REPORT AND FINANCIAL STATEMENTS 5 April 2017 Registered Charity Number: 224741
CONTENTS LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES'REPORT 3 TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS 6 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EDWARD HOLT TRUST 7 STATEMENT OF FINANCIAL ACTNITIES 8 BALANCE SHEET 9 ACCOUNTING POLICIES lo NOTES TO THE FINANCIAL STATEMENTS 12
LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES Mr RP Kershaw (Chairman) Mr DJ Tully Mrs A Roden MrMFry Mrs AE Williams CBE Mr MJ Prior SECRETARY Mrs S Baron INDEPENDENT EXAMINERS RSM Tax and Accounting Limited Chartered Accountants Festival Way Festival Park Stoke-on-Trent STl5BB BANKERS The Royal Bank of Scotland plc St Ann Street Manchester M602SS REGISTERED ADDRESS 1 St Peter's Avenue Knutsford Cheshire WAl60DN CHARITY NUMBER 224741 GOVERNING INSTRUMENT Deed of Settlement dated 24 November 1955 made by Sir Edward Holt OBJECTS OF THE TRUST The objects of the Trust, as defined in the Deed of Settlement, are general charitable purposes INVESTMENT ADVISERS Castlefield Investment Partners LLP 9th Floor 111 Piccadilly Manchester Ml2HY Cazenave Capital Management Limited 12 Moorgate London EC2R6DA Page l
LEGAL AND ADMINISTRATIVE INFORMATION SOLICITORS Addleshaw Goddard One St Peter's Square Manchester M23DE Butcher and Barlow 3 Royal Mews Gadbrook Park Northwich Cheshire CW97UD RETAINED ARCHITECTS Lloyd Evans Prichard Limited The Boardwalk 21 Little Peter Street Manchester MIS 4PS Page2
TRUSTEES'REPORT The Trustees present their annual report and financial statements of the charity for the year ended 5 April 2017. The financial statements have been prepared in accordance with the accounting policies set out on page lo to the financial statements and comply with the charity's Trust deed, the Charities Act 2011 and 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 published on 16 July 2014. STRUCTURE, GOVERNANCE AND MAINTENANCE The Trust is an unincorporated Trust, constituted under a Trust deed dated 24 November 1955 and is a registered charity, number 224741. The Trust was established by a gift from Edward Holt in 1955, following the philanthropic tradition of the Holt family. The Trust does not actively fundraise and seeks to continue the work desired by the donor through the careful stewardship of its existing resources. The Trustees are appointed by the Board of Trustees and serve for five years after which period they may put themselves forward for re-appointment. There are no restrictions on the number of Trustees, although it has been determined that six Trustees will serve, with one Trustee retiring each year on a rolling cycle. At the regular Trustees' meetings, the Trustees agree the broad strategy and areas of activity for the Trust, including issues surrounding the running of Holt House, consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of Holt House, the administration of grants, and the handling and processing of applications prior to consideration by the Trustees is delegated to the Secretary. The Board keeps the skill requirements for the Trustee body under review and in the event that a Trustee permanently retires or additional new Trustees are required, the Board recruit the new Trustee(s). New Trustees are normally sought through existing contacts. The induction process for any newly appointed Trustee comprises an initial meeting with the Chair and the Board. The welcome pack includes a brief history of the Trust, copy Board minutes, a copy of the last three years' of annual reports and financial statements, a copy of the governing Trust deed, and a copy of the Charity Commission's guidance 'The Essential Trustee: What You Need to Know'. The names of the present Trustees and Secretary are set out on page 1. KEY MANAGEMENT PERSONNEL REMUNERATION The Trustees consider the board of Trustees and the Chairman as compnsmg the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of related party transactions are disclosed in note 19 to the accounts. In accordance with the Trust's Conflict of Interest policy, trustees must declare their business and personal interests. The Secretary maintains a register of interests and updates it on an annual basis. Trustees must withdraw from decisions where they have a conflict of interest. RISK MANAGEMENT The Trustees have considered in detail the risks facing the Charity, the controls in place to mitigate these risks and action plans to deal with these areas where controls could be enhanced, particularly concerning grant giving. The Trustees believe that they have appropriate controls in place, commensurate with the size of the organisation and their cost effectiveness, to mitigate the risks identified. The Trustees review and update the assessment of the risks facing the Charity annually, together with an assessment of the controls on a regular basis. The risk policy was last reviewed and reconfirmed by the Trustees at their meeting on 14 September 2016. Page3
TRUSTEES' REPORT OBJECTIVES AND ACTMTIES FOR THE PUBLIC BENEFIT The objects of the Trust are wide, as defmed in the deed of settlement and are for general charitable purposes. The principal activities of the Trust are determined by the Trustees and continued to be as follows: The maintenance of the flats and a caretaker's bungalow at Holt House, Dene Road, Manchester, for the benefit of older people and ensuring that, as far as possible, the flats are fully occupied. It is to this purpose that the income of the Trust is primarily applied. The maintenance of Edward Holt House, a property acquired by the Trust for the use of a local charity, The Booths Centre. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year. ACHIEVEMENTS AND PERFORMANCE In January 2017 the Trust acquired a property at Paddington Close in Salford for the use of a local charity, Salford Loaves & Fishes for the sum of 146,000 and has committed up to 400,000 to its refurbishment. The Trust has funded the extension and refurbishment of the property for Salford Loaves & Fishes and offered it at a peppercorn rent for their use as a drop-in centre for the homeless. The new centre is due to open in August 20 I 7. In conjunction with the Peter Kershaw Trust and Joseph Holt Ltd, the Trust agreed in 2014 to help fund the development of the reception area at the new integrated procedures unit at the Christie Hospital in Manchester over three years. In total, the Trustees will make grants of 90,000. The final instalment of this grant was paid during the year. At the end of the year, four of the flats at Holt House were vacant, and suitable applicants are being sought. Refurbishments have been undertaken on flats as they have become vacant. FINANCIAL REVIEW The Trustees consider the financial situation of the Trust to be satisfactory. The Statement of Financial Activities is shown on page 8 and the Balance Sheet is shown on page 9. The Trust receives income from its investments and rents and service charges from its properties. Income from its investments was 205,097 (2016: 187,508). The Trust had net income in the year of 78,354 (2016: 63,257). After realised and unrealised gains on investments of 763,640 (2016: 313,831 losses), the total movement in funds for the year was 841,994 (2016: 250,574 loss). This has increased unrestricted funds in the year and the total fund balance at the year end was 8,810,704 (2016: 7,968,710). The flats and caretaker's bungalow at Holt House, Dene Road, Manchester have been carefully maintained and are in good repair. During the year the third and fmal instalment of the grant commitment to the Christie Hospital was paid, totalling 30,000 (2016: 30,000). The total budgeted costs of the Paddington Close project are 503,000. Page4
TRUSTEES' REPORT INVESTMENT POLICY AND PERFORMANCE During the year, the Trustees continued to use the services of the investment managers, Cazenave Capital Management Limited and Castlefield Investment Partners LLP. The Trustees have an investment policy with the investment managers that is reviewed on an annual basis. The Trustees have set their investment policy with their investment managers to retain the real value of the Trust's capital over the long term and generate sufficient income to maintain Holt House and provide grants. The asset allocation range is agreed with the two investment managers who are measured against a tailored benchmark. Two investment managers have been selected together with a specified asset allocation range to diversify the investment risk. Each manager attends a Trustee meeting at which their performance is discussed at least once a year. RESERVES POLICY The Trustees maintain one fund, as follows: Unrestricted general fund - monies from this fund are used to maintain Holt House, with any surplus funds not required for this purpose being utilised for the Trust's long-term charitable grants. It has been the policy of the Trustees to hold limited cash reserves, as the investments are easily convertible if the need should arise. However, in order to ensure that funds are readily available to use for. the Trust's strategy projects, revenue income is currently being accrued to avoid the need to dispose of further capital. Trustees are mindful that the level of cash reserves should not fall below 15,000, as this is the level required for the day to day running of Holt House. PLANS FOR THE FUTURE Holt House is a lasting testimony to the generosity and philanthropic concerns of the donor, Edward Holt. The Trust will continue to support the elderly and disadvantaged section of the community in the local area. The Trust is particularly interested in working with homeless charities in the area, and is actively seeking relevant projects. The Trustees continue to look out for further suitable capital projects whereby they can assist other charitable organisations that need new premises. INDEPENDENT EXAMINERS RSM UK Tax and Accounting Limited, Chartered Accountants were appointed as independent examiners by the charity during March 2016. For and on behalf of the Trustees RPKershaw Chairman of the Trustees,... (\... \) ~' 2017 PageS
TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees are responsible for preparing the Trustees' Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales 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: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 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 Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on 2017 and signed on their behalf by: RP Kershaw Chairman of the Trustees Page6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EDWARD HOLT TRUST I report to the trustees on my examination of the accounts of ('the charity') for the year ended 5 April 2017, which are set out on pages 8 to 19. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the charity'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 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a 'true and fair view' and my report is limited to those specific matters set out in the independent examiner's statement. 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 reasonable cause to believe that in any material respect: 1. accounting records were not kept in respect of the charity as required by section 130 of the 20 Il Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable 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. Anna Spencer-Gray Chartered accountant ON BEHALF OF RSM UK T AX AND ACCOUNTING LIMITED Chartered Accountants Festival Way Festival Park Stoke-on-Trent STl5BB 15 k~ 2UJl=l- 2017 Page7
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 Apri12017 Unrestricted General Fund Restated Note 2017 2016 INCOME AND ENDOWMENTS Investment income 205,097 187,508 Income from charitable activities: Residents' rent contributions 43,300 45,768 Wayleave 180 80 TOTAL INCOME 248,577 233,356 EXPENDITURE Costs of raising funds: Investment management costs 34,626 34,270 Investment management review 6,000 Expenditure on charitable activities: Holt House 2 103,448 108,635 Edward Holt House 2 15,664 16,831 Edward Holt House (Paddington) 2 3,308 Institutional grants 2 6,653 455 Strategic planning 2 6,524 3,908 TOT AL EXPENDITURE (170,223) (170,099) NET INCOME AND NET MOVEMENT IN FUNDS BEFORE GAINS ON INVESTMENTS 78,354 63,257 Net gains/(losses) on investments 12 763,640 (313,831) NET MOVEMENT IN FUNDS 841,994 (250,574) Reconciliation of funds Total funds brought forward 16 7,968,710 8,219,284 TOTALFUNDSCARruœDFORWARD 16 8,810,704 7,968,710 Page8
BALANCE SHEET at 5 Apri12017 Unrestricted Unrestricted Funds Funds Note 2017 2016 FIXED ASSETS Tangible assets 11 1,714,940 1,588,334 Investments 12 6,682,773 5,732,327 TOT AL FIXED ASSETS 8,397,713 7,320,661 CURRENT ASSETS Debtors 13 3,350 2,622 Cash at bank and in hand 14 423,568 682,174 TOT AL CURRENT ASSETS 426,918 684,796 LIABILITIES Creditors: falling due within one year 15 (13,927) (36,747) NET CURRENT ASSETS 412,991 648,049 NET ASSETS 8,810,704 7,968,710 THEFUNDSOFTHECHAruTY General fund 17 8,810,704 7,968,710 TOT AL CHARITY FUNDS 8,810,704 7,968,710 The notes at pages 10to 19 form part of these accounts. o WO These financial statements were approved by the board of Trustees and authorised for issue on 17 and were signed OD its behalf by: RP Kershaw Chairman of the Trustees \\ Registered Charity Number: 224741 Page9
ACCOUNTING POLICIES BASIS OF ACCOUNTING The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 20 Il. The Trust constitutes a public benefit entity as defined by FRS 102. GOING CONCERN The Trustees believe there are adequate resources which will enable the Trust to meet its liabilities for the foreseeable future. For this reason, the Trustees have adopted the going concern basis in preparing the financial statements. RECONCILIATION WITH PREVIOUS GENERALLY ACCEPTED ACCOUNTING PRACTICE In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 1 02 and the Charities SORP FRS 102 a restatement of comparative items was needed. No restatements were required. CHANGE IN ACCOUNTING POLICY The Trustees have reviewed their policy with regard to the presentation of the residents' contributions to the running costs of Holt House. It is felt that as the contributions made by residents are a recognition of the costs incurred by the Trust for maintaining Holt House on behalf of the residents, it is more appropriate to present these contributions as a deduction against the running costs. The new policy has been implemented in the current year, and comparative figures have been amended accordingly. INVESTMENTS Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date of the market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. TANGIBLE FIXED ASSETS Depreciation is provided on tangible fixed assets, at rates calculated to write each asset down to its estimated residual value over its expected useful life as follows: Block of flats Holt Cottage Furniture and fittings Garden room Improvements to property Edward Holt House Edward Holt House (paddington) 2% straight line 2% straight line 15% on the reducing balance 2% straight line 2% straight line 2% straight line 2% straight line No depreciation is charged on freehold land. IRRECOVERABLE VAT Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Page lo
ACCOUNTING POLICIES FUNDS STRUCTURE Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose. INCOME RECOGNITION Dividends received from investments are credited by reference to their ex-dividend date. Other income is recognised when it is probable that the income will be received and the amount of income receivable can be measured reliably. EXPENDITURE RECOGNITION Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been allocated or apportioned under headings that aggregate all costs related to the category. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust. ALLOCATION OF SUPPORT AND GOVERNANCE COSTS Support costs have been differentiated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the independent examination together with an apportionment of overhead and support costs related to secretarial activities. Governance costs and support costs relating to charitable activities have been apportioned on the basis of the time spent on running Holt House, awarding grants and strategic planning. The allocation of support and governance costs is analysed in note 3. COSTS OF GENERATING FUNDS The costs of generating funds consist of investment management fees. CHARITABLE ACTIVITIES Costs of charitable activities include grants payable as shown in note 2. REALISED GAINS AND LOSSES All gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains are calculated as the difference between the market value at the year end and opening market value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Page Il
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2017 INVESTMENT INCOME Dividends received - Cazenove Dividends received - Castlefield Interest received - Castlefield Bank interest Investment managers' interest Unrestricted 2017 96,287 92,327 14,952 1,473 58 Unrestricted 2016 94,919 77,272 13,473 1,601 243 205,097 187,508 2 EXPENDITURE ON CHARITABLE ACTIVITIES The charity undertakes its charitable activities through the running of Holt House and awarded grants in furtherance of its charitable activities. Note Charitable Support and Unrestricted Activity Governance 2017 Costs Unrestricted 2016 Holt House 4 79,973 Edward Holt House 5 15,664 Edward Holt House (paddington) 6 3,308 Institutional grants 7 6,025 Strategic planning 3 23,475 628 6,524 103,448 15,664 3,308 6,653 6,524 108,635 16,831 455 3,908 104,970 30,627 135,597 129,829 For the allocation of support costs, see note 3. Page 12
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2017 3 ALLOCATION OF GOVERNANCE AND OTHER SUPPORT COSTS The total support costs and overheads attributable to charitable activity is apportioned as shown below: Edward Holt Holt Institutional Strategic Total Basis of House House Grants planning allocated allocation Secretarial fees 12,882 455 1,818 15,155 Staff time Payroll maintenance All attributable fees 734 734 to Holt House Indemnity msurance 2,519 2,519 Split pro rata Legal and professional fees 569 2,904 3,473 Actual Trustee expenses 288 288 Split pro rata 16,992 455 4,722 22,169 GOVERNANCE COSTS 2017 2016 Accountancy and Independent Examination fees 3,672 3,600 Secretarial expenses 4,786 3,302 8,458 6,902 The total governance cost attributable to charitable activities is then apportioned in the same ratio as the other support costs: ALLOCATION OF GOVERNANCE COSTS 2017 2016 Holt House 6,483 5,357 Edward Holt House 191 Institutional grants 173 141 Strategic planning 1,802 1,213 8,458 6,902 Page 13
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 Apri12017 4 HOLT HOUSE EXPENDITURE Restated 2017 2016 Costs in the furtherance of the charity's objectives: Residents' Council Tax 4,848 3,645 Water charges 3,453 3,345 Insurance 5,056 3,760 Gas 6,630 10,246 Electricity 2,484 2,712 Lift maintenance 1,020 1,020 Garden expenses 5,202 5,540 Repairs and renewals 16,004 18,633 Telephone 897 1,091 Fire alarm maintenance and circuit rental 1,691 1,262 Sundry expenses 616 653 Caretaker's salary 7,587 7,417 Residents' pastoral care 16,386 26,525 Cleaning 1,188 1,008 Depreciation 19,842 19,882 92,904 106,739 Less: residents' contributions (12,931) (15,358) 79,973 91,381 5 EDWARD HOLT HOUSE EXPENDITURE 2017 2016 Depreciation 15,664 15,664 Land leases 542 Ground rent lo 15,664 16,216 6 EDWARD HOLT HOUSE (paddington) EXPENDITURE 2017 2016 Depreciation 3,308 Page14
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2017 7 STAFF COSTS 2017 2016 Salaries and wages 11,825 11,542 The average number of part-time employees during the year (excluding trustees) was 2 (2016: 2) with all employee time involved in providing support services to charitable activities. 8 fndependent EXAMINATION AND ACCOUNT ANCY FEES Accountancy fees include an independent examination fee of 1,836 (2016: the preparation of the statutory accounts of 1,836 (2016: 1,800). 1,800) and fees for 9 PAYMENTS TO TRUSTEES During the year, expenses totalling 228 (2016: 156) were reimbursed to Mrs A Roden, a Trustee. No Trustees received remuneration during the year (2016: nil). lo fndemnity INSURANCE During the year, indemnity insurance was paid in respect of the Trustees in the sum of 2,519 (2016: 2,519). PagelS
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2017 11 TANGIBLE FIXED ASSETS Edward Holt Furniture and Property Edward Holt House Land Block of flats Holt Cottage fittings Garden room improvements House (Paddington) Total Cost At beginning of year 3,058 62,067 5,291 4,594 56,992 856,751 783,217 1,771,970 Addition 165,420 165,420 At end of year 3,058 62,067 5,291 4,594 56,992 856,751 783,217 165,420 1,937,390 Depreciation At beginning of year 8,687 742 3,122 7,980 116,646 46,459 183,636 Charge in year 1,242 105 221 1,140 17,134 15,664 3,308 38,814 At end of year 9,929 847 3,343 9,120 133,780 62,123 3,308 222,450 Net book value At 5 April2017 3,058 52,138 4,444 1,251 47,872 722,971 721,094 162,112 1,714,940 At 5 Apri12016 3,058 53,380 4,549 1,472 49,012 740,105 736,758 1,588,334 Page 16
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 Apri12017 12 INVESTMENTS Market value at 5 April 2016 Additions to investments at cost Disposals at carrying value Net gain on revaluation General fund 5,732,327 1,512,252 (1,325,446) 763,640 Market value at 5 April20l7 6,682,773 Cost at Market Market 5 Aprii value value 2017 5 Aprii 5 April 2017 2016 Listed investments United Kingdom quoted investments 5,310,736 6,682,773 5,732,327 13 DEBTORS Sundry payments in advance and accrued interest PAYE 2017 2016 3,350 2,589 33 3,350 2,622 14 CASH AT BANK AND IN HAND The Royal Bank of Scotland pic: Current account Deposit account Scottish Widows Bank The Affirmative Deposit Fund 2017 2016 500 500 67,517 115,904 148,119 147,685 110,808 110,288 Investment managers' accounts: Castlefield Investment Partners LLP Cazenove Capital 326,944 374,377 5,159 92,305 91,465 215,492 423,568 682,174 Page 17
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2017 15 CREDITORS: Amounts falling due within one year 2017 2016 Trade creditors Accruals Grants payable PAYE 5,901 7,764 262 5,714 1,033 30,000 13,927 36,747 16 ANALYSIS OF FUNDS Unrestricted General Fund Total Fixed assets Tangible assets 1,714,940 Investments 6,682,773 8,397,713 Current assets Debtors 3,350 Cash at bank and in hand 423,568 426,918 Creditors: Amounts falling due within one year (13,927) Net current assets 412,991 Total net assets as at 5 April 2017 8,810,704 Total net assets as at 5 April 2016 7,968,710 Page 18
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2017 17 MOVEMENT IN FUNDS At 6 April Income Expenditure Realised and At5 April 2016 unrealised 2017 gams Unrestricted general fund 7,968,710 248,577 (170,223) 763,640 8,810,704 18 UNRESTRICTED FUND POLICY The Trust maintains one unrestricted fund, as follows: General fund - monies from this fund are used to maintain the Trust's properties, with any surplus funds not required for this purpose being utilised for the Trust's long-term charitable goals. 19 RELATED PARTY TRANSACTIONS The Trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2016: nil). There were no related party transactions in the year. Page 19