THE HOPKINS AND SNEYD ALMSHOUSE CHARITY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company Registration number.. 08390520 Regulator of Social Housing Number.. A2570 Charity number: 1152689
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Annual Report and Flnancial Statements for the Year Ended 31 March 2024 Contents Page General Information Board Report Independenl Auditors, Report 10-13 Statement of Comprehensive In¢ome 14 Statement of Changes in Reserves 15 Statement of Financial Position 16 Cash Flow Statement 17 Notes to the Financial Statements 18-27
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY General Infomiation Board of Management Mr T Jeffries Ms O Lyons Mr T Redford Chair Vice Chair Foundation Home - CIOICorporate body Secretary Mr P Medford Jill Lawrence Resigned Managing Agent Aspire Housing Limited The Trust Partnership Resigned 30 September 2023 Appointed 1 October 2023 Registered Office 6 Trull Farm Buildings Tetbury Gloucestershire GL8 8SQ Registered CoFnpany 08390520 Number Auditor5 Dains Audit Ltd 2 Chamberlain Square Paradise Circus Birmingham B3 3AX Bankers Barclays Bank PIC Leicester LE87 2BB Investment Managers Rathbones incorporating Investec Wealth & Investment Ltd The Colmore Building 20 Colmore Circus Queensway Birmingham B4 6AT Registered Charily Number- 1152689 Regulator of Social Housing registration nurnber.. A2570
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Board Report The Board of Management (the 'Board") presents its Report and the audited financial stalemerjts for the year ended 31 March 2024. Statement of Responsibilities of the Board of Management The Board are responsible for preparing the Annual Report and the financial statements in accordance with applicable laws and regulations. Registered social housing legislalion requires the Board to prepare fi'nancial statements for each financial year which give a true and fair view of the slate of affairs of the Charitable Company I the Company.) and of its income and expenditure for that period. In preparing these financial statements, the Board are required to.. select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent., state whether applicable accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unlass it is inappropriate to psume that the Company will continue in business. The Board are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and enables them lo ensure that the financial slalements comply with the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing in England 2022, 11 has general responsibility for taking reasonable steps lo safeguard the assets of the Company and to prevent and detect fraud and other irregularities. Statement of disclosure of information to auditors We, the Board Tnembers of the Company who held office al the date of approval ofthese Financial Statements as set out above each confirm. so far as we are aware. that.. there is no relevant audit information Of which the Company s auditors are unaware., and we have taken all the steps that we ought to have taken as a Board in order to make our5elve5 aware of any relevant audit infomation and to establish that the Company's auditors are aware of that information. Governance and Accountability The Board retains ultimate responsibility for all aspects of the Company's activities and normally meets quarterly. Membership of the Board is reviewed from lime-to-time to ensure its composition is appropriate for both the present and future planned activities of the Company. From time to time, specific committees are established to consider some of the detailed work in policy fomiulation, strategic planning and performance monitoring in relation to key activities, Responsibility for the day-to-day management and implemenlalion of the Company's policies and procedures is delegated to the Managing Agent's Management Team. Aspire Housing Ltd had held the membership with the NHF and so with the change of managing agent, the Company is no longer8 member ofthe NHF. As a charitable company, it substantially complies with the Chanly Code of Govefnance 2020, as expected by the Charity Commission. The legal title for the properties owned by The Hopkins and Sneyd Almshouse Charity reside with the Official Custodian on behalf of the Company
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Board Report {continued) Internal Controls Assurance Th& Board acknowledges that il is responsible for Ihe Company's systems of internal control which are designed to produ¢e reasonable bul not absolute assurances regarding the safeguarding of assets, the maintenance ol proper accounting records and the reliability of financial and other management information. The following procedures are in place, which the Board Is satisfied have ensured effective internal ¢ontrol over the financial year.. An annual report to the Board from the Managing Agent on risk management and the Company's internal control processes. Clearly defined management and reporting structures sel out in the Company's financial regulations and standir)g orders. Management inlormation systems with quarterly reporting of finan¢ial results and key perfomance indicators compared with target5. Monitoring of Gontrol systems through audit. Arrangements for managing the risks of fraud The Company {via ils managing ag&nt} has robust arrangements in place for managing the risks of fraud. These include.'_ prevention - the Company seeks to generate a strong anti-fraud culture supported by appropriate controls over operational and employment systems., delection-the Company has implemented comprehensive systems and Procedures lo delectevidence of fraud and to facilitate and encourage the reporting of fraud.. investigation the Company follows a comprehensive policy on fraud investigation and reporting and insurance - the Company has appropriate insurance cover in pla¢e to mitigate the potential financial losses associated with fraud. There have been no weaknesses identified in the Company's intern81 controls which have resulted in material losse5, contingencies or uncertainties which require disclosure in the financial statements. Charltable Donations The Company has made no donations during Ihe course of the year (2023- Nill. Public beneflt The Board have each received the Charity Commissions, guidelines on publi¢ benefit. The Company provides affordable accommodation for the benefit of the eldedy within the Rugeley area. In carrying out the Charity's Objects the Board has had due regard lo the Charity Cornmission's public benefit guidance and is satisfied that the continuous demand for Ihe affordable accommodation provided demonstrates that the test is met. The accommodation is fully occupied and allocations are given on the basis of housing the eligible person in greatest need al the time of a vacancy. Principal activity The principal aclThiity of The Hopkins and Sneyd Almshouse Charity is the provision of affordable accommodation for those in need within the Rugeley area. The Charity is a registered social housing provider regulated by the Regulator of Social HoLtsing IRSH} and the Charity Commission. The Company is registered with the Regulator of Social Housing.
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Board Report Icontinuedl The Trust Partnership, is the managing agent providing property management and resident welfare seNices A Scheme Manager is responsible for day-to-day management of the property known as Sneydlands and maintains a daily presence on sile. During the year the main activity was to maintain the Ihree almshouse siles and to ensure that vacant units are re-allocated in a timely way. Maintenance is split into responsive repairs and programmed works. Responsive repairs are reported by the residents to the managing agent and contfactors attend as required. Programmed repairs are maior works identified through the quinquennial inspection report and included within the budget. Management Accounts, including the approved Budget, are reviewed at each Board meeting The Board is aware of its responsibilities to residents as beneficiaries of the Charity and under the Care Act 2014 requiring vigilance on matters of safeguarding vulnerable residents. Reports on property management and resident we5fare are made available to the Board al each meeting. The governing documents allow for the beneficiaries to be Charged a Weekly Maintenance Contribution IWMC) and a Service Charge. The WMC is set in accordance with the RSH formula and the Setvice Charges are set by reflecting the previous year's expenditure and the anticipated costs for the coming year. Residents unable to pay are signposted lo the local authority for assessment and assistance. Review of Activities and Future Developrnents The results of the Company for the year ended 31 Sl March 2024 are set out on page 14. The operating deficit was £10,02412023: surplus £44,133). The nel losses for the year before investment 9ains were £1.701 {2023'. surplus £49,969). Investment Powers, Policy and Performance The investments are managed by Rathbones incorporating Investec Wealth and Investment Ltd on behalf of the Company. The objective given to Inve5tec Lld is balanced beeen providing an income from the investments for the running of the Charity and ensuring capital growth. The Board monitors the yield and the return from the investments and receives regular reports from the investment manager with the appropriate benchmarking information. Reserves Policy The resetves policy for the Charity Is managed wilh a view to retaining reserves of at least £375k This broadly equates to Ihe planned expenditure for an eighteen-month period excluding depreciation and finance costs and the ability to cover expenses for years. It is recognised that some tolerance beyond this limit may be required, by way of example.. Should an unforeseen c05t arise, this may decreasethe level of reserves beyond the lower tolerance of £375k. Should a specific project be launched which required a longer-temi funding plan. The Board monitors the level of reseNes at the end of each financial year lo ensure compliance with this policy, or alternately to be able lo justify an exception being made to Ihe policy. Accommodation Managed by Others Management of the 47 (2023.. 47) properties owned by the Company was undertaken by Aspire lo 301h September 2023 and from 1 October 2023, by The Trust Partnership Ltd. The Company has no other properties used for accommodation purposes. The Company seek510 minimise the effect on the community and environment by rts business activities. The Company expects all parties, including conlra¢lors, to cornply with all relevant laws and regulation. followin9 best praclice and consideration. This is monitored, including through feedback from re5idenls.
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Board Report (continued) Employees The Company has no direct employees. as all seNices are provided by The Trust Partnership Ltd under the management arrangement. Value for Money Ob-eclive5 The Company has identified Value for Money as one of its core priorities, alongside satlsfaction of residents and level of services provided. Specifically the Company's objective5 In this regard are lo ensure that.. Costs are transparent and comparable Costs and charging structures are commercially compelilive and in line with the benchmark as provided by The Almshouse Association It continues lo strive to provide better Se15 for a similar or lower c05t base. year on year. How the Company Delivers Value for Money Trans arent Cost Structure The Company 5 operations are managed by The Trust Partnership. a third party. The Trust Partnership strives lo ensure that costs are visible and highlight the extent lo which the Company s activity is exposed to the market. In ut costs Input Costs include. Supplier costs {procurement}', Management costs., and Borrowing costs The Company has loans which have been secured on the housing properties which it operates in order to reduce the interest charges payable. O limisin returns on assets and investments The Company'5 physical assets serve a single purpose in providing housing. Therefore lo maximise the returns made on these properties means ensuring each property is being used to their full potential and minimising the time each propety is not used. The Company has a portfolio of investments, which is administered by Investec Weallh and Managemenl Ltd. This relationship has been established to maximise the potential returns from the Company's Investments. It is believed that the expertise and experience of Investec Lld. are good value for money against the returns made. Tax a er Returns The Company currently holds £1.206 million of government grants against housing property assets. The Company is committed to making sure that this property is used for the good of the community. The grant has ensured the continuing operation of the Company, meaning that the residents and the wider community all benefit from the government investment.
THE HOPKINS AND SNEYD ALMSHOUSE CHARI Board Report (continued) Value for Money metri¢s and targets The new Value for Money standard published by the Regulator of Social Housing require Registered Providers to report on a number of Value for Money metrics within their financial slalernents, and these are set out in table below. Regulator of Social Housing metrics Hopkins & Sneyd 2022-23 Actual 2021-22 Actual 2023-24 AGtual Re-investment O New Supply - social housing 0/0 0.0% o.oo/. Gearing -11.8/0 -8.0°A -8.6 /ri EBITDA-MRI interest cover 442.5/0 -389.2 / 187.0/0 Headline social housing cost per unit Operating margin {social housing units £5,052 £8,183 £7,889 14.40/. 13.2/. -0.5% Operating margin (overall) 14.3/ 13.1 % -0.6° Retum on capital employed IROCE) 1.4°/0 1.401. -0.1 /. The reinvestment and new supply metrics reflect the work done on properties in the year. The 2023124 re5uIIs reflect the planned work which wa5 undertaken following a fire risk assessment. Gearing remains low with high levels of cash resources held which are higher than the outstanding loan balance. As the loans are at fixed interest rates there is no financial benefit to breaking from the fix. Accordingly benchmarked against the sector gearing is in top quartile performance. The Company also hold inve51menls which provide a return which supplements the Company's Income. Inlerest cover in 2023 was lower than previous levels due to the capital repair costs on firè safety. In 2023124 the expectation is that interest cover has improved. The Company's overall social housing cost per unit decreased from £8,183 in 2022-23 to £7,889 in 2023-24. This is forecast to decrease ta £6,639 in 2024-25. The decrease the re5uII of the higher investment made in prior years and budgeted casts in 2024125 in line with The Almshouse Association recommendations. The high costs compared to benchmark are reflective of the high level of service charges as the majority of the properties are sheltered scheme type accommodation. The costs also reflect the investment in properties, this investment provide5 a high standard of homes and results in extremely low void levels. Operating margin leve15, as a consequence of the high level of service charge income, recharged al cost, are low compared lo sector benchmarks. Board acknowledge that the level of return is commensurate with the charitable objectives of the Company. Return on capital employed are at the lower end of sector ben¢hm8rks but al the expected levels of return the Board require for future investment in homes.
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Board Report (continued) Risk Management The Risk Register is considered by the Board at each meeting and the performance of mitigating measures is monitored. Financial Risks are monitored and reported on at each Board meeting by Investec Wealth and Management Lld. Income and capital growth continue to be impacted by current economic uncertainties but reserves are sufficient to maintain the Objects and suslainabilily of the Charity. The Board has no intention, or need. to take out any additional loans al this point in time. The cost of living crisis impact on residents is monitored and the Board follow Ihe regulatory requirements of the Re9ulalor of Social Housing in respect of the annual increase in contributions by using the official formula provided. Any arrears are monitored and actioned. Governance risks are generally con5ideTed lo be as a result of external politica5 and regulatory requirements which have increased considerably over the last few years. The Board is updated at each meeting on any ¢hanges to relevant statutory and regulatory requirements and mitigation measures considered and agreed. Risks can generally be categorised in terms of health and safety requirements (both for resident welfare and buildings} and ensuring resident satisfaction measures are met. Additional operational risks are identified as loss of income from delayed void turnarounds. These are minimised by efficient working of Ihe management team both in ensuring Ihe vacant unil is efficienlly refurbishedlredecorated and concurrently allocating the accommDdation. The Company doe5 not have a website or ils own IT systems. All data is stored and managed by The Trust Partnership on their IT systems. which operates a robust cyber security system and has appropriate cyber and data risk5 insurance. Plans for the Future The Board is keen to allract more Board Members and will continue to actively search for those members of the local community who provide the skills identrfied as being of greatest use to the Charity. The Board has no plans to expand on ils current almshouse provision or change the setvice provision to residents. The Board meets Its charitable objects by providing almshouse accommodation for the local community. which by ils nature is affordable lo help those most in need, who meet the eligibility criteria. The Company will continue ils regime of the required health and safety checks for the properties, taking account of sustainability issues where possible. Auditors The auditors, Dains Audit Limited, wi51 be proposed for reappointmenl in accordance with section 485 of the Companies Act 2006. In preparing this report the Board have taken advantage of the small ¢ompanies exemptions provided by section 415A of the Companies Act 2006. The Board report was approved on 15 August 2024 and signed on it5 behalf by.. Mr T Jeffries Chalr Mr T Redford Vice Chalr
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Independent Auditor's Report to the Board of The Hopklns and Sneyd Almshouse Charlty Opinion We have audited the financial statements of The Hopkins and Sneyd Almshouse Charity (the 'Company'} for the year ended 31 March 2024 which cornprise the Statement of Comprehensive Income, the Statement of Changes in Reserves, the Slalemenl of Financial P051tion and the related notes to the financial statements, including a summ2ry of signrficant 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the Company's affairs as 8131 March 2024, and of its incoming resources and application of resources. including rts income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted A¢¢ounting Practice., and have been prepared in accordance with the requirements of Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Providers of Social Housing in England 2019 Basis for opinion We conducted our audrt in accordance with International Stsndards on Auditing IUKI {ISA5 (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audrt of the financial statements section of our report. We are independent ol the Company in accordance with the ethical ff quiremenls 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 Ihese requirements We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements. we have concluded that the Board's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not Identrfied any material uncertainlies relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability lo continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of Ihe board with respect to going concern are described in the relevant sections of this report. Oth8r information Thè board is responsible for the other information. The other information comprises the Information included in the Board Report, olheT than the financial statements and our auditor's report Ihereon. Our opinion on the financial statemenls does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to 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 otherwise appears to be materially misslaied. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that facl. We have nothing to report in this regard. 10
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Independent Auditor's Report lo the Board of The Hopkins and Sneyd Almshouse Charlty (continued) Oplnions on other matters prescrlbed by the Companles A¢t 2006 In our opinion. based on the work undertaken in the course of the audit= the information given in the Board Report for Ihè financial year for which the finan¢ial statements are prepared is consistent with the financial 5tatemenls,' and the Board Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Board Rèport. We 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 retums adequate for our audit have not been retsived from branches not visited by us.. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit.. or the board was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemption in preparing the Board Report and from the requirement to prepare a strategic report. In addition, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 requires us ta report to you if, in otjr opinion. a salisfaclory system of control over transactions has nol been maintained. Responsibilities of the board As explained more fully in the Board's responsibilities statement set out on page 4, the board members (who are also the directors of the Company for Ihe purposes of company lawl are responsible for the preparation of the financial stalemenls and for being satisfied that they g1ve 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 misstatement, whether due lo fraud or error. In preparing the financial statements, the board is responsible for assessing the Company's ability to continue as a going concern, disclosing. as applicable, matters related lo going concein and using the going concern basis of accounting unless the board etther intends lo liquidate the Company or to cease op8ralions, or has no reali51ic altemative bLrt to do so. Auditor's responsibilities for the audlt of the flnancial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and 10 155ue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul 15 not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exisls. Misstatemènts can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to delect material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularitie5, including fraud is detailed below-.
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Independent Auditor's Report to the Board of The Hopkins and Sneyd Almshouse Charity (continued) Our approach lo identifying and assessing the risks of material misslatement in respect of irre9ularitiÉs, ncluding fraud and non-compliance with laws and regulations, was as follows.. the senior statutory auditor ensured that the engagement tearn collectively had the appropriate competence, capabilities and skills to identify or recognise non-cornpliance with applicable laws and regulations", we identified the laws and regulations applicable to the company through discussions with directots and other management, and from our commercial knowledge and experience of the social housing sector., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the financial reporting legislation, Companies Act 2006, Housing and Regeneration Act 2008. taxation legislation. anti- bribery. employment, and environmental and health and safety legislation. we assessed the extent of compliance with the laws and regulations identified above through making enquirie5 of management and inspecting leg31 correspondence", and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of Ihe company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur. by.. making enquiries of management as to where they Gonsidered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud., considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships- te51ed journal entries lo identify unusual transactions.. assessed whether judgements and assumptions made in detemining the accounting estimates were indicative of potential bias.. and investigated the rationale behind significant or unusual transaction5. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing fin?ncial statement disclosures to underlying supporting documentation., reading the minutes of meetings of those charged with governance., enquiring of management as to actual and potential litigation and claims., and reviewing correspondence with HMRC. relevant regulators and the company's legal advisors. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading to 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 removed from the events and transactions reflected in the financial slalements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather Ihan error. as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlalion. A further description of our responsibilities for the audit of the financial slalements 15 located on the Financial Reporting Council's website at.. .frc.Org. uklaudilorsresponsibilities. This description forms part of our Auditor's report. 12
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Independent Auditor's Report to the Board of The Hopkins and Sneyd Almshouse Charity Icontlnued) Use of our report This report is made solely to the Company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 137 ofthe Housing and Regeneration Act 2008 Our audit work has been undertaken so that we might state to the Company s members those matters we are required lo state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report. or for the opinions we have formed. 3.,,, 7//7. // Andrew Morris FCA (Senior Slatulory Auditor) For and on behalf of Dains Audit Limited Statutory Auditor Chartered Accountants Birmingham Date.. /? ///, ,,/JoJl 13
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Statement of Cornprehensive Income for the Period to 31 March 2024 Note8 2024 2023 Turnovgr 351,700 334.044 Operating costs 1353,3181 1289,911) Loss on disposal of other fixed assets 18.406) Operating Ideficitll surplus 110,0241 44,133 Gain5 1 Ilosse51 on Sale of Investments 1,906 Interest receivable and similar income 19,276 18,858 Interest payable and similar charges 112,8591 113.0221 Surplus I Ideficitl for the year 11,701) 49,969 Gains I110ssesl on ievaluation of investfflents 25.392 143,7261 Comprghènslv8 Inctsme for the year 23.691 6,243 The above surpluses relate wholly lo continuing aclivilies. The notes on pages 18 to 27 form part of these financial statements. 14
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Statement of Change5 in Reserves Revenue Rèserve Revaluation Re$¢rv8 Total At 1 Aprll 2022 1.774,538 106,992 1,881,530 Total comprehensive income for the year 49,969 143,7261 6,243 Transfer5 (for iealised losses on investsnents) 402 14021 At 1 Aprll 2023 1,824.909 62,864 1,887.773 Total mprehenSIVe incomè for the year (1.7011 25,392 23,691 Transfers (for realised losse5 on investments} 3,655 (3,655) At 31 March 2024 1,826.863 84,601 1,911,464 The notes on pages 18 to 27 form part ofthese financial statements. 15
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Statement of Financial Posltion as at 31 March 2024 2024 2023 Notes FIXED ASSETS Housing Properties Other tsngible fixed assets Investments 2,220,804 150.564 2,257.091 12 121,876 13 639,095 617.971 3,010,463 2,996,938 CURRENT ASSETS Debtors due within one year 14 17.811 8,932 Cash ?t bank and in hand 304,001 295,128 314,342 304,060 CREDITORS.. Amounts falling due within one year 15 1124,9631 (95.0571 NET CURRENT ASSETS 196,849 209,003 TOTAL ASSETS LESS CURRENT LIABILITIES 3,207,312 3.205,941 CREDITORS: Amounts falling due after more than one year {1,295,8481 11,318,168) TOTAL NET ASSETS 1,911,464 1,887,773 RESERVES Revaluation Reserve 19 84,601 62,864 Revenue Reserve 19 1,826,863 1.824,909 1,911.464 1,887,773 The financial statements have been prepared in accordance with the provisions applicable lo small companies within Part 15 of the Companies Act 2006. The financial statements were approved and authorised for issue by the Board on 15 August 2024 and signed on their behalf by= Mr T Jeffries Chair Mr T Redford Vice Chair The notes on pages 18 to 27 form part ofj Ihese financial statements. 16
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Cash Flow Statement for the Year Ended 31 March 2024 2024 2023 Notes NET CASH GENERATED FROM OPERATING ACTIVITIES 18 CASH FLOW FROM INVESTING ACTIVITES Purchase of tangible fixed assols (50,0281 {144,4331 Disposal in the period Grants rec£ived Proceed5 from sales of investments S7.318 Purchase of investrnents (53,2731 133.3041 Interest re1vable 19,276 18,858 NET CASH OUTFLOW FROM INVESTING ACTIVITES (26,707) 1158,8791 CASH FLOW FROM FINANCING ACTIVITES Interest payable {12.8591 {13.0221 Bank loan repaid NET CASH OUTFLOW FROM FINANCING ACTIVITIES 14.418 14.417 NET CHANGE IN CASH AND CASH EQUIVALENTS 6,745 1112,4461 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 309.029 421,475 CASH AND CASH EQUIVALENTS AT END OF YEAR 315,774 309,029 CASH AND CASH EQUIVALENTS CONSISTS OF: Cash al bank and in hand Cash held by investment managers 304.001 295,128 11,773 13,901 CASH AND CASH EQUIVALENTS AT 31 MARCH 315,774 309,029 The notes on pages 18 to 27 form part of these financial statements. 17
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Financial Statements for the Year Ended 31 March 2024 Principal Accounting PolScles The company is a private company, 1MIted by guarantee and incorporated in the United Kingdom under the Companies Act 2006, is a registered charity under the Charities Act 2011, and is a Registered Provider of Social Housing. The address of the registered office is given on page 3 of Ihese financial statements. The nature of the Company's activities is the provision of Social housing. The Company wnslitutes a public benefit entrty as defined by Financial Reporting Standard 102. The financial statements have been prepared in accordance with applicable United Kingdom financial reporting standards. Including Financial Reporting Standard 102 The FinanGial Standard Applicable ifR the UK and Republic of Iland and comply with the Slalemenl of Recommended Practice for Social Housing Providers 2018 and the Accountin9 Direction for Private Registered Providers of Social Housing in England 2022. The financial slatements are also prepared under the requirements of the Housing and Regeneration Act 2008 and Ihe Companies Act 2006. The financial statements have been prepared on a going concern basis. Accounting convention The financial statements are prepared under the historical Cost convention, except as modified by the revaluation of Investments. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all years presented unless otherwise stated. Turnover Turnover is measured at the fair value of the consideration received or receivable. Turnover represents maintenance and seNice charges income receivable in the year {net of maintenance and service charge105ses from voids) and Supporting People income. Tangible fixed assets Hotjsing Properties are staled at cost les5 accumulated depreciation. The cost of such properties inGludes the following.. a) Cost of acquiring land and buildings, b) Construction costs including internal equipment and fitting., cl Directly attributable development adminislralion costs-, d) Cost of capital employed during the development period, e) Expenditure incurred in respect of improvements and extensions to existing properties,. f) Construction c05t5 incurred bul not yet certified al the Balance Sheet dale Freehold land is not depreGialed. Depreciation on other assets is calculated using the slraight-line method to allocate their cost to their residual values over their estimated useful lives, a5 follows". Structure 50- 100 years Door and entry systems 10-40 years Bathrooms 40 years External works 15-20years Heating system 30- 40 years Kitchens 30 years Lifts 10 years Green technologies 25 years Roof coverings 50 years Windows 40 years Electrical wiring 30 years Communal furniture 15-20 years Office furniture and fitting 10 years Boilers 15 years 18
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Principal Accounting Policies (contlnued) Tangible fixed assets (continued) Expenditure on housin9 properties which is either capable of generating increased future rents, extends their useful life. or significantly reduces future maintenance costs, is capilalised, All other repairs and maintenance are charged to the Statement of Comprehensive Income during the financial year in which they are incurred. Impairment All properties are considered for impairment annually and detailed reviews of assets foi impaimenl are carried out if there is an indication that impaiment has occurred or if they arè not being depreciated. Social Housing Grant ISHG) and other grants Social Housing Grant {SHGI is receivable from Homes England and is utilised to reduce the capital costs of housing properties. including land costs. SHG and other grants are held as a deferred asset {income) on the Statement of Financial Position and amortised to the Statement of Comprehensive Income, within lurnover, over the life of the main fabric of the property to which rt relates. SHG due from Homes England or received in advance is included a5 a currenl asset or liability on the Statement of Financial Position. SHG received in respect of revenue expenditure is credited lo the Slalement of Comprehensive Income in the same period as the expenditure to which il relates. SHG is subordinated to the repayment of loans by agreement with Homes England SHG released on the sale of a property may be repayable but is normally available to be recycled and is credited to a Recycled Capital Grant Fund and included on the Statement of Financial Position in creditors. Investments Investments are a form of basic financial instrument and are inrtially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet dale using the closing quoted market price. Gains and losses arising on revaluation and disposals throughout the year are recognised through the Statement of ¢omprehensive income. Debtors Short term debtors are measured at transaction price. less any impaiment. Cash at bank and in hand Cash is represented by cash in hand and deposits with financial institutions repayable wilhout penalty on notice of not more than 24 hours. Creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans. are measured initially al fair value, nel of transaction costs, and are measured subsequently al arnortised cost using the effective interest method. Loan5 and borrowings Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured al amortised costs using the effective interest rale method, less impairment. If an arrangement constitutes a financing transaction Tt is measured at present value. 19
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Noles to the Financial Statements for the Year Ended 31 March 2024 {continuedl Principal Accounting Policies (continued) Provisions Provisions are recognised when the Company has an obligation at the balance sheet date as result of a past event that will probably result in the Iransfer of funds to a third party and the amount due lo settle the obligation can be measured or estimated reliably. Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at a transaction value and subsequently measures at their settlement value with the exception of bank loans which are subsequently measured al amortised cost usin9 the effective interest method. Property Managed by Agènts As the company carries the financial risk on propety managed by agents, all the income and expenditure arising from the property is included in the Statement of Comprehensive Income. Judgements and key sources of estimation uncertainty The following judgements have been made in the process of applying the above accounting Policies Ihal have had the most significant eftect on amounts recognised in the financial statements.. Housing properties are slated at cost less any provision for impairment Irepiesenting a diminution in the recoverable service potential of the asset below Its carrying value in the balance sheet) less depreciation. Cost includes the cost of acquiring land and buildings, development costs. interest charges Incurred during the development and expenditure incurred in respect of improvements. The Charitable Company separately identifies the major components of its housing properties and charges depreciation so as lo write down the cost of each component to it5 estimated residual value, on a slraighl-line basis over its estimated useful economic life. Indicators of impairment would include significant changes ln the market or economic environment in which the Company operates. higher levels than expected of unplanned maintenance expenditure on housing property assets or a material increase in the level of voids which exceeds those forecast. Tangible fixed assets are depreciated over their useful lives taking into account residual value5 where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the assets lives, factors such as product lifecycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values, plans to dispose of an asset before the previously expected dale, and changes in funding which impact on the future viability of schemes resulting in assèts being no longer required. Grants for capital expenditure are recognised as deferred incorne and released to the Statement of Comprehensive Income annually over the life of the main fabric of the property lo which they relate. An allowance for doubtful debt5 is maintained for estimated losses resulting from the ability of the Company's former residents to make required paymen15, based on regular assessment by the Board 20
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) Turnover, Operating Costs and Operatlng Surplus 2024 2024 2024 2023 2023 2023 Turnover Operatlng costs Operatlng surplus Operating costs Operating surplus Tumover Social Hotjsing Lettings (Note 3) 351,235 1353,3181 (2,0831 333,624 {289.9111 43,713 351.235 {353,3181 12,0831 333,624 {289.9171 43,713 Other Other social housing activities Loss on disposal al other fixed assets 465 465 420 420 {8.4061 18,4061 Total 351,700 {361,724) 110,0241 334,044 {289,911) 44,133 Income and Expenditure from Social Housing Lettings 2024 2023 Rented housing Rented housing Income from lettings Maintenance Contributions 247.248 227,701 Service charges Amortlsed government grants 93,300 89,918 20,578 20,578 Gross rental income 361,126 338,195 Voids 19,8911 351,235 14.5711 333,624 Turnover from soclal housing lettlngs Expendlture on lettings Management Service5 1149,8091 (73,511 1133,222> 148.3581 169.9331 {1,7611 136.6371 1289,9111 Routine maintenan 197,4371 3,726 Bad debt charges Depreciation 136,2871 Operatlng costs from social housing lgttings (353.3181 Operating surplus from social hovsing lettings {2,0831 43,713 21
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Financial Stalements for the Year Ended 31 March 2024 Icontinuedl Accommodation In ownership and management Number of properties owned. and managed by The Tru51 Partnership.. 47 (2023.. Aspire, 47) Operating Surplus 2024 2023 The operating surplus is arrived al after charging1 (creditingl.. Amortisalion of government grants Depreoation of properties - residential freehold Depreciation of operating fixed assets Loss on d15posal of other fixed assets Auditors, remuneration - audit services 120.5781 36,287 12.934 120.576) 36.637 12,536 8,406 8,460 6.902 Taxation The regisleied provider has charitable status and is therefore exempl from U.K. Corporation Tax under Section 505 of the Income and Corporation Taxes Act 1988. Board Ernoluments None of the Board received remuneration for their services12023 £nil), nor were any expenses reimbursed12023 - £nil) Employee Information The Company does not employ staff directly but is charged for staffing by the managing agent. Interest Receivable and Similar Income 2024 2023 Interest Ceivable fTOm.' Short-lerni cash deposits Other 4,332 14,944 832 18,026 19.276 18.858 22
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Financial Statements forthe Year Ended 31 March 2024 (continued) 10. Interest Payable and Similar Charges 2024 2023 Bank loans, overdrafts and other loans.. Repayable wholly or partly in more than 5 years 12,B59 13,022 12,859 13,022 11. Fixed Assets - Housing Properties Freehold Land and Buildings Housing Properties Total Cost At 1 sl April 2023 Additions during the peTiod 015posals 2,595,317 2,595,317 At 31 March 2024 2,595,317 2.595,317 Depreclation At 151 April 2023 338,226 338,226 Charge for the period 36.287 36,287 Released on disposa15 At 31 March 2024 374,513 374,513 Net Book Value At 31 March 2024 2,220.804 2.220,804 At 31 March 2023 2,257,091 2,257,091 Social Housing Asslstance 2024 2023 Total SHG due by 31 March 1.440 425 1.440,425 Recognised in the Statement of Comprehensive Incorne Held as deferred income 234,207 1 206 218 213,630 1,226.795 1440,425 1,440,425 23
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 11, Fixed Assets - Houslng Properties Icontinuedl Expendituro on work to existlng assets 2024 2023 Improvements to existing Cornponents Components capitali5ed Recognised in the Ststemènt of Comprehensive Income 127,779 5,331 69.932 97,437 203,042 12. Fixed Assets - Other Operating Assets Furniture and Equipment Cost Al 1 Sl April 2023 191.383 Additions 50,028 Disposals 119,6401 At 31 March 2024 221,771 Depreclation At 1$1 April 2023 Charge for period Disposals 69,507 12,934 111,2341 At 31 March 2024 71,207 Net Book Value At 31 March 2024 150,564 Al 31 March 2023 121.876 24
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Financial Statements for the Year Ended 31 March 2024 (continued) 13. Investments Fixed asset investments Listed 2024 Listed 2023 Al April 2023 Additions 604,070 614,492 53.273 33,304 Di5posal3 Revaluation 155,4131 2S,392 143,7261 At 31 March 2024 627,322 604,070 Cash held by investment managers Saving bond held by investment managers Total held by investment managers Total Investsnents 1.773 3,901 10.000 10,000 11.773 13,901 639,095 617.971 Al 31 Mareh 2024 the historical cost of listed investrnents was £542,72012023.. £541,501) 14. Debtors 2024 2023 maintenan Contribution debtors 10,341 1,364 Prepayments and other debtors 7,470 7,568 17,811 8,932 Maintenance contribution debtor balances are nel of a Provision of £nil12023.' £3.5451. 15. Creditors: Amounts Falling Due WTthin Onè Year 2024 2023 Bank loans and mortgages Tiade creditors 1,741 1.559 67.678 9,577 Grants lo be amortised within one year 20,578 20,578 Other ciedilors and accruals 34,966 63,343 124,963 95,057 25
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Financial Statements for the Year Ended 31 March 2024 Icontinuedl 16. Creditors: Amounts Falling Due After More Than One Year 2024 2023 Bank loans and mortgages 110,208 111,950 Government grants 1,185,640 1,206,218 1,295,848 1,318.168 Based on the lender 5 eartiesl repayment dale, bank loans fall due as follows.. 2024 2023 Due within one year 1,741 1,559 Due in more than one year but16SS than five years 9,256 8.286 Due in more than five years 100,952 103.664 111,949 113,509 The Company has provided security in the form of charges on housing stock for its loan al the balan sheet dale The loan is subject to fixed repayment terms with an interest rate of 11.370 17. Deferred Capital Grant 2024 2023 At 1 April 2023 1,226,796 1,247,372 Released lo income in the year 120,578) 120 5761 At 31 March 2024 1,206,218 1,226.796 26
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Financial Statements for the year Ended 31 March 2024 {continuedl 18. ReconcllSatlon of Operatlng Surplus to Nèt Cash Inflow from Operating Actlvlties 2024 2023 (Deficitll surplus for the period {1.7011 49.969 Depreciation of housing properties Depreciation of other fixed assets Amortisalion of grants (Gainsl on investments Lo55 on the sale of other fixed assets Ilncreaselldecrease in debtors Increase/{decreasel In creditors 36.287 12,934 120.5781 11.9061 8,406 8,8791 29.724 38.637 12,536 120,5781 4,834 116,7121 54,287 66,686 Adjustments for Investing or Financing ActivStle8 Interest payable Inte$t received 12,859 119,276) 13,022 118,8581 Ngt Cash Inflow from operang AGtivitigS 47.870 60.850 19. Reserves a) Revenue Reserve The revenue reserve represents curnulalive surplus and deficits net of olher adiustments. b) Revaluation Reserve The revaluation reserve represents increases and decreases in the fair value of listed fixed asset investments which have not yet been realised. 20. Capital Commitments There were no Gapital commitments contracted for in the year ended 3151 March 202412023: Nil} 21. Related Party Transactions There were no related party transactions in the year to 31 sl March 2024. 22, Company Limited by Guarantee The company is limited by guaianlee and does not have a share capital. The liability of each member in the event of winding up is limited to £1. 27