Charity No:1076238 Regulator of Social Housing: A0473
ALICE CORALIE GLYN HOMES
Financial Statements
Year ended 31 March 2024
ALICE CORALIE GLYN HOMES
INDEX
FOR THE YEAR ENDED 31 MARCH 2024
| Almshouse Information 1 |
|---|
| Report of the Trustees 1-3 |
| Statement of Trustees' Responsibilities 3 |
| Independent Examiner's Report to the Trustees 4 |
| Statement of Financial Activities 5 |
| Statement of Financial Position 6 |
| Statement of Cash Flows 7 |
| Notes to the Financial Statements 8-14 |
ALICE CORALIE GLYN HOMES
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
TRUSTEES
G Stilwell (Chair) S Bakewell F Hollingsworth C Mitchell C Nafzger (Resigned 2 July 2024) S Richardson M Stojanovic
SECRETARY
F Hollingsworth
REGISTERED OFFICE
The Beeches 79 Ely Road Little Downham Ely Cambridgeshire CB6 2SN
INDEPENDENT EXAMINER
Leadermans St, Christophers9 House Ridge Road Letchworth Garden City Hertfordshire SG6 1PT
BANKERS
HSBC Howardsgate Welwyn Garden City Herts AL8 6BA
CHARITY NUMBER:
1076238
The Trustees presents its report and the Financial Statements for the year ended 31 March 2024.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Alice Coralie Glyn Homes is a registered Charity, number 1076238. The Charity is governed by a Scheme Document approved, on 11 January 1999, by the Charity Commissioners for England and Wales; and by the Charities Act, 2011.
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ALICE CORALIE GLYN HOMES
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
Risk Management
The Trustees are responsible for the management of the risks faced by the Charity. Risks are identified, assessed and controls are established throughout the year. The Trustees have considered the major risks to which the Charity is exposed and have established systems and procedures to manage those risks.
The Trustees are satisfied that the major risks identified have been adequately mitigated where necessary.
PUBLIC BENEFIT
Charitable Objects
To provide housing for people, mainly ladies, of 60 plus years who are in need, hardship, or distress, with preference for those who are resident in Welwyn Garden City, Welwyn, Hatfield and Tunbridge Wells.
Objectives for the Year
To continue to maintain the properties to a high standard and to modernise as and when appropriate.
FINANCIAL REVIEW
The satisfactory position of the Trust has been maintained and a surplus in operation was achieved. Alice Coralie Glyn Homes' surplus was £51,500 for the year ended 31 March 2024 (2023: £5,073).
The Major Repair Fund is invested in the Charity Multi-Asset Fund managed by M&G Securities Ltd. The value of this investment at year end is £235,352 (2023: £221,099).
PRINCIPAL ACTIVITIES
The continued service and welfare of the residents in 14 bungalows; services as appropriate, and subject to funds.
The trustees delegate day to day property management and clerkship to Millard Consultants, an Almshouse and charity specialist. Weekly maintenance contributions from our licensees were again ,increased on 1 April, in accordance with the formula agreed by the Regulator of Social Housing.
LAND AND BUILDINGS
Properties in the statement of financial position are stated at net book value as of 31 March 2024 and totalled £250,791.
FINANCIAL RISK MANAGEMENT
The Charity's activities include checks which eliminate any credit risk or cash flow risk. The Charity's principal financial assets are its bank balance and investments.
VALUE FOR MONEY
The Trustees acknowledge the requirement to deliver value for money and seek to embed this in the operations of the Trust. During the year the trustees took management of the properties back in hand from First Garden Cities Homes.
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.4LICE COIL4LtE GLYN HOMES TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 This allows more detailed oversight of costs. rnore effective goverllance and a better, more h&nds on relationship for the reslllellts The 14 properttcs are clustsred in two desirable locations within Welwyo Gardell City and are effectively "rented" out at a rate that is much less than the nwket rate for the are& The Trustees are COllLDllttedbKuaintailling the affordability of tb¢ properties and have suffi¢i¢nt resources to fid the modernisation programme for foreseeable future. PLANNING FOR THE FUI'URE The improvement upgrading of housing stock will contillue. as OJDds pern)i( in the light of informatiort provided by pro-active managernent &nd the lik¢ly expectations of prospective occupius. ACCOIJNfING AND REPORTING RESPONSIBILITIES The TnteeS are required under the Charities Act 2011 to prepare Financial Statements for each fllwicial year. En preparin8 Financial Statements. the Trnstees should follow b¢st practice and: Setect suitable accoulltillg policies and then apply them consistently. Make judgments and estimates that dre reasonabl¢ &nd prndenL State whether appli¢abl¢ acGountin8 814Thdar(ts and SIatellnts of recommended practice have been follow¢d. subject lo any departures disclos¢d and explained in the FillcIal Statemellts. and Prepare the Financial Statcrnents on th¢ going concern basis Ullless it IS in8ppropriate to pr¢sume that the Charity will continue in operation. The TrS are responsible for keeping ac¢ouoting records which disclose with re&sonable accur¥y the financial position of the Charity, and wbicb enables it to ascertain the fjnancial position of the Charity and which enable$ it to ensure that tbe Fillancial Statements comply with the Charities Act 2011 and the Charity (Accoullts and R¢ports} Regulation& The TDL8tees areresponsiTr>le for feguarding the assets of the Charity Rnd hence for taking reasonable 8teps for the prevention and delection of fraud and other ]egUlaritiEs. The Strategic Report and Tnte¢s, Report We approved by th¢ Trust¢es o by: Geoff Stilwell Chair
Independent Examiner's Report to the Trustees of Alice Coralie Glyn Homes - Registered Charity Number 1076238 This report is on the accounts of the trust for the year ended 31 March 2024. Respective responsibilities of trustee5 and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required For this year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed. It is my responsibility to: Examine the accounts (under section 145 of the 2011 Act)- To follow the procedures laid down in the General Directions given by the Charity Commissioners ( under section 145{5)(b) ot" the 2011 Act)'and To state whether particular inatters have coine lo my attention. Basis of independent examiner's report My exainination was Caled out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of tlie accounting records kept by the charity and a comparison of tlie accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently no opinion is given as to whether the accounts present a 'true and fair, view and the report is limited to those Inatters set out in the next statement. Independent examiner's statement In connection with my examination, no matter has come to my attention: ( l ) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with sectÉon 130 of the 2011 Act. and to prepare accounts whicli accord with the accounting records and comply with the acc ounting requirements of the 201 l Act have not been met. or (2) to which, in my opinion, attention should be drawn in ord¢r to enable a proper understanding ot the accounts lo be reaclied. Dale R Dewing, FCCA Leademians St. Christophers House Ridge Road Letchworth Garden City Hertfordshire SG6 IPT Date.. 203+
ALICE CORALIE GLYN HOMES
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
| Notes | Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|---|
| Funds | Funds | 2024 | 2023 | ||
| as restated | |||||
| £ | £ | £ | £ | ||
| Incomefrom: | |||||
| Donations and legacies | |||||
| Charitable activities | |||||
| Other trading activities | 2 | 101,614 | 101,614 | 94,323 | |
| Total Income |
101,614 | 101,614 | 94,323 | ||
| Expenditure on: | |||||
| Letting activities | 2 | (64,768) | (64,768) | (91,840) | |
| Total Expenditure | (64,768) | (64,768) | (91,840) | ||
| Net IncomeI(expenditure)before | |||||
| investment gainsI(losses) | 36,846 | 36,846 | 2,483 | ||
| Finance income | 3 | - |
- | - | |
| Net gains_I_(losses) on investments | 14,654 | 14,654 | 2,590 | ||
| Net incomeI(expenditure)forthe year | 51,500 | 51,500 | 5,073 | ||
| Reconciliation of funds: | |||||
| Fund balances at thestartof theyear | 542,771 | 542,771 | 537,698 | ||
| Fundbalances atthe end ofthe year | 594,271 | 594,271 | 542,771 |
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ALICE COIiALIE GLYN HOMES STATEMENT OF FNANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 as restated Notes Fkned Assets Housing PTOP¢rties Investment 250.791 244.158 260,773 229,503 Totsl Flxed Assets 494,949 490.276 Currellt Assets Debtors Cash at bank attd in band 1,903 110,488 5.642 65.403 Totsi Current Assets 112,391 71.045 Current Liabilities CTeditors.' &ttLOULts falling due within one year (13.069) (18,551) Net Current Ats 99,322 52,495 Total Assets less Current Ligbllities 594,271 542,77 L creth.tors fallmg due after more th8n one year Totsl Net Assets 594.271 542,771 Aecumulated Funds G¢neral (Unrestrieted) fun¢l8 Endowment funds 10 592.771 1,500 541.271 1.500 Total Charit Funds 594,271 542,771 The Financial Statements on pa£es 5 to 14 were approved by the Trnstee on .. and were siglled on its behalf by.. Geoff Stilwell
ALICE CORALIE GLYN HOMES
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
| 2024 2023 as restated £ £ |
|
|---|---|
Cash flows from operating activities Net income/(expenditure) for the year 51,500 5,073 Adjustments for: Depreciation charges 9,982 9,982 (Gains)/losses on investments (14,654) (2,590) Income from investments - - (Increase)/decrease in stocks - - (Increase)/decrease in debtors 3,739 34,434 Increase/(decrease) in creditors (5,482) (46,675) Increase/(decrease)inprovisions - - Net cash in_I_(out)flow from operating activities 45,085 224 Cash flows from investing activities Investment inproperties - (100,342) |
|
| Net cash in_I_(out)flow from investing activities - (100,342) Change in cash in the year 45,085 (100,118) Cash and cash equivalents at the beginning of theyear 65,403 165,521 Cash at the endof the year 110,488 65,403 Net funds reconciliation 1April Cash 31March 2023 Flows 2024 £ :£ £ Cash at bank and in hand 65,403 45,085 110,488 Net Cash 65,403 45,085 110,488 |
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ALICE CORALIE GLYN HOMES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 ACCOUNTING POLICIES
(a) Basis of Accounting
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 in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The Alice Coralie Glyn Almshouses is a public benefit entity, as defined in FRS102, and applies the relevant paragraphs prefixed "PBE' in FRS102.
(b) Going Concern
The financial statements have been prepared on the going concern basis. An organisation is a going concern if it is expected to continue operations for the next twelve months. Trustees of Alice Coralie Glyn Homes have confirmed to continue as a going concern for twelve months after the signing of the year end 2024 accounts.
(c) Turnover
Turnover represents residents' charges receivable in respect of Almshouses.
(d) Housing Properties
Housing property cost includes the cost of acquiring land and buildings, development costs, interest charges incurred during the development period and expenditure incurred in respect of improvements.
Works to existing properties are works which result in an increase in the net rental income, such as a reduction in future maintenance costs, or result in a significant extension of the useful economic life of the property in the business.
Depreciation is calculated to write off the cost of fixed assets on a straight-line basis over their estimated useful lives.
The useful economic life of the structure is 50 years.
Major components are treated as separable assets when replaced and depreciated over their expected useful economic lives or the lives of the properties to which they relate, if shorter at the following annual rates:
| Roofs | 50 years |
|---|---|
| Kitchens | 20 years |
| Bathrooms | 30 years |
| Windows | 20 years |
| Central heating | 15 years |
Freehold land is not depreciated.
(e) Investments
Investments are stated at fair value (market value). Changes in market value are taken to the Statement of Comprehensive Income.
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ALICE CORALIE GLYN HOMES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
(f) Taxation
The Charity has charitable status and therefore is not subject to Corporation Tax on its surplus arising from charitable activities.
(g) VAT
The Charity is not VAT registered. Expenditure is therefore shown inclusive of VAT.
(h) Financial Instruments
Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument.
Financial assets carried at amortised cost
Financial assets carried at amortised cost comprise rent arrears, trade and other receivables and cash and cash equivalents. Financial assets are initially recognised at fair value plus directly attributable transaction costs. After initial recognition, they are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
If there is objective evidence that there is an impairment loss, the amount of 1he loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the financial asset's original effective interest rate. The carrying amount of the asset is reduced accordingly.
A financial asset is derecognised when the contractual rights to the cash flows expire, or when the financial asset and all substantial risks and reward are transferred.
If the arrangement constitutes a financing transaction, the financial asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial liabilities carried at amortised cost
These financial liabilities include trade and other payables.
- (i) Social Housing Grant (SHG) and other grants
Where grants are received from government agencies they are recognised when there is reasonable assurance that the conditions attached to them will be complied with and that the grant will be received.
Government grants are recognised using the accrual model and are classified either as a grant relating to revenue or a grant relating to assets. Grants relating to revenue are recognised in income on a systematic basis over the period in which related costs for which the grant is intended to compensate are recognised. Where a grant is receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs, it is recognised as revenue in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Grants received for housing properties are recognised in income over the expected useful life of the housing property structure. Where a grant is received specifically for components of a housing property, the grant is recognised in income over the expected useful life of the component. Grants received from nongovernment sources are recognised as revenue using the performance model.
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ALICE CORALIE GLYN HOMES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Recycling of grants
Where there is a requirement to either repay or recycle a grant received for an asset that has been disposed of a provision is included in the Statement of Financial Position to recognise this obligation as a liability. When approval is received from the funding body to use the grant for a specific development, the amount previously recognised as a provision for the recycling of the grant is reclassified as a creditor in the Statement of Financial Position.
On disposal of an asset for which a government grant was received, if there is no obligation to repay the grant, any unamortised grant remaining within liabilities in the Statement of Financial Position related to this asset is derecognised as a liability and recognised as revenue in surplus or deficit in the Statement of Financial Activities.
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ALICE CORALIE GLYN HOMES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 PARTICULARS OF INCOME AND EXPENDITURE FROM LETTINGS
| 2 | PARTICULARS OFINCOMEAND EXPENDITURE FROM LETTINGS | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| GeneralNeeds Housing Accommodation | |||
| Turnoverfrom social housing lettings: | |||
| Rents receivable | 105,608 | 98,608 | |
| Losses from voids | - | (4,285) | |
| Losses from unrecoverable rent | (3,994) | - | |
| Total income from lettings | 101,614 | 94,323 | |
| Expenditureon letting activities: | |||
| Services | 9,174 | 12,916 | |
| Management | 16,266 | 16,607 | |
| Depreciation of housing properties | 9,982 | 9,982 | |
| Routine maintenance | 29,346 | 28,014 | |
| Cyclical maintenance | - | - | |
| Planned maintenance&major repairs | - | 24,321 | |
| Totalexpenditureon lettings | 64,768 | 91,840 | |
| Operating surpluson letting activities | 36,848 | 2,483 | |
| 3 | FINANCE INCOME | ||
| 2024 | 2023 |
||
| £ | £ | ||
| Interest receivable from short term bank deposits | - | - | |
| 4 | SURPLUS FOR THE YEAR | ||
| 2024 | 2023 |
||
| £ | £ |
||
| Surplus for the yearisstated after charging: | |||
| Independent examiners' remuneration: | 480 | 480 | |
| 5 | STAFF COSTS |
The Charity does not employ any staff.
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ALICE CORALIE GLYN HOMES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
| 6 TANGIBLE FIXEDASSETS-HOUSING PROPERTIES Cost Atl April 2023 Additions Disposals At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At31 March2024 Netbook value At start of year At end of year 7CURRENT ASSET INVESTMENTS Listed Unlisted At 31 March 2024 |
2024 £ 365,838 - |
2023 £ 265,498 100,340 365,838 95,083 9,982 105,065 170,415 260,773 2023 £ 221,099 8,404 229,503 |
|---|---|---|
| 365,838 105,065 9,982 |
||
| 115,047 | ||
| 260,773 250,791 2024 £ 235,352 8,806 244,158 |
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ALICE CORALIE GLYN HOMES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
8 DEBTORS 2024 2023 £ £ Amounts falling due within one year: Arrears of rent and prepayments 1,903 5,642 Other debtors - - 1,903 5,642 9 CREDITORS (AMOUNTS FALLING DUE WITHIN ON YEAR) 2024 2023 £ £ Trade Creditors - - Purchase Ledger 5,557 5,254 Management 2,427 10,732 Other Creditors 5,085 2,565 13,069 18,551 10 ACCUMULATED FUNDS 2024 2023 £ £ Cyclical 7,500 7,500 Major Repairs 57,447 57,447 Capital Endowment Fund 1,500 1,500 Revenue 527,824 476,324 594,271 542,771
11 CAPITAL COMMITMENTS
There were no capital commitments at 31 March 2024 (2023: NIL)
12 RELATED PARTY TRANSACTIONS
There were no related party transactions for the year ending 31 March 2024 (2023: NIL)
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ALICE CORALIE GLYN HOMES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
13 PRIOR PERIOD ADJUSTMENT 2024 2023 £ £ ADJUSTMENTS TO CHARITY FUNDS The prior period adjustments do not give rise to any effect upon charity funds. 594,271 542,771 ANALYSIS OF THE EFFECT UPON CHARITY FUNDS Statement of financial activities - 400,982 _ _ NOTES TO ADJUSTMENTS
A prior year adjustment was made to correct the omission of brought forward charity funds of £400,982, restating Fund balance at 31 March 2022 from £136,716 to £537,698
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