Charity No.. 1076238 Regulator of Social Housing: A0473 ALICE CORALIE GLYN HOMES Financial Statements Year ended 31 March 2025 ALICE CORALIE GLYN HOMES INDEX FOR THE YEAR ENDED 31 MARCH 2025 Almshouse Information Report of the Trustees Sthtement of Trustees, Responsibilities Independeni Examiner's Report io ihe Trns￿es Sthtement of Financial Activities Statement of Financial PositioD Staternent of Cash Flows Notes to the Financial Statetnents 8-13 ALICE CORAL￿ GLYN HOMES TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES G Stilw'ell (Chair) S Bakewell F Hollingsworth C Mitchell S Richardson M Stojanoyic SECRETARY F Hollingsworth REGISTERED OFFICE Millard Consultants The Beeche5 79 Ely RL)ad Little Downham Ely Cambiidgeshire CB6 2SN INDEPENDENT EXAMINER Leaderrnans SL ChTlStophers' House Ridge Road Letchworth Garden City Hertfordshire SG6 IPT BANKERS HSBC Howardsgate Wel￿n Garden Ciry Herts AL8 6BA CHARITY NUMBER: 1076238 The Tn￿leeS presenis its repon and the Financial s￿￿ments for ihe year ended 31 March 2025. STRUCTURE, GOVERNANCE AND MANAGEMENT Alice Coralie Glyn Homes is a registered Charity, number 1076238. The Charity is governed by a Scheme Document approved. on I l January 1999, by the Charity Cornmi5sioners for England and Wale5- and by the Charities ACL 20 11. ALICE CORAL￿ GLYN HOMES TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Risk Management The Trustees are responsible for the Tnana¥ement of the ri5k5 faced by the Charity. ￿"sk5 are identified, as5e55ed 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 Trusiees are saiisfted that the major risks identÉfEed have been adequately rnitigated where necessary. PUBLIC BENEFIT Charitable Objects To provide housing for people, mainly ladies, of 60 plus years who are in nee(L hardship, or distress, with preference for those who are resident in Welwyn Garden City, wel￿￿. Hatfield, and Tunbridge Wells. Objectives for the Year To continue to tnaintain the properties to a high standard and to nKKlernise as and when appropriate. FINANCIAL REVI EW The satlsfactory P05ltion of the Trust has been rnainlained and a SUTplus in operation was ac]ll"eved. Alice Coralie. GI}￿ Hotnes, surplus was £50,766 for the year ended 31 March 2025 {2024.. £51.500). The Major Repair Fund is invested in the Charity Mulii-Asset Fund managed by M&G Securities Ltd. The value of this investtnent at yeai end is £251,688 (2024-. £235.352). PRINCIPALACTIVITIES The continued service and welfare of the residents in 14 ￿ngalOwS- services as appropriate. and subject to funds. The trustees delegate day to day property managemeni and clerkship to Millard Consultanis, an Almshouse and chariiy speeialisi. Weekly mainienance contribulions from our licensees ￿ere again increased on l 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 ai net book value as of 31 March 2025 and totalled £303.054. FINANCIAL IUSK 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 in3'esttnent5'. VALUE FOR MONEY The Trustees acknowledge the requiremeni tt> deliver value for money and seek to embed this in the operations of the Trust. During the year 2023-24 the t￿SteeS took ￿￿t￿gement of the properties back in hand from First Garden Cities HL)mes. LICE L(IJL.II_IE (iL)-N 11()Iir:s rKI IS I'EES. RLI)()K"I' FI )R "IHF. I'F.IR E.NDÈD il hl..KRLII *I}?* This allows Tnore dekniled ober51ghi of costs. moTe effective gui"ernance and a beller. more hands-on rtlaiionship for the residents The ¥hariTh has i4oikd to ￿￿TeaSe it5 neh*Drk" of local. re5W>ll5j￿c coDtTaCtors. lo enable re5ident5 and their needs lo be pui fir51. The 14 Pro￿ni¢S are ¢lu#eftd In two deS￿le local￿n5 with¢n ￿.¢1￿￿ Gard¢D CIL> and are effectihel 'rentrd' ai a ratr thai ￿ tnuch 1255 thaTr the markei ra* for are The Truslees Jte cDnJmitted ￿ m8JntaiDing the affordabiliry of the pror*rties and have suificieni rewurces 10 fujwj the M￿emisJi10fft PTogramme I'or the for¢sen of the ChJrih and iihich L'lldbles Il to ensure Ih&l Financial Sthtem¢nts Lompli" i} Iih The Chanlies .4ci ?01 l and Ihe ChariTh IAec•unts and Reports) ReoulationL ThL Tru51ee5 are reSp￿sible for saleouardine the assets ot the CharIty atxl hence ￿￿'ing reasonable sk'p5 IOT the PTeN"eniion and diieiilon of frauJ and oth¢r irreoularitie5. Thc Straiegie RLPOrt and Trusted Repon appro￿￿ bi the TrtFs*es OTr . and signed on its behglf Trustee Independent Exatniner'5 Rewrt to the Trustees of ￿lce Coralie Glyn Homes - Registered Charity Number 1076238 This report is on die accounts of ihe trusi for ihc year cnd¢d J l March ?0?5. Respeetive responsibilitie5 of trustees and examiner The charity's Itustces are ￿SPonSible for the preparntion of Ehe accounts. The charity's trugiees considei that an audil 15 not required for this year (under s¢xlion 1441?) of the Charities Act ?0 I I (the 2011 A¢ll) and that an indepaident examination 15 ne￿¢d. li is mv responsibility to.. Examine the accounis lund¢r Section 14£ of the ?011 .4ct}: To follow the proCedLI￿s laid dow) in the Gerte￿I Direciions given by the Charity Commissioners lun d¢r section 14515 Ilbl of the ?011 .4cl).' and To stai¢ Mth¢ther particular matters have come to my attention. Basisof independent examiner'sreport My examinatioii was carried out in accordan¢c with the General Directions given by the Charity Commissioners. .4n examination includes a trvicw of thc xcounting rccotds kepi b). the charity and a cotnpari50n of the accolints presenied NTr'ith th05¢ r¢cotds. It 3150 includes consideration of an). UllL15ual itcins or disclosiires in rhe aeLY)unts avd s¢¢king explanations from you as trustees conceming any such matters. The procedlires Lindertaken do not PJDvide ail the evidence that would be reqilired in an audit, and consequentlv no opinion is given as to ￿h¢ther the accouiits present a true and f￿r, vieitr. and ihc rcpK>rt 15 liniiied to those wnattcrs %1 out in tl)c n¢xt statement. Independent examiner's statement In conne¢iion wilh mv examination. no mati¢r has ¢om¢ to my atiention= { l ) which gik'es me reasonable tause to believe that in an5, material ￿Spect the iequirem¢nts'. to keep accouniÈng rword5 in accordance with section l io of th¢ 2011 Act: and to prepare aiiounls ￿h]￿h accord ￿'1th the accounting records ¢omplv wth the accouniing requitemenis of the ?0 I l Aci_ have ￿t been met.. or i ?) io ￿th1¢h. in m), opinion. atteniion should be drnwn in order to enable a proper Understandin￿ of th¢ accounts to be reached. Dalc R De￿.[￿￿. FC.C.4 Leademiajis St. Chrisropher5 House Rid )e Road L¢t¢ wonh Garden City Hertfordshire SG6 IPT ate- 8171 ALICE CORALIE GLYN HOMES STA TEMEN TOF FINAN CIAL ACTIVITIE S FOR THE YEAR ENDED 31 MARCH 2025 14otes Unrestrieted Restricted Funds FuDds Total Total 2024 2025 Income from.. Donations and legacies Charitable activities Oiher trading activities 113.740 113,740 101,614 Total Ineomt 113,740 J 13,740 101,614 Expenditure on.. Letting activities {79.740) (79.7401 164.7681 Total ExpeDditllre (79,7401 (79,740) (64,7681 Net Income l (c￿pendItUre) before investment gains l(lo%ses) 34,OIMI 34.000 36.846 Finance income Net ¥ains l {losses) on investments 16,766 16,766 14,654 Net income l (expenditure) for the vear 50.766 50.766 51.SIMI Reconciliation of funds". Fund balances at the start of year Fund balances at the end of tbe )'ear 594.271 594.271 542,771 594,271 645,037 .QLIC'F_ CI)R,I LIE liLI-N HU￿1￿5 5 1'.l 11- ￿l￿..N.f iTrF FINANCI.IL PCISI I Ii)N' TrOR -IHE Tr'EIlR ENDED )1 M.4RC-H :II"Tr 202S 2024 Fixed ..Is$ets HousJn8 properties ltt%"e&im¢nt 303.Oi4 i0.791 7(rf>.924 244.158 Tolal Fixtd .4ssets -VJ.978 494,949 CurrtDt A5Stts Debior5 Cash ai bank and in hand 1.903 110.488 105.741 Total furnni A$i¢tS 107,634 112.391 Currellt Liabilities C'reditor5 arnvunls lalling due within one year 126.i7ii 113.069} et (￿rre￿I .4sstt5 99J22 TDt41 A5St15 les5 Current Liabiliti 645.037 594.271 credI￿r$ falling duv 4fter ttL(Mr than one Totlll Ntl .4sStts 645.037 594.271 Aecum ul2ted Funds io (Jeneral i Unre51ri¢knll thnds Endoiytnenl futLds 643_i37 $9? 771 1.500 Total Ch¥rit%' Fuod5 64i.037 594,271 The FiTrartcial Siatrments oth pages i 10 13 ￿ere appToied bv the Tntsiees on elilz% nd ￿tre signcd on Its behalf by Trusiee ALICECORALIE GLYN HOMES STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 21125 2024 Note5 Cash flows from operatiDg activities Net income/{expenditure} for the year Adjustrnents for.. Depreciation charges {Gains}Ilosses on investments Incotne frotn inTresttnents' 50.766 51,500 11,737 9,982 {14,6541 (16,766) {Inciease}Idecrease in stocks {Increase):'decreage in debtors Inciea5el(decrease) in creditots Incrcasc/(decreas¢) in proN'isions Net £a5b in l(outlflow from operating activities 10 13.506 3.739 (5,4821 59,2S3 45,085 Cagb floTrTrs from investing #etivities Inv¢stmcnt in propcrii¢s Net cash in l(out)tlow from inYestiDg activities (64.Onn) {64.000) Change in cash in the year (4.747) 45.085 Cash and cash equii'alents at the beginning of the year Cash at the end of the year 110.488 105.741 65.403 110.488 l April 21124 C4sh Flows 31 M4rch 2025 Net funds reconciliation Cash at bank and in hand 110,488 (4,747) 105,741 Net Ca5b 110,488 (4,747) 105,741 ALICE CORALIE GLYN HOMES NOTES TO THE FINANC IAL STATEMENTS FOR THE YEAR ENDED 3 1 MARCH 2025 ACCOUNTING POLICIES (a) Basis of Accounting The financial statemen¢s hai'e ￿en prepared in accordance with the Sthtement of Recommended Practice.. Accounting and Reporting by Charitie5 preparing their accounts in accordance Mqth 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 Aci 2011 and UK Generally Accepted Practice as it applies from l 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 sta￿mentS have been prepattd on the going concern basis. An organisaiion is a going concern if it is eXp￿ted to continue operations for the next nvelve months. Trustees of Alice Coralie Glyn Homes have confirnied to continue as a going concern for twelve nuTrnths after the signing of the year end 2025 accounts. (c) Turnover Tumoyer repre5ent5 residents. charges rcceivable in respect of Altllshouses. (d) Housing Properties Housing propeny cosi includes the cosi of acquiring land and buildings, develLipmeni co815. inlerest charges incurred during the de3'elopment period a[￿ expenditure incurred in respect of improvements. Works to existing properties are works M'hich result in an increase in the net rental income. such as a reduction in future Mainte[￿nce cosis, or result in a significant extension of the useful economic life of the property in the business. Depreciation is calculated to WTite off the cost of f]xed assets on a straight-line basis over their estimated use￿1 lives. The useful economic life of ihe strucwre is 50 years. Major components are lrea￿d as separable assets when replaced and deprtYia￿d over their expeC￿d useful economic lives or the lives of the properties to which they relate. if shorter at the following annual rates.. Roofs Kitchens Bathroolns Windows Central heating 50 years 20 years 30 years 20 years 15 year5 Freehold land is not depreciated. (e) Investments Investments are sta￿d ai fair value (market valuel Changes in market value are taken to the Staiement of Comprehensive Incotne. ALICE CORALIE GLYN HOMES NOTES TO THE FINANC IAL STATEMENTS FOR THE YEAR ENDED 3 1 MARCH 2025 (D Taxation The Charity has charithble stsws and therefore is noi subjeci ts) Corporation Tax on its surplus arising from charitable actiN'ities. (g) VAT The Charity is noi VAT regisiered. Ex￿ndI￿re is therefore shown it]clusive of VA T. (h) Finaneial Instruments Financial assets and financial liabilities are rffo¥nised when the ChaTity becornes a party to the tontractual provisions of the insirumeni. Financial a55els L'arried al am(prlised cosl Financial a55ets cattied at amorti5ed c05t comptise rent artears. trade and other rec£ivable5 and cash and cash equivalents. Financial assets are initially recognised at fair N'alue plus directly attributable transaction Costs. After initial recognition. they ate rnea5ured at alnortised cost using the effective interest method. DiscL)uniing is omitted where the effect of discouniing is immaterial_ If there is objeciive e￿idenCe thai ihere is an impaiment loss, the amouni of Ihe loss is measured as the difference Eenveen the asset's carying anx)uni and the present i'alue of estimated future cash flows discounted at the Ilnancial a55et's ori¥inal effective intere51 rate. The catrying amount of the asset Is reduced accordingly. A financial asset is derecognised when the contractual ri¥hts to the cash flows expire, or when the f]nancial asset and all substantial risks and reward ￿e trat]sferred. If the arrange￿ent constitutes a f]nancing transaction. the r]nancial asset is measured at the present value of the future payment5 discounted at a Market rate of interest for a sitnilar debt instrutnent. Financial liobililie5 c￿rIed ol L7mOrtised cosl These financial liabilities include trade and other payables. Social Housing Grant (SHG) #nd othtr grants Where grants are received from governmeni agencies ihey 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 granis are ￿cOgnised using the accrual nM)del and are Classified either as a grant relating to revenue or a grant ielating lo a5set5. Grants relatin¥ to reN'enue are iecognised in incotne on a systematic basis over the period in which related costs for which the grdnt is intended to compensate are recognised. Where a gYani is ￿ee1%.able as compensaiion for expenses or losses already incurred or for the purpose of giving itntnediate f￿ancial 5UPWTrrt with no future related costs, it is recognised as revenlle in the period in which it becomes receii'able. Grants relatin¥ to asset5 are reco¥ni5ed in incotne on a 5yStematic basis over the expected usefijl life of the asset. Grants receii'ed for housing propenies are recognised in income over the expecied use￿1 life of the housing property sijucture. Where a grani is received specifically for components of a housing property, the grant is recognised in income oi'er the expected useful life of the component Grants received frorn non govemment sources are recognised as revenue using the perfornwnce model_ ALICE CORALIE GLYN HOMES NOTES TO THE FINANC IAL STATEMENTS FOR THE YEAR ENDED 3 1 MARCH 2025 RecyclinR ofgrants Where there is a requirement io either repay or recycle a grant receii'ed for an asset that has been disposed of a provision is included in the Staternent of Financial Position lo recogni5e this obligation as a liability. When approval is recei￿.ed from the funding body to use the grant for a specific development, the amount previously recognised as a provision for the recychng of the grant is reclassified as a creditor in the Ststement of Financial Position. On disposal of an assei for which a governmeni grani was received. if there is no obligation to repay the grant. any u[￿mOrtised grant reTr￿ining within liabilities in the Statement of Financial Position related to this asset is derecognised as a liability and recognised as revenlle in surplus or deficit in the Statement of Financial Activities. io ALICE CORALIE GLYN HOMES NOTES TO THE FINANC IAL STATEMENTS FOR THE YEAR ENDED 3 1 MARCH 2025 PARTICULARS OF INCOME AND EXPEfiDITURE FROM LETTINGS 2025 2024 General Needs Housing Aceommtsd*tioll Turnover from Social housing lettings: Rents receii'able Losses from voids Losses from ut]recoverable rent 113,740 105,608 13,9941 Totsl income from lettings 113.740 101.614 Expenditure on letting 4ctivities= Administrative Mana¥ernent Direct expenses Depreciation of housing properties Routine main￿rtan¢e Cyclical rnaintenance Planned maintenance and major repairs 20,077 18,093 3,640 11.737 26.193 9,174 16,266 9,982 29.346 Total expenditure on lettings 79.740 64.768 Operating surplus on Itttitig aetiTh'ities 34,000 36,848 FINANCE INCOME 2025 2024 Interest receivable from short terni bank deposits FEE FOR EXAMINATION OR AUDIT OF ACCOUNTS 2025 2024 Surplus for the year E stated after charging.. Independent examiners, remuneration.. 480 480 STAFF COSTS The Charity does noi employ any S￿ff. ALICE CORALIE GLYN HOMES NOTES TO THE FINANC IAL STATEMENTS FOR THE YEAR ENDED 3 1 MARCH 2025 TANGIBLE FIXED ASSETS HOUSING PROPERT IES 2025 2024 Cost At l April 2024 Additions Disposals Ai 31 March 2025 365,838 64.000 365,838 429,838 365,838 Depreciation Ai l April 2024 Chai¥e for the year 115.047 11,737 105.065 9.982 At 31 March 21125 126,784 11S,047 Net book value At start of year 250,791 260,773 At end of year 303,054 250,79 1 CURRENT ASSET INVESTTrIENTS 2025 2024 Listed Unlisted 251,688 9,236 235,352 8,806 At 31 March 2025 260,924 244,158 12 ALICE CORALIE GLYN HOMES NOTES TO THE FINANC IAL STATEMENTS FOR THE YEAR ENDED 3 1 MARCH 2025 DEBTORS 2025 2024 Arnounts fallin¥ due within one yeaT'. Arrears of rent and prepayments Other debtors 1,893 1,903 IJB93 1,903 CREDITORS (AMOUNTS FALLING DUE WITHIF4 ONE YEAR) 2025 2024 Trade Creditt)rs Purchase Ledger Management Other Creditors 22,588 2,427 1.560 5,557 2,427 5,085 26.575 13.069 io ACCUMULATED FUNDS 2025 2024 Cyclical Major Repairs Capital Endowment Fund Revenue 7,5(H) 57,447 1,500 578,590 7,500 57,447 1,500 527.824 645.037 594.271 CAPITAL COMMITMENTS There were no capital commitments at 31 March 2025 (2024= NtL) 12 RELATED PARTYTRANSACTior4s There were no related party transactions for the year ending 31 March 2025 (2024.. NIL) 13