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.
_1_
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.
_2_
.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 Income****_I_(expenditure)before**||||||
|**investment gains****_I_(losses**)||36,846||36,846|2,483|
|Finance income|3|
-
||-|-|
|Net gains_I_(losses) on investments||14,654||14,654|2,590|
|**Net income****_I_(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|
5
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|
_7_
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.
_8_
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.
_9_
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.
_10_
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.
_11_
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||
_12_
## 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)
_13_
## 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
_14_