REGISTERED CHARITY NUMBER: 1067598 rt of the Trustees and Unaudited Financial Statements for the Year Ended 31 Marc for Siward James and Arkwri ht Trust Charit Social Housin re ulator no A2566 Thorne Widgery Accountancy Ltd Chartered Accountants 2 Wyevale Business Park Kings Acre Hereford Herefordshire HR4 7BS
Siward Jame5 and Arkwri ht Trust Chari Social Housin re ulator no A2566 Contents of the Financial Statement5 1 March Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Statement of Financial Position Statement of Cash Flows Notes to the Statement of Cash Flows Notes to the Financial Statements 9 to 16 Detailed Statement of Financial Activities 17
Siward James and Arkwri ht Trust Charit Social Housin ulator no A2566 re ort of the Trustees for the Year Ended 31 March 2024 The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 1021 (effective 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The charity is established to provide almshouse accommodation to: 1) persons who are resident or have at some time resided in the area of benefit, 2) ex-service personnel, or 3) aged or infirm per50n5 who are resident or have at some tt.me resided in the area of benefit. The area of benefit shall comprise the Parishes of Bodenham. Ford. Hope-under-Dinmore. Humber, Kimbolton, Leominster, Newton, Pencombe with Grendon Warren and Stoke Prior. ACHIEVEMENT AND PERFORMANCE Charitable actlvities 23 units of general needs housing accommodation were managed during the year12023- 23 units). A part-time warden 15 employed on site and looks after the day to day needs of the residents. FINANCIAL REVIEW Financial position For the year ended 31 March 2024 the net operating surplus before transfers between funds amounted to £34,602 12023: surplus £37,278). At the year end the charity had unrestricted funds of £1,093,486 (2023: £1,040,641) which includes free resetves of £56, 589 {2023- £51,314). At the balance sheet date, net assets amounted to £1,151,803 12023: £1,097,553). The market value of investrnents has increased by 6.4% (2023= increase 1.1%) over the year compared to a rise in the FtSE 100 index of 4.1% {2023- increase 1.3%). In the circum5tance5, the trustee5 consider this to be an adequate performance for the year. Investment pollcy and objectives The trustees ensure that they obtain the best possible return on their investments without taking any risks. They continue to monitor the situation to ensure optimum benefit is achieved. Page 1
Siward James and Arkwri ht Trust Chari Social Housin ulator no A2566 Re ort of the Trustees for the Year Ended 31 March 2024 FINANCIAL RVrfIEW Reserves policy In 2004 the trustees carried out a review of their reserves policy. The purpose of which to allocate certain reserves. A further review was carried out in 2008 and reflected in the accounts. The fixed assets reserve fund balance equates to the net book value of the fixed assets held in the accounts. The cyclical maintenance fund provides funds to meet future major repairs through an annual transfer at a level determined by periodic review by the trustees. At 31 March 2024 this fund stood at £180,000. The trustees, policy is to review the level of thTS fund annually WFth a view to ensuring that over a three year cycle it is adequate to meet major repairs. The special reserve comprises bequest funds received at the inception of the charity. The extraordinary repairs fund is held for the future improvement and re-bu71ding of the property of the charity. The tru5tees' poli(.'y is to review the level of thi5 fund annually to ensure that over the lifespan of the almshouses there is a sufficient bal.3nce to enable their rebuilding. The revenue contingency reserve 15 held for contingencTes such as the non-payment of seryice charges and is set at about six moriths. annual expendlture. Repalrs and malntenance policy Following regular inspections the trustees consider the necessary repairs and maintenance and agree priorities. Extraordinary repairs were completed in the year amounting to £nil {2023: £nill. Rent policy Weekly maintenance contributions are calculated to ensure all costs are covered and are considered to be below fair rent valuations. Going concern The trustee5 ronfinn that the charity operates a5 a going concern. STRUCTURE. GOVERNANCE AND MANAGEMEKr Governlng do.cument Charity Commission Scheme dated 28 March 1995. The charity was formally registered on 21 January 1998. The scheme is to administer and manage as one charity, the assets and property of two separate charities= The Siward James Charity Ischeme dated 19 November 1970) and the Bodenham Homes Charity {Trust Deed dated 20 December 18981. Recruitment and appointment of new trustees New trustees are sought via local connections and once appointed are given a copy of the governing document and informed of the history and procedures of the charity. They are also made aware of their responsibTlities as trustees. Related partles During the year a total of £2,176 was paid to the Chairman of the Trustees beTng a commercial transaction for garden and site maintenance 12023: £1,740). The charity has received communication from the Charity Commission confirming that payments of this nature are acceptable. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. REFERENCE AND ADMINISTRATIVE DETAILS Registered CharTty number 1067598 Page 2
Siward Jame5 and Arkwri ht Trust Chari Social Housin re ulator no A2566 Re ort of the Trustees for the Year Ended 31 March 2024 Principal address 21 Siward James Close Bodenham Hereford Herefordshire HR1 3LS Trustees Mr T V James-moore Ichairmanl Mr P Tomlinson (Vice Chairman) Mrs P James-moore Mrs J Marriott (resigned 9.11.231 Mr5 L Tomlinson Mrs J Jones Mr R Hunt Mr T James-moore {appointed 1.5.24} Clerk Mrs A Potter Independent Examiner Thorne Widgery Accountancy Ltd Chartered Accountants 2 Wyevale Business Park Kings Acre Hereford Herefordshire HR4 7BS Solicltors Messrs Lloyds and Cooper 28 South Street Leominster Herefordshire HR6 8JB Bankers Lloyds TSB PIC 9 Corn Square Leominster Herefordshire HR6 8LR Approved by order of the board of trustees on . and signed on its behalf by: MrTVJ mes-moore - Trustee Page 3
Inde endent ExamFner's Re ort to the Trustees of Siward James and Arkwri ht Trust Charit Independent examiner's report to the trustees of Siward James and Arkwright Trust Charity I report to the charity trustees on my examination of the accounts of Siward James and Arkwright Trust Charity {the Trust) for the year ended 31 March 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the Act'l. I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Trust as required by Section 130 of the Act. or the accounts do not accord with those records; or the accounts do not comply with the appllcable requirements toncerning the form and content of accounts set out in the Charities (Accounts and Reports) RegulatTons 2008 other than any requirement that the account5 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 Tn connection with the examination to which attention should be drawn in this report Tn order to enable a proper understanding of the accounts to be reached. Mrs Lisa Weaver The Association of Chartered Certified Accountants Thorne Widgery Accountancy Ltd Chartered Accountants 2 Wyevale Business Park Kings Acre Hereford Herefordshire HR4 7BS Date: Page 4
Siward James and Arkwri ht Trust Chari Social Hou51n re ulator no A2566 Statement of Financial Activities for the Year Ended 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Endowment fund Notes INCOME AND ENDOWMENTS FROM Charitable activities General 74,812 74,812 73,225 Investment income 38,913 38,913 33,812 Total 113,725 113,725 107,037 EXPENDITURE ON Charitable activities General 79,123 79,123 69,759 Net gains/ Ilossesl on investments 19,648 19,648 120,9431 NET INCOME Transfers between funds 54.250 (1,4051 54,250 16,335 13 1.405 Net movement in funds 52,845 1,405 54,250 16,335 RECONCILIATION OF FUNDS Total funds brought forward 1.040,641 56,912 1,097, 553 1,081,218 TOTAL FUNDS CARRIED FORWARD 1.093,486 58,317 1,151,803 1,097,553 The notes form part of these financial statements Page 5
Siward James and ArkwrTr ht Trust Chari Social Housin ulator no A2566 Statement of Financial PositTon 31 March 2024 31.3.24 31.3.23 Notes FIXED ASSETS Tangible assets Investments 178,130 899,788 186,598 845,297 1,077,918 1,031,895 CURRENT ASSETS Debtors Cash at bank 1,320 118,891 986 112,656 120,211 113,642 CREDITORS Amounts falling due within one year 10 15,461) 15,4161 NET CURRENT ASS5 114,750 108,226 TOTAL ASSETS LESS CURRENT LIABILITIES 1,192,668 1,140,121 CREDITORS Amounts falling due after more than one year 11 140,865) 142,5681 NET ASSETS 1.151,803 1,097, 553 FUNDS Unrestricted funds Endowment funds 13 1,093,486 58,317 1,040,641 56,912 TOTAL FUNDS 1,151,803 1,097,553 The financial statements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by." MrTV ames-moore - Trustee Mr P Tomlinson Trustee The notes fomi part of these financial statements Page 6
Siward James and Arkwri ht Trust Charit Social Housin re ulator no A2566 Statement of Cash Flows for the Year Ended 31 March 2024 31.3.24 31.3.23 Notes Cash flows from operating activities Cash generated from operations 6.049 13,542 Net cash provided by operating activities 6.049 13,542 Cash f lows from investing activities Purchase of fixed asset investments Interest received {34.8431 35.029 30,2981 30,347 Net cash provided by investing activities 186 49 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beglnning of the reporting period 6.235 13,591 112,656 99,065 Cash and cash equivalents at the end of the reporting period 118,891 112,656 The notes form part of these financial statements Page 7
Siward James and Arkwri ht Trust Charit Social Housin re ulator no A2566 Notes to the Statement of Cash Flows for the Year Ended 31 March 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.24 31.3.23 Net income for the reporting period (as per the Statement of Flnanclal Activities) Adjustments for: Depreciation charges IGainl/losse5 on investments Interest received Increase in debtors Decrease in creditors 54,250 16,335 8,468 19,6481 (35,0291 13341 11,6581 8,468 20,943 130,3471 11741 11,6831 Net cash provided by operations 6,049 13,542 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand 112.656 6,235 118,891 112.656 6,235 118,891 Total 112,656 6,235 118,891 The notes form part of these financial statements Page 8
Siward James and Arkwri ht Tnjst Chari Social Housin re ulator no A2566 Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the flnancial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 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 IFRS 1021 leffective 1 JanLtary 20191,, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The charity is a reg7stered social landlord. The accounts have been prepared under the historical cost accounting rules lexcept for investments which are stated at market value at the balance sheet datel in accordance with the Charities Act 2011. the Housing Act 1996, the Statement of Recommended Practice for Social Housing Providers 2014. Income All income is recognised in the Statement of Financial Activities once the Charity charityhas entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. Income represents maintenance contributions frorn residents. Expenditure LTabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it 15 probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis, inclusive of VAT and ha5 been classified under headings that aggregate all cost related to the category. Cyclical repair5 and maintenance Because of a programme of repair and maintenance kept under regular review. the trustees charge actual costs to the income and expenditure account as they are incurred. Tangible fixed assets Depreciation of freehold housing properties is charged in equal annual instalments. Freehold land is not depreciated. Because of a programme of repair and maintenance kept under regular review, the trustees charge actual costs to the income and expenditure account a5 they are incurred. Car Park Properties Equipment 20 years 20 - 50 year5 5 yea15 Housing property Housing properties are properties available for rent and are stated at cost less depreciation. Social Housing and similar grants When housing developments have been financed wholly or partly by social housing or similar grants, the grant is held as deferred income and released in line with the related asset to the income and expenditure account. Investments Investments are stated at market value at the balance sheet date. Unrealised gainsllosses are calculated as the difference between opening and closing market values and are taken to the Statement of Financial Activities. Debtors Trade and other debtors are recognised at the settlement amount, prepayments are valued at the amount prepaid. Page 9 continued...
Siward James and Arkwri ht Trust Charit Social Housin ulator no A2566 Note5 to the Financial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Tangible fixed assets Cash at bank and in hand Cash at bank and cash in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or STmilar account. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. Taxation The charity 15 exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Designated reserves - major repair5 The Charity Scheme Order requires that the trustee5 establish and maintain a reserve fund provided for out of the income of the charity in order to meet the extraordinary repair, improvement or rebuilding of the almshouses and other property belonging to the charity. Sums are utilised from the reserve to the extent that major repairs expenditure in respect of housing properties is not funded by grants. Permanent endowment reserve The capital of the permanent endowment reserve cannot be utilised without the express permission of the Charity Commission. A recoupment order issued by the Charity Commission in 2001 authorised the Charity to borrow from the reserve for the purpose of constructing new housing units. The money is being repaid by annual transfer from the Revenue Reserve for a period of 25 years. Any income is to be utilised in accordance with the objects of the Charity. Going concern The trustees have considered the impact of the Uk's current economic pressures on the future finances of the charity and believe that due to the nature of its income and expenditure. together with it5 high level of investment assets, it will be in a position to continue for the foreseeable future. At the year end the charity had investments worth more than E800,000 and net current assets of £114,750. Rental income adequately covers the expendTture. Maintenance of properties can be reduced to a minimum if there was a short term need to reduce costs. The trustees believe there will be no significant change to its activities in the foreseeable future. Page 10 continued...
Siward James and Arkwri ht Trust Charit Social Housin re ulator no A2566 Notes to the Financial Statements - continued for the Year Ended 31 March 2024 INVESTMENT INCOME 31.3.24 31.3.23 Hire of facilities Deposit account interest Sundry Income 3,564 35,029 320 3,133 30.347 332 38,913 33,812 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees. expenses There were no 31 March 2023. trustees. expense5 paid for the year ended 31 March 2024 nor for the year ended STAFF COSTS 31.3.24 31.3.23 Wages and salaries 19,872 19,872 The average monthly number of employee5 during the year wa5 as follows: 31.3.24 31.3.23 Office staff Ipart-timel Warden Ipart-time) No employees received emoluments in excess of £60,OCM). The average number of employees is the equivalent of 1 full-time employee12023: 11 Key management consist of the tru5tee5 of the charity. No trustees are rernunerated from their role. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Endowment fund Total funds INCOME AND ENDOWMEMTS FROM Charitable activities General 73,225 73,225 Investment income 33,812 33,812 Total 107,037 107,037 EXPENDITURE ON Charitable activities General 69,759 69,759 Page 11 continued...
5iward James and Arkwri ht Trust Charit Social Housin re ulator no A2566 Notes to the Financial Statements - continued for the Year Ended 31 March 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted funds Endowment fund Total funds Net gainsl Ilossesl on investments (20,9431 {20,9431 NET INCOME Tran5fer5 between funds 16,335 11,405} 16,335 1,405 Net movement in funds 14,930 1,405 16,335 RECONCILIATION OF FUNDS Total funds brought forward 1,025,711 55,507 1,081,218 TOTAL FUNDS CARRIED FORWARD 1,040,641 56,912 1,1)97,553 SURPLUS/{DEFICIT) FOR THE YEAR The surpluslldeficit) for the year is stated after charging: 31.3.24 31.3.23 Depreciation Independent examiners fee 8,468 3,354 8,468 2,994 TANGIBLE FIXED ASSETS Freehold property Plant and machinery Totals COST At 1 April 2023 and 31 March 2024 363,782 7,119 370,901 DEPRECIATION At 1 April 2023 Charge for year 177,184 8.468 7,119 184,303 8,468 At 31 March 2024 185,652 7,119 192,771 NET BOOK VALUE At 31 March 2024 178.130 178,130 At 31 March 2023 186,598 186,598 The freehold housing was professional valued as at 31 March 1996 at Tts open market value with vacant possession for residential use, the value being £1,(KJO,O(NJ. The number of let units in management at the end of the year wa5 23 12023- 23). Freehold land includes a car pa at the cost of £8.000. Page 12 continued..
Siward James and Arkwri ht Trust Charit Social Housin re ulator no A2566 Notes to the Financial Statements - continued for the Year Ended 31 March 2024 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 April 2023 Additions Revaluations 845,297 34,843 19,648 At 31 March 2024 899,788 BOOK VALUE At 31 March 2024 899.788 At 31 March 2023 845,297 There were no investment assets outside the UK. Cost or valuation at 31 March 2024 is represented by- Listed investments Valuation in 2024 899,788 The charitVs investment comprises 7.851 Accumulation Shares in the National Association of Almshouses Common Investment Fund. The annual income arising from the investment is retained within the Fund and it5 Worth is reflected in the market value of the share5. DEBTORS: •lMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Prepayments and accrued income 1,320 986 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade creditors Other creditors 548 4.913 543 4,873 5,461 5,416 Page 13 continued...
Siward James and Arkwri ht Tnjst Chari Social Housin ulator no A2566 NDte5 to the Financial Statements - continued for the Year Ended 31 March 2024 CREDITORS: AMOUNTS FALLING DUE ER MORE THAN ONE YEAR 31.3.24 31.3.23 Other creditors 40,865 42,568 ANALYSIS OF NET ASSETS BEfwEEN FUNDS 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Endowment fund Fixed assets Investments Current assets Current liabilitie5 Long term liabilitie5 178,130 899.788 61.894 15,461 } {40,865} 178,130 899,788 120,211 15,461} {40,865} 186,598 845,297 113,642 5,4161 {42, 5681 58,317 1,093,486 58,317 1.151,803 1,097,553 MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.24 At 1.4.23 Unrestricted funds Unallocated revenue reserve Designated - Extraordinary repairs fund Designated - Special reserve f und Designated - Revenue contingency fund Designated - Cyclical maintenance f und Designated - Fixed a55et5 reserve fund 393,266 259.267 1,511 30,000 170,IJOO 186,597 54,250 12,9371 444,579 259,267 1,511 30,000 180,000 178,129 10,000 18,4681 1.040,641 54,250 11,4051 1,093,486 Endowment funds Permanent endowment reserve 56,912 1.405 58,317 TOTAL FUNDS 1.097,553 54,250 1,151,803 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestrirted funds Unallocated revenue reserve 113.n5 179,123) 19,(A8 54,250 TOTAL FUNDS 113,725 {79,1231 19,648 54,250 Page 14 continued...
Siward James and Arkwri ht Trust Charit Social Housin re ulator no A2566 Notes to the Financial Statements - continued for the Year Ended 31 March 2024 MOVEMENT IN FUNDS - continued Comparatives for movement In funds Net movement in funds Transfers between fund5 At 31.3.23 At 1.4.22 Unrestricted funds Unallocated revenue reserve Designated Extraordinary repair5 fund Designated Special reserve fund Designated Revenue contingency fund Designated Cyclical maintenance fund Designated Fixed a55ets reserve fund 379.868 259,267 1,511 30.000 160.IMJO 195,065 16.335 12,9371 393,266 259,267 1,511 30,000 170,000 186,597 10,000 18.4681 1.025.711 16.335 11.4051 1.040,641 Endowment funds Permanent endowment reseNe 55.507 1,405 56,912 TOTAL FUNDS 1,081,218 16.335 1,097,553 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and 105ses Movement in funds Unrestricted fund5 Unallocated revenue reserve 107,037 169,7591 120,943} 16,335 TOTAL FUNDS 107,037 169.7591 120,943) 16,335 C lical maintenance fund This reserve provides funds to meet future major repairs through an annual transfer, at a level determined by periodic review by the Trustees in accordance with the Charity Commission Scheme dated 28 March 1995. cial reserve This reserve comprises bequest funds received at the inception of the charity that were surplus to the initial expenditure on housing properties. These funds are available to meet expenditure for which statutory finance is not forthcoming. Fixed assets reserve fund Thi5 reserve comprises the net book value of the fixed assets in the accounts. Extraordina re irs fund This fund is held for the future improvement and re-building of the property of the charity. Revenue contin enc reserve This reserve is held for contingencies such as non-payment of service charges. Permanent endowment reSee In 2001, the Charity Commissioners authorised the Charity to borrow from their permanent endowment, subject to terms of recoupment over a period of 25 years {i.e. £1,405.41 per 3nnuml, an amount of £35,135, which was used towards the building of new housing units. Page 15 continued...
Siward James and Arkwri ht Trust Charit Social Housin re ulator no A2566 Notes to the Financial Statements - continued for the Year Ended 31 March 2024 13. MOVEMENT IN FUNDS - continued The permanent endowment reSee comprises land, valued Tn 1998 at £26,OCK) and the accumulated value of the annual transfers made from the revenue reserve under the terms of the recoupment order. 14. RELATED PARTY DISCLOSURES A total of £2,176 12023.. £1,740} was paid to Mr T V James-moore, the Chairman of the Trustees. being a commercial transaction for garden and site maintenance. No amounts were outstanding at the year end. Page 16