Charity number: 1029542
STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 16 |
STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2024
Trustees Mrs D L Smith, Chair Mrs A Barker Mr D Burns Mr S D B White (resigned 2 April 2024)
Charity registered number 1029542 Principal office 48 Hillside Cromer Norfolk NR27 0HY Accountants MA Partners LLP 12 Church Street Cromer Norfolk NR27 9ER
Page 1
STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2024
The Trustees present their annual report together with the financial statements of the Stable Door (The Sheringham Christian Housing Trust) (the "Charity") for the year 1 February 2023 to 31 January 2024.
The Charity also trades under the name The Stable Door.
Objectives and activities
a. Policies and objectives
The Charity is a Christian Housing Trust and its objective is to provide social housing in Sheringham, Norfolk to residents on low incomes.
The Trustees and committee members are all volunteers. The Charity does not use volunteers to carry out works on its properties.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Main activities undertaken to further the Charity's purposes for the public benefit
The Charity has continued to provide social housing in Sheringham, Norfolk to residents on low incomes.
Achievements and performance
a. Review of activities
During the year the Trustees have been giving much thought as to how we can ensure all the Charity's properties reach a good Energy Performance (E.P.) rating. Most of our properties are relatively modern so are already acceptable. However, one of our older properties became vacant in the Autumn so the Trustees took the opportunity to completely renovate it and install solar panels. This meant that there was no rental income for a few months, but the long-term benefits of the work will outweigh this loss. The Trustees will continue to review all the Charity's properties regularly.
The Management Committee and the Trustees served throughout the entire period. They are all well known in the local community which helps to keep the Charity in the public eye. The Trustees are pleased to report that the Charity continues to enjoy a good reputation locally, including with the Local Authority.
The Trustees continue to regularly review all our operational policies to ensure that the Charity is operating according to Best Practice, taking professional advice where necessary. Rent reviews are carried out annually for each of the Charity's properties and increased when appropriate.
As always, the Trustees continually ensure that the Charity is operating in such a way that it is not exposed to any undue risk, either to its assets, or to its reputation.
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STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
The Trustees intention is to maintain sufficient reserves to enable the Charity to cover one year of charitable activity expenditure to cover any periods when properties may not be rented.
Structure, governance and management
a. Constitution
Stable Door (The Sheringham Christian Housing Trust) is a registered charity, number 1029542, and is constituted under a Trust deed dated 5 November 1993.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Financial risk management
The Trustees are currently reviewing the major risks to which the Charity is exposed to and are also reviewing systems and procedures to manage those risks.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the 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 & 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 its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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.
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STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
Statement of Trustees' responsibilities (CONTINUED)
The Trustees 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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 Trustees and signed on their behalf by:
................................................ Mrs A Barker Chair
................................................ Mr D L Smith
Date:
Page 4
STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2024
Independent examiner's report to the Trustees of Stable Door (The Sheringham Christian Housing Trust) ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 January 2024.
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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no 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 the Charity as required by section 130 of the 2011 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 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.
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STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2024
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated:
Mr F M E Shippam BSc FCA DChA
MA Partners LLP 12 Church Street Cromer Norfolk NR27 9ER
Page 6
STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2024
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net (expenditure)/income before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 266 58,068 58,334 68,680 68,680 (10,346) (3,500) (13,846) 2,289,751 (13,846) 2,275,905 |
Total funds 2024 £ 266 58,068 58,334 68,680 68,680 (10,346) (3,500) (13,846) 2,289,751 (13,846) 2,275,905 |
Total funds 2023 £ 109 60,171 60,280 |
|---|---|---|---|
| 21,043 21,043 |
|||
| 39,237 61,000 100,237 |
|||
| 2,189,514 100,237 2,289,751 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 16 form part of these financial statements.
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STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
BALANCE SHEET AS AT 31 JANUARY 2024
| Note Fixed assets Investment property 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total net assets Charity funds Unrestricted funds 12 Total funds |
3,459 62,081 65,540 (2,135) |
2024 £ 2,212,500 2,212,500 63,405 2,275,905 2,275,905 2,275,905 |
3,199 73,090 76,289 (2,538) |
2023 £ 2,216,000 |
|---|---|---|---|---|
| 2,216,000 73,751 |
||||
| 2,289,751 | ||||
| 2,289,751 | ||||
| 2,289,751 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Mrs A Barker Chair
................................................ Mrs D L Smith
Date:
The notes on pages 9 to 16 form part of these financial statements.
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STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
1. General information
Stable Door (The Sheringham Christian Housing Trust), (the "Charity"), is based in England. The address of its principle place of business is 48 Hillside, Cromer, Norfolk, NR27 0HY.
2. Accounting policies
2.1 Basis of preparation of financial 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) and the Charities Act 2011.
The Charity 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.
The financial statements are presented in Sterling and rounded to the nearest £.
2.2 Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to meet all its liabilities as they fall due and for a period of at least 12 months from the approval of the financial statements. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements.
2.3 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.
2.4 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 on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included 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.
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STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
2. Accounting policies (continued)
2.6 Investment property
Investment properties are carried at fair value. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date. Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers.
Gains and losses on revaluation of investment property are recognised in the Statement of financial activities, with a separate revaluation reserve being shown in the Statement of funds note.
2.7 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.
2.8 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 account.
2.9 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 settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.10 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.
2.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees 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.
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STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
3. Income from donations and legacies
| Unrestricted funds 2024 £ Donations 266 Total 2023 109 Investment income Unrestricted funds 2024 £ Rental income 57,740 Interest 328 58,068 Total 2023 60,171 |
Total funds 2024 £ 266 109 Total funds 2024 £ 57,740 328 58,068 60,171 |
Total funds 2023 £ 109 |
|---|---|---|
| Total funds 2023 £ 60,090 81 60,171 |
||
4. Investment income
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2024 £ Charitable activities 68,680 Total 2023 21,043 |
Total 2024 £ 68,680 21,043 |
Total 2023 £ 21,043 |
|---|---|---|
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STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
6. Analysis of expenditure by activities
| Charitable activities Total 2023 Analysis of direct costs Property improvements Property maintenance and management Rates Analysis of support costs |
Activities undertaken directly 2024 £ 63,860 16,020 |
Support costs 2024 £ 4,820 5,023 |
Total funds 2024 £ 68,680 21,043 Total funds 2024 £ 51,419 12,047 394 63,860 |
Total funds 2023 £ 21,043 |
|---|---|---|---|---|
| Total funds 2023 £ 9,393 6,627 - 16,020 |
||||
| Insurance Governance Sundry Website |
Total funds 2024 £ 2,866 1,010 800 144 4,820 |
Total funds 2023 £ 2,875 960 900 288 5,023 |
|---|---|---|
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STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,010 ( 2023 - £960 ).
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 January 2024, no Trustee expenses have been incurred (2023 - £NIL) .
9. Investment property
| Valuation At 1 February 2023 Revaluation At 31 January 2024 |
Freehold investment property £ 2,216,000 (3,500) |
|---|---|
| 2,212,500 |
The Charity's portfolio of investment property has been subject to an independent professional revaluation undertaken by Arnold Keys, Chartered Surveyors, who reported the fair value of the investment properties as at 31 January 2024. The fair value has been based on average house price movements in the local area since the date of the last revaluation at 31 January 2023.
10. Debtors
| Due within one year Prepayments and accrued income 11. Creditors: Amounts falling due within one year Accruals and deferred income |
2024 £ 3,459 2024 £ 2,135 |
2023 £ 3,199 |
|---|---|---|
| 2023 £ 2,538 |
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STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
12. Statement of funds
| Statement of funds - current year Balance at 1 February 2023 £ Unrestricted funds General Fund 866,760 Revaluation reserve 1,422,991 2,289,751 Statement of funds - prior year Balance at 1 February 2022 £ Income £ Unrestricted funds General Fund 1,248,262 60,280 Revaluation reserve 941,252 - 2,189,514 60,280 |
Statement of funds - current year Balance at 1 February 2023 £ Unrestricted funds General Fund 866,760 Revaluation reserve 1,422,991 2,289,751 Statement of funds - prior year Balance at 1 February 2022 £ Income £ Unrestricted funds General Fund 1,248,262 60,280 Revaluation reserve 941,252 - 2,189,514 60,280 |
Income £ 58,334 - 58,334 Expenditure £ (21,043) - (21,043) |
Expenditure £ (68,680) - (68,680) Transfers in/out £ (420,739) 420,739 - |
Gains/ (Losses) £ - (3,500) (3,500) Gains/ (Losses) £ - 61,000 61,000 |
Balance at 31 January 2024 £ 856,414 1,419,491 2,275,905 |
|---|---|---|---|---|---|
| Balance at 31 January 2023 £ 866,760 1,422,991 2,289,751 |
|||||
| Unrestricted funds General Fund Revaluation reserve |
Balance at 1 February 2022 £ 1,248,262 941,252 2,189,514 |
The revaluation reserve represents the accumulated difference between the carrying value of the investment properties and their historical cost.
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STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
13. Summary of funds
Summary of funds - current year
| General funds | Balance at 1 February 2023 £ 2,289,751 Income £ 60,280 |
Income £ 58,334 Expenditure £ (21,043) |
Expenditure £ (68,680) Transfers in/out £ - |
Gains/ (Losses) £ (3,500) Gains/ (Losses) £ 61,000 |
Balance at 31 January 2024 £ 2,275,905 |
|---|---|---|---|---|---|
| Balance at 31 January 2023 £ 2,289,751 |
|||||
| Summary of funds - prior year | |||||
| Balance at 1 February 2022 £ General funds 2,189,514 |
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2024 £ Investment property 2,212,500 Current assets 65,540 Creditors due within one year (2,135) Total 2,275,905 Analysis of net assets between funds - prior year Unrestricted funds 2023 £ Investment property 2,216,000 Current assets 76,289 Creditors due within one year (2,538) Total 2,289,751 |
Total funds 2024 £ 2,212,500 65,540 (2,135) 2,275,905 |
|---|---|
| Total funds 2023 £ 2,216,000 76,289 (2,538) 2,289,751 |
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STABLE DOOR (THE SHERINGHAM CHRISTIAN HOUSING TRUST)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
15. Related party transactions
The Stable Door (The Sheringham Christian Housing Trust) has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Stable Door (The Sheringham Christian Housing Trust) at 31 January 2024.
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