THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Hopkins and Sneyd Almshouse Charity ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Company Registration number: 08390520 Regulatorof Social Housing Numb¢r: A2570 Charlty number: 1152689
THE HOPKINS AND SNEYD ALMSHOUSE CHARI Annual Report and Flnanclal Statements for the Year Ended 31 March 2025 Contents Page General Information Board Report Independent Auditors, Report 10- 13 Statement of Comprehensive Income 14 Statement of Changes in Reserves 15 Statement of Financial Position 16 Cash Flow Statement 17 Notes to the Financial Ststem8nts 18-27
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY General Information Board of Management Mr Trevor Jeffries Chair Ms Olivia Lyons MrTerry Redford Vice Chair Foundation Home - (CIO/Corporale body} Mr Leslie McDowaU Appoinlad 15 August 2024 Reslgned 15 August 2024 Resigned 22 May 2025 Secretary Jlll Lawren Managlng Agent The Trust Partnership Registered Offlco 6 Trull Farm Buildings Telbury Gloucestershire GL8 8SQ Registered Company 08390520 Number Audltors Dalns Audit Ltd 2 Chamb&r]ain Sq, Birmingham B3 3AX Bankers Barclays Bank PIC Leicester LE87 2BB Investment Managers Rathbones incorporatlng Investec Wealth & Investment Ltd The Colmore Building 20 Colmore Circus Queensway Birmingham B4 6AT Registered Charlty NumbeT', 1152689 Regulator of Social Housing registration number: A2570
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Board Report The Board of Management (the Board") presents Its Report and the audited financial stslemenls for the y6ar ended 31 March 2025. Statemgnt of Re$ponsibilét16s of thè Board of Management The Board are responsible for preparing the Annual Report and the financial statements in accordance wtth appliGable laws and regulations. Regis18red social hoLtsing legislallon requlres the Board to prepare financial statemenls for ea¢h financlal year whlch give a true and fair view of the state of affairs of the Charitable Company ('the Company.) and of its income and expenditure for that period. In preparing these financial staternents, the Board are required to: select suitable accounling policies and then apply them conslstsnlly: make Judgements and estimales Ihat are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the finan¢lal statements on the going concem basis unless it is inapproprlate to presume that the Company will continue in business. The Board are responslble for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position ofthe Company and enables themto ensure that the financial stat8mgnts comply with the Housin9 and Regeneration Act 2008 and Ihe Accounting Direction for Private Registered Providers of Social Houslng in England 2022. 11 ha5 8 gen8ral responsibility for taking reasonable steps to safeguard th8 assets of the Company and to pr8venl and detect fraud and other Irregularities. Statement of dlsclosure of Information to auditors We, the Board members of the Company who held office at the date of approval of these Financial Statements as set out above each confirm, 50 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 lo have taken as a Board in orderto mak6 ourselve5 aware of any relevant audlt information and to establish that the Company's auditors are aware of Ihal information. Governance and Accountabillty The Board retain5 ullimale responsibility for all aspècts ol the Company's activities and nomially meèts qU8rterly. Membership of the Board is reviewed from tlme-to-lime to ensure its composition is appropriate for both the present and future planned activities of the Company. From time to time, specific commlttees are established to consider somè of the detailed work in policy formulation, strategic planning and performance monitoring in relation to key activities, Responsibility for thè day-to-day management and implementation of the Company's polici&s and ProdureS Is delegaled to the Managing Agent's Management T8am. The Charitable Company substantially complies with the Charity Code of Governance 2020. as expected by the Charity Commission. The legal title for the properties owned by The Hopkins and Sneyd Almshouse Charity resldes svith the Official Custodian on behalf of the Company.
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Board Report (continued) Intemal ControlsAs$urance The Board atknDwledgès that it is responsible for the Company's systems of internal control which are designed to produce reasonable bul not absolute assurances regarding the safeguarding of assets. the maintenance of proper accounting records and the reliability of financial and other management Information. The following procedures are in place. whtch are designed to produc& effective internal control: An annual report to the Board from the Managing Agent on risk management and the Company's internal control proces$es. Clearly defined management and reporting structures set oul in the Company's finan¢lal regulations ancl standin9 orders. Management information systems with quarterly reporting of financial resulls and key perfornance indicators compared wÈth targets. Monitoring of control Systems through audit. Arrangements for managlng the rlsks of fraud The Company (via its managing agent) has robust arrangemenls in place for managing the risks offraucl. These include:_ pr8ventiDn - the Company seeks to generate a strong anli-tr2ud culture supportèd by apprcprlate controls over operational and employment systems., detectlon- the Company has implement8d comprehenslve systems and procedures to detect evidence of fraud 8nd to facilitate and encourage the reporting of fraud., investigation - the Company follows a comprehensive policy on fraud investigation and r8POrtlng and,. insuranc8 - thè Company has appropriate insurance cover in place to mitigats the potential financlal losses assoclated with fraud. There have been no weaknesses identified in the Company's internal controls which have resulted in material losses. contingencies or uncertainties whl¢h require disclosure in the financial statements. Charitable Donatlons The Company has made no donatlons during the Course of the year {2024- Nil). Publi¢ benefit The Board has received the Charity Commission's guid81ines on public benefft. The Company provldes accommodatlon for local people in need within the Ru9eley area. In carrying out thè Charity's Objects the Board has had regard to Charity Commission guidance and is salisfted Ihat the wntinuous demand for Ihe affordable accommodation provided demonstrates that the lest is met. The accomrnodation Is fijlfy occupled, and allocations arg giv8n on the basis of houslng the eligible person in greatest need al the time of a vacancy.
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Board Report (continued) Prlnclpal act[ty The principal activity of The Hopkins and Sneyd Almshouse Charity is the provision of affordable accommodation for those In need within the Rugeley ar8a. The Charity is a registered social housing provider regulated by the Regulator of Social Housing (RSH) as well as being regula16d by Ihe Charily Comrnission. The Company is registered with the Regulator of Social Housing, The Trust Partnershlp, Is Ihe managing agent providing propety managèmerit and resident welfare servic8s. A Scheme Manager is responsible for day-tO•day management ofthe property known as Sneydlands and maintsins dally. part-time presence on silè, During the year the main activity was lo maintain the three almshouse siles and to ansure that vacant units are re-allocated in a timely way. Maintenance is split into responsive repalrs and programmed works. Responsive repairs are reported by the resldents lo the managlng agent and contractors 8tlend as required. Programmed fepairs are major works Identified through the quinquennial Inspectlon report and included withln the budgeL Management Accounts. inGluding the 8pproved Budget. are reviawed at each Board meeting. Th8 Board is aware of ils Tesponslbllitles to residents as beneficiaries of th8 Charlty and under the Care Act 2014 requiring vlgllance on matters of saf8guarding vuln8rablÈ residents. Reports on propaty management and resident welfare are made available to the Board at eaGh meeting. The goveming documents allow forthe beneficiaries to be ¢harged a Weekly M8inlenanc8 Contributlon (WMC) and a Setvlce Charge. The WMC is set in accordance with the RSH formula, and the SeNice Charges are sel by reflecting the previous yeer's expenditure and the anticipated costs for the coming year. Residents unable to pay are signposted to the ID¢al authority for assessment and assistance. Revlew ol Actlvitles and Future Developments The results ofthe Company for the year ended 31st March 2025 are set out on page 14. The operating deficit w85 £5,925 (2024- deficit £10.024)- The net surplus for the year before investment gains was £10,263 (2024". nel d8ficit £1.7011. Investment Powers, Policy and Performancè The investments are managed by Rathbones incorporating Investec Wealth and Investment Ltd on behalf of the Company. The objective given to Investec Ltd 15 ba18nced between providing an income from the inveslm8nls for th8 njnning of the Charily and ensuring capital growth. The Board monitors the yield 8nd th8 return from the investmen15 and receives regular reports from the investment manager with th8 appropriate benchmarking information. Reservts Pollcy The reserves policy for the Chority is managed with a view to retalning reseNes of at least £375k. This broadly equales lo the planned 8xpendi*ur8 for an elghteèn-monlh period excluding depreciation and finance costs and the ability to cover expenses for two years. It 15 recognised that sorne tolerance beyond this limit may be required, by way of example.. Should an unforeseen cost arlse. this may decrease the level ol reservès beyond the lower tolerance of£375k. Should a specific project be launched which requires a longer-terrn funding plan. The Board monitors the level of resetves at the end of each financial yearto ensure compliance with thls palicy, or allernalely to be able to justÉfy an exception belng made to the policy. Accommodation Managed by Others Management ofth8 47 (2024.. 47) properties uwned by the Companywa5 undertaken by The Trust Partnership throughout Ihe period. Th8 Cornpany has no other properiies used for accommodation purposes.
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Board Report (continued) Employees The Company has no dire¢l employees, as 811 Services are provided by The Trust Partnership under th8 management arrangement. Value for Money Ob'8d¢ves The Company has id8nllfied Value for Money as one of Its core priorities, alongsldÈ satisfaction of residents and the lèvel of sarvicès provided. SpeGifiGally. the Company's objectives In this regard are to ensure that: Costs are Iransparent and comparable Costs and charging structures are ¢ommercially corTipetitive and in lin8 wilh the bgnchmark as provided by The Alfftshouse Association It continues lo strive to provide better s8Fvicas for a similar or lower Cost base, year on year. How the Company Dellvers Value for Money Trans arent Cost Structure The Company's operations are managed by The Trust Partnership, a third party. The Trust Partnership stiwes to ensure that Costs are visibl8 and highllghts the extent lo which the Company's acttvity is exposed to the market. utc Input Costs Include: SLtppller ¢osts {procuremenl)" Managem8nl costs., and Borrowing costs The Company has loans which have beén secured on the houslng propertles whlch il operates in order to reduce the interest charges payable. timlsln 5 on assets and Investents Th8 Company's physlcal assets seNe a single Pufpose in provlding housing. Therefore, to maxlmlse the returns made on these propertie5 means 8nsuring each propety Is being used to thelr full potential and minimising the time each property is not used. The Company has a portfolio of investments, which is administered by Invest80 Wealth and Management Ltd. This relationshlp has been established ta maximise the potential returns from the Company's Inveslrnents. It is believed that the expertise and experfence of Investec Ltd are good value for money againsl th9 retums made. Tax a er R turns The Company currently holds £1.186 million of gov8mment grants agalnst houslng property assets. The Company is committed to making SLtre that Ihis property is used for Ihe good of the community. The grant ha5 ensured the continuing operation of the Company. meanlng that the residents and the wid8r community all benefit from the govemment Investment,
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Board Report (continued) Value for Money metrlcs and targets The nèw Value for Money standard published by the Regulator of Social Housing requires Registered Providers to report on a number of Value for Money matrics within their financial statements, Ènd these are set out in table below. Regulator of Social H•uslng metrics Hopklns & Sneyd 2022-23 2023-24 Actual Actual 2021-22 Actual 2024-25 Re-investment Yo 5.1Y D.OC/ptr O.OO/o New Supply- social housing 0/0 o.oo/ o.ooh o.oo 0.04/0 Gearlng -11.8Q .8.OYo -8.6Yo EBITDA-MRI interest cover 442.5% -389.2% 187.0 /0 374.8Y. H8adlin8 social houslng cost per unit Operatin9 rnargin Isocial housing unils £5,052 £8.183 £7.889 £6,977 14,4Vo -0.5° -1.7% Operating margin (overall) 14.39/0 13.10A -0.6Yr¥ -1.6Vo Return on capital employed {ROCE) 1.4Y. 4).1 /0 The relnve51menl and new supply rnatrics reflect the work done on properties in the year. Gearing remains low with high leve15 of cash r8sources held whlch are higher Ihan the outstanding loan balance. As the loans are al fixed interest rates th8re Is no financlal benefit tc breaking from th8 flx. Accordingly benchmarked against th8 sector gearing is in top quartile performance. The Company also holds inveslments which provlde a raturn which supplements the Company's income. Interest cover in 202212023 was lower than previous levels due to Ihe capita5 repair costs on fire safety. In 2023124 and 2024125 Interest cover has improv8d. The Company's overall social housing ¢osl per unit decreased from £7.889 in 2023-24 10 £6,977 In 2024-25. This is forecast to Incrèase to £7.324 in 2025-26. The increase is the result of the higher budgeted costs in 2025126 in line with The Almshouse Association recommendalions. The high costs compared to benchmark are reflective of the high level of servlce ¢harges as the majority of the properties are sheltered s¢heme type a¢commodation. The costs also reflect the investment in properties,. thls investment provides a hlgh standard of homes and results In exlrernely low void levels. Operating margln levels, as a consequence of the high level of service Charge in¢orne, recharged at cost, are low compared to seclor benchmarks. The Board acknowledges that the level of return is Commensurate with the charilable objectives of the Company. Return on capital employed is at the Iow8r end of sector benchmarks bul at the expectèd levels of return the Board requires for future investment in homes.
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Board Report {¢ontlnued) Risk Managèment The Risk Register is Considered by tho Board al èach meeting and Ihe performance of mitigating measures 13 monitored. Financial Risks art monitored and reported on at each Board meetlng by Investè¢ Wealth and Management Ltd. In¢Dm8 and capltal growth conllnue to be Impacted by current economlc uncertainties. but reserves are sufficient to malntain the Objects ancl sustainabllliy of the Charity. The Board has no intantion, or need, to take Dut any additional loans at this Point in Ilme. The cost-of-living crisis impact on residents Is monitored and the Board follow the regulatory requirements of the Regulator of Social Housing in respect of the annual increase in ¢ontrtbutions by using the officlal formula provided. Any arrears are monltored and aclioned. Govemance risks are generally considered to be as a result of external political and regulatory requiremants which have Increased Gonslderably over Ihe last few years. The Board Is updated at each meeting on any changes to relevant statutory and regulatory requlrem6nts and mitigallon measures considered and agreed. Rlsks can generally be categorised in terms of health and safety requirements (both for resident welfare and buildings) and ensuring resident satisfaction measures are met. Addltlonal operational risks are identified as loss of Income from delayed void turnarounds. These are minimised by efficlent working of th8 management team both in ensurin9 the vacant unil is efficiently refurbishedlrede¢orated and concurrenlly allocating Ihe accommodalion. The Company does not have a website or Its own IT systems. All dats Is stored and fflanaged by The Trust Partnership on their IT systems, which operates a robust cyber security System and has appropriate cyber and data risks Insurance. Plans for the Future The Board is keen to attract more Board Members and wlll continue to actively search for those m8mbefS of the local community who provide th8 skills identified as belng of greatest use to the Charity. The Board has no plans to expand on ils tUff8nt almshouse provision orGhange the servic8 provision to residents. The Board meets its charttable objects by providing almshouse acGommodation for the local communtty, which by its nature is affordable to help those most in need. who meet the ellglbilily criterla. The Company will continue 115 regime of the required health and safely checks for the properties. taking account of sustainabillty Issues where possible. Auditors The auditors, Dains Audit Limitéd, will be proposed for reappolntment In accordance wilh section 485 of th9 Companie5 AGt 2006. In preparing thls report the Board have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. The Board report was approved on 4 Septsmb6r 2025 and slgned on Its behalf by., Mr T Jeffrles Chalr Mr T Redford Vice thalr
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Independent Auditor's Report to tha Board of The Hopkin3 and Sneyd Almshouse Charity Oplnlon We have audited the financlal staternents of The Hopkins and Sn8yd Almshouse Charity (the 'Company') for the year 8nded 31 March 2025 which Comprise the Statement of Comprehensiv8 Income, the Statement of Changes In Reserves, the Statement of Financial Poslllon and the related notes to the financial stalementg, including a summary of signifiGanl accounting policies. The financial reporling framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, incltsding Flnaneial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republlc of Ireland {Uni18d Kingdom Generally AGcepled Accounting Practice). In our opinion the financial stat8ments,' give a true and fair view of the state of the Cornpany's affairs as al 31 March 2025, and of ils incoming resources and applicatlon of resources, including Its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requlrements of Companies Act 2006. the Houslng and Regeneration Act 2008 and Ihe Accounllng Direction for Private Registerèd Providers of Social Housing In England 2022. Basls for opinion We conducted our audit In accordan with Intematlonal Standards on Auditing (UK) (ISAS (UK)) and appllcable law. Our responsibilities under those standards are further described in the Auditor's re5ponsibilitl8S for the audit of the financial statements section of our report. We are independent of the Company in accordance with Ihe ethical requirements that are relevant to our audit of the financial stal8ments in the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibllities In accordance with Ihese requiremen15. W& believe Ihat the audit evidence w8 have obtained is SLrffi¢ienl and 8ppropriala lo provide a basis for our opinlcn, Conclusions relating to golng concern In auditing the financial statements, we have cancluded that the Board's use of the going ¢on¢ern basis of accounting in the preparatlon of the financlal statements is appropriate. Based on the work we have performed, we have not identified any material unc8rtainti&s relating to events or conditions that. individually or collectively, may ¢ast significant doubt on th8 Company's ability lo continu8 as 8 going concern for a period of at least e1ve months from when the financlal stalements are authorlsed for Issue. Our responsibilities and the responsibilities of the board with respect tc going concem are described in the relevant sections of this report. Other Informatltsn The board 15 responsible for the othei infomiation. The other Infofmalion comprises the inforrnation included in the Board Report. other than the financial statements and our audilorfs report Ihereon. Our opinion on the flnancial statements does not cover the other information and, except to the extent olheMi5e explicitly slated In our report, we do not 8Xp$S any form of assurance conclusion th8reon. 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 ststements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. Ifwe identify such materlal Inconslstencies or apparent malerial misslatements. we are required to determin& whether there is a material misstatement in the financial statements or a material misstatement of the other Infomiation. If, based on the work we have performed, we conclude that there is a matarial misstslement of thi5 other Information. we a required lo report that fact. We have nolhing to report in this regard. 10
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Independent AudIt0$ Report to the Board of The Hopkins and Sneyd Almshouse Charity (Gontinued) Opinions on other matters prescribed bythe Companles Aet 2006 In our opinion, based on the work undertaken in the course of the audiL the information given In the Board Report for the flnanclal year for which the fSnan¢ial stalernenls ar& prepared is consistent with the financial statements., and the Board Report has been prepared in accordanca with applicable legal requirements. Matters on whlch we are roquired to report by gxception In the light of our knowledge and understandlng of the Company and its environm8nl oblalned in the course of the audit, we have not identlfied material mlsstatements in the Board Report. We have nothing to report in respect of Ihe followlng matters in relation lo which the Companies Act 2006 requires us tD report lo you if, In our opinion.- adequat8 accounting records have nol been kept or returns adequate for our audit have not been recelved from branches not visited by us- or the financial statements are not in agreement with the accounling record5 and returns- or certain disclosur6s of trustees. remuneration specified by law are not made- or we have not received all the Informatlon and explanations w8 raquire for our audlt., or the board was not entitled to prepare the financial ststements in a¢cordance with the small companles regime and lake advantage of the small companles, exemption in preparing the Board Report and from the requirement to pr8par8 a strateglc report. In addlllon, we have nolhing lo report in respect of the following matter where the Housing 2nd Regeneratlon Act 2008 requires us to report to you if. in our opinion- a satisfactory syst8m of ctsntrol over transactions ha5 not been maintained. Responsibilltles of the board As explained more fully in the Board's responsibilities statement set Dtjt on page 4. the board members (who are also the directors of the Company for the purposes of Company law) are responsible for the preparation of the financial stat8menls and for belng satisfied that they give a true and fair view, and for such internal control as the board determlne is necessary to enable the preparation of financial statements that are free from malerlal misstalement, whether due to fraud or error. In preparing the financial statements, the board Is responsible for assessing the Company's abillly to ¢ontinue as a golng Concern, dis¢lpslng, as applicable, matters related to going ¢on¢ern and uslng the going concern basls of acxounting un18ss th8 board either Inlends to Ilquldate the Company or to cease operations, Of has no realistic alternative but to do 50. Audltor's responsibilities forthe audit of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the flnancial statements as a whole are fr66 from matorial misststement, whether due to fraud or error. and to issue an Auditor's report that in¢ludes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted ir) a¢¢ordance wlth ISAS (UK) wlll always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the econom1¢ de¢i5ions of users taken on the basis of these financlal statements. Irregularities, Includlng fraud, are instances of non-compllance with laws and regulations. We design procedures in line wlth our responslbllities, oullined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are Capable of detecting Srregulariues, Including fraud Is detailed below:
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Independent Auditor's Report to thè Board of The Hopkins and Sneyd Almshouse Charlty (continued) Our approach to identifying and assessing the risks of material misstatement in respect of irregularltles. Including fraud and non-compliance with laws and regulations, was as follows". the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilitie5 and skills to identify or reco9nlse non-compllanGe with applicable laws and r8gulalions- we identified the laws and regulations applicable to the company through discussions wlth directors and other management, and from our commercial knowledg8 and èxperience of the social housing sector, we focused on specrfic laws and regulations which we considered may have a direct material effect on the flnancial statemenls or the operations of the company, including the financial reporting 18gislation, 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 identlfled above through making enquiries of management and inspecting legal correspondence,. and Identified laws and regulations w6r¢ communicated within the audit team regularly and the team r8mained alert to instan¢es of non-compliance throughout Ihe audit. We assessed the susceptibility of the company's finan¢lal statements to matertal misstatement, including obtaining an understanding of how fraud might occur, by. making enquiries of management as lo where they considered there was susceptibillty to fraud, their knowledge of actual, suspected and alleged fraud: and considering the internal controls in pla to mitigate rlsks cf fraud and non-compliance with laws 8nd regulations. To address the risk of fraud through management bias and override ofconlrols, we.. perform8d analytical procedures to identify any unusual or unexpected relationships: tested journal enlries ta identify unusual transactions: assessed whetherjudgements and assumptions made in determining the accounting estimates wère indicative of potential bias. and investigated the rationale behind signifi¢anl or unusual transactions. In response to the rfsk of irregularities and non-compllan¢e with laws and regulations, we designed procedu$ which induded, bul were not limlted to: agreeing financial slatement disclosures to undorlying supporting documentstion; reading the minutes of meetings of those charged with governance. enquiring of management as to actual and potential Iltigalion and claims,. and reviewing correspondencè with HMRC. relevant r8gulators and the compan5 legal advisors. Because of the inherent limitations of an audit. there is a risk that wè will not detect all irregularities. including those leading to a material misstatement In the financial statsments or non-compliance with rggulation. This risk increases the more Ihat compliance with a law or regulation is removed frorn the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurrFng due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission Or misrepresentation. A further d8scription of our responsibilitles for the audit of the financial statements is located on the Finandal Reportlng Council'5 website al.. www.frc.org.uklaudilorsresponslbilili8s. This description fomis part of our Auditor's report, 12
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Independent Auditor'5 Report to the Board of The Hopklns and Sneyd Almshouse Charlty (contlnued) U58 of our report Thls report Is made solely to the Company's members, as a body, In accordance wlth Chapter 3 of Part 16 01 the Companies Act2006 and sedlon 137 ofthe Housing and Regeneration Act 2008. Our audit work has been undertaketT so that we might slate to the Company's members those matters we are required lo slate to them In an auditor's report and for no other purpose. To the fullest exlenl permltted by law, we do not aeKepl or assume responsibllity to anyone otherthan tha Company and the Company's members as a body, for our audit work, for this report, or for the oplnlons we have formed. Andrew Morris FCA (Senior Statutory Auditor) Forand on behalf of Dalns Audlt LimFtod Statutory Audltor Chartered Accountants Bimingham Date: /g// J, /./r/ { 13
THE HOPKINS AND SNEYD ALMSHOUSE CHARrrY statement of Comprehensive Income for the Perlod to 31 March 2025 Notes 2025 2024 Turnover 372,275 351.700 Oparating costs {378.200) (353.318) Lo$s On dl$posal of other fixod a$$ets {8.406} Operatln9 deficlt 15,9251 110.024) Gains on Sale of Invastments 7,826 1,906 Inlerest receivable and similar income 21,039 Ig,276 Inte$1 payable and 51milar charges 10 {12.677} 112,8591 Surplu$ l (deficlt) for the year 18 10,263 11.7011 Gaing on revaluation of invèstments 14.063 25,392 Cornproh¢nslve Income for the year 24,326 23,691 The above Surpluses ralate wholly to continuing activities. The notes on pages 18 to 27 form part of thesè flnancial statements. 14
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Statement of Changes In Reserves Revenue Reserv• Revaluation Resèrvè Tgtsl At 1 April 2023 1,824,909 62,864 1,887,773 Total ¢ornprehensive inGome for the year {1.701} 25.392 23.691 Transfers (for realised galns on invgStmen15) At 1 Aprll 2024 3.655 {3.6551 1,826,863 84,601 1,911,404 Totsl wmprehensive incomp for the year 10.263 14,063 24,326 Transfers (for realised gains on invostments} 11.21M 111,204) At 31 Mar¢h 2025 1,84B,330 87,460 1,935,790 The notes ¢n pages 18 to 27 form part of these financial statements. 15
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Statement of Flnanclal P¢sltion as at 31 March 2025 2025 2024 Notes FIXED ASSETS Houslng Properties Other langlble fixed assets Investmonls 11 2,184.517 2,220,804 12 140,429 150.564 13 655,639 639,095 2,980,785 3,010,463 CURRENT ASSETS Debtors due thIn one year Cash al bank and in hand 14 20.419 17,811 281.651 304.001 302,070 314,342 CREDtTORS: Amounts fallin9 due within one year 15 173,7401 {124.963) NET CURRENT ASSETS 228,330 196.849 TOTAL ASSETS LESS CURRENT LIABILITIES 3,209,115 3,207,312 CREDITORS.. Amounls fallirÈg due after mor& than one year 16 11.273.325} 11,295,848) TOTAL NET ASSETS 1,935,T90 1,911.464 RESERVES Revaluation Reserve 19 87.460 84,601 Revenue Rese 19 1.848,33Q 1,826,863 1.935,790 1,911.464 The financial statements have been ppared In aGGordance wrth the provisions applicable to small companies within Part 15 oflhe Cornpanles Ad 2006. Th8flnanclal statements ware approved and authorised for issue bythe Board on 4 September 2025 and signed on thelr behalf by.. Mr T J&ffries Mr T Redford Chair Vlce Chair The notes on page$ 18 to 27 fomi part of these finan¢lal statemenls, 16
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Cash Flow Statement for the Year Endod 31 March 2025 2025 2024 Notss NET CASH (USED INI I GENERATED FROM OPERATING 18 ACTIVITIES (27,562) 47,870 CASH FLOW FROM INVESTING ACTIVITES Purchase of tanglble fixed assets (6,551 > (50,0281 Disposal in the period Gran15 received Proceeds from sa18s of investrnents 116,698 57.318 Purchase of investments (104,7681 (53,2731 Interest receivable 21,039 19,276 NEf CASH PROVIDED BY I {USED IN) INVESTING ACTIVITES 26.418 (26,707) CASH FLOW FROM FINANCING ACTIVITES Interest payable 112,677} 112,8591 Bank loan repaid NET CASII USEO IN FINANCING ACTIVITIES NET CHANGE IN CASH AND CASH EQUIVALENTS 115,5621 6,745 CASH AND CASH EQUIVALENTS AT BEGIMNING OF YEAR 315.774 309,029 CASH AND CASH EQUIVALENTS AT END OF YE4R 300.212 315.774 CASH AND CASH EQUIVALENTS CONSISTS OF.. Cash at bank and in hand ash held by Investment managers 281,651 18,561 304,001 11.773 CASH AND CASH EQUIVALENTS AT 31 MARCH 300,212 315,774 The notes on pages 18 to 27 form part of these financial statements. 17
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Flnanoial Statemgnts for th8 Year Ended 31 March 2025 Prlnclpal Accounting Pollcies The company Is a prlvale company, limited by guarantee and incorporated in the United Kingdom under the Companies Act 2006, is a registered charrty under the Charltles Act 2011, and is a Registered Provider of Social Housing. The address of the registered office Is given on page 3 of these financlal statements. The nalure of the Company's activities Is the provision ol soclal housing. The Company constitutes a public benefit entity as defined by Finan¢ial Reporting Standard 102. The financial ststernenls have been prepared in 8¢¢ordance with applicable United Kingdom financial reporting standards, including Flnancial Reporting Standard 102 Th& Financial Standard Applic8ble in Ihe UK ènd Republic of Ireland and comply with the Statement of Recommended Practice for Social Housing Provlders 2018 and the Accounting Direction for Private Registered Providers of Social Hotssing in England 2022. The finan¢i31 stat8ments are also prepared under th@ requirements of Ihe Housing and Regeneratson Act 2008 and the Companies Act 2006. The financial statements have been prepared on a going ccncem basis. Accountlng ¢onventlon The financial statements arè prepared under the hislorlcal cost conventlon, except as modified by the revaluation of investments. The signrficanl accountlng policie5 applled in the preparation of these financial slatements are set aul below. These policies have been consistently 8pplied to 811 y&ars presented unless othernis8 Stated. Turnover Tumover is measured al the fair value of the consideration received or receivable. Tumover represents maintenance and service charges income receivable in the year {nel of maintenance and service charge1055e5 from voids) and Supporting People income. Tanglble flxed assets Housing Properties are stated at cost less accumulated depreciation. The cost of such properties includes the following.. a) Cosl of acquiring land and buildings., b) Construction costs including intemal equlpmenl and fitting; c) Dlre¢ty allributable development adminislration costs., dl Cost of capital employed during the éevelopment period,. e) Expenditure incurr8d in respect of Improvements and extensions to existing properties. fl Conslruclion costs incurred but not yet certified at the Balance Sheet date. Freehold land is not depreciated. Deprèciation on other assets is calculated using the straight-line method lo allocate their cost to their residual values over their 8Stimated Useful lives, as follows- Structure Door and entry systems Bathrooms Extemal works Heating system Kitchens Lifts 50- 1 DO years 10-4Q years 40 years 15-20years 30- 40 year5 30 years 10 years El Green technologies Roof coverings Windows Electrlcal wlring Communal fltrniture Office furniture and fitting Boilers 25 years 50 years 40 years 30 years 15-20 years 10 years 15 years 18
THE HOPKINS AND SNEYD ALMSHOUSE CHARir Notes to the Financial Statements for the Year Ended 31 March 2025 (contlnued) Principal Accounting Policies (continued) Tanglble fixed assets (contlnued) Expendlture on houslng properties which is elther capable of generating increased future rents, extends their useful life, or slgnifi¢antly rèduces future maint8nance costs, is capilalised. All other repairs and maintenance are charged to the Statement of Comprehensive Income during the financlal year in whlch they are In¢urred. Impairment All properties are considered for impaiment annually and d8tailed revi@ws of assets for impairment are carried out if there is an indication that impairment has occurred or if they are not being depreciated. So¢lal Housing Grant (SHG) and other grants Social Housing Grant {SHG) is rec8lvabl8 from Homes England and is ulilised lo redLtce the capital costs of housing properties, including land costs. SHG and other grants are held as a deferred asset (Income) on the Statement of Financlal Position and 8mortised Éo the Statement of Comprehensive Income. wlthin tumover. OV8r the life of tho main fabrfc of th8 propety to which it relatos. SHG due from Homes England or recetved in advance is included as a Gurrent asset or liabilty on the Statement of Financial Position. SHG receSved in respect of revenue expenditure is credited to the Statement of Comprehensiv8 Income in the same period a5 the expenditure lo which it relates, SHG is subordinatsd to the repayment of loans by agernent wllh Homes England. SHG released on the sale of a property may be repayable but Is normally available to be recyoled and is oredited to a Recycled Capital Grant Fund and included on the Statement of Financi81 Position in crÈdTrtors. Investments Investments are a form of basic financial instrument and are inltlally recognised at their transaction value and subsequently measured at thelr fair value as at tha balanGe sheet dats using the closing quoted maTket price. Galns and losses arising on revaluation and disposals throughout the year are r8cognised through the Statement of compr8hensive income. Debtors Short term debtors ar8 measured at transaction price, less any Impairment. Cash at bank and In hand Cash is represented by cash in hand and depasits with financial institutions r8payAblÈ without penalty on notice of not more than 24 hours. Crédltors Short temi Creditors are measur8d at the Iransaclion price. Other financial liabilities, In¢luding bank loans. ar8 measured initially at fair value, n8t of transsction costs, and are measured subsequently at amortised c05t uslng the effective interest method. Loans and borrowlngs Loans and borrowings are initially recognised al the transaction price Including transaction costs. Subsequently, they are measured at amortised costs us5ng the effective interest rate method, less impairmenL If an arrangement constitutes a financing transactton it is measured at present value. 19
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Flnanclal Statements for the Year Ended 31 March 2025 (c¢ntlnued) Prlncipal Accountlng Poll¢les (¢ontlnued) Provlslons Provlsions are recognised when the Company has an obligation at the balance sheet dale as rasult of a past event that will probably result in the transfer of funds to a thlrd party and the amount due to settle the obligation can be measured or estimated reliably, Flnanclal Instruments The Company only has financial assets and financial liabilities of a kind that qualify a$ basi¢ financial Instruments. Basic financial instruments arg inltlally recognised al a Iransaction value and subsequently m8asures at their settlement Value with the èxception of bank loans whlch are subsequenuy measured at amortised ¢ost uslng th8 efféctive interest method. Property Managed by Agents As the company carries the financial rFsk on property managed by agents. all the income and expendilure arising from the property is included in the Statement of Comprehensive Income. Judgements and key SOUT¢e5 of estimation uncertainty The following judgemonts have been made in the procass of applylng thè above acGountin9 pollcies that have had the mosl signiflcanl effe¢l on amounts recognised in the financial statements.. Housing properties ar& stated at cost less any provision for impairm&nt (repr8senllng a diminution in the recoverable 5erylce polential of the a55et below Its Garryln9 value in the balanGe sheet) less depreciation. Cost Inclijdes th8 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 componen15 Of sts housing propertles and charges depreciation so as trj write down the cosl of each component lo its estimated residual value, on a straighl-lirie basis over its eslimaled useful economic life. Indlcators of impairment would include slgnificant changes in the market or economic environment in which the Company operate5, higher levels than expected cf unplanned maintenance expenditure on housing property 8ssets or 8 material increase in the level of voids which exceeds those forecast. Tangiblp flxed assets are depreciated over their useful lives laking into account resldual values where appropriate. The actual lives ofthe 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 Ihings as fLrture market condlllon5, the remaining life of the asset and projected disposal values, plans to dispose of an asset before the previously expected date. and changes infunding which impact on thefuturÈ viability ofsch&mes resulting in ass&ts b8lng no longer required. Grants for capital expenditure are recognised as deferred income and released to the Statement Of Cornprehensive Income annually over the life of the main fabric of the propety to whlch they relate. n allowance for doubtful dgbts is maintained for estimated losses resuth'ng from thè abillty of Ihe Company's former residents to make required payments, based on regular assessment by the Board. 2Q
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Financlal Statements forthe Year Ended 31 March 2025 (continued) Turnover. Opgratlny Cost5 and Operatlng Surplu$ 2025 2025 2025 2024 2024 2024 Operating costs Operating surplus Operats'ng costs Op8raling 8urplu5 Turnover Turnover Social Htsusing Lettings {Note 3) 371.815 (378.2001 (6,3851 351,235 1353.318) 12,0831 371,815 (378,2001 16,3851 351.235 {353.318) 12,083) Other other soclal housing actlvilies Loss on dlsposal of other fixed assels 460 465 465 460 18,4061 18,406) Total 372.275 <378,200) 15.925) 351.700 {361.7241 110,0241 In¢ome and Expenditure from So¢lal Housin9 Lettings 2025 2024 Rented hou51ng Rented housing In¢ome from l¥ttln95 Mainlenonce Contribullons 263,539 91,704 247.248 93.300 Servi¢e charges Amortised government granls 20,578 20.578 Gross rgntal Incorne 375,821 361,126 Voids (4,006) 371,815 {9,8911 351.235 Tumover from soclal houslng lettln9$ Expendlture on l?ttlngs Management Services {174,1011 (73,5861 {90.3661 13,8601 {36,287) {378,200) (149,809) 173,5111 {97,43n 3.726 Roullne malnténance Bad debt char9es Depreciation Oparatlng cost5 from soclal housing l?ttlngs <36,2871 1353,3181 Operatlng Surplus from 5o¢ial houslng lettlngs {6,3BS) 12,083) 21
THE HOPKINS AND SNEYD ALMSHOUSE CHARFrY Notes to the Financial Statements for the Year Ended 31 March 2025 (continued) Accommodatlon in ownership and management Number of properties owned, and managed by The Trust Partnership.. 47 (2024: 47) Operatlng Surplus 2025 2024 The operats.ng surpius Is arrived al after chargingl {crediUngl-. Amortisalion ol govemment grants D8precialion of properties- residential freehold Depreciation of op6rating fixed assets Loss on disp05al of gther fixed assets Auditors. remuneration - audit service8 (20,5781 38.287 16,686 {20.578) 36,287 12,934 8,406 11.190 8.460 Taxatlon The regisfered provider has charrtable status and is therefore exempt from U.K. Corporation Tax under Section 505 Df the Income and Corporation Taxes Act 1988. 7. Board Emoluments None of the Board receiv8d remuneration for their services (2024 £nil), nor were any expenses reimbursed (2024 - £nil). 8. Employèe Information The Company does not employ staff directly bul is charged for staffing by the managlng agent. Interest Receivable and Similar Income 2025 2024 Interest receivable from: Short-tem Cash deposi18 Other 4.395 16.644 4,332 14,944 21,039 19.276
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Financlal Statements for the Year Ended 31 March 2025 Icontlnued) 10. Interest Payable and Slmllar Charges 2025 2024 Bank loans, ov?rdrafts and other loans.. Repayable wholly or partly in more than 5 y9ars 12.677 12,859 12,677 12.859 11. Flxed Assets - Housing Properties Freehold Land and Buildlngs Housing Propertles Total Cost Al 1st April 2024 AddiU'on5 during thè p&rlod 2,595,317 2.595,317 Otsposals At 31 March 2025 2.595,317 2.595,317 Dgprectatlon Ai 1st April 2024 Charge far the periad Released on disptsxals At 31 March 2025 374,513 374,513 36,287 36.287 410,800 410.800 Nèt Book Value At 31 March 2025 2,184,517 2,184,517 Al 31 March 2024 2.220.804 2,220,804 Soclal Houslng A561stan¢o 202S 2024 Total SHG due by 31 March 1440 425 1,440 425 Recognlsed in the Statement ol Comprehensive Income Held as deferred income 254.785 1 185640 234.207 1.206 218 1,440 425 1,440,425 23
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Flnancial Statements for the Year Ended 31 March 2025 (contlnued) 11. Fixed Assets - Housing Properties (continued) Expondlture on work to existlng a$$tts 2025 2024 Impr¢vemenls to exisllng component¥ Components capilali5ed Recogni5ed in the Statement of Comprehensive Income 90,366 97,437 97,437 12. Fixed Assets - Other Operating Assets Furnltuye and Equipment Cost AI 1BI April 2024 Additions 221.771 6,551 Dispas21s {19.358} At 31 March 2025 208,964 Dapr•ciation At 151 Aprtl 2024 Charge for period Disposa15 At 31 March 2025 71,207 16,686 119.358) 68,535 N¢t Book Valu• At 31 March 2025 140,429 Al 31 March 2024 150,564 24
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Flnancial Statements for the Year Ended 31 March 2025 (continued) 13. Investments Flxed asset investments Llsted 2025 Llsted 2024 At 1Bi Aprll 2024 Additions 627.322 604,070 53,273 104,768 Disposals Revaluatlon {108,8751 14,063 (55,4131 25.392 At 31 March 2025 637,278 627.322 Cash held by investment mon8gers Saving bond held by invèslmenl manag¥rs Total held by investment rnana9ers 8.561 1,773 10,000 10,000 18,561 11.773 Total Invostmènts 655.839 639,095 At 31 March 2025 the historical cost of listed tnvestrnonls w85 £549,818 (2024.. £542,720). 14. Debtors 2025 2024 Maintenance Contrlbulion debtors 10.019 7 0,341 Pr8paym8nls and olher dgbtors 10,400 7.470 20,419 17,811 2025 mainlenat)ce contribution debtor balances are nel of a provision of £nll. (2024- £nll). 15. Credltors: Amounts Falling Due Within One Year 2025 2024 Bank loans antj mortgagos Tradg creditors .944 15,280 20.578 1,741 67,678 20,578 Grants to be amorti59d within tsne yeor Other creditors and a¢cruals 35,938 34.966 73,740 124.963 25
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Flnanclal Statements for the Year Ended 31 March 2025 (continued) 16. Creditors: Amounts Falling Due After More Than One Year 2025 2024 Bank loan5 and mortgages 108,263 110,208 Gov8rnmenl gr8nts 1.165,062 1,185,640 1,273.325 1,295,848 Based on the lenderf¥ egrliest repayment date. bank loans lall due as foEIows.' 2025 2024 Du9 Wlthin one ygar 1,944 1.741 Du8 in more than Dll8 year bul less than five years 10,337 9.256 Due in morg than five years 97,926 100,952 110.207 111,949 The Company has provlded security in the form of charges on housing stock for its108n al the balance sheet dale. The loan is subjèct lo fixed repayment terms with an intèrest rale of 11.37nA. 17. Deferred Capital Grant 2025 2024 Al 1 April 2024 1306.216 1,226,796 Released lo income in the year {20.578) (20.578) At 31 March 2025 1,185,640 1.206.218 26
THE HOPKINS AND SNEYD ALMSHOUSE CHARITY Notes to the Financial Statements for the year Ended 31 March 2025 (continued) Reconciliation of Operating Surplus to Net Cash Inflow from Operatlng Actlvltles 2025 2024 18. Surplusl {DgliGitl for the perlod 10.263 {1,701) Depreciat of housing proportles D9preclation of other fixed assets Amortisation of 9rants Galns on investments Loss on the $8le of other fixéd assets Increase in debtors {Decrea5ey Increase in creditors 3&287 16,686 120.578) 17,8261 36.287 12,934 120,5781 (1,906) 8,406 (8,8791 29,724 54,287 (2,6081 (51.4241 (19.2001 Adjustments for Investing or FlnanGing Actlvltles Intaresl payable Interesl received 12,677 (21,039) 12,859 119.2761 Net cash Iu5ed in)1 generated from Op8ratlng Actlvltles (27.562} 47,870 19. Reserves a} Revenue Re5eTve The revenu9 reserve represents cumulallve surplus and d8ficits nel af other adjustments. b) Revaluatlon Reserve The rgvalu?lion resèNe Yepresent5 inGrea8&s and deGreases in the falr value of listed fixed asset investments which have not yet been reallsed. 20. Capital Commitments There wgre no capllal commitments contracted for in thè year ended 3151 Marth 202512024.. Nill. 21. Related Party Transactlons Thare were no related paty transartions in the year tD 31sI March 202512024. NII}- 22. Company Limited by Guarantee The Gcmpany Is Ilmited by guarantee and do8s not have sh8rg Gapitsl. The Ilability of each member in thg ovenl of winding up is limiltsd lo £1. 27