006 19,800 2,500 530 10.291 10.547 Bank interest. charges and loan interest Loss on sale of fixed assets Salarie5 and wages 68,803 23,868 Totsl expenditure 125,267 88,015 Net income for the reporting period 59,540 54,761 Surplus for the reporting period 59,540 54.761 The notes on pages 9 to 17 form part of these financial statements.