REGISTERED COMPANY NUMBER: 06598915 (England and Wales) REGISTERED CHARITY NUMBER: 1126422
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2022
for
The Goodman And Ruthin Charity
Salisbury & Company Chartered Accountants Irish Square Upper Denbigh Road St Asaph Denbighshire LL17 0RN
The Goodman And Ruthin Charity
Contents of the Financial Statements for the year ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
The Goodman And Ruthin Charity
Report of the Trustees for the year ended 31 December 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. 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 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Charity’s principal object is to provide housing accommodation for persons in need. Subsidiary objects are to promote education and training for employment of young persons and to provide relief in need.
Significant activities
Under the uniting direction issued by the Charity Commission the company is the corporate trustee of The Goodman and Ruthin Charity (Charity reference 215985), which holds the permanent endowment. The non permanent endowment assets of The Goodman and Ruthin Charity were transferred to the company on 31 December 2008.
Public benefit
The charity is registered with the Welsh Assembly Government as a Social landlord. We own and manage 22 dwellings, known as the Church Walks Almshouses, which provide independent living for elderly and other persons in need. With the assistance of a resident Superintendent inhabitants are able to live independently in a safe and caring environment.
FINANCIAL REVIEW
Financial position
The charity benefits from endowment funds which are invested in recognized charity funds in particular as income shares in the National Association of Almshouses Common Investment Fund (NAACIF) which provides a regular income.
Almshouse residents pay a Weekly Maintenance Contribution and a Heating Charge towards the running costs of their house. These are reviewed annually and kept as low as possible with the proviso that, in conjunction with endowment income, sufficient finance is available to maintain the almshouse property and provide for future improvements.
Any surplus is invested in an Extraordinary Repairs Fund, also with NAACIF, which can be drawn upon to fund long term improvements.
Reserves policy
The investments have been acquired from past reserves and contribute a steady income that helps subsidise the charity’s activities.
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate our exposure to the major risks.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity became a company limited by guarantee on 21st May 2008. It is governed by the Memorandum and Articles of Association of the company and by a Charity Commission Scheme dated 7th November 2008, which replaced existing trusts, and authorises the company to administer and manage its property.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
06598915 (England and Wales)
Registered Charity number
1126422
Registered office
Llys Goodman Church Walks Ruthin Denbighshire LL15 1BW
Page 1
The Goodman And Ruthin Charity
Report of the Trustees for the year ended 31 December 2022
Trustees
Ex-Officio Trustees
The Warden of Christ’s Hospital, The Reverend Stuart Evans (resigned 01 December 2022) The Dean of St Asaph, The Very Reverend Nigel Williams
The Bishop of St Asaph, The Reverend Gregory Cameron
Co-opted Trustees
Lady Susan Hudson (Chairman) Dr Christine Evans Miss Morfudd Jones Mr Nicholas Snape Mr Gwynne Jones Mr Huw Bryant (appointed 01 December 2022) Dr Richard Barrie (appointed 01 December 2022) Mrs Elizabeth Smart (resigned 01 December 2022)
Company Secretary Mr N J Anderson
Independent Examiner
Salisbury & Company Chartered Accountants Irish Square Upper Denbigh Road St Asaph Denbighshire LL17 0RN
Bankers HSBC St Peter's Square Ruthin LL15 1AB Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Lady S G Hudson - Trustee
Page 2
Independent Examiner's Report to the Trustees of The Goodman And Ruthin Charity
Independent examiner's report to the trustees of The Goodman And Ruthin Charity ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Jason Matischok FMAAT FCA Salisbury & Company Chartered Accountants Irish Square Upper Denbigh Road St Asaph Denbighshire LL17 0RN Date: .............................................
Page 3
The Goodman And Ruthin Charity
Statement of Financial Activities for the year ended 31 December 2022
| Notes INCOME AND ENDOWMENTS FROM Other trading activities 2 Investment income 3 Total EXPENDITURE ON Charitable activities Social Housing Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 100,735 44,525 145,260 107,854 (11,192) 26,214 895,152 921,366 |
Endowment funds £ (1) - (1) - (27,435) (27,436) 740,325 712,889 |
2022 Total funds £ 100,734 44,525 145,259 107,854 (38,627) (1,222) 1,635,477 1,634,255 |
2021 Total funds £ 90,527 41,308 |
|---|---|---|---|---|
| 131,835 | ||||
| 113,230 | ||||
| 104,116 | ||||
| 122,721 1,512,756 |
||||
| 1,635,477 |
The notes form part of these financial statements
Page 4
The Goodman And Ruthin Charity
Balance Sheet 31 December 2022
| Notes FIXED ASSETS Tangible assets 7 Investments 8 CURRENT ASSETS Debtors 9 Investments 10 Cash at bank and in hand CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 12 NET ASSETS FUNDS 14 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted funds £ 377,609 539,610 917,219 333 5,950 31,024 37,307 (5,409) 31,898 949,117 (27,751) 921,366 |
Endowment funds £ - 712,889 712,889 - - - - - - 712,889 - 712,889 |
2022 Total funds £ 377,609 1,252,499 1,630,108 333 5,950 31,024 37,307 (5,409) 31,898 1,662,006 (27,751) 1,634,255 921,366 712,889 1,634,255 |
2021 Total funds £ 377,609 1,255,344 1,632,953 - 5,950 28,617 34,567 (3,971) 30,596 1,663,549 (28,072) 1,635,477 895,152 740,325 1,635,477 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Lady S G Hudson - Trustee
The notes form part of these financial statements
Page 5
The Goodman And Ruthin Charity
Notes to the Financial Statements for the year ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The financial statements are also prepared in accordance with the Statement of Recommended Practice For Registered Social Housing Providers 2018, and the Accounting Requirements for Registered Social Landlords General Determination (Wales) 2015.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Income from rents and room hire is recognised on the basis of premises occupancy.
Income from investments is recognised upon notification from the fund manager.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is 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 and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided Fixtures and fittings - 33% on cost, 20% on cost and 10% on cost
Housing land and buildings
Housing properties are held for the provision of social benefit housing and are stated at cost. The development costs of housing properties include the following:
(i) Development expenditure
(ii) Interest charged on the mortgage loans raised to finance the scheme.
It is considered that housing accommodation is maintained to a high standard through a continuing programme of refurbishment and maintenance. Consequently the lives of properties and their residual values are such that any depreciation charge would be immaterial. The expenditure on repairs and maintenance is recognised as expenditure in the year which it is incurred.
Taxation
The charity is exempt from corporation 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.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 6
continued...
The Goodman And Ruthin Charity
Notes to the Financial Statements - continued for the year ended 31 December 2022
1. ACCOUNTING POLICIES - continued
Social housing grants
Social Housing Grants paid as a contribution towards the capital costs of housing schemes are recognised against the cost of property.
Investments
Investments are stated at market value.
Debtors
Debtors are recognised at fair value and stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at banks and in hand, demand deposits with banks and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and there after stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial in which case they are stated at cost.
Mortgages
The mortgage loan has been advanced by Housing for Wales.
2. OTHER TRADING ACTIVITIES
| Income from Wayleave Income from Room Lettings Weekly Maintenance Charges INVESTMENT INCOME Income from listed investments Bank interest |
2022 £ 173 340 100,221 100,734 2022 £ 44,507 18 44,525 |
2021 £ 157 - 90,370 |
|
|---|---|---|---|
| 90,527 | |||
| 2021 £ 41,307 1 |
|||
| 41,308 |
3. INVESTMENT INCOME
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Depreciation - owned assets | - | 605 |
Page 7
continued...
The Goodman And Ruthin Charity
Notes to the Financial Statements - continued for the year ended 31 December 2022
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Other trading activities Investment income Total EXPENDITURE ON Charitable activities Social Housing Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 7. TANGIBLE FIXED ASSETS COST At 1 January 2022 and 31 December 2022 DEPRECIATION At 1 January 2022 and 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
Unrestricted funds £ 90,526 41,308 131,834 113,230 44,966 63,570 831,582 895,152 Freehold property £ 377,620 11 377,609 377,609 |
Endowment funds £ 1 - 1 - 59,150 59,151 681,174 740,325 Fixtures and fittings £ 25,878 25,878 - - |
Total funds £ 90,527 41,308 |
|||
|---|---|---|---|---|---|---|
| 131,835 | ||||||
| 113,230 | ||||||
| 104,116 | ||||||
| 122,721 1,512,756 |
||||||
| 1,635,477 | ||||||
| Totals £ 403,498 25,889 377,609 377,609 |
Page 8
continued...
The Goodman And Ruthin Charity
Notes to the Financial Statements - continued for the year ended 31 December 2022
8. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2022 New investment Change in market value Income accrued At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
Listed investments £ 1,255,344 19,999 (38,627) 15,783 1,252,499 1,252,499 1,255,344 |
|---|---|
All investments are listed and managed by an external investment manager. There were no investment assets outside the UK.
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments 10. CURRENT ASSET INVESTMENTS COIF Deposit Account 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Social security and other taxes Accrued expenses 12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other loans (see note 13) 13. LOANS An analysis of the maturity of loans is given below: Amounts falling due in more than five years: Repayable by instalments: Housing for Wales |
||
|---|---|---|
Advanced by Housing for Wales to finance the development of Housing buildings, repayable by instalments over 60 years from 1st May 1983.
The loan is secured by a fixed charge over the property.
Page 9
continued...
The Goodman And Ruthin Charity
Notes to the Financial Statements - continued for the year ended 31 December 2022
14. MOVEMENT IN FUNDS
| Unrestricted funds Revenue Reserve Investment Revaluation Reserve Endowment funds Investment Revaluation Reserve Capital Reserve TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds Revenue Reserve 129,477 Investment Revaluation Reserve 15,783 145,260 Endowment funds Investment Revaluation Reserve (1) TOTAL FUNDS 145,259 Comparatives for movement in funds Unrestricted funds Revenue Reserve Investment Revaluation Reserve Endowment funds Investment Revaluation Reserve Capital Reserve TOTAL FUNDS |
At 1/1/22 £ 755,227 139,925 895,152 494,991 245,334 740,325 1,635,477 Resources expended £ (107,854) - (107,854) - (107,854) At 1/1/21 £ 751,607 79,975 831,582 435,840 245,334 681,174 1,512,756 |
Net movement in funds £ 21,623 4,591 26,214 (27,436) - (27,436) (1,222) Gains and losses £ - (11,192) (11,192) (27,435) (38,627) Net movement in funds £ 3,620 59,950 63,570 59,151 - 59,151 122,721 |
At 31/12/22 £ 776,850 144,516 921,366 467,555 245,334 712,889 1,634,255 Movement in funds £ 21,623 4,591 26,214 (27,436) (1,222) At 31/12/21 £ 755,227 139,925 895,152 494,991 245,334 740,325 1,635,477 |
|
|---|---|---|---|---|
Page 10
continued...
The Goodman And Ruthin Charity
Notes to the Financial Statements - continued for the year ended 31 December 2022
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds Revenue Reserve Investment Revaluation Reserve Endowment funds Investment Revaluation Reserve TOTAL FUNDS |
Incoming resources £ 116,850 14,984 131,834 1 131,835 |
Resources expended £ (113,230) - (113,230) - (113,230) |
Gains and Movement losses in funds £ £ - 3,620 44,966 59,950 44,966 63,570 59,150 59,151 104,116 122,721 |
Gains and Movement losses in funds £ £ - 3,620 44,966 59,950 44,966 63,570 59,150 59,151 104,116 122,721 |
|---|---|---|---|---|
| 63,570 59,151 |
||||
| 122,721 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds Revenue Reserve Investment Revaluation Reserve Endowment funds Investment Revaluation Reserve Capital Reserve TOTAL FUNDS |
At 1/1/21 £ 751,607 79,975 831,582 435,840 245,334 681,174 1,512,756 |
Net movement in funds £ 25,243 64,541 89,784 31,715 - 31,715 121,499 |
At 31/12/22 £ 776,850 144,516 |
|---|---|---|---|
| 921,366 467,555 245,334 |
|||
| 712,889 | |||
| 1,634,255 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds Revenue Reserve Investment Revaluation Reserve Endowment funds Investment Revaluation Reserve TOTAL FUNDS |
Incoming resources £ 246,327 30,767 277,094 - 277,094 |
Resources expended £ (221,084) - (221,084) - (221,084) |
Gains and Movement losses in funds £ £ - 25,243 33,774 64,541 33,774 89,784 31,715 31,715 65,489 121,499 |
Gains and Movement losses in funds £ £ - 25,243 33,774 64,541 33,774 89,784 31,715 31,715 65,489 121,499 |
|---|---|---|---|---|
| 89,784 31,715 |
||||
| 121,499 |
Page 11
continued...
The Goodman And Ruthin Charity
Notes to the Financial Statements - continued for the year ended 31 December 2022
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
Page 12
The Goodman And Ruthin Charity
Detailed Statement of Financial Activities for the year ended 31 December 2022
| INCOME AND ENDOWMENTS Other trading activities Income from Wayleave Income from Room Lettings Weekly Maintenance Charges Investment income Income from listed investments Bank interest Total incoming resources EXPENDITURE Charitable activities Wages Pensions Rates and water Insurance Light and heat Office expenses Garden maintenance General repairs Cyclical repairs Extraordinary repairs Care alarm monitoring Residents amenities Cleaning Charitable donations Other Depreciation of tangible fixed assets Mortgage Support costs Finance Bank charges Governance costs Accountancy Legal fees Consultancy Total resources expended Net income |
2022 £ 173 340 100,221 100,734 44,507 18 44,525 145,259 47,195 1,276 5,146 1,670 13,506 3,042 2,203 8,642 1,307 6,321 2,531 678 1,731 - 309 - 3,255 98,812 79 1,197 300 7,466 8,963 107,854 37,405 |
2021 £ 157 - 90,370 |
|---|---|---|
| 90,527 41,307 1 |
||
| 41,308 | ||
| 131,835 45,903 1,027 5,676 1,865 12,354 3,644 2,678 9,350 2,481 15,604 4,346 235 2,123 100 805 605 3,294 |
||
| 112,090 - 1,140 - - |
||
| 1,140 | ||
| 113,230 | ||
| 18,605 |
This page does not form part of the statutory financial statements
Page 13