Shrewsbury Drapers Holy Cross Limited incorporating Shrewsbury Drapers Company Charity Board Report and Financial Statements For the year ended 31 December 2023 Homes and Communities registration number. 4809 Company registration number: 07(K)0798 Ch81ity r8gistration number.. 1132671
Shrewsbury Drapers Holy Cross Limltod Incorporatlng Shrewsbury Drapers Company Charlty Flnanclal Statements Year Ended 31 December 2023 Conlonts Page Registered Social Housing Provider Irrfomiatlon Board Report Independent Auditor'8 Rept Statsmenl of Comprehensive Irthrne Balance Sheet 11 12 13 Statement of Changes In Reserves statement of Cash Flows 14 15 Notes to the Financ4al Statements 16-25
Shrewsbury Drapers Holy Cross Umlted Incorporatlng Shrewsbury Drapers Company Charity Regl$tsr•d Social Housing Provlder Year Ended 31 December 2023 Members of the Board Mr A Cross Mrs J Boyd Mr R Auger {Retirgd 2112123) Dr R Hatt8 Mrs C Hc4mes {Rettred 1319123) Mr B Newman {Retired 1513123) Mr l Davies Mr N Prosser {Seuetsry) Mrs A Thom Mr R Gough Mrs G Davies Mr T Hunt Mrs N Sykes-waller (Appointed 1513123) Mr A Barbut (Appointed 2013124) Mr N Prosser Reglstsrgd offlce Draper8 Place HOfaIr Abbey Foregate shrbUry SY2 6BP Audltor WR Partners Belmont Housa Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Sollcltor Hatchers SolKitors Welsh Brldge 1 Frankwell Shrewsbury Shropshire SY3 Bankers Uoyds PLC Pride Hill Branth Shrewsbury Shropshire
Shrewsbury Drapèrs Holy Cross Umlted Incorporating Shrewsbury Drapern Company Charlty Board Report Year Ended 31 December 2023 Tho Board of Shrewsbury Draperg Holy Cross Limttl. corp)rale trustee of the linked chariiy, Se$bUry Drapers Company Charity present its report and the audtied financral statements of Shrewsbury Draper5 Holy Cross Limlled for the year ended 31 December 2023. The Trustees confirm thal the Annual Report and financial statements of the Asscoation Comply wrth the current Statut requirements, the requirements of the Association's govemlrvj document and th8 provisions of the Statement of Recommended Practice {SORPI, applicable to Reglstered 81 Landk)rds, Housing SORP 2018, preparlng their accounts in acccrdanca th the Financial Reporting Standard applicable in the UK and Rewblic of Ireland {FRS 102) {efftIv6 1 January 2015). Members of tho Board The memters ofthe Board w> have served during tho year are as follows.. Mr A Cross Mrs J Boyd Mr R Auger (Retired 2112123) Dr R Hatts Mrs C Holmes (Retired 1319123) Mr B Newman (Retired 1513123) Mr l Davies Mr N Prosser ISèer8tary) Mrs A Thom Mr R Gough Mr5 G Davles Mr T Hunt Mrs N Sykeg-waller (Appointed 1513123) Mr A Barbut (Appoint1 2013124) shreWstry Drapor5 Hoty Cross Limited ISDHC Ltd) 18 the corporate trust&e ofshrewsbury Drapers Company Charity ISDCCI. Thg (A)jectives of SDHC Ltd and SDCC are to continue to run their almshouses for the benefll of Ihe elderfy in need ofsupport. 8eneficiaries are ordlnarlly re5id8ntg of Shrewsbury. the Countw of Shropshire and Powys or have a strong local connection wth the sam8. An assessment of the level of support 1$ made on application and the most appropriate applicant is ch)sen. The company aims to dev&lop communty SFirlt of mutual support to prevent loneliness arKI Improve well-being yet encouragin9 independont Itving. A subsmliary ¢)bject of SDCC is to ¢Serve and preserve speclfied historical hems of fumiture and other artefacts at Drapers Hall, shrebry, In settirKJ objedivos and planning for a¢tiwttes, the Board has given due consideratn to the latest guldan publlshed by the Charity Commission relattng to publlc benefft and to safeguarding.
Shrewsbury Drapers Holy Cross Llmlted Incorporatlng Shrewsbury Drapers Company Charlty Board Report Year Endod 31 D8cembor 2023 Mlsslon Statamont Shrewsbury Drapers Hoty Cross Limited {SDHCI is a regislwed charity and the o)rporate tnjstee of the linkod charity Shr8wsbury Dra[8 Company Charrty. Our Purpose is to provide safe, comfortable and affordable hneS for F0e in thelr later years. Ourviwon 15 that SDHC Is a modem. efflcient and effective trnlder of supported hcKJsing communitie5 where.. Resld•nt8 thrive in a saf8 and $9curg envlmnmenl. fr8efrcffn isolatlon and loneliness. They and theirfamilies recognisa tY get high valu9 for mon8y. rapid response to building repairs or problems, pèriodi improvements and refurbishrnents, w811-maintslned communal facilities and gardens. assistance, organi58d meetings and events. and a listening ear. Shropshire Coundl. Homos England, and rogulators consKier SDHC 8 responsible, profwional registèr9d housing provider and developer helping to solve Shropshire'5 housing issues. Dtsnors f881 their money is efficiendy and effectively Snt on a worthIle cause. Community Groups appr8ciate Ihe Inexpensive communlty meeting room with excellent kitchens and AV facilities. staff and Volunteers feel valued arKI appreckted, while being given th8 OPPOrtunty to make a real d([ren lo Ople'S lives. The poople of Shropshlr• ind Powys undersland aThJ value SDHC because of the ben8frts11 brfngs lo the and th8 SUTroundlng communities. There is an Alm8hou8es Management Commlttee who oversee th& management oflhe properties and resldent welfare. The liaison members who visit regularly and other volunteers who make individual vistts such as the suNeyors are required to undergo Disclogure and Barring Servicg checks. The management of the volunteers Is through the Ajmshouses Management Commlttee which reports back to the Board. There is a complaints Fdicy and procedure in place for residents which i8 set out tho website. A Manager wns th& office at Dr8pers Placa. and managos the propertw Indding the community facilty. th8 Bradbury Sulte. There is also a Finance and Admin Officer. There is conSidable OrdInatiOn a1 cooperation tween the amoYeeS and volunteers. Close re18tlonships L1Ween residents and the Manager reflgct the professional and supportive role played by employee5. Th8 Employees are given guiddines on their roles induding relationships ¥Mth the residents. These are revlewed every three y&ars. All the Board members are volunteers. The Gharity r811es slgnifficantly on voluntaersupport P8rtic#Jlarfy In the management of the almshouses Including secretarial and clencal work. Based on an analysis of volunteer time completed during the year, the bellefil to the chafity over the year Is estimated to be 8fouThI £90.000 eratlon l.0UpanCY and Residents Our almshouses continue to be very popular and are Subjoct to any uplIng once they become vacant. Occupancy is typically in excess of 95%. Demand and enquiries for aceommodatlon r8mains high and any VancieS are filled within a relatty short spac8 of thanks to our staff and dlllgent volunteers.
Shrewsbury Draper6 Holy Cross Llmlted Incorporatlng Shrewsbury Drap•rs Company Charity Board Roport Year Ended 31 Decembor 2023 2.Prcpety Improvement Our Draper Surveyor continues lo assess and implement the requ11 property maintenance across all four of our almshouses siles. The four bungalows at St Gil8s have all had new bathroom windows with the residents reporting much wamer bathrooms. A new gazebo has also been added to the g8rd8ns at Drapers Place for our residents lo enjoy during the SLmmer months. 3.Alh0use development Tho proposed devglopmenl of a new Sche at Fairford Place has bgon 8pprov8d by tha planning authorities in January 2024. The development will consist of a new bl¢)¢k of eight apartrn8nts which will greatty enhance the offer of accommodatKJn. A refurbishment programm8 of 12 $tIng bBdsits is also pianned to upgrade the accommcKlation to singlè bedroom apartsnents. 4.Staffing After the ratirement of our long standing Warden in May 2023 a new member of staff has b8en employed as a Finan(% and Administration Officer. We continue to monltor our staffing levels wtlh a to our future needs and the new devglopment at Fairford Place. The Proportie3 Hospital of the Holy Cross: the fve almshouses were bullt In the mit>181)Js. Part ofthe land behind the almshouses Is leased to 8 crown green bo[ng dub. Falrford Pla¢e: there are 16 studio flats, bulli In the 1960s, set in 8 qulet location in Coleham, Shrgwsbury convenlenlly placed near to local shop8 and for walking into town. Planning pèrmission has bgen granted to replace the fomer Warden's lodge wtth 8 new units. In 8ddition 12 of the studio flats ar& intonded lo be extensively altered to provide apartrnents which meet currènt thermal performance requlrements.Improvemenls induding redecoration aThJ rewiring are carrietj out for the remaining 4 Studio flats as they become vacant. Hospltal of St Gllos: It9 ar8 4 on&bedroom bungalows n8ar St Giles Church set backfrom Wenlo¢k Road, Shrewsbury. Drapors Place: Drapgrs Place contains 21 On&b&lrc and 4 twbedrc1 apartrnents, an office for 8dminislrdlKsn, two lourbg8s for the residents. a hObbS r(KJm and the Bradbury Surt8. The Bradbury Suite comprises a large meeting rM %Mth AV facilities 8nd well equipp&l kitchen facilrties. and available for hire by IoGal people or organisalion& Newport: There is one remaining Almshouse {of four) at NewporL Whilst this prot*rty is not fully up to tha standards w8 set in torms of space, Ihe strong preference of the rgmaining resrdenl to remain has been respected. The resident will continue to enloy full occupancy rKJMs and, recervos regular from Drap8rs. and support from Ihe adjoining Haberdashers, Adams. Gramm8r School. Flnanclal ravlew The fiarla1 statements 8r6 prepared on an accruals bxsis arKJ the aCUnIS are sutlect to a full audlt r8thef than an inspection. For the year to 31 December 2023, the financial statements report1 a SLKplus crf £12.816 {2022 deflcit £159,710) The net assets at the year-end were £4,040.274 {2022 £4,027,458). The Board continually assess th8 financial PerfOanCe of the cA)mpany wth a detailed sile breakdown of income and costs. Monthly management accounts compare actual performance against budgetwith a detailed
Shrewsbury Draper6 Holy Cross Umltsd incorporating Shrewsbury Drapors Company Charlty Board Report Yéar Ended 31 December 2023 variance analysi5. PerfOnanCe metrics are reviewed on both 8 te and historic basts and provide inforrnaliDn for future planning and budgeling. Financial perfomiance New Supply Gearing Inte1 Cover Social housing G05t per unit Operating margin Retum on Capital Empbyed 2023 2022 20% 245% £2.091 23% 21% 313% £3.025 11% •. Reservos policy At the end of evgry finarKial year sufficient fvnds arg set asid8 from Income or exlslng flnancL81 assets kn" a} covgr the cost of the rgpair and the maintenance value of th8 exlslng phys11 assets., and b> fund other reserves, induding a general reserve. for amounts as may be deemed to be appropriate in foresgoabl8 GirGumstances. The minimum level of reserves refiects the propety folio and the Company's mortg48 li8bllty. Fe reserves at the Yffarnd wer8 £863,616 {2022 £802,208). b. Materfal Investments poll¢y Investments are being managed by Brewln DcAphin under an agreed F(slicy of diverstfied risk seekirYJ a tot81 retum from the portfollo of both pital appreaatlon and income yield. Regular revws take pla. c. Rlsk managThnt The Board examlnes annu8Uy the strategic and operalKJnal risks lch the entity f8ces and confirm that systems are in place to enabk gular reports lo be prC<luCl so that the required steps may be taken to lessen those risks. They continue lo revtew and improve such systems as may be necessary. The almshouses are on 5 sites. Each sile is conshjered on an individuol basi5 and where required Improvements to properties continue. The Board ha5 hlenlified that potential k)ss in revanue resutting from a lower than Lwupary rate could put a strain on finances With respect to repayment of the mortgage. The rate of o¢cupan¢y has been highgr than this year on year for some time, however the minimum level ha8 been set at a pNdent level. The Gurrenl level of reserve5 is ab)ve this. Key Obloctivgs For 2024 1. Maintain FinanGial Su5tainabNity To ck)sety monitor our costs and increase Ixjr in(x)me vA)ere po55ible against a bad<drop of infl8tion and higher energy costs. Continue to progres8 the review of WMCS wth Shropshire Council. 2. Rgsidgnts To provido a safe and secure environment resldenl$ to Ilve In a communlty setting wherg their needs are understcth while maintainlng Independent Ilvlng In thelr own homo. 3.Rgview our perfcymance as an Almshouse provkJ8r agalnst r81gvant Standards.
Shrewsbury Drdpers Holy CTOSS Umfted Incorporating Shrewsbury Drapers Company Charity Board Report Year Ended 31 Docamber 2023 4. Twstee Trainir4J To continue to encourage Trustee trainiNJ where appropriate including online training c(wt3es through The Almshouse Association, and record complianGe. 5. Property Maintenance To continue maintaining existing properties as necesw at all of our site8 iluding Drapers Place, Fairford Place, St Ge5 and Holy Cross. 6. Progress wrth our New Amshousg Devebpment Planning p8mission has been obtained for Fairford Place as a development site for the bulldlng of a new unit of 8 apartments and the conversroD of 12 9XiSting bedslts to one-bedroom apartments. The Company. and the linked ch8rty, are fortunate in not having to dèpend on charitable donations to meet the wincipal chartlable objective, the provtsion of almsh)use accommodation. A htqh proportion of our incom8 is from rel8Uvely secure sources, induding Housing Benefit The Companvs resources, induding cash, are at 18vel that gfves ug the confidence that we can continue to operato nonallY. Strudurn emance and rna ement Shrnwsbury Drapers Company As an organised tody. the Shrewsbury Draperg became prominent with the founding of almshouses in 1444. and became even more important when their Guild w89 irwrporatsd by Royal Chartor under the seal of King Edward IV in the year 1462. In this Charter the Shrewsbury Drapers were given thè title 'A Fraternity or Guild of the Hoty Trinity of the Men of the Mystery of Drapers in the town of Salop,. Following the &naCtmt of the Mun1paI Corporations Act 1835 the members of the Guild c¥)ntinued as trustees of the Amshouses first estsblished in 1444. Tha Guld is now known as the Shrewsbury Drapers Comp8ny. It is not a registered charity. Shrewsbury Drapèrs Holy Cross Llmtt8d {rogist•red Charlty 1132671) Shrewsbury Drapers Holy Cross Limited was incorrthted as a private Company limited by gu8rants8 under the Comp8nies Act 1985. It was sel up by the Shrewsbury Drapers Company with Its Memorandum of Associa0 primarily to provKle almshouse accommodation for needy eldedy petsons of gocmd chararter who are either ordinariFy residents of the immediate area of Shrewsbury, the wider area of th& Counties of Shropshire and Powys, or have strc¥)g o)nnectt(Th with the same. It is a registered tharity. Shrewsbury Drapers Company Charity {Reglst•r•d Ilnkodl¥ubsldlary Charlty 1132671-1) The Froemen of Shrewsbury Drapers Company were responsit4e for the running of three individual sets of almshouses untll 1 January 2015. From th* date the charities fomierty known as The Hwital of the Holy Cross {1132671-1), Hospital of St Giles12339031 and the Shrewsbury Drapers Company General Charities (213372) were Thrggj Into a new scheme to be known as Shrewsbury Drapers Company Charity {1132671- 1), o linked or sijbsldiary chartty with Shrewsbury Draper8 Holy Cross Ltd11132671) as the sole corwrate trustee. The Gharities 2333 and 213372 were then d®lst8red. M•th¢xl of appolntment or el¢¢tlon of tho Board One of th9 Board members must be the Master of the Shrewsbury Drap8rs Company who nomially WAI act as Chairman. The Master is elected annually by the Freemen of the Shrewsbury Drapers Company through their Court. The remainder of the Board must be Freemen of th8 Shrawsbury Drap8rs Company. At the Annual General M8oting in May 2015. the 8oard agreed to make all Freeman of Shrewsbury Drapers Company 'Members" ol Shrawsbury Drapers Holy Cross Ltd. all crf whom havlng voting rights at future general meetings
Shrowsbury Drapers Holy Cross Limlted incorporating Shrowsbury Drapers Cornpany Charity Board Report Year Ended 31 December 2023 inc4uding election of new directors. The procedure must follow that presGribed In the Company Artides of Associallon. The selection ofthe peOe PLrt forward by the Board forelectbn is made after assessm the areas ofexpertise that need to b8 strengthened. In most cases these indNiduals WIN have served lime on the m8nagemenl su commrtlees as part of their experien Ènd trainiro. The dulles of Diroctors and Trustees are explained lo thém. Decisions arg made at the Board l&vel apart from d8legatKJn to commlttegs such as the Almshousos Managemnt Commtttee which rerxyts to the Board. b. Organisatlonal stwcture and d•cislon maklng The Shrewsbury Dr8pers Company (Gulldl has up to ele(led Freemen wh) are all Memt)n of Shrewsbury Drapers Holy Cross Ltd. All Directors on the Board of Shrewsbury Drapers Holy Crcw Ltd have to b8 Freemen of ShreVury Drapws Company. Some Freemen are Trustees l Oirectors of Shrewstry Drapers Hall F¥eservation Trust Ltd (Registered Chadty 1073486) bul any possible conflict d inter8$1 is declared. The FJssibilty of a confiict is very low. The Board of the Shrewsbury Drapers Holy Cross Ltd, as rpOrat9 tsiJ8tee, has over811 r85ponsibility fof the management of Shrewsbury Drapers Company Charity11132671-1) in 811 its 3ffairs. The Ajmshouses Management Cormitttee, is responsible for the daity management of all the 81mshouses owned by Shrewsbury Dr8pers Company Charity11132671-11 and the remalnlng almshouse underthe Adam$ Eleemosynary Charities and Ihe resKlents. This committee reports to the Board of the Shrewsbury Dra8 Hdy Cross Ltd. Th8 Finance Committee Is ehaired by the Finance Dwector and makes recjjmmendalions to the Board on budgets 8nd flnanci81 management matters. The Board h8s adopted a c(MJe of governan based on t8mplate provlded by the AlmshoLtse Associatlon. In addition. Shrewsbury tkapers Company Charlty Is a member ofthe Almshous8 Association 1¢h publi3h89 "Standaids ofAmshouse Management" which Is LFsed for referen. The Company is a registered providar of social lyyjsing with Horngs England. The Board is duty bound lo follow regulatory comlance from Ihe Regulator of Social Housing IRSHI the Charlty Commissiw. and Companies House. c. Employee Invofvement and gmploym•nt of tho dl8abled Employees are consulted on issues of concem to them by means regular ¢onsult8tfve a1 staff meeting$ and have been kept infcmed specrfi¢ matters directly by management. The Company c4rries out exil Intervi8ws for all staff le8vlng the organisalion. In accordance Wtth the Compatys equal opportunitsos pollcy, the Company has long established faif employment practlces in the recruFtmenL selecn, retention and training of dlsabled staff. Full details of this policy is available from the COMpanS office.
Shrgwsbury Drapers Holy Cross Limitsd Incorporatlng Shrewsbury Drapers Company Charlty Board ReF)Ort Year Ended 31 December 2023 Board's rgspon8ibilities The Board is responslble for preparing the r8tt*t and fnanclal ststements in attordance th appliGab19 law and regulations. Company charfty 18W and registered social IKMJsing legi8latlon qUIre th8 Board to prepare financial statements for each flnancial year which give a true and fair view of the state of affairs of the Company and of its income and 8xp&ndlture for that peri1. In praparfng th8$8 flnanclal statèments. the Board Is reqLtlred lo= select sultable accountlng policies and then apF4y thsm Consistent., make judgem8nts and estimates that are reasonable and prudent., state whether appllcatle accounting standards have b88n folbwed, subjectto any materi81 departures disclosed and explained In the financial statem8nts" and prepare the financial statements on the goiThJ cx)nc8m basis unless It k8 inapproprkqte to presume thal the Company will continue in twslness. The Board ts responsible for keen9 proper accounting records which disckjse with reasonab accuracy at any time th8 financial poslllon of the Company and enable it lo ensure that the finandal statements comply th the Accounting Direction for te registeied providers of social housing in England 2022. It has generdl reS[nsIbIlity for taking reasonable steps to safeguard the ass8ts of the Company and to prevent and detect fraud and other irregularities. Dlxlosuro of Infomtion to tho audilors We, the Board members who held office al the date of approval of these Financial StateMts and in line with the Regulator of Social Housing'$ 'Govemance afKI Finanaal Vk9bilily Standard, as set out variously above. each confimi, so far as we are aware, that: there is no relevant audit informatN)n of which the au¢JltcMB are unaware; we have taken all the steps that we ought to have taken as Board rnembers in order to make oursefves aware of any relevant audit Inlomiation and to aslablish th8tthe audllors are aware of that infonnation; and we cM[Y with the Governan and Financial Wiability Standards set by Ihe RSH. On b8half of th& Board Mr T Hunl Chalr 24 Aprll 2024
Shrewsbury Drapors Holy Cr088 Limited incorporating Shrèwsbury Drapers Company Charlty Indepondent Auditofs Report to the Members of Shrewsbury Draper8 Hoty Cross Limited In¢orporating Shrewsbury Drapers Company Charity Yoar Endod 31 D8cernber 2023 Opinlon We have audited the finandal statements of Shrewsbury Drape Holy Cross Llmited C01[x)ndtInQ Shrewsbury Drapers Company Charity {the 'Associ8tion') for the y8ar ended 31 December 2023 which comprise the Statement of C(wnpreher6ive Income, the Balan Sheet, the Cash Flow Statement and rK)tes trj the financlal statements, including a summary of signrficanl accountlng pOIleS. The finarla1 reporting framework that has been applled in th8ir preparatlon Is appluble law and United Kir¥Jdcffi Accounting stalards. indudiTrJ Financkql Reporting StaTrJard 102 The Finanu81 Reporting Standa1 applic8ble in the UK and Republic of Ireland {Unlled Kingdom Generally Apted Actountlng Practice). In our opinion the financial stat8rngnts'. give 8 twe and fair vlew ofthe state of the A$slation'S affalrs as at 31 D8comb8r 2023 and Is InmIng rasoLJrces and applution of resources, induding tts income expenditure. for the year than ended,. have been properly prepared in accordance wlth Unf(ed Kingdom Generally Accefvl Ac¢xMJnting Practu., and have been prgpared in accordance with th& requiremerrts of Companiès Act 2006. thg Housing and Regeneration Act 2008 and tho Accounting Direction for private tsgistered providers of soGial housing In England 2022. Basls for opinlon We ¢onducted our audit in accordance with Intemallonal Standards on Auditing (UK) IISAS IUKI) and applicable . Our responslbi15ties underthose stand8rds are furtkEr described in the Auditorfs resportsibllllies forthe audit of the financial ststements section of our report. We a Ind8pendent of the assoc1a1Jn in accordance with the ethical requirements that are relevant to our audh of the financial statements in the UK Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requir8ments. We bglieve that the audit Idence we have obtained is sufficient and appropriate lo provide a basis fof our opinion. Conclu¥ions relallng to golng concom In auditing the financial statements. we have cJJnc1ud that the Boards, use of the going conrn basis of accounting in the preparation of the financial stat8ments is appropriate. Based on the work we have perfonmed. we have not E(Jentrfied any materlal uncertaintr9s relating to events or condttions that, indivkyually or collectrvely, may cast slgnffjcanl doubt on the Association's abilty to continue as a going c¥Jncem for a period of at18ast tsvefve months from when the finanaal statements are authorised for issue. Our responsibilities arKI the reswrysibiliues of the B08rd wlth respect to ping concern are described in the relevant section5 of this rewt Othor Inforniatlon The other infomiation comprfses the information induded in the annual rert. other than the financol statements and our audrtorfs report thereon. The board are reSponsie forthe other infomiation contained wrthin the audit roport. Our opinion on the ffinanckgl statements does not cover the other infomiation and, exGepl lo the extent otherwise explrt stated lli our report we do rot express any foryn of assurance conclusi¢)n thereon. Our responsibility is to rgad the other infomation and, in doiry so. cOnder whether the other information Is materially inconsistent with thefinancial staternents or r knoedge obtained in the audit or oth8rwise app8ars to be materfally misstated. If we idenlty such material inrJ)nsistencies or apparent material misstatements. we are required to determine whgther this gives ris8 to a material miSStatent in the financial statements themselves. If. based on the work we have performed, we conciude that there is a material misstatement of this other ifrfomialion. we are requirod to report that fact. We have nothing to TrFQrt in this regard.
Shrew8bury Drapers Holy Cross Umlted Incorporatlng Shr•wsbury Drapers Company Charty Ind8p8ndent AuditoVs Report to the memr8 of Shrewsbury Drapers Holy Cross Llmlted incorporatlng Shrewsbury Draper5 Company Chartty Year Ended 31 December 2023 Oplnion on othgr matters prosGIlbl by the Companios Act 2006 In our opinion, based on Ihe Wfxk undertaken In the Course of the audlt. the Infomatic given in the board re for the financial year for which the financial statements are prepared Is consisleTrl wth the financial statements. and the board report has been prepared in accordance with applKable legal requlrements. Matter5 on which we ar• rnqulrad to report by ex¢•ptlon In the light of our knedge and understanding of the ass(lation and Fts environment obtained in the course of the audit. we have not identifled material misstatements In the board report. We have Th)thing to reFKt in rgspect of the following rnatt8rs In relation to which the Companies Act 2006 requires us lo report to you if. in our opinion.. adequate accn11ng racords have not been kept or r9tums adequats for our wjdit have not boen receiv&J from branches not wsited by us: or the financial statements are not in agreement wmh the accountlng rec(Yds and retums.. or certain disclosures of dirèdors, remuneration speGifi8d by law are not made., or we have not received all the in10ation and eXplanaticS we requi for our audtL In addltion, we have nothing to report in respect of th8 following matter Whe the Housiry and Regeneration Act 2008 requires us to report to you rf. in our opinion." a satisfactory system of control over tr8nsactKJns has not been mainlaingd. Rgsponslblllties of the board As explalned more fvlly in the board's responsibilities statement, th8 board membets {who are also the d[r10[5 of the asSlatIon for th8 purposes of company law} are wponsible for Ihe preparalhm of the financial statements and for being satisfied that they give a tnje and falr view, and for such intemal control as the board determine i8 SSary to enable the prèparation of financial statements that are free from material misstatement, whether due to fraud or error. In prepariro the finandal slatem8nts. the board 13 responsible for asse55ing th8 assodatlon's ability to contlnue as a going concern, dl$ck6lng, as applicab, matters related to gcmng o)ncern and using the going concern basis of accounting unless the board either intsnds to liquidate the assouation or to cease opèrations. or has no alIStiC attemative to do so. Audltorf8 re8ponslbllltles for the audlt of tho finthnclal statsmonts Our oblpAives are to obtain rgasonabl8 assurance about whether the financial stat&ments as a wthole are free from material misststement, wheth8r due to fraud or error, and to Issue an auditor's report ihat indudes our opSnlon. R&3sonable assur3nc8 15 a high level of assurance, but Is nol a guarantee that an audit cA)nduGted in accordance with ISAS IUKI will always detect a material misstatement vthen tt exists. Mi8Stat8ments can arise from fraud or error and are LxJn¥idgred material if. Individual or In the ag9ate, they could reasonably be expected to irfuence the economic decisi(S of user5 taken on the basls of these financial statemerrts. Irregularhles, iThJuding fraLxI. are instsnces of non-complianGe wth laws and reguLgtions. We d881gn procedures in line vAth wr spOnSibl11ties. outlin8d abov8. to detect material misstatements in respect of Irregularib'es induding fraud. The extent to which or PrcedUreS ar8 capable of detecting irregularfties. induding fraud Is detailed bel(yw.' Th6 audit team obtained an understsnding of the legal and regulatory frameworks that are applicable to the Assodation and determined that the most signfficant are those that relale to the repoiting framework IFRS102. the Stement of Recommended Practice for Soci81 Housing Providers 2014 and the Accounting Direction for private registered providers of s(xial housing in England 2022). omploymenl law, Heallh and Salety R8gulatbns, and the EU General Data Protection Regulation (GDPR). We underst&xl how th8 Asscciatlon Is Mplng with thesè frameworks by making enquiries of management and those responsible for Ial and cornpllance procedures. Wg have also review board minules to identify any recorded Instances of irr8gular4ty non-compliance that might have a material impact on the flnancA81 statements. 10
Shrewsbury Drapers Holy Cross Limited in¢orporatlng Shfowsbury Drapers Company Charlty Independent Auditorfs Report to the Members of Shrewsbury Drapers Holy Cross Limlted incorporating Shrewsbury Drapers Company Charity Year Endod 31 December 2023 We have assessed the SUgLeptibility of the A5sociationsfinancial slalements lo material misstatement, including how fraud might occur by me&iw with key management to urKlerstand where they consldered there was susceptlbllitylo fraud. Based m our understanding our proc&Juros inVoed enquiries of management and those charged wlth governance. manual joumal entry testing, cashbook revws for [ge and unusual items and the challenge of skJnrficanl accounting estimates used in preparfng the finanrAal ststements. A further description of our rasponsibilities for the audll of the financial statements is Iccatgd on the Financial RetM)rting Council's website at.. www.frC.g.ukIauditorSre8ponslb1llties. Thls description forrns part of our auditor's r&FJorL Use of our r¢port This report is madg solely to the Asscciation's membBrs. ag a body, in a¢xordance with chapter 3 of part 16 of the Compani8s Act 2006 and se10 137 ofthe Housing and Regeneration Act 2008. Our audit work has been undertaken so that we mlght state to th8 AssocialDn's members thos8 matt8rs we are requir8(I to slate to them in an auditorfs rgport and for no other purF(Ksa. To the fullest extent pem)itted by law. we do not accept or assume responsibility to anyone other than the ASS(latIOn and the ASlatiOn'S members as a body, for our audit work, for this report. or for the opinlons we have formed. WR Partners Chartered Accountants Slatutory Audrtors Belmont House Shrewsbury Busin8ss Park Shrewsbury. Shropshirè, SY2 6LG Date.. l £vL*
Shrewsbury Drapers Holy Cross Umlt•d incon)orating Shrewsbury Drapers Company Charlty Statsment of Comprehon8lve Incom Year ErKled 31 December 2023 2023 2022 Total Total Tumov 299.410 285,763 Cost of salgs 1106,643) <154.285) Gross surplus Administrative 9XpeIltUre 192,767 (47,6621 131,478 (23.529) Operatlng surplus b•foro depreclatlon DepT8ciation 145.105 107.949 (76,044 {76,910 31,039 Oporating suplus aftor deplatIon 69.061 Investment portfolio income and gains 174 (156.3971 Inl8rest receivable and similar IrMe 2,793 125 Interest payable and similar charges {59,2121 134,477) Surplusl{Dèficltl on ordinary act1v1t1 and total ¢ompreh•nsNe In0 for th& yèar 12.816 1159,7101 All activtb'es relate to continuing operatlons The notes on pages 16 to 25 fonn part of these financial statsments. 12
Shrewsbury Drapers Hoty Cross Limited In¢orporating Shrewsbury Drapars Company Charlty Balance Sheet Year Endad 31 December 2023 Company reglstration numbor: 07000798 2023 2022 Fixed a6S Tangible fixed assats Investments 12 3,526.945 13 s9,355 3,598,505 959,713 4.436.300 Current assets Debtors Cash at bank and In h8nd 4,558,218 14 1,543 436,701 853 332.882 438.244 333,735 Craditors: arnounts falllng due wlthln one year 15 (64,4221 (65,149) Net Current auots 373,822 268,586 Credltors: amounts falllng due aftèr more than one year Total net as$ots 16 {769,848) (799.3461 4.040,274 4,027.458 Reserves Income and expenditure reserve Revaluation res6rve Restrrcted reserve Endowment ieserve Designated reserv8 18a 1,225,988 18b 797,572 18c 552.285 18d 1.332,629 131,800 1,167,641 824,572 565,285 1,339,960 130,000 Totsl Reservos 4.040,274 4,027,458 Tho financial slatements were approved 24 April 2024 and signed on behalf of the Board by MrT Hunt Dlroctor Mr l Davieo Dlroctor The notes on pages 16 to 25 fonn part of these financial swements. 13
Shrewsbury Drapers Hoty Cross Llmlted incorporating Shrewsbury Drapers Company Charfty Statement of Chang•$ in Reserves Yoar Ended 31 DofAmber 2023 Incomo & expenditure r08erve R•valuatlon re8eThe Doslgnat•d Restrlcted Endowment resgr Total At 1 January 2023 1,167,641 824,572 130,OLM) 565,285 1.339.960 4,027,458 &Jrplus l (deficlt) for the year 12.816 12,816 Intem81 trangfers.. t)eprfjciation 68,500 {27,(M)O) {13,0001 <28,5001 Capllal rep8ymenls 121,189) 21,169 Deslgnaled projects movements I1,8)) 1,800 At 31 Decernb8r 2023 1,225,988 797,572 131.800 552.285 1.332.629 4,040,274 TFp notes on pages 1610 25 form part of these flnancial statements. 14
Shrawsbury Drapers Holy Cross Llrnlted incorporallng Shr•wsbury Drapors Cornpany Charity Statement of Cash Flows Year Ended 31 December 2023 2023 2022 Cash Ilow from opèrating activltl•s 19 195,891 107,248 Not cash Ilow frorn operating actlvltles 195,891 107.248 Cash flow from Investlng a¢tivltl•s Payments lo acquire tangible fixed asset Transfers in (refer to note) Inte$t received (4,484) 16,086) 2,793 125 Net cash flow from Inv•sting actlvltl•s {1,691) (5,961) Cash flow from flnanclng aGllvHIos Interest paiij Loans receivedl{repald) {59,2121 {31,1691 (34.477) 167,152) Net cash flow from financing acllvltles 190,381) 1101.629) Net Incmaso1{decrease) In cash and Cash equfvalents 103.819 {342) Cash and cash oqulvalonts at 1 January 2023 332,882 333.224 Cash and cash equlvalents at 31 Dècamber 2023 436,701 332,882 Cash and cash aquivalonts conslsts of: Short temi desx)sits 436,701 332,882 Cash and cash aquivalènts at 31 Dec•mhr 2023 436,701 332,882 The mtes on pages 16 to 25 fomi part of these financial statements. 15
Shrewsbury Drapers Holy Cros8 Umlted Incorporating Shrowsbury Drapers Company Charity Notes to tha Flnancial Statements Y•ar Ended 31 De¢ember 2023 1 Summary of slgnmcant accountlng pollclos {a) Gon•ral informatlon and bas1$ of prgparatlon Shrewsbury Drapers Company Charity is a charfty and a private registwed provider of swal hou$iNJ in the United Kingdom. The address of the regpstered office is given in the inforynation on page 1 of these financol statements. The nature of the AssociatM)n's q)erydtions and principal activities is to continue to run tls Almshouses for the benefft of the eldety in need of supporL The Associats'on constitutes a publi¢ bgnefft Asslatic as definad by FRS 102. The ffinan81 statements have b88n prepared In accordance with applicable accounting standards including Financial Reporting Standard 102 The Financi81 Repothy StandardApplicable in the UKand Republic of Ireland (FRS 102), the Statement of Recommended Practice for sal Housiro Providers 2019. and with the Accounbng Direclion for prtvate registered providers of soal housing in England 2022. The financk91 statements are also prepared under the reouwements of tt)e Housing and Regeneration Act 2008. The ffftancial statemenls have be8n prepared on a wing concem basis under the historical cost convention, modffied to include certain items at fair value. The finanaal ateMentS are prepared In sterflng. Treh is the fijncaional currency of the Association, and rounded to the nearest £1. The signfficant ac¢ounting policies appfied in the Preparat of thes8 financial statements are set out below. Thes8 pc4icies have been consistently applied to all years pregented unless otherwise stated. (bl Tanglble Ilxed a88et8 Tangible fixed assets {induding soaal housing properties) are staled al deemed cost jess acMUL918d depreTh8lion and accumu18ted impaiThent losses. Cc6t Includes costs directly 811ributsb18 to making the assd capable of operating as Intended such as the cost of acqulrfng land buildings. developments costs, Interest charges on k)ang during the development period and expenditure on improvements. Expenditure on improvement8 wlll only be capitalised when it results In Incremental future benefits such as incwsing maint8nance contribulw)n5, feducing maintenance Costs or resuIng In a significant extsnslon of the useftA economic lrfe oftr£ propety. The company separately identrfies the malor components vthich comnprise its housing propert$8s, and charges depreciation so as lo write-dOl tF Cost of each component lo its estlmaled residual v81ue. on a slraigm line basi3 over Ils estimated useful eeonomic lrfe. The useful economic life of these COMentS varies from 150 years for the struclure lo 25 years for COMpen suth as healing systems, windows and dcrs. The tXOPgrbes in their entitY are depreciation over an averag8 01 approximately 50 ye8rs. Depreciation 1$ provkled on all tangible fixed assets. at rates calculated to te off the cos¢ less estimated residual value, of @ach asset on a systematic basis over its expethd useful life as fdlows: Land Housing properties, complete S) years FLxtures and Fittings 15% SlravJht Line Housing properties under c¥Jnstruction and the asSated I1xtuS arKI fittings are not depredaled until they are In use. 16
Shrèwsbury Drapars Holy Cross Llmlt8d Incorporatlng Shrewsbury Drapers Company Charity Notes to tho Financlal Statements Year Ended 31 December 2023 {c) Debtors and crodltors rec8lvable I payable wlthln one year Debtors and (xeditors with no stated interest rate and receivabl8 or p8yable wrthin one yearare re¢orded at tran$a¢tion price. Any e$ arisirvJ from impainnent are recognisgj In the statement of comprehensive income in otPr administrative expenses. (d) Invostments Investments are rec(yJnlsed initially at fair valua which is normally th8 transaction price oxdudirvJ transaction cos1& Subsgquently, IW are measured at falr value through the statement of comprehensive income rf the shares are publicly traded or their fair value can oth6Thse b8 measured reliably. Other investments a mea8ur&J at cost less impairment. (e) Tax The A$stion is recTrJnlsed ty HMRC as a charlty and thèrefore ex8mpt from corFy)ration ta In Turnover and olher In¢ome Tumover is measured at the faw value of the consideration r1Ve0 or receivable net of VAT and trade diSUnts. The pollcth adopted for the reCognIt of tumover 8re as folkxys: Turrth)ver represents mainienance contriLMJkn'ons and sorvice charges ino)me (where appllcable) receivable in the year net of maintenance contrtbutlons and service dlarge losses from votds. Ig) Interest and dividends recefvable Interest income Is recognised using the aff8(aive intarest methc*J and dividend income is recognis8d as the Asswatlon's right to receive payment is established. {h) R•strlctad l Endowm•nt RoseNos Restricted l endowynent reseNes are those reseTres are only expendablo in accordance with th8 wishes of the funder or gUlatOry body. Restrtded reserves indude fvnds raised in response lo a SP8Ctfic appeal. Endowment funds represent those agsets which must be held pemanently. Revenue and expenditure cannot be diredy set against restrict I gnd(wmient reserv&s bLrt is taken through the statement of comprehensive irKome and thgn a transfer to restricted l endowment reserves is made as appropriate. 11) Judgmgnts and key sources of esllmatlon unGortalnty Esllmates and judgments are conlnually evaluated and are based on historical experignce and others factors, Induding expectations of future events that are believed to be reasonable under the Circumstan$. The company makes estimates and assumptions conceming the fLrture. The resultir¥J awunting estirnates, will by definitic. seldom aqual the related actual results. In the OnIOn of th6 directors there are no estimales and assumptions that have a svJnificant rigk of causing a material adju$lmenl to the carylrvj alr)Unts of the assets and Ilabiltlles wthin th& next flnancial year. 17
Shrewsbury Drapers Holy Cross Llmlted Incorporatlng Shrewsbury Drapers Company Charlty Notes to the Flnanclal Statsments Year Endad 31 December 2023 Turnovér 2023 2022 Social Housing tumover (not8 51 Fundraising income Olher income 264.305 15.185 19.920 253,716 13.359 18.688 299,410 285.763 Cost of sales 2023 2022 Repairs and maintenance Staff salaries Telephone Eneryy Insuranco Water rates Cleaning and sundrfes Garden Ltpkeep Alarm system s1 Housing activity expenditure (nole 5) 22,206 31,557 1,818 19,322 8,027 2.473 5,893 11,931 3,416 106.643 72,451 29,954 17,618 2,924 5,287 11,518 4,727 154,285 Fundraiging expendRure 106,643 154,285 Administratlve exdItur• 20tJ 2022 Management and admlnislration Auditors remuneration - Cuent year Projoct developm8nt ¢osts 12,952 7,466 27.244 13.050 6.622 3,857 47.662 23,529 18
Shrowsbury Drapera Holy Cross Llmltod In¢orporatlng Shrowsbury Drapers Cornpany Charity Notes to the Financlal Statemonts Y•ar Ended 31 December 2023 Social houslng tumover and costs 2023 2022 Maintenance contribLrtlon$ receivable eXcI11ng servlce charges Soc4al housing activity exp8ndilure 264,305 1106.643) 253.716 (154,285} Operating surplus from social housing activiknes 157,662 99,431 Accommodatlon owned and In management Number of unlts at 31 Decombor 2023 Nurnberof unlts at 31 December 2022 Own8d and in management Unowned and in manag8ment 50 50 51 51 Investment portfolk* movemènls 2023 2022 Profit on the dlsrJ)sal of invesbnents Loss on revaluation of investments Income from investments Investment management costs 18,918 (33.3561 23.142 {8.530} 41,539 (213,4131 24,735 (9.258) 174 (156.397) Intgre¥t and other financo inGome and charyes 2023 2022 Bank intsrest 1Vable 2.793 125 2.793 125 19
Shrewsbury Drapers Holy Cross Llmlted incorporatlng Shr•wsbury Drapers Company Charlty Notes to tha Flnancial Statements Year Ended 31 December 2023 Surplus on ordlnary actlvitios Surplus on ordinary actlvltles k% Stated after thargirvJ l (creditsng): 2023 2022 Auditor's remuneration 6.622 Profftl(Loss) on fair value movement of investments 33,356 213,413 10 Board and kny management personnol rgmuneratlon The Board and key management pgr50nnel neither recelved nor waived any r8Mun9ratn during the year12022.' Nil}. 11 Staff costs The average numb8r of employees, calculated on a full time ualt was 2 {2022.' 2). Total staff cc6ts in the year were £31.55712022: £29,954). The are no employees who received more th8n £60,000 as their employee packag8. 20
Shrewsbury Drapers Holy Cross Umttad Incorporating Shrewsbury Drapgrs Company Charlty Notss to the Flnan¢ial Statem•nts Year Ended 31 December 2023 12 Tangible flxod assels- housing propertlos Ho1n9 Flxture8 arrfl lJttlng8 TLal torn018d At 1 January 2023 Additions Transfers 5.427.575 56,072 5.483,647 At 31 December 2023 5.427,575 60,556 5,488,131 Depreciat#)n". At 1 January 2023 Charge for year 1.850,255 68,500 34.887 1,885,142 76,044 At 31 December 2023 1,918,755 42,431 1.961,186 Net bock value: Al 31 Decemtr 2023 3.508,820 18,125 3,526,945 At 31 December 2022 3,577.320 21,185 3,598.505 The net trM)ok value of land and buikjings comprised: 2023 2022 Land and bulldings: Freehold 3.508,820 3,577,320 3.508,820 3.577,320 Tangible fixed assots held at deemed co Certain freehcld larKI and tlI1ng5 included above were recognls&fj usirg a prewous market valuat as a deemed cost on transitlon to FRS 102. These assets are belng depreciated from their valuation date of 31 December 2013 and have a net bcK>k value of £1.141,82012022.' £1.168,8201. The histor [t eqUIvaltt ofthese assets is £344,248. 21
Shrawsbury Drdpgrs Hoty Cross Llmlted Incorporatlng shrbury Drapers Company Charlty Notes to the Flnanelal Slatements Year Ended 31 December 2023 13 Fixed asset Invosknents Listod Invesknents Al 1 January 2023 Incorne rerEived Profit on disposds Revaluation Management fees Withdraw81s 959,713 23,142 18.918 133.3561 {9,0621 150,0001 At 31 December 2023 909.355 14 Deblors 2023 2022 Trade debtors Other debtors 1.125 418 853 1,543 15 Crtdilors: amounts falling due wlthln one yéar 2023 2022 other creditc Trade creditors and accru81s Bank loan Other loan TaxatK)n aThJ social security 1,270 25,504 20,77D 15,OOD 1,878 64.422 2,719 23,668 22,441 15,000 1,321 65.149 The bank loan is Secu over the freehcld pruperty of the Charity. Other creditors in¢lude balan lent to the charltable company by some of ts members (see note 201 and these balanrxs are all interest free.
Shrewsbury Drapors Holy Cross Llmlted Incorporating Shrewsbury Drapers Company Charfty Notes to the Financial Ststemonts Year Ended 31 December 2023 16 Crodltor8: amounts falllng due after more than on• year 2023 2022 Bank loan Othgr loan 749,848 20,OC(I 789.848 769,346 30,000 799.346 The bank loan is $8cured ovar Ihg freehold property ofthe Chartty. 17 Croditors: bank loans falllng after more than one y•ar Bank loans falling due aftgr mor6 than one year are repayable as follows: 2023 2022 One to two years Two to fve years FNe years or more 22.729 80,398 646,721 749,848 23,519 81,623 664,204 769,346 23
Shrowsbury Draper& Holy Cross Umlted Incorporatlng Shrewsbury Drapgrs Company Charlty Notes to tho Financlal Statsments Year Ended 31 December 2023 18 Reserves al Unrestri¢led reserves Incomo & expendlturè resebve Deslgnated reserv• At 1 January 2023 1.167.641 130,0 Surplus l {d8ficit) Internal transfer 12.816 45,531 1,800 1,225.988 131,800 Tha designated reserve 1$ made up of a major r8pairs fvnd of £15,800 and a dev8lopment fund of £116.000. b) Revaluation SerVe 2023 At 1 January 2023 Intemal transfèr 824,572 127,000) 797,572 The revaluation reserve rdates to the revaluation of the a5msh(MJses on 31 December 2013. The transf8r out relates to the r9valued d8ment of th8 depreciation charged in the year. 18 Roservos (continuod c) Restrided r8serv8 2023 At 1 January 2023 565.285 Intemal transfer {13,000) 552.285 At 31 December 2023 The restrfcted reserve relate5 to the net book value of the land and buildings of the Holy Cross Almshouses and a transfer of £10,785 from the Adams Eleemosynary Charlt16s in 2019. The transfer out relates to the depr8clation charged th8 year ended 31 December 2023. 24
Shrèwsbury Drapers Holy Cross Llmited Incorporatlng Shrewsbury Drapers Company Charity Noles to the Flnanclal Statements Year Ended 31 Docembor 2023 dl Endowed reseNes 2023 Al 1 January 2023 1,339.960 Intemal transfer 17,331) At 31 DeCemr 2023 1,332,629 Tho endowed fund relates lo Drap8r5 Almhouses and a transfer of £277.746 from the Adams Ele8monsynary Charftles in 2019. 19 Recon¢lllatlon of operntlng surplu¥ to ¢a8h flow frnm opor*ing activltles 2023 2022 8urplusl(Deficlt) for tho year 12.816 (159.710) Interest Yable Interest received Depreciation of tangible fixed assets ReValuatn of fixed asset investments (GainyLoss on $818 of fixed asset investments Income from investments Increase l (decrease) in creditors Investmerrt management f88s Wlchdrawals Decrease l (increase) In debloTs 59.212 12,793) 76.044 33.356 (18,9181 (23.1421 34,477 11251 76.910 213.413 141.539) (24.735} 11961 9.496 9,062 9),000 {690) {7431 Net cash flow from operatlng actlviti8s 195,891 107.248 20 Rolalod Party d18cIo811rn In prevlDUS years. some of the members lent am(xJnts to Ihe chaiitable company. The balance8 outstandlng at 31 December 2023 wgre £5.Crf)O. These balances are included wilhin other creditors and are all unsecured and interest free. Directors J Boyd, N Prosser, A Thom, G Dawes, l Dav$, N Sykes-waller and T Hunt are members of Ihe Management Commlttee of the Shr8wsbury Drapws Company Guild. 25