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 p￿sume 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 be￿een 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 Se￿1￿5 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 re￿1vable
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, 1￿MIted 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 I￿land 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 opera￿ng 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