Charitv Registration Number.. 1055157 Homc5 and Communitics Agcnc). Registration Numbcr.. A3996 Almshouse Associalion Member Number: 1071 The Harcourt Almshouse Charities Annual Rert and Financial Statements t.or the Year Ended 31 December 2023
The Harcourt Almshouse Charities Contents (continued) Board Rcpx)rt I to2 Independent Auditors, Rewbrt 3toi Statcmcnt of comprchcn51'c Incomc Balance Sheet Cash Flow Statcmcnt Statement of Changes in Reser¥'es Notcs to thc Financial Statcmcnts Ioto 14
The Harcourt Almshouse Charities Board Report The board present the annual rewrt together ivith the financial statements of the association for the year ended 31 December 2023. Members of the Board of Trustees: The members of the Board iyho h&'e sm'ed during the !'&gr 14.ere as follo.5: Mr Shaun Bladcs Miss Christine Greensil Mr Douglas Marr Mrs Sarah Websier Mr Dai'id Broadlei, Rev Jane Ball (appointed December 202)) Review of the business: Folloii'ing on from a number of internal propem. refurbishments. Trustees hai'e noii, commenced a programme of maintcnancc ivorks rccommcndcd in our most rcccnt Quinqucnnial sur¥-ci.. Thc TrustCC5 considcr that thc £cncral cash flo, posilion of the charity. remains strong. Objectives and strategies for aehieving those objeetives: The Charity. aims to proi'ide Almshouse properties for the residents H".ho satisfj- the local residential qualifi,ing criteria under the Charitv Commission Scheme ol Arrangemeni for the Almshouses CharilK. daied 9th Noi'ember 1994. Whenever i'acancies arise. these are adi-ertised locall!.. When makino decisions about applicants: the Trustees tiv to ensure that the accommodation is prol'ided io ihose in need ofthe l! pe of acu)mmodaiion oifered by ihe Chaiil). Prillcipal risks uncertainties: Modern lii'ing standards and eipectations of local inhabitants hai'e increased significantlTr to those applicable .-hen the original Almshouscs w'crc built in thc mid-victorian cra. Main trends and factors underlying the development and performance and position of the Harcourt Almshouse Charities: Dcspitc thc principal risks and unccrtaintics highlightcd aboi"c: thc Board rcmains satisficd that thcrc is still suffiLicnt need tor the t-acililies proiwided bTr' Almshouses w ensure that Ihe Charits. can continue 10 dei'elop on a consistent basis for the foreseeable tuture. Analysis using finaneial and non financial key perforniance indieators: 'I'he I ruslees hai'e a rolling fil e ! ears finaniial plan ihai is moniioied againsl aciual perfom)ance of each element of the plan on a regular basis. The tinancial plan su??ests that, after meetin? normal operatino costs, a continuing upgrading and maintenance scheme ofthe Almshouse properties is achievable. Future prospects: In general terms the Trustees consider that the future prospects ot the Charit)- remain good. Assessment of how the Hareourt Almsbouse Charities are aehieving value for money: Thc wcckly maintcnancc chargc paid b}- rcsidcnts has rcmaincd con5i5tcntlN" bcloii- Social housing rcnt guidclincs. Aftcr meeting nom)al operaiing costs there is slill a satisfacion" margin of funding toivards the mainlenance and upgrading of thc propcrtics. Assessment of compliance with Government and Financial Viabilitv St2ndard: 'I'he l-rustees Lonsider that the Lloard has complied li ith Goi emmeni and l.-inancial Viabilii) Stsndards. Code of Governance: The Trustees goi'ern the Harcourt Almshouse Charities in accordance ii.ith the terms and conditions of the Charity, Commission Scheme of Arrdngemeni for the Charili" daied 9ih Noiember 1994. '1-he .1 ruslees meel regularl> lo determine housing rxilicies. manaoement issues and the allocation of the properties. and tho.se Meetings are properly minutcd. Pagc I
The Hydrcourt Almshouse Charities Board Report (continued) Internal eontrols: As far as the Tnist¢¢s arc aware. there arc no major risks facing the Charity. The internal controls of the Charity ar¢ reviewed and monitored annually. The Board monitors the Charity's inve51ment portfolio on at leasl a quarterly basis at each Twstees. Meeting and consider whether any changes are needed. The investments are maintained in funds specifically designated for charities and g¢ad towards providing inwm¢ whilst incorporaling long tern] growth. Publlc benefit 8tAlement: The Trustees pay du¢ regard to the Charity Commi&sion guidance on Public Benefit and believe thai Iheir provision of social h1$18 within the local community Conforn with this guidance. Flngnelal revlew The Trust has spent £1 1.356 (2022: £9.578) on routine maintcnance this y¢ar. The bank balances have iTJCTeased by £4,758, and the Trustees feel t11 the T¢ is still in a good position financi4111y. The Trustees will continue to build up the charity's reserves as and when possible and uses the TOUtiDe maintenance for renewals and regular maintenance. The deficit for th¢ year was £1.350 (2022: deficit £728) and the reserves of the Charity at 31 December 2023 were £239.755 (2022: £241.105). Stat¢menl of Boards Responslbllliles The Board is responsible for preparing the Report and the financial statements in accordance with the applicable law and reguIations. The re8lStered social housing legislation require the Board to prepare fmancial statements for each financi81 year which give a true and faAr view of the slate of affairs of the ao¢lAtIon and of its income aud expenditure for that period. In prepating these fuwncial stslem¢uts. the Board is required to". select suitable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and prudenL stste whether applicable accounting standards have been followe(L subject to any material departures disclosed and explained in the financial statements. and prepare the financial ststements on the going concern basis lesS it is inappropriate to presume tbat the association will ¢ontinu¢ in business. The Board is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the association and eD8ble them to ensure that the financial statements comply with the Housing and Regeneration Act 2008 &nd the Accounting Direction for private registered providers of social housing in England 2015. It has general responsibility for taking Teasonable steps to safeguard the assets of the a&so¢iation 2nd to prevent and detect fraud and other irregularities. The board are responsible foi- the rnaintenance and integrity of the corporate and flnancial infoiThation includcd on the charitable company's website. Legislation governing the prqiaration and dissemination of financial statements may differ frorn legislation in other jurisdi¢Éions. The annual report was approved by the board of the association on.. signed on ils behalf by: TNstee Page 2
The Harcourt Almshouse Charities Independent Auditor's Report to the Members of The Harcourt Almshouse Charities Opinion We hai'e audited the tinancial statements ot"The Harcourt Almshouse Charities (the 'association'l for the year ended 31 Dcccmbcr 2023. I%."hich comprisc thc Statcmcnt of Comprchcnsiiic Incomc. Balancc Shcct. Ch Flow Statcmcnt. and Notes to the Financial Statemenis. including a summan. of significani accouniing rM)licies. The financial retx)rting tt2mci4orL that ha5 bccn applicd in thcir prcpardtion is applicablc laii" and Unitcd Kin(Fdom Accounting Standard5. inuluding l. inancial Reporting Standard 102 "1"he l. inancial Reporting S(andard applicable in ihe UK and Republic of Ireland (United Kinodom Generdll!. Accepted Accountino Practice). In our opinion the financial statements= gii'c a truc and fair vicw of thc statc of thc association's affair5 a5 at 31 Dcccmbcr ?023 and of its incoming resources and application ot resources: includin? its income and expenditure: for the l'ear then ended. haNe been properl) prepared in accordance iviih Uniied Kingdom Generall Accepted Accounting Practice; and hai'c bccn prcparcd in accordanLC Il'"ith thc rcquircmcnts of thc chIlIc5 Act 2011. thc Housing and Rcgcncration Act 2008 and the Accouniing DI¢t10n for prii'aie regisiered proi'iders of social housing in F.ngland 2019. Basis for opinion We conducted our audit in accordance M'"ith International Standards on Auditing (UKI (ISAS {UKII and applicable law. Our responsibilities under ihose sthndards are further described in ihe audilor responsibililies for the audil of ihe tinancial statcmcnts scction of our rcwrt. Wc arc indcpcndcnt of thc association in accordancc Ni'"ith thc cthical requiremenis thai are rele%.ant to our audii of the financial sments in the UK. including the l.'RC's Lihical Siandard, and M'e haN'e tulfilled our other ethical reswnsibilities in accordance m.ith these requirements. We believe that the audit evidenue 14'e hawe obtained is suflicienl and appropriate io proi.ide a basis for our qualified opinion. Conclusions relating to going coneern In audiiing the financial statements, li'e hai'e concluded that the board's use of the going concern basis of accounting in thc prcparation ot thc tinancial statcmcnts is appropriatc. Based on the 'ork we haN"e perfornied. ii"e hai"e not identified an material uncertainties relating to 'ents or conditions that. indiwidually or collcctivcl!.. maN" ct signitiLt doubt on thc association's abilits, to continuc as a going LoncL"rn for a period of at least ti%'"eli'e months from ii'hen the original financial statements iiere authorised for issue. Our responsibililies and the responsibililies olihe board i%"iih respeci going concern are described in the relei'anl sections ot this report. Other information Thc knard is rc5pon5iblc for thc othcr inforn]ation. Thc othcr information comprisc5 thc information includcd in thc annual report. other than the financial sthiements and our auditor s report thereon. Our opinion on the financial statcmcnts docs not covcr thc othcr information and. c.xccpt to thc citcnt othcN"isc cxplicitl!. slatcd in our rcport. Th'c do nol express an), fonn of assurance conclusion thereon. In cunnLction M'"ith our audit of thc financial statcmcnt5. our rC5tK>ll5ibili. is to rcad thc othcr information and. in doing so, consider ii,heiher the other inforniation is maleriall}' inconsislent ii'ith the financial statements or our knoii'.ledge obtaincd in thc audit or othcniisc appcars to bc matcriall!" misststcd. If idcntiti, such matcrial inconsistcncics or apparent material misstatements. li'e are required to detern)ine ii"hether there is a material misstatement in the financial statcmcnts or a matcrial mis5tatcmcnt of thc othcr information. If. bascd on thc ivork ii"c haN'c pcrformcd: Th'c conLludc that there is a maierial misslalemeni of this other inforn)alion. Ive are quired reF)rt that fact. Wc haN'c nothing to rcwrt in thi5 rcgard. Pagc 3
The Harcourt Almshouse Charities Independent Auditor's Report to the Members of The Harcourt Almshouse Charities (continued) Matters on which we are required to report by exception We hai'e nothing to rewrt in respect of-the folloii'ing matters in relation to ii,hich the Charities (Accounls and Reports) Rcgulations 2008 rcquirc us to rcport to Tr'ou if. in our opinion= the infomiation gii'en in Ihe financial statemenls is inconsistent in an!. material respect rIth the Lx)ard report; or SU1cleAt accounting records have not en kepi; or thc financial statcmcnts arc not in agrccmcnt ii.ith thc accounting rccords- or we hae not received all the information and explanations iNe require for our audit. In addition: we have nothing io report in respeci of the folloii.ing mailer ii"heTe the I lousing and Regeneralion Aci 2008 requires us to report to l'ou if, in our opinion= a saiisfactory s)'stem of control over transactions has not been maintained. Respollsibilities of board As explained more tull!, in the Statement ot" ResFK>nsibilities (set out on page 21.. the board members are also the trustees of ihe association lor the purwses ofcharil)" laii") are responsible for ihe preparaiion of ihe financial slalemenls and tor being satislied ihat the!. gil'e a true and fair iyieii.. and for such internal conlrol as the ix)ard determine is necessarv io enable the preparalion of financial sthiemens thai are free from marIal missialemenL Ivhether due lo traud or error. In preparing the financial statements. the board is reswnsible for assessing ihe association's abiliti. lo continue as a going concern. disclosing, as applicable. matters related io going concern and using the going concern basis of accounting unless the board eiiher iniend liquida ihe assolialion or io cease operalions. or have no realislic alternatiTr'e but to do so. Audilor Responsibilities for the audit of the financial statements Our objcLtiTr'cs lo obtain rca50nablc assurancc aLK>Ut ii"hcthcr thc financial statcmcnts a5 a wholc arc frcc from material misstatement, Ivheiher due to fraud or error. and io issue an auditor s report thal includes our opinion. Rcasonablc assurancc is a high Ici'cl of assurancc. but is not a guarantcc that an audit conductcd in accordancc ivith ISAS (IIK) M.'ill alii'aTrs detect a material misstatemeni ii'hen li exists. Misstatements can arise from fraud or error and arc considcrcd matcrial if. indii'iduallv or in thc a2£rcgatc. thc!. could rcasonabli." bc cxpcctcd to influcncc thc cconomic decisions of users taken on the basis of these financial statemenis. Irrcgularitics, including fraud. arc instanccs of non-compliancc M-ith lam's and rcgulation5. Wc dcsign proccdurc5 in linc Mwith our responsibilities. outlined alJ)i'e. to detect material misstatements in respect of irregularities. including fraud. Thc cxtcnt to ivhiLh c)ur proccdurcs arc capablc of dctccting irrcgularitics: including fraud is dctailcd bcloii.: In planning and designing our audit tests. we idenlifj. and assess Ihe risks of material misstatemenl ivithin the financial statcmcnts, ii'hcthcr duc to fraud or crror. Our as5C5smcnt of thcsc risks includcs considcration of thc naturc of thc industry. and sector. the conirol eni'ironment and the busine&s pertonnance alono ii-ith the results ot our enquiries of managLmcnL about thcir idcntification and a55C55mcnt of thc risk5" of irrcgularitics. Wc arc alsu rcquircd to perfom specific procedures to respond to the risk of management oi'erride. F'ollo¥i'ing this assessmeni il'e considered ihe oprK)rtunities and inceniii'es that mai e.xisl within the entili, for fraud and idcntifiLd thc grcatcst potcntial t-or traud in cs"aluating thc tangiblc asscts. We also obtained an understandin2 of the legal and regulatoTh' frameii.orks that the entits. operates in, through discussions 14.iih trustees and other managemenL and from our commercial kno1[edge and experience of the seclor in hich the entit). operates. to enable us to identify" the k-ei" laii"s and reoulations applicable to the entity.. We focused on SPLLifiL lai%'s and rcgulations i1.hich wc considLrcd mai" hai'c a dircct matcrial Lffcct on thc finanLial statL"mL"nts or thc operations of the entits., includin? the Housino and Re2eneration Act 2008, t&iation legislation, data protection, anli-bribery.. enwironmenlal and health and safeti" legislaiion. Pagc 4
The Harcourt Almshouse Charities Independent Auditor's Report to the Members of The Harcourt Almshouse Charities (continued) We then performed audit procedures after consideration of the alM)i'e risk-s iNthich included the tolloH'"ing'. confimation ofthe existence ofthe almshouse properties held; ei'aluaiing the approprialeness and consistenc!. ofihe depreciaiion policies applied: performing anali'tical procedures to identih. an). unusual or unexpected relationships that maN' indicate risks of malerial misslalemeni due to Iraud: cnquiring of managcmcnt conccrning actual and wtcntial litigation and claims- reading minutes ot'meetinos ot"those charoed ii'ith ?oi'ernance: and in addressing the risk of fraud ihrough managemeni oi"erride of contyols. sting the appropriateness of journal entries and other adjustments. &ssessino ii"hether the judoements made in makino accounting estimates are indicatii'e of a wtcntial bias- and cl'aluating thc businc5s rationalc of any significant transactions that arc unusual or outsidc the nomal course of business. All engagement team members M'ere informed of the relan1 laii"s and regulations and potential fraud risks at the planning 5tagc and rcmindcd to rcmain alcrt to an)" indication5 of fraud or non-compliancL" with laws and rcgulatiuns thr(Fugh(Fut the audit. The engaoement partner ensured that the enoagement team collectivelv had the appropriate uompelence. capabililies and skills to idenlifi" such items. Thcrc arL inhcrcnt limitation5 in our audit proccdurcs dcscribcd aboi"c. Thc morc rcmoi.cd that laii"s and rcgulations arc from financial iransactions. the less likel!. il is thai lye il'ould become aii'are of non-compliance. Auditing standards also limit the audit procedures required to identili. non-compliance iirith lam's and regulations to enquirn. of the trustees and other management and the inspection of regulatory. and legal correswbndence, if an).. Material MissleMents that arise due to fraud can be harder io deleci than those that arise from error as they may involve deliberate concealment or collusion. A further description of our reswnsibilities is ai'ailable on the Financial Rep)rting Council's 'ebsIte at.. w.frc.org.uwauditorsrcsponsibilitics. This dc5cription forms part of our auditor s rcpK>rt. Use of report 'I'his report is made solel) lo the associalion boarLL as a bod!. in accordance li ith Part 4 of the Chariiies (Accounts and Rep(Frts} Regulations 2008 and section 137 ot" Ihe Housino and Reoeneration Act 2008. Our audit Mork has been undertaken so that i%'e might stale to the associalion s tx)ard Ihose matiers ii"e are required io siale to them in an audilors, report and for no other purpose. To the fullesi extent M]Itted b!" laii.. i¥e do nol accept or assume responsibility. lo an.one other than ihe association and its tKTrard as a 1x)d. lor our audiL ivork: for ihis reporL or for the opinions M'e haiwe tomed. Walson Buckle Limited Statutor¥, Auditor & Chartered Accounlants Bradford 2510512024 Pagc i
The Harcourt Almshouse Charitie$ Statement of Comprehensfjve Income for the Year Ended 31 December 2023 (Includlng Income and Expendlture Account) 2023 2022 Note Turnover 28.643 28.377 Administrative expenditure 32.782 29,283 Operatlng sllrplusl(deflclt) Income from fixed asset investments Interest receivable and similar income Movemenls in fair value of financial inslnynenls (4.139) ,745 542 502 (906) 1.600 120 (1,542) Surplusl{defi¢it) for th¢ y¢aY (1,350) 728) Total comprehen$lve Income for the year (1,350) (728 All of the registered social housing providerfs activitie5 derive from continuing operations during the above two periodk The fmancial statements were approved by the board and authorised for issue on?s-.>...J*.. and signed on th¢ir behalf Trustee Truste¢ The notes on pages 10 to 14 form an integral part of these financial sthlements. Page 6
The Harcourt Almshouse Charities Balance Sheet as at 31 December 2023 2023 2022 Note Flxed assets Tangiblc assets Investments 317,227 42,939 328,484 41.498 360.166 369,982 Curront gssetg Debtors Cash al bank and in hand 2.287 32,331 2,043 27,573 34,618 29.616 Creditors: Amounts falllng due within one yer Net current 8MetJ (5.264) (5,144 29,354 24,472 Total Assets less crrent liabilitie5 389,520 394,454 Crediiors: Amounts falllng due after nM)Te than one year io {14Y,7b5) (153.J4Y) Net assets 239,755 241,105 Reserves Income and expendithre reserve Unrestricted revaluation reserve 219,970 19.785 221.822 19.283 Total Reserves 239.755 241,105 Thc financial slalements were approved by the board and authorised for issue on .2>... &:¥. and signed on their behalf by.. Trustee Trusiee The notes on pages 10 10 14 fomi an inlegrdl part of these fiDancial stalemenls. Page 7
The Harcourt Almshouse Charities Cash Flow Statement for the Year Ended 31 December 2023 Reconciliation of net movement in funds to net cash flDW from operating activities 2023 2022 Net expenditure Ini'estmeni income DLprLciation {Profit) /loss on reiwaluation of filed asset investments Increase in debtors Decrease in creditors (1.3501 (2.287) 1,2)7 {5021 (728) (1,720) 1,437 I,)42 {277) (3,344) (3.464) Nct cash infloii- 3.410 6.910 Cash flow statement 2023 2022 Net cash infloii. from operaling aell'1lLeS 6,910 Returns on investments and servicing of finanee Interest on cash dep)sits Income from listed ini'estmen 542 120 1,745 1,600 Capital expenditure and financial investment Purchase ol. investments (939) (858) Increase in eash in the year 4,7)8 7,772 Reconeiliation of net eash flow to movement in net funds Increase in cash 4.7)8 7.772 Net funds at l January 202J 27.573 19,801 Nct funds at 31 Dcccmbcr 202) 32.i31 27,)73 All of Ihc cash flo.5 arc dcrivcd from continuing opcrations during thc aLK)i-c N'o pcriods. The notes on pages 10 to 14 forni an integral part of these financial statements. Pagc 8
The Harcourt Almshouse Charities Statement of Changes in Reserves as at 31 December 2023 Income and expenditure reserve Revaluatio reserve Total At l January 2022 Surplus/{deficitl for the Tr'ear Rci'aluation of invc5tmcnts 221.822 19.283 241.105 (1.852) (1.852) 502 502 Total comprehensive ineome At 31 December 2023 (1.8521 502 11.)50) 219.970 19.78) 239.755 The notes on pages 10 to 14 forni an integral part of these financial statements. Pagc 9
The Harcourt Almshouse Charities Notes to the Financial Statements for tbe Year Ended 31 December 2023 l Accounting policies General information and statement of eompliance The charity, is a gIStered social housing proi'ider. registered in F.ngland and Wales. Charity Registration Number.. 105) l i7 Homcs and Communitics Agcncl" Rcgistration Numbcr: A3996 Almshouse Association Member Number- 1071 Basis of preparatioll and statement of compliance The financial statements hai'e been prepared in accordance ii'ith applicable accounting standards including Financial Reporiing Standard 102. the slement of ReLommended Praciice for Social Ilousing ProN"iders 2018. and ivith ihe Accounting Direction for prii'ate re21Stered proi"iders of social housing in Enoland 2019. The financial statements are also prepared under the requirements ofthe I lousino and Regeneralion Aci 2008. Thc financial statcmcnt5 hai'c bccn prcparcd on a going conccrn basis undcr thc historical cost COn'CntI0n. modificd to include certain items at fair value. The registered social housing provider constitules a public benefit entit). as defined b}, FRS102. The charitv's fvnclional and presentaiion currenc!, is FK)und sterling. 'I'he significant accounting policies applied in ihe preparaiion of ihese financial stalements are sei oui beloi%,. 'l-hese policies hai'e been consistentl!, applied io all N'edrs presenied unless otheni.ise stated. Going concer 'I'he board ionsider that ihere are no maierial uncertainties aboui ihe association's abilili. lo continue as a going concern. Turnover Turn0.er represents sern'ices charoes receii-able in the l-ear net of seTh'ice charge losses from Noids. and revenue grants from govcrnmcnt (local authorilic51. -l-he registered souial housing proi ider Larries the finanLial risk on properl! managed b). agents. Iherefore all the income and expenditure arising from the properti. is included in the staiement of cOMphensL1'e income. Grants Grants from The Ilousing Corporaiion and Ilarrogaie Borough Council are reLeii"ed in respect of The Ilarcourt Almshouse Charities. These orants are rec02nised at the tair N"alue ot'the asset receiN'ed. Where the assets are accounted ror using the cost model ihen the goi'emmeni grani is acLounied for using the accruals model. 'l-he dirrerence beim'een the lair a]u¢ of the asset and the consideration is recognised as a liability. and amortised over the useful economic life of thc assct. This amortisation is rccogniscd 1s"ithin turnoN"cr. Pagc 10
The Harcourt Almshouse Charities Notes to the Financial Statements for tbe Year Ended 31 December 2023 (continued) Tangible fixed assets Tanoible tixed assets {includine social housino pro[rties) are stated at cost or deemed cost less accumulated dcprcciation and accumulatcd impairmcnt1055C5. Cost includc5 COSts dircctlj attributablc to mak.ing thc assct capablc of operaling as intended such as the uosl of acquiring land and buildings. del'elopments costs: interest charges on loans during thc dcwclopmcnt pcriod and cNpcnditurc on improi'cmcnts. Elpcnditurc on improi-cmcnts ii'ill onl), bc Uap]liSed i¥hen it resulis in incrementhl future benefiis such as increasing rentsl income. reducing mainlenance costs or resulting in a si_onificant extension of the useful economic life of the propem.. Depreciation is provided on tanoible filed assets so as to iiTite off the cost or Traluation, less any estimated residual 'alue, oi'er their expeuied useful eLonomic life as lo110.$= Asset class Depreciation method and rate F.quipment 200/0 Straight line basis I'-ixlures & fiiiings IOO/o slraighi line basis Roofs 20/0 Straight line basis Doors and windows 3.33Q/o siraight line basis Kitchens 50/0 slraighL line basis Bathroom 40/0 Straight linc basis Boilers 6.670/0 straight line basis F.lectrical and heating installations 40/0 Straighi line basis Major comwncnts of housing propcrtics haTr"c bccn accountcd for and dcprcciatcd scparatcl!. from thc conncctcd housing propertTr. over iheir e.Kptiied useful economic lii"es. "l-he costs of replacing ihese componenls are capilalised in tull. The costs of partiall!. replacing or repairing these comwnents are charged to the comprehensiwe income. Investments InTr'cstmcnts arc rccogniscd initialls." at fair Tr'aluc ii.hich 15 normall!" thc transaction pricc cxcluding transaction costs. Subsequently. the!, are measured ai fair 'alue ihrough Ihe statemeni of comprehensii'e income if the shares are publicl), tradcd or thcir tair valuc can othcr¥iisc bc mGasurcd rcliabl!". Othcr ini-cstmcnts arc mcasurcd at cost Icss impaimicnt. Governance eosts GO.eManCe costs include the audit of the financial slatements. Taxatio The registered social housin? proTr'ider is considered to pass the tests set out in Para?raph I Schedule 6 of the Finance Aui 2010 and therefore it meets ihe definilion of a charithble compani. for UK corporaiion purposes. ALcordinglv, the Charitj. is poientiall!. exempt trom t&xaiion in respect ot income or capital gains receiN'ed iN'ithin cateoories covered by C".haptcr 3 Pdrt I l of Ihc Corporation Tai Act 2010 or Scction 2)6 of thc T&iation of Chargcablc Gains Act 1992. to the extent that such income or gains are applied exclusii-elv to charitable purtK)ses. Debtors Dcbtors arc rccogniscd initiall). whcn thc!. bccomc duc at thc tractIOn pricc. Thc). arc subscqucntl!, mcasurcd at amortised cost, less provision for impaim)ent. A proi"ision for impaimient of debiors is established ..hen there is objcctivc ci'idcncc that thc charity. Isill not bc ablc to collcct all amounts duc according to thc oi'iginal tcrnis of thc debtors. Cash cash equivalents Cash and cash cquiN'alcnts comprisc cash on hand and call dcFK)sits. and othcr 5hort-tcrni hiqhl)-. liquid inN'cstmcnts that are readily convertible to a knOn amouni of cash and are subjeci an insignificanl risk olchange in value. Pagcll
The Harcourt Almshouse Charities Notes to the Financial Statements for tbe Year Ended 31 December 2023 (continued) Creditors Creditors are obligations to pa!. for good.s and sen-ices that hai-e been acquired bN' the charits.. Creditors are initially rccogniscd at thc transaction pricc and 5ub5cqucntl!" mcasurcd at amurti5cd c05t. Finaneial instruments The registered social housing proi'ider onl). has tinancial assets and tinancial liabilities of a kind that quality as basic financial instruments. Basic financial instruments are initiallj. recognised at transaction walue and subsequently measured ai their settlement i'alue. 2 Social housing turnover and costs 2023 2022 Turnover Service charges receivable 25.059 24,793 Amortised goi'emment grants Turnover from social housing lettings 28.643 28,377 Administrative expenditure magLmLnt Service charge costs Routine maintenance Depreciation of housing propenies Other cos {4.7JO) {1.761) {11.3i6) {11.2i7) ().678) (4,141) 11,8061 19,578) {11,437) (2,321) (J2.782) {29,28)) Operating surplus on social housing lettings 14.lJ9) {906) Void losses 199 465 3 Surplus on ordinary activities is stated after ¢hargingl(crediting): 2023 2022 Audit fees Audit of thc finanLial statcmcnts Accountanci. tees 750 775 650 10.602 655 625 10,602 835 Depreciation of freehold propert). Depreciation or rixtures and Iiltings Amortisation ot goi'"cmmcnt grants li.)841 {3.i84} 4 Accommodation owned and in management Number of units at l January Number of units at 31 December 2023 2023 Housing accommodation Pagc 12
The Harcourt Almshouse Charities Notes to the Financial Statements for tbe Year Ended 31 December 2023 (continued) 5 Tangible fixed assets Housing properties for etting PropertTr' plant and machinery Tolal Cost At l January 2023 408.787 14.149 422,936 At J l December 2023 408.787 14.149 422.936 Depreciation At l Januan. 2023 Charge for the year 83.)77 10.602 10.875 6)5 94.4)2 1,2)7 At 31 Dcccmbcr 2023 94.179 11.530 105.709 Net book value At J l December 2023 )14.608 2.619 )17.227 At 31 December 2022 325.210 3.274 328.484 6 Board and key management personnel remuneration and expenses No Iloard or key managemeni personnel neiiher received nor aled anN' remuneralion during the current or prior )ear. 7 Fixed a55et illve5tmellts 2023 2022 Other inwestmenls 42.939 41.498 Other investments Listed investments Tot21 At l JanuaTr' 2023 Revaliiation Addition5 41,498 502 939 41,498 502 939 At 31 December 2023 42.939 42,939 Carrying amount At 31 Dcccmbcr 2023 42.939 42.939 At 31 December 2022 41.498 41.498 The fair walue of listed inNestments is detemined b) reference to the quoted price for identical assets in an active markct at thc balancc shcct datc. Historical Losts ot-ini"cstmcnts arc £25:907 (2022= £24.9681. Pagc 13
The Harcourt Almshouse Charities Notes to the Financial Statements for tbe Year Ended 31 December 2023 (continued) 8 Debtors 2023 2022 Prcpaymcnts 2.287 2.043 9 Creditors: amounts falling due within one year 2023 2022 Accruals 1,680 I,)60 Grants i.264 5,144 10 Creditors: amounts falling due after one year 2023 2022 I larrogate Borough Council Loan Grant5 i 0.000 139.765 i 0,000 14J.349 149.765 153.349 Social Housing Grants totallin2 £179:189 hai'c bccn rcccii"cd. This H"ill bc rcpaid if thc propcrtics arc sold. Thc Social Hoiising Grants are being recognised in income on a s)'slematic basis oi'er the ekpected useful life of the structure (50 'cars). The Harrogate Borough Council loan is interest free and repa)"able h40 N'ears {24 month5} after the property" ceases to be let lo the C.ouncil's partner I lousing Association for use as alTordable renfrd housing. 11 Reserves a} Income and expenditure reserve The income and expenditure reserl'e represents the cumul*1C surplus and deficits nel of other adjustments. b} Revaluation reserve Thc rcvaluation rcscrN'c rcprc5cnts thc cumulatc cffcct of rCalUatIOnS of thc fixcd asscts ini'cstmcnts. 12 Related party transactions There were no related parts, transactions in the )'ear. Pagc 14