Shrewsbury Drapers Holy Cross Limited incorporating Shrewsbury Drapers Company Charity Board Report and Financial Ststements For the year ended 31 December 2024 AEACQXAI 0410912025 COMPANIES HOUSE A03
310
Homes and Communities Agency registration number.. 4809 Company registration number. 07000798 Charity registration number: 1132671
Shrowsbury Draporn Holy Cross Limitod incorporating Shrewsbury Drapers Company Charlty Financial Statsm•nts Year Ended 31 Decomber 2024 Contonts Page Registered Social Housing Provider Information Board Report Independent Auditors Report Statement of Comprehensive Income Balance Sheet 10-12 13 14 Statement of Changes in ReseNes Statement of Cash Flows 15 16 Notes to the Financial Statements 17-26
Shrowsbury Draporn Holy Cro88 Limited incorporatlng Shrnwsbury Drapern Company Charity Rogistered Soclal Housing Provider Year Ended 31 December 2024 Mambev8 ol Ihe Board Mr A Cross Mrs J Boyd Dr R Hatts Mr l Davies Mr N Prosser Mrs A Thorn Mrs G Davies Mr T Hunt Mrs N Sykes-waller Mr A Barbut (appointed 2013124) Mr C Hudson (appointed 1819124) Mrs L O'Loughlin (appointed 1913125) Mr P McLoughlin (appointed 1913125) Secretary Mr C Hudson R•gl8tor•d offlc• Drapers Plac• Horsefair Abbey Foregate shWSbury SY2 68P Audltor WR Partners Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG 8ollcltor Hatchers Sollcltors Welsh 8ridge 1 Ffankwell Shrewsbury Shropshire SY3 8JY Bankerd Lloyds PLC Pride Hill Branch Shrewsbury Shropshire
Shrewsbury Draper8 Holy Cross Limited incorporating Shrewsbury Drapers Company Charity Board Report Year Ended 31 December 2024 The Board of Shrewsbury Drapers Holy Cross Limited, corporate trustee of the linked charity. Shrewsbury Drapers Company Charity present its report and the audited financial statements of Shrewsbury Drapers Holy Cross Limited for the year ended 31 December 2024. The Trustees confirm that the Annual Report and financial statements of the Association comply with the current statutory requirements, the requirements of the Association's goveming document and the provisions of the Statement of Recommended Practice {SORP>, applicable to Registered Social Landlords. Housing SORP 2018. preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (January 2022). Members of the Board The members of the Board who have seNed during the year are as follows.. Mr A Cross Mrs J Boyd Dr R Hatts Mr l Davies Mr N Prosser Mrs A Thom Mrs G Davies Mr R Gough {retired 815124) Mr T Hunt Mrs N Sykes-Wa118r Mr A Barbut {appointed 2013124) Mr C Hudson (appointed 18191241 Ob'ectives Shrewsbury Drapers Holy Cross Limited (SDHC Ltd) is the corporate trustee of Shrewsbury Drapers Company Charity (SDCC). The objectlves of SDHC Ltd and SDCC are to continue to run their almshouses for the benefit of the elderly in need ofsupport. Beneficiaries are ordinarily residents of Shrewsbury, the Counties of Shropshire and Po3 or have a strong local connection with the same. An assessment of the level of support is made on application and the most appropriate applicant is chosen. The company provides social housing on the basis of independent living whilsl developing community spirit of mutual support to prevent loneliness and improve well-being. A subsidiary object of SOCC is to conserve and preseNe specified historical items of furniture and other artefacls at Drapers Hall, Shrewsbury. In setting objectives and planning for activibes, the Board has given due consideration to the latesl guidance published by the Charity Commission relating to public benefil and to safeguarding. The very 'raison d'etre. of Shrewsbury Drapers is the provision of affordable accommodation to elderly people within the Shropshire and Powys area. Without this accommodation, our residents would certainly have struggled to find suitable accommodation and been possibly homeless within a local environment where there is a serious shortage of surtable accommodation and where the local authority continue to be under huge funding and housing pressures of their own. During 2024 51 flats were available and were occupied (average 95'h + occupancy over the year). During 2024 a fflajor project commenced to add 8 new flats permitting us lo provide further quality accommodation to this group who are amongst those least likely to be able to look after themselves. This project is planned for completion by the end of 2025.
Shrewsbury Drapers Holy Cross Limited incorporating Shrewsbury Drapers Company Charlty Board Report Year Ended 31 December 2024 In 2024 an external consultant was tasked with reviewing our exists'ng estate to ensure that it is properly maintained and meeting all legislative standards There are only iwo parttime paid staff with a great deal of the work of running and maintaining the estate by members of the Shrewsbury Drapers being done on a totally voluntary basis. This has enabled the organisation to successfully run the existing estale. commence a significant build programme as mentioned and yet ensure that the costs are minimised. We believe that our donors, our residents ( and their families) the local authorities involved and the general public are clear that our activities are directly for the public good and meet the required siandards of being for the public benefit. Mlsslon Ststement Shrewsbury Drapers Holy Cross Limited (SDHC) is a registered charity and Ihe corporate trustee of the linked charity Shrewsbury Drapers Company Charity. Our Purpose is to provide safe, comfortable and affordable homes for people in their later years. Our Vision is that SDHC is a modem, efficient and effective prOver of affordable housing communities where.. Resldents thrive in a safe and secure environment, free frorn isolation and loneliness. They and their families recognise they get high value for money, rapid response to building repairs or problems. periodic improvements and refurbishments, well-maintained cornmunal facilities and gardens, assistance,organised meetings and events, and 8 listening ear. Shropshlre Counell, Homes England, and regulators consider SDHC a responsible, professional registered housing provider and developer helping to solve Shropshire's housing issues. Donors feel iheir money is efficiently and effectivety spent on a worthwhile cause. Communlty Group• appreciate the inexpensive community meeting room with excellent kltchens and AV facilities. Staff and Volunteers feel valued and appreciated, while being given the opportunity to make a real difference to people's lives. The people of Shropshire and Powys understand and value SDHC because of the benefits it brings to the area and the surrounding communities. There is an Almshouses Management Committee who oversee the management of the properties and resident welfare. The liaison members who visit regularly and other volunteers who make Individual visits such as the surveyors are required to undergo Disclosure and Barring Seprfice checks. The management of the volunteers is through the Almshouses Management Committee which reports back to the Board. There is a complaints policy and procedure in place for residents which is set out on the website. A Manager runs the office at Drapers Place. and manages the properties including the comrnunty facility. the Bradbury Suite. There is also a Finance and Admin Officer. There is considerable coordination and cooperation between the employees and volunteers. Close relationships bebNeen residents and the Manager reflect the professional and supportive role played by employees. The Employees are given guidelines on their roles including relationships with the residents. These are reviewed every three years. All the Board members are volunteers. The charity relies significantly on volunteer support partlcularly in the management of the almshouses including secretarial and clerical work. Based on an analysis of volunteer time completed during the year. the benefit to the charity over the year is esb'mated to be around £100.000.
Shrewsbury Drapers Holy Cross Limited incorporating Shrewsbury Drapers Company Charity Board Report Year Ended 31 December 2024 Trainlng and Inducllon of Board membefs On appointment, Board members are given an induction which includes informing them of their duties and responsibilities within Charity and Company law and best practice. Wrthin 3 months of their appointment. and thereafter On a year, all Board members are required to sign a declaration that they have completed the necessary training.This training includes a requirement to undergo certified Safeguarding training at least every 2 years. On appointment and annually thereafter all 8oard members are required to sign a declaration of Trustee eligibility and Declaration of Interests. erational Hi hts 2024 1.Occupancy and Residents Our almshouses continue to be very popular. They are upgraded or redecorated as required when they become vacant. Occupancy is typically in excess of 95¥9. Demand and enquiries for accommodation remains high and any vacancies are ffilled within a relatively short space of ts'me thanks to our staff and diligent volunteers. One apartment in Fairford Place has been deliberately kept vacanl during the new build project at that venue in anticipation that it will be upgraded and refvrbished as part of the refurbishment element of 12 existing bedsit apartments in 2025, as a part of the overall project. 2 Property Improvement Our Draper Surveyor continues to assess and implement the required propety maintenance across all four of our almshouses sites.one bungalow at St Giles has had a new kitchen fitted.The Master's appeal this year has raised funds to refurbish the Mulberry Community Room at Fairford Place, to be completed earty in 2025. 3 Almshouse Development The development of a new purpose-built block of 8 residential units at Fairford Place commenced in July. This will increase ourcapacty to 59 units in 2025.A refurbishmenl programme of 12 existing bedsits is also planned during 2025 to upgrade the accomrnodation to single bedroom apartments. 4 Staffing and Board of Directors We continue to monltor our staffing levels with a view to our future needs and management of our Almshouse units. The Board has sought specialist advice on our compliance with the standards required by the regulator of social housing. staffing needs and issuing of resident's licences lo occupy, including advice on the lemporary relocation of residents during the relurbishmenl of their bedsit apartments. A new Company Secretary has been appointed during the year. Tho Pro 9rt1e8 Hospital of the Holy Cross: the S almshouses were built in the mid-1800s. Part of the land behind the almshouses is leased to a crown green bowling club. Falrford Pl•ce: there are 16 studio fiats, built in the 19608, set in a quiet location in Coleham, Shrewsbury conveniently placed near to local shops and for walking into town. Planning permission has been granted to replace Ihe fomier Warden's lodge with 8 new units. In addition 12 of the studio flats are intended to be exlensively altered to provide apartments which meet current thermal performance requirements.Improvements including redecoration and rewiring are carried out for the remaining 4 studio flats as they become vacant. Hospitsl of.st Giles: there are 4 one-bedroom bungalows near St Giles Church set back from Wenlock Road, Shrewsbury. Drapers Place.. Drapers Place contains 21 one-bedroom and 4 tsyo-bedroom apartments, an office for administration, Iwo lounges for the residents, a hobbies room and the Bradbury Suite. The Bradbury Suite comprises a large meeting room with AV faGilities and well equipped kitchen facilities. and is available for hire by local people or organisations.
Shrewsbury Drapers Holy Cross Llmlted incorporatlng Shrewsbury Drapers Company Charity Board Report Year Ended 31 December 2024 Newport: There is one remaining Almshouse (of 4) at Newport. Whilst this property is not fully up to the standards we set in tenns of space, the strong preference of the remaining resident to remain has been respected. The resident will continue to enjoy full occupancy rights and. receives regular visits from Drapers, and support from the adjoining Haberdashers, Adams, Grammar School. The financial statements are prepad on an accruals basis and the accounts are subject to a full audit rather than an inspeclion. For the year to 31 December 2024. the financial statements reported a surplus of £73.981 {2023.'£12.816). The net assets at the year-end were £4,114.255 (2023.. £4.040,274). The Board continually assess the financial perfomiance of the company with a detailed site breakdown of income and costs. Monthly management accounts compare actual performance against budget with a detailed variance analysis. Perfomiance metrics are reviewed on both a site and historic basis and provide infom)ation for future planning and budgeting. Financial performance New Supply Gearing Interest Cover Social housing cost per unit Operating margin Return on Capital Employed 2024 2023 19¥0 252Yo £2711 25Vo 20% 245% £2,091 230 a. Reserves policy At the end of every financial year sufficient funds are set aside Irom income or existlng financial assets to.. a) cover the cost of the repalr and the maintenance value of the existing physical assets., and b) fund other reserves, including a general reserve, for amounts as may be deemed lo be appropriale in foreseeable circumstances. The Minimum level of reserves reflecis the property folio and the Company's mortgage liability. Free reserves at the year*nd were £584,015 (2023.. £863,616). An allocation of £366,469 was made in the year to the Designated Reserve in respect of the funding of the Fairford Place project and £100,000 for quinquennial maintenance costs. b. Material investments pollcy Investments are being managed by Brewin Dolphin under an agreed policy of diversified risk seekin9 a total retum from the portfolio of both captsl appreciation and income yield. Regular reviews tske place. c. Rlsk management The Board examines annually the strategic and operational risks which the entity faces and confirm that systems are in place to enable regular reports to be produced so that the required steps may be taken to lessen those risks. They continue to review and improve such systems as may be necessary.
Shrewsbury Drapers Holy Cross Limited incorporating Shrewsbury Drapers Company Charity Board Report Year Ended 31 December 2024 The almshouses are on 5 sites. Each srte is considered on an individual basis and where required improvements to properties continue. The Board has identified that potential loss in revenue resulting from a lower than 900A occupancy rate could put a strain on finances with respect to repayment of the mortgage. The rate of occupancy has been higher than this year on year for some time. however the minimum level has been set at a prudent level. The current level of reserves is above this. Ke Ob'ectives For 2025 l. Malntaln Flnanclal Su8talnablllty To maintain financial sustainability amidst rising inflab'onary pressures and continue with consistent efft)rt to manage its resources effectively. Increasing costs of management, maintenance and inflation have driven up wages and material costs. impacting the overall expenditure. and energy prices have been volatile Adaptive strategies lo mitigate thes8 inflationary pressures are ongoing as is the review of VIMC with Shropshire Council. 2. Resldenls To provide safe and secure environment for our residents within a community setting where their n8eds are understood while maintaining independent living within their own home. To carefully manage the re-housing ol residents during the construction works and conversions of bedsits to one-bedroom flats at Fairford Place. 3. Compliance and Pollcy Review our performance as an almhouse provider against relevant sL1ndards and ensure compliance with current regulatory and legislative requirements. Keep all policies up to date. Catherine Hinton has been engaged as consultant to report and assist with these matters. 4. Property Malntenance To undertake a quinquennial report on Drapers Place, Fairford Pla, St Giles and Holy Cross to assess the condition, availabllty, and performance of the housing stock. The purpose of this port is to evaluate housing quality, monitor energy efficiency. check compliance. plan maintenance and upgrades and assess demand and supply. To utilise report to make Informed decisions regarding investments, maintenance and future developmenl to continue to provide safe, appropriate and affordable housing. S. Fairford Place Development and Rofurbishment Construction of the new unit of 8 apartments has commenced and Is progressing to schedule and budget. Refurbished units to be started once new build is complete and residents will be re-homed within the 8 new apartments whilst the conversion from existing bedsits to one- . bedroom fiats is undertaken. Substantial donations and contributions from The Bradbury Foundation and Drapers members have been received in support of the project. Shrewsbury Drapers Holy Cross Ltd. and rts linked charity have demonstrated prudent financial management. wrth income from secure sources, not being reliant on charitable donations, and through effective resource allocation and strategic planning they have maintstned a stsble income stream and controlled expenditures. This financial stability allows them to continue providing secu. safe, and suitable housing for vulnerable elderly people, enabling them to enjoy independent living. By focusing on sustainable financial practices, Shrewsbury Drapers Holy Cross Ltd. ensure5 that their mlssion of supporting the elderly remains robust and resilient.
Shrewsbury Drapers Holy Cross Limited incorporating Shrewsbury Drapers Company Charity Board Report Year Ended 31 December 2024 Structure overnance and mana ement Shrewsbury Draper6 Company As an organised body. ihe Shrewsbury Drapers became prominent with the founding of almshouses in 1444, and became even more important when their Guild was incorporated by Royal Charter under the seal of King Edward IV in the year 1462. In this Charter Ihe Shrewsbury Drapets were given the tille'A Fraternity or Guild of the Holy Trinity of the Men of the Mystery of Drapers in the town of Salop,. Following the enactment of the Municipal Corporations Act 1835 the members of the Guild continued as trustees of the Almshouses first established in 1444. The Guild is now known as the Shrewsbury Drapers Company. It is not a registered charity. Shr•w8bury Drapern Hoty Cross Llmlted Iregl8l•red Charlty 1132671) Shrewsbury Orapers Holy Cross Limited was incorporated as a private Company limited by guarantee under the Companies Act 1985. It was set up by the Shrewsbury Drapers Company with its Memorandurn of Associats'on primarily to provide almshouse accommodation for needy elderly persons of good character who are either ordinarily sIdentS of the immediate area of Shrewsbury, the wider area of the Counts'es of Shropshire and Powys. or who have strong connections with the same. It is a registered charity. Shrnw8bury Draper8 Company Charlty (Rogl8t•r•d Ilnk•dl8ubgldlary Charlty 1132671-1) The Freemen of shWSbury Drapers Company were responsible for the running of three individual sets of almshouses until 1 January 2015. From that date the charities formerly known as The Hospital of the Holy Cross11132671-1), Hospital of St Giles {2339031 and the Shrewsbury Drapers Company General Charities (213372) were merged into a new scheme to be known as Shrewsbury Orapers Company Charity11132671- 1), a linked or subsidiary charity with Shrewsbury Drapers Holy Cross Ltd (1132671 > as the sole corporate trustee. The charitles 233903 and 213372 were then de-registered. Mothod of appolntment or electlon of the Board One of the Board rnembers rnust be the Master of the Shrewsbury Drapers Cornpany who normally will 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 the Shrewsbury Draper5 Company. At the Annual General Meeting in May 2015, the Board agreed to make all Freemen of Shrewsbury Drapers Company "Members of Shrewsbury Drapers Holy Cross Ltd, all of whom having voting rights at luture general meetings including elecbon of new direclors. The procedure must follow that prescribed in the Company Articles of Associaiion. The selech'on of the people put forward by the Board for election is made after assessing the areas of expertise that need lo be strengthened. In most cases these individuals will have served time on the management sub- ommittees as part of their experience and training. The duties of Oirectors and Trustees are explained 10 them. Decisions are made at the Board level apart from delegation to committees such as the Almshouses Management Committee which reports to the Board. b. Organlsatlonal struclurn and decision making The Shrewsbury Drapers Company (Guild) has up to 100 elected Freemen who are all Members of Shrewsbury Drapers Holy Cross Ltd. All Directors on the Board of Shrewsbury Drapers Holy Cross Ltd have to be Freemen of Shrewsbury Drapers Company.
Shrewsbury Drapers Holy Cross Limited incorporating Shrew8bury Drapers Company Charity Board Report Year Ended 31 December 2024 Some Freemen are Trustees l Directors of Shrewsbury Drapers Hall Preservation Trust Ltd {Registered Charity 10734861 but any possible conflict of interest is declared. The possibility of a conflict is very low. The Board of the Shrewsbury Drap8rs Holy Cross Ltd, as corporate trustee, has overall responsibility for the management of Shrewsbury Drapers Company Charity {1132671-1) in all its affairs. The Almshouses Management Committee, Is responsible for the daily management of all the almshouses owned by Shrewsbury Drapers Company Charity11132671-11 and the remaining almshouse underthe Adams Eleemosynary Charities and the residents. This committee reports to the Board of the Shrewsbury Drapers Holy Cross Ltd. The Finance Committee is chaired by the Finance Director and makes recommendations to the Board on budgets and financial management matters. The Board has adopted a code of governance based on template provided by the Almshouse Association. In addition, Shrewsbury Drapers Company Charity Is a member of the Almshouse Assoclation which publishes 'standards of Alrnshouse Managemenf which is used for reference. The Company is 8 reglstered provlder of s¢xlal housing wlth Homes England. The Board is duty bound to follow regulatory Complian from the Regulator of Social Housing {RSHI the Charity Commission, and Companies House. c, Employee Involvement and •mployment ol the dlsabled Employees are consulted on issues of concern to them by means of regular consultative and stsff meetr'ngs and have been kept informed on specific matters dlrectly by management The Company carries out exit interviews for all staff leaving the organisation. In accordance with the Company's equal opportunities policy, the Company has long establlshed lalr employment practices in the recruitment. selection, retention and training of disabled staff. Full details of this policy is available from the Company's office. 8oard's re8pon81bllltle8 The Board is responsible tor preparing the report and financial Statements in accordance with applicable law and regulations. Company and charity law and registered social housing legislation requi the Board to prepare financial statements for each financial year which give a true and fair view of the siale of affairs of the Company and of its income and expenditure for that period. In preparlng these financial statements, the Board is required to.. select suitable accounting policies and then apply them consistently- make judgements and estsmate5 that are reasonable and prudent: slate whether applicable accounting standards have been followed, subject to any material departUS disclosed and explained in the financial statements., and prepare the financial statefflents on the going concem basis unless it is inappropriate to presume that the Company will continue in business.
Shrewsbury Drapers Holy Cross Limited incorporating Shrewsbury Drapers Company Charlty Board Report Year Ended 31 December 2024 The Board is responsible for keeping proper accounting records which disclose with asOnable accuracy at any time the financial position of the Company and enable it to ensure that the financial statements comply with the Accounting Direction for private registered providers of social housing in England 2022. It has general responsibility for taking reasonable steps to safeguard the assets of the Company and to prevent and detect fraud and other irregularities. Disclosure of infomiation to the auditors We, the Board members who held office at the date of approval of these Financial Statements as set out above, each confirm, so far as we are aware, that.. there is no relevant audit information of which the auditors are unaware; we have taken all the steps that we ought to have taken as Board members in order to make oursefves aware of any relevant audit information and to establish that the auditors are aware of that information, and As8088ment of cornpliance wlth tho Governance and Financlal Viability Stsndard We, the Board members who held office at the date of approval of these Financial Statemenls as set out above. each confirm. so far as we are aware, that.. we comply with the Governance and Financial Viability Stsnadard applicable to registered providers of social housing. On behalf of the Board Mrn N Sykes-waller Chalr 30 April 2025
Independent Auditor's Report to the Members of Shrewsbury Drapers Holy Cross Limited incorporating Shrewsbury Drapers Company Charity Opinion We have audited the financlal statemerbts of Shrewsbury Drapers Holy Cross Limited incorporating Shrewsbury Drapers Company Charity (the 'Associats'on'} for the year ended 31 Dernber 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet. the Cash Flow Staternent and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Fin8nci81 Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pr8Cticel. In our opinion the financial statements.. give a true and fair view of the state of the Association's affairs as at 31 December 2024 and of its incoming resources and applicats'on of resources. including its income and expenditure. for the year then ended" have been properly prepared in accordance with Unbted Kingdom Generally Accepted Accounting Practice: and have been prepad in accordance with the requirements of the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2022. 8a818 for oplnlon We conducted our audit in accordance with International Standard5 on Auditing (UK) (ISAS {UK)l and applicable law. Our responsibilities under those standards are fvrther described in the Audilorfs responsibilities for the audit of the financial statements section of our report. We are independent of the association in accordance with the ethical requlrements that are relevant to our audit 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 reqU1mentS. We believe that the audrt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu•long relatlng Io golng conc•rn In auditing the financial statements. we have concluded that the Boards, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. 8ased on the work we have performed, we have not identified any material uncertainti88 relab'ng to events or conditions that. individually or collectively, may cast significant doubt on the Association's ability to continue as a going concem for a period of at least twelve months from when the financial staternents are authorised for issue. Our responsibilities and the respon8ibllities of the Board with respect to going concem are described in the relevant sections of this report. Other Information The other information comprises the information included in the annual report, other than Ihe financial siatements and our auditorfs report thereon. The board are responsible for the other information contained within the audit report. Our opinion on the financial statements does not cover the other informats'on and. except to the extent otherwise explicitly stated in our pOrt. we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so. consider whether the other information Is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheMise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misststements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude thal there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this gard. 10
Independent Auditorfs Report to the Members of Shrewsbury Drapers Holy Cross Limited incorporating Shrewsbury Drapers Company Charity Opiniong on ¢)ther matters prescribed by the Companies Act 2006 In our op¥iion. ba8ed on thework undken in the c¥)urse oflhe aLKlit infornplion gpien in the tM)ard repcfft fortts financial yearfi)rwhi Ihe fnarI st2te1rts prepar8J is o)nsistentwilh the financial s1e1s,. and Ihe boarrl reFat has tEen FKepared in aCrOr(lan wfth aWicale baal rqUirents. Matters on which we arn requlred lo report by exception In the light of our knowledge and understanding of the association and ils environmenl obtained in the course of the audit, we have not identified material misstatements in the board report. Vve have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept or returns adequate for our audil have not been received from branches not visited by us; or the financial statements are not in agreement wllh the accounting records and returns., or certain disclosures of directors, remuneralion specified by law are not made; we have not received all the information and explanations we require for our audit., the board were not entitled to prepare the financial siatemenls in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requlrement to prepare a strategic report. In addition, we have nothing to report in respect of the following matter where the Housing and Regenerab'on Act 2008 qUireS us to report to you if, in our opinion.. a '$factOry system of wntrol over transactions has not been maintained. Ra8pon81bllttl•s ol the board As explained more lully in the board's responsibilits'es statement, the board members (who are also the directors of the association for the purposes of company law) are responsible for the preparation of the financial staternenls and for being satisfied that they give a true and fair view, and for such internal control as the board determine is necessary to enable the preparation of financial statements that are free from material misstaterrent, whether due to fraud or error. In preparing the financial ststements. the board is responsible for assessing the associatlon's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the board either intends to liquidate the associats'on or to cease operations, or has no realistic altemative but to do so. Auditor's responsibilltie5 lor the audlt of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material missiatement, whether due to fraud or error, and to issue an auditorfs port that includes our opinion, Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance wrth ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compllance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities including fraud. The extent to which or procedures are capable of detecting irregularlties. including fraud is detailed below., The audit team Obtained an understanding of the legal and regulatory frameworks that are applicable to the Association and determined that the most significant are those that relate to the reporting framework {FRS102, Ihe Statement of Recommended Practice for Social Housing Providers 2022 and the Accounting Direction for private registered providers of social housing in England 2022), employment law. Health and Safety Regulations. and the EU General Data Protection Regulation (GDPR). We undetstood how the Association is complying with these frameworks by making enquiries of rnanagement and those responsible for legal and compliance procedures. We have also reviewed board minutes to identify 11
Independent Auditor's Report to the Members of Shrewsbury Draper5 Holy Cross Llmited incorporating Shrewsbury Drapers Company Charity any recorded instances of irregularity or non-cornpliance that might have a material impact on the financial statements. We have assessed the susceptibility of the Association's financial statements to material misststement. including how fraud might occur by meeting with key rnanagement to understand where they considered there was suscepb'bilty to fraud. Based on our understanding our procedures involved enquiries of management and those charged with govemance. manual joumal entry tesb'ng, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statement8. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is remved from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk 15 also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional Conalment. forgery, collusion, omission or misrepresentalion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's web51te at.. www.frc.org.uklauditorsresponsibilib.es. This description forms part of our auditor's report. Use of our report Thls report is made solely to the Associatlon's members. as a body, In accordance with chapter 3 of part 16 of the Companies Act 2006 and section 137 of ihe Housing and Regeneration Act 2008. Qur audit work has been undertaken so that we might state to the Assoclation's members those mattels we are required to state to them In an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the Association and the Association's members as a body, for our audit work, for this report. or for the opinions we have fomied. JL WR Partners Chartered Accountants Statutory Auditors Belmonl House Shiewsbury Business Park Shrewsbury, Shropshire, SY2 6LG Date: L 12
Shfewsbury Drapern Holy Cross Limited incorporating Shrawsbury Drapers Company Charlty ststement of Comprehenslvo Income Ilncluding Income & Expendlture Account) Year Ended 31 December 2024 2024 2023 Total Total Turnover 317,466 299,410 Cost of sales (138,252) {106,843} Gro88 8urplu8 Administrative expenditurn 179.214 {26.1961 192,767 {20,418) Operatlng 8urplu8.beforn deprnCIatn Exceptional items Depreciation 153,018 172,349 10 (27,044) 76 044 73,959 Operatlng 8uplus after depre¢latlon 79.059 69,061 174 Inveslment portfolio incoff* and galns 45,216 Interest receivable and similar income 10.317 2,793 Interest payable and slmilar charges (60.611) (59,212) Surplu8 on ordlnary actlvltlea and total compr•h•n8lve Income for the y•ar 73,981 12,816 All activitles relate to continuing operations The notes on pages 17 to 26 fomi part of these financial Statements, 13
Shrewsbury Drapers Hoty Cross Limited Incorporating Shrewsbury Drapers Company Charity 8alanc• Sheet Yoar Ended 31 December 2024 Company registration number: 07000798 2024 2023 Flx•d ai••ts Tangible fixed assets Investments 13 3,973.784 14 554,411 3.526,945 909,355 4,528,195 4,436,300 Currant assets Debtors Cash at bank and In hand 15 1.063 1,231.217 1,232,280 1,543 436,701 438,244 Credftorn: amounts falllng du• wftttln one yoar 16 (891.060) (64,422) Net curr•nt M••ts 341.220 373,822 Cr•dltor8: amount• f•lllng due after mor• than one y•ar 17 (755.180> (769,848) Total not a$$ot• 4,114,255 4,040,274 Re8ervo• Income and expendlture re8eThe Revaluation reserve Restricted reserve Endowrnent reserve Oesignated reseNe 19a 941,829 19b 770,572 19¢ 528.500 19d 1,043.604 19a 829,950 1,225,988 797,572 552,285 1.332,629 131.800 Total Re6erveB 4,114,255 4,040.274 The financial statements were approved on 30 Aprtl 2025 and signed on behalf of tha 8oard by Mr• N 8ykM-Wall Olrector Mr l Davl Dlrector The notes on pages 17 to 26 form part of these financial ststements. 14
Shr•wsbury Drapers Hoty Cross Llmited incorporating Shrowsbury Drapers Company Charity stst•m•nt of Change8 in Reserves Year Ended 31 December 2024 Incom• & expondlture Rovaluation Designated Rutrlct•d Endowment rnservo reseNe ro88Th0 re8eNe reserve Total At 1 January 2023 1.167,641 824.572 130.000 585,285 1,339,960 4,027,458 Surplus l {deficit) for the year 12.816 12,816 Internal transfers: Deprecialion 68,500 (27.000) (13,000) (28,500) Capital repayments (21.169) 21,169 Designated projects movements (1.800) 1,800 At 31 Oecefftber 2023 and 1 January 2024 1.225,988 797,572 131,800 552,285 1,332,829 4,040,274 Surplus l (deficit) for the year 73.981 73,981 Intemal tran8fers: Depreclatbon 68,500 (27,000) (13.000) (28,500) Capital repayments (17.221) 17,221 Designated projects movements (409,819) 898,150 (10,785) (277.746) At 31 December 2024 941.629 770.572 829,950 528.500 1,043,604 4,114,255 The notes on pages 17 to 28 form part ol these financial statements. 15
Shrewsbury Drapers Holy Cross Limited incorporating Shrewsbury Drapers Company Charlty Statement of Cash Flows Y•ar Ended 31 Decembor 2024 2024 2023 Cash Ilow from opernting activfties 20 992,830 145,891 N•1 cash flow from 0ratIng actlvltlo• 992,830 145.891 Cash flow from Inv•stlng aetlvltl•s Payments to acquire tangible fixed asset Interest received Sale of investments {520,798) 10,317 400,000 (4.484) 2,793 50,000 Net ca•h flow from Invegtlng aclivit1•8 (110,481) 48,309 Ca•h flow from flnanclng •ctlvlllo• Inte$t paid Loans receivedl(repaid) (60,611) (27,222) (59,212) (31,169) Net ca8h Ilow from Ilnanclng acllvltles (87,833) (90,381) N•1 Increa8•1{docrnuo) In c••h and ca•h oqulval•nts 794,516 103.819 Ca8h and ¢a•h oqulvalents at 1 January 2024 436.701 332,882 Ca8h and ¢a8h •qulvalent8 at 31 Decemb•r 2024 1,231,217 438.701 C38h and cash equlvalents con818ts of: Short term deposits 1.231,217 436,701 Cash and eash •quivalents at 31 Docember 2024 1.231,217 436,701 The notes on pages 17 to 28 form part of these flnancial statement8. 16
Shrewsbury Drapers Holy Cross Llmited InCOoratIng Shrewsbury Drapers Company Charlty Notes to the Financial Statements Year Ended 31 December 2024 1 Summary of signlllcant accountlng policies (a} General Information and basls of preparatlon Shrewsbury Drapers Company Charlty is a charity and a private registered provider of social housing in the United Kingdom. The address of the registered office is given in the information on page 1 of these financial statements. The nature of the Association's operations and principal activilies 15 to continue to run its Almshouses for the benefit of the elderly in need of support. The Association constitutes a public benefit Assoclatlon 88 defined by FRS 102. The financial ststements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 Th8 Fin8ncial Reportlng Standard Applicable in th8 UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2019, and with the Accounting Direction for private registered providers of social housing in England 2022. The financial statements are also prepared under the requirements ol the Housing and Regeneration Act 2008. The financial statements have been prepared on a going concem basis under the historlcal cost convention, modified to include certain items al fair value. The financial slalements are prepared in sterling, which is the functional currency of the Association, and rounded to the nearest £1. The significant accounting policies applied In the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. (b) Tanglble fixed a86ets Tangible fixed assets (includin9 social hou8ing properties> are stated at deemed cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended such as the cost of acquiring land and buildings, developments costs, interest charges on loans during the development period and expenditure on irnprovements. Expenditure on improvements will only be capitalised when it results in incrementsl future benefits such as increasing maintenance contributions, reducing maintenance costs or resulting n a Sn1fi.Cant ethnslon of the uselul economlc Ilfe of the propety. The company separatety identifies the major components which comnprise ts housing properties, and charges depreciation so as to write-down the cost of each component to its estimated residual value. on a straight line basis over its eslimated useful economic life. The useful economic life of these components varies from 150 years for the structure to 25 years for components such as heating systems, windows and doors. The properties in their entirety are depreciats'on over an average of approximatety So years. Depreciation is provided on all tangible fixed assets. at rates calculated to write off the cost, less estimated residual value. of each asset on a systematic basis over its expected useful life as follows.. Land Housing properties, complete 50 years Fixtures and Fittings 1 SVO Straight Line Housing properties under construction and the associated fixtures and fittings are not depreciated until they are in use. 17
Shrewsbury Drapers Holy Cross Limited incorporating Shrewsbury Drapers Company Charity Notes to th• Financial Statements Year Ended 31 December 2024 le) Debtors and creditorn rocelvablo I payable within one year Debtors and creditors with no stated interest rate and re1vable or payable wrthin one year are recorded at transaction price. Any losses arising from impairment are reco9nised In the statement of comprehensive income in other adrninistrative expenses. Id) Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. SUbseqUeny, they are measured at fair value through the statement of comprehensive income if the shares are publicty traded or their fair value can otheDNise be measured reliably. Other Investments are measured at cost less impaimient. lo) Tax The Associats'on is recognised by HMRC as a charity and thefore exempt from corporation tax. 10 Tumov•r and other In¢om• Turnover is rneasured at the fair value of the consideration received or receivable net of VAT and trade dlscounts. The policies adopted for the recognition of turnover are as follows.. Turnover represents maintenanrx contrlbutions and seNice charges income (where applicable) receivable in the year net of maintenance contributions and service charge1088es from voids. (g) Interesl and dlvldend8 r•ceivable Interest income is recognised using the effective interest method and dividend income is recognised as the Associab'on's light to receive payment is established. (h> Re8trlcted l Endowment Roservo8 Restricted l endowment reseNes are those reserves which are only expendable in accordance with the wishes of the funder or regulatory body. Restricted reserves include funds raised in response to a specific appeal. Endowment funds represent those assets which must be held permanently. Revenue and expenditure cannot be directly set against restricted l endowment reserves but is taken through the statement of comprehensive income and then a transfer to restricted l endowment reserves is made as appropriate. (l) Judgments and key sources of e8tlmatlon uncertainty Estimates and judgments are continually evaluated and are based on historical experience and others factors, including expectats'ons of future events that are believed to be reasonable under the CircumstanS. The company makes e5b'mate5 and assumptions concerning the future. The resulting accounting estimates, will by definition, seldom equal the related actual results. In the opinlon of the direclors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year. 18
Shrewsbury Drapers Holy Cross Limited incorporating Shrew8bury Drapers Company Charity Note8 to the Financial Statements Year Ended 31 December 2024 U) Golng Concem After making appropriate enquiries, the Board members have a reasonable expectation that the Association has adequate resources to continue in operational existence lor the foreseeable future. The Association therefire continues to adopt the gogin concern basis in preparing the accounts. The Board members are nol aware of any material uncertaintities in relation to the Asscoiation's ability to continue as a going concern for the foreseeable future. Turnover 2024 2023 Social Housing tumover (note 5) Fundraising income Other income 287.303 10,200 19,963 264,305 15,185 19,920 317,466 299,410 Co•t of 8al•8 2024 2023 Repairs and maintenance Staff salaries Telephone Energy Insurance W81er rates Cleaning and sundries Garden upkeep Alarm system Social Housing activity expenditure (note 5) 43,473 36,484 1,886 21.053 8,190 2,780 8,055 12.792 3.739 138,252 22,206 31.557 1,818 19,322 8,027 2,473 5,893 11,931 3.418 11,643 Fundraising expenditure 138,252 106,643 Admlnlstratlv• •xpenditur• 2024 2023 Management and administration Legal and professional fees Auditors MUneratIon - current year 14,455 2,812 8,929 12,952 7.466 26.196 20,418 19
Shrewsbury Draporn Holy Cross Llmltod Incorporating Shrew5bury Drarn Company Charity Notes to the Financial Statements Year Ended 31 December 2024 Soclal housing turnover and costs 2024 2023 Maintenance ntrIbutionS receivable exduding sepiice charges Social housing activity expenditure 287,303 (138.252) 264,305 (106,643) Operating surplus from social housing activities 149,051 157,662 Accommodatlon ownod and In man•g•ment Numbar ol unlt8 at 31 Decemb•r 2024 Number ol unlts al 31 Docemb¢r 2023 CXYned and in management Unowned and in management 50 51 51 Inv••tment portlollo mov•m•nt• 2024 2023 Proffit on the disposal of investments Loss on revaluation of invesknents Income from investments Investment managernant costs 31,048 (723) 22,272 (7.381) 18,918 (33,356) 23.142 {8,53Q) 45.216 174 Intertst and other flnanco income and charge8 2024 2023 Bank interest receNable 10.317 2,793 10.317 2.793 20
Shr•wsbury Drapors Hoty Cross Llmlted Incorporating Shrewsbury Drapern Company Charlty Notes to the Financial Statements Year Endod 3108cember 2024 Surplus on ordlnary actfvitles Surplus on ordinary activities l¥ stated after Charging l (crediting): 2024 2023 Auditors remuneration Profit l {Loss} on fair value movement in inveslmenls 8,929 (723> (33,356) 10 Exc•ptlonal It•m• 2024 2023 Development project fees 27,244 11 Board and k•y manag•m•nt p•rnonn•l r•mun•ratlon The Board and key managernent personnel neither received nor waived ary remuneratlon during the year12023'. NII). 12 staff c08t8 The average number of employees, calculated on a full time equivalent was 2 (2023: 2). Total staff costs in the year were £41.884 {2023: £33.057). There are no employees who recelved more Ihan £60.000 8$ their employee package. 21
Shrewsbury Drapers Holy Cross Limited incorporating Shrewsbury Drapers Company Charity Notes to the Financial Statements Year Ended 31 December 2024 13 Tanglble fixed a88ets - thousing properti Frnehold Land and Bu51dings Flxturgs and ritting8 Assets under Construc0 Total Cost.. At 1 January 2024 Addrtions 5,427,575 60.556 700 5.488,131 520,798 520,098 At 31 December 2024 5,427,575 61.256 520.098 6.008,929 Depreciation.. At 1 January 2024 Charge for year 1,918,755 68,500 42,431 5,459 1,961,186 73,959 At 31 December 2024 1,987,255 47,890 2,035,145 Net book value.. At 31 December 2024 3.440,320 13,366 520,098 3.973.784 At 31 December 2023 3,508,820 18,125 3,528,945 Tangible fixed assets held at deemed cost Certain freehold land and buildings included above were recognised using a previous market valuat'ron as a deemed cost on transition to FRS 102. These assets are being depreciated from theif valuation dal8 of 31 December 2013 and have a net book value of £1,144,82012023: £1,141,820>. The historic cost equivalent of these assets is £344,248. 14 Fixod asset Investments Llsted Investments At 1 January 2024 Income received Profit on disposals Revaluation Management fees Imthdrawals 909,355 22,272 31,048 {723) (7.541) (400,000) At 31 December 2024 554.411 22
Shrewsbury Drapers Holy Cross Limited incorporating Shrewsbury Drapers Company Charity Notes to the Financial Statements Year Ended 31 December 2024 15 Debtorn 2024 2023 Trade debtors Other debtors 200 863 1,125 418 1,063 1,543 16 Crodltorn: amounts falllng due withln one year 2024 2023 Other creditors Trade creditors and accwals Bank loan Other loan Taxation and social security 846,053 19,732 8,236 15,000 1,270 25,504 20,770 15,000 1.878 64,422 891,060 The bank loan is secured over the freehold property of the Charity. Other loans include balances lent to the charitable company by sorne of its members {see note 21) and these balances are all interest free. Included within other creditors is a capital grant of £823,477 and donations of £18,050 relating to the Fairford Place development project. Both amounts have been accounted for in accordance with the performance model stipulated by the Housing SORP. The donats'ons are expected to be released to the statement of comprehensive income in 2025 when the performance obligations have been completed. 17 Crndltors: amounts falllng due after more than one year 2024 2023 Bank loan Other loan 745,160 749.848 20.000 769,848 755,160 The bank loan is secured over the Ireehold property of the Charity. 23
Shrewsbury Draper8 Holy Cross Llmlted Incorporatlng Shrewsbury Drapers Company Charity Notss to the Flnanclal Ststements. Year Ended 31 December 2024 18 cr0. bank loans falllng duo after more than onè year Bank loans falling due after more than onè y8ar are repayable as follows: 2024 2023 One to years Two to five years Five years or more 8,610 30.604 705,946 745,160 22,729 80,398 646,721 749,848 19 R•8•rv al Unrestricted reserves Income & •xpendlture rn8•rv• Deslgnatod rn8erv• At 1 January 2024 1,225,988 131,80.0 Surplus l (deficit) Internal transfer.. 73,981 (358,340) 898,150 829 950 The designated serve is made up of £712,200 in latiOn to designated funding for the Fairford Place project, £100,OQO in relation to quinquennial maintenance costs and the balance relates to the major repairs and development funds. b) Revaluation reserve At 1 January 2024 Intsrnal transfer 797,572 {27.000) At 31 December 2024 770,572 The revaluation reserve relates to the revalUaln of the almshouses on 31 December 2013. The transfer out relates to the revalued element of the depreciation charged in the year. 24
Shrewsbury Drapers Hoty Cross Limlted Incorporatlng Shrewsbury Drapers Company Charlty Notes to the Financial Statsments Year Ended 31 December 2024 19 Roserves (¢ontlnu•d) c) Restricted reserve At 1 January 2024 552.285 Internal transfer (23,785) 528,500 At 31 Dec•mber 2024 The restrlcted reserve relates to the net book value of the land and bullding8 of the Holy Cr088 Almshouses. The transfer of £10,785 from the Adams Eleemosynary Charities in 2019 has been transferred to Designated Reserves to be applied to the Fairford Place ProjecL The transfer out relates to the depreciation charged ft)r the yaar ended 31 December 2024 and th8 designated funds transfer. d) Endowed reserve8 At 1 January 2024 1.332,629 Internal transfer (289.025) At 31 December 2024 1,043,604 The endowed fund relates to Draper8 Place Alrnhouses and a transfer of £277,746 from the Adam8 Eleemonsynary Charities in 2019 which has now been transfeed to Oesignated Reserves to be applied to the Fairford Place Project. The transfer out relates to the depreciation charged for the year ended 31 December 2024, bank loan repayments and the designated funds transfer. 25
Shrewsbury Drapers Holy Cross Llmited incorporating Shrewsbury Drapers Company Charity Notes to the Financlal Statements Year Ended 310e¢ember 2024 20 Reconclllatlon of operatlng •urplu8 to cash flow Irom op•ratlng actfvltSe8 2024 2023 Surplu81(Deflclt) for the year 73,981 12,816 Interest payable Interest received Depreciats"on of tangible fixed assets Revaluation of fixed asset investments (Gain)ILoss on sale of fixed asset investments Income from investments Increase I (decrease) in creditors Investment management fees Decrease l (increase) in debtor8 60,611 (10,317) 73,959 723 (31,048) 122,272) 839,172 7.541 480 59,212 (2,793) 76,044 33,356 (18.918) {23,142) 9,062 (690) Net cash flow from operating actlvlties 992,830 145,891 21 Rolat•d Party dl8cIo8uro In previous years. sorne of the members lent amounts to the charitable cornpany. The balances outstanding at 31 December 2024 were £5,000. These balances are included within other108ns and are all unsecured and interest free. During the year. the charitable company incurred expenditure of £43.674 to the Almhouse Consortiurn (Fairford Place Project} for which a trustee is a director under the temis of the funding. There were no balances outslanding as at year end. Directors J Boyd, C Hudson, A Thorn, G Davies, l Davies. N Sykes-Waller.T Hunt, and P McLoughlin are rnembers of the Management Commrttee of the Shrewsbury Drapers Company Guild. 26