Chaiity règistration number 1156162 (England and Wales) ASKEW HOUSING TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
ASKEW HOUSING TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Ms. Hazel Bettison Rev. Adam Hood Mr. Michael Thomas Richardson Mr. lan Hunter Hay Mr. Graham Ferguson Charlty numbgr 1156162 Principal address 4 Quay Walls Berwick-upon-Tweed Northumberl8nd TD15 1HD Independent examiner Carol Lindsay CA 17 Walkergate Berwick-Upon-Tweed Northumberland TD15 1DJ Solicitors Sanderson Mccrgath & Edn8y Limited 4 Quay Walls Beick upon Tweed Northumberland TD15 1HD
ASKEW HOUSING TRUST CONTENTS Page Trustees, report Independent examiners report Statem8nt of financial actimties Balanca sheet Notes to th8 financial statsments 8-14
ASKEW HOUSING TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statemènts for the year ended 31 March 2025. The financial stateménts have been prepared in accordan with the accounting policies set out in note 1 to the financial statements and compty with the Trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Irelgnd" and the Charities SORP "Accounting and Reporting by Charities= Ststement of Recommended Practice applicable to charitl8s préparing théir accounts in accordance with the Financial Reporting Standard applicable in thè UK and Republic of Ireland (FRS 1021" Mission statomènt The Askew Housing Trust (the Trust) was set up to provide low cost housing for specific groups of qualifying people. The trustees endeavour to select tenants and 0upIerS from disadvant8ge<l backgrounds who are. in Iheir opinion, deserving of the benefft of the Trust. Objectivès and aclivities In selecting tenants to meet the Trusfs mission, the Trust's objects consider the following.. i) such persons shall as far as possible be persons resident in or originally born in the Borough of Berwick upon Tweed, or the widows or widowers of such persons. li} subject to the special merit or special circumstances of any particular applicant or applicants, the first preference Shall $0 far as practicable be given to men, and the widows, children and dependents of men who have served in Her Majesty's Forces (Naval, Military orAirl in any War especially men who are by reason of such service totally or PaallY disabled from full or active work and Ihe widows, children and dependents of men who were by reason of such service killed or totslly or partially disabled from full or active work. iii) subject as aforesaid preference shall be given (among applicants whose daims are olheNise equall to those who have been longest resident in the Borough of Berwick upon Tweed. iv} in default of any such persons being suitable applicants the trustees may select any other peon or person5 who in the opinion of the trustees is or are associated with th8 Borough of Berwick upon Twe&d by family occupation or olhefwise. vl the selection by the trustees shall be absolute and final in every respect. Thè trustees continue a rolling repair programme on the properties of the Trust, having carried out general works during each y&ar. The trustees have paid due gard to guidance issued by the Charty Commission in deciding whal activities the Trust should undertake. The Trusfs policy is to consult and discuss with employees, through unions, staff councils and at meetings. matters likely to affect employees, interests. Information of matters of concern to employees is given through infomiation bulletins and reports which seek to achieve a common awareness on the part of all employaes of the financial and economic factors affecting the group's performance.
ASKEW HOUSING TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achlèvements and performancè The Trust has achieved its charitable objectives for the period and continues to meet the challenges arising from increased regulation. The Trustees note that the costs of complying with the regulations are also increasing. The financial performan and position as at the period end are described below. Grants and Donations There were no capital commitments as atthe balan sheet date {2024.' £Nil). Investment Policy Sufficienl surplus funds to cover any foreseeable contingency are held in cash deposits to allow for immediate access should this be required. The Trusvs funds deemed not to be immediately required are held on Treasury Deposit or invested in Charibond funds and Pamenion Ethical GIA to provide income. as w811 as benefiting from capital growth whilst minimising risk. Listed investments are revalued annually as at the period end. Realised and unrealised gains or Ic6ses are reported through the Statement of Financial Activities. Investment Performan¢e The value of the Trust's investments in Charibond fvnds has increased from £10,090 to £10,446. ThE reflects the increase in th8 Stock market over th6 past 61V0 months. Incom8 from this invéstmènt is in liné with thè previous year. The Trust holds inveslments in the P8mienion Ethical Portfolio to achieve capital growth over and above inflalion whilst adopting a socially responsible Stan towards inveslments. The value of the investment as at the balan sheet date decreased to £122,532 from £123,849 due to geopolitical reactions to world trade &conomic during the year. Employees and Volunteers The Trust employed one member of stsff during the year. Flnanclal revlew The Trusfs income for the period is composed primarily of tenants, rents. This is supplemented by income from cash deposits and investments. Total income for the year amounted to £113,29412024'. £102,573)- Expenditure for charitable purposes, management of the Trust and investment amounted to £71,430 12024-. £75.2281. The net gain for the year, including the unrealised loss on revaluation of investments of £1,938 (2024= £4.341 gain) was £39,92612024.' £31,686 gain). Closing reserves were therefore £412,634 as at the balan sheet date {2024-. £372,708). It is the policy of the Trust that unrestricted funds which have not been designated for a specific use Should be maintained at a minimum level equivalenl to between three and six months, expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they w'll be able to continue the Trust's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Risk Management The trustees have assessed the major risks to which the Trust is exposed. and are satisfied that systems are in place to mitigate exposure to the major risks. Plans for the futura The Trust intends to continue to provide housing to those in need and to carry out repairs on the prop8rti8s as necessary. Currently, fvnds are at a level which will allow this to be achieved.
ASKEW HOUSING TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Public Benefit Throughout this report the trustees have sought to highlight those activitiès undertaken by the Trust in fijrtherance of its d)aritable objectivés for the public benefit. The Trust continually considers its activrties and policies with particular regard to the public nefit guidance published by the Charity Commission under Section 4 of the Charities Act 2011. Structure, governance and management The Trust was established by a Constitution on 13 March 2014. On this date, the assets of Askew Housing Trust, an unincorporated ch8rity, numb8r 0231176, were transferred to the charitable incorporated organisation {ClO). The Trust is a register8d CIO, number 1156162. Trustees act in a voluntary capacity and do not receive any remuneration. Trustees are appointed in accordanc8 with the tems of the Constitution. The trustees who seNed during the year and up to the date of signature of the financial statements were.. Ms. Hazel Bettison Rev. Adam Hood Mr. Michael Thomas Richardson Mr. lan Hunter Hay Mr. Graham Ferguson Statsment of trustees, responslbllltles The trustees are responsible for preparing the Trustees, Report and the financial statements in atxordance with applicable law and United Kingdom Accounting Standards {Unitsd lQngdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial $12tements for éach financial year which give a true and fair view of the state of affairs of the Trust and of thé incoming resources and application of resources of the Trust for that year. In preparing these financial statsments, the trustees are required to.. - Select suitable accounting policies end then apply them consistently., - observe the methods and principles in the Charities SORP., - make judgements and estimates thgt are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the ff nancial slatements; and prepare the financial statements on the going concern basis unless it is inappropriate to prèsum8 that the Trust will continue in operation. The trusts8s are responsible for keeping Sufficient accounting records that disclos8 with reasonaL4e accurary at any time the financial position of th8 Trust and enablé thém to ensure that the financial ststements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 anrj the provisions of thg trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ASKEW HOUSING TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The trust88s' report proved by the Board of Trusts8S. Mr hlark Pentecos Secretary Datsd.. 26 June 2025
ASKEW HOUSING TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ASKEW HOUSING TRUST I report to the trustees on my examination of thè financial ststements ofAskew Housing Trust (the Trust) for the year ended 31 March 2025. Responsibllitle$ and basis of report As the trust66s of the Trust you are responsible for the prèparation of the financial ststements in accordance with the requiréments of the Charities Act 2011. report in respect of my examination of the Trust's financial ststem8nts carried out under section 145 of the Charities Act 2011. In carrying out my examination I havé followed the Direclions given by the Charity Commission under section 14515llb} of the Charitiès Act 2011. Independent examinerfs statomont I have completed my examination. I confimi that no matters have come to my attention in connection with the examinalion giving me cause to believe that in any material respect.- accounting records were not kept in rèspect of the Tnjst as required by section 130 of the Charitie5 Act 2011. the financial statements do not accord with those records., or the financial statements do not comply with the applicable requirements conceming th8 fomi and content of financial ststements set out in the Charities <Aounts and Reports) Regulations 2008 other than any requirement that Ihe financial statements give a true and fair view, which is not a matter considered as part ol an independent examination. I confirm that thère are no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the financial statements to be reachéd. Carol Llndsay CA 17 Walkergate Bernick-Upon-Tweed Northumberland T015 1DJ 26 June 2025
ASKEW HOUSING TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Unrestrfcted funds funds 2025 2024 Notes Income from: Charitable activities Investsnents 107,974 5,320 98.064 4,509 Total income 113,294 102,573 Exponditure on: Raising funds Charitsble activities 1,538 69,892 1.457 73,771 Total expenditure 71,430 75,228 Net gainsl(losses) on invéstments 10 {1,938) 4.341 Net Income and movement in funds 39,926 31.686 Rèconeiliatlon of funds: Fund balances at 1 April 2024 372,708 341,022 Fund balances at 31 March 2026 412,634 372,708 The statsment of financial activities includes all gains and losses recognised in the year. All income and expenditur8 derive from continuing activities.
ASKEW HOUSING TRUST BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Note$ Flxed assets Tangible assets Investments 12 13 108.503 132,978 108,503 133,939 241,481 242.442 Current a88ets Debtors Cash at bank and in hand 15 294 171,531 131,352 171,825 131,352 Creditors: amounts falling due wlthln one year 16 (6721 (1,086) Net current assets 171,153 130,266 Totsl assèts le85 current liabllitle• 412.634 372,708 Income funds Unrestricted funds 412.634 372,708 412.634 372,708 The financial ststements were approved by the Trustees on 26 June 2025 M$. Hazel Bettison Trustee
ASKEW HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounllng pollcles Charity information Askew Housing Trust is a charitable incorporated organisation which was established by a Constitution on 13 March 2014. The Trust is a registered CIO, number 1156162. 1.1 Accounting convention The financial statements have been prepared in accordance with the TrusV5 govemirig document, the Charities Act 2011. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP Accounting and Reporting by Charities- Statemenl of Recorrmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" The Trust is a Public Benefit Entity as defined by FRS 102. The Trust has taken advantage of the provisions in th8 SORP for charities not to prepare a ststement of cash flows. The ffinancial statsments are prepared in stsrling, which is the fvn¢tional ¢urrency of the Trust. Monetsry amounts in these financial statements are rounded to the nearest £. The financial stat8ments hav8 been prepared under the historical cost convèntion, modifi8d to includ8 the revaluation of certain financial instruments at fair valu6. Thé principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial ststements, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeablè future. Thus th8 tnjstéés continue to adopt the going concérn basis of accounting in preparing th8 financial statements. 1.3 Charitable funds Unrestricted funds arè available for use at tha discrets'on of the trustees in furtheran of their charitsble objecttves unless the funds have been designated for other purposes. 1.4 Incomlng resources Income is recognised when the Trust is legally entiued to it after any performance conditions have been met. the amounts can be measu reliably, and it is probable that income will be received. Cash donations are recogni5ed on receipt. Other donation5 are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable n relats-on to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt 15 expected. If the amount is not known. the legacy is treated as a contingent asset. Tumover is measured at the fair value of the consideration received or reIV2b1e and represents amounts re1vable for goods and services provided in the normal course of business, net of dis¢ounts, VAT and other sales related taxes.
ASKEW HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Conllnuedl 1.5 Tangible fixed assets Tangible fixed a$$ets are initially measured at cost and subsequentty measured at cost or valuation, net of depreciation and any impaimient losses. Tangible fixed assets are stated at cost. No depreciation 1$ provided on freehold propèrtiès as in the trustees, opinion the residual value will be in excess of any carrying value. The freehold land and property is held in furtherance of the Trust's objectives and not as investments. All assets are caprtalised whatever their value. All assets are reviewed for impaimjent and written down to their recoverable amount, where necessary. Th8 gain or loss arising on the disposal of an asset is detstmined as Ihe differen bebmeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.6 Fixed asset Inv•stments Fixed asset investments are inilially measured at transaction price excluding transaction costs. and are subsequenlly megsured at fair value at each reporting date. Changes in fair value are recognised in net incomel{expenditurel for the year. Transaction costs are expensed as incurred. 1.7 Impaimient of fixed assets At each reporting end date. the Trust reviews the carrying amounts of its tangible assets to detemiine whether there is any indication that those assels have suffered an impaiment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemine Ihe extent ot the impaim7ent loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Basic financial assets Basic financial assets. which include debtors and Cash and bank balances, are initlally measured at transaction pricé including transaction costs and are subsequently carried at 8mortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one yéar are not amortised. Basi¢ flnanclal Ilabllltles Basic financial liabilities, including creditors and bank loans are inrtially r8cogni58d at transaclion pnce unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interesL Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequenlly carried at arnortised cost, using the effective interest ralè method. Trade crèditors are obligations to pay for goods or servi5 that have been acquired in the ordinary Course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequenlly measured at amortised cost using the effective interest method. Der0gnft10n of financial liabilities Financial liabilities are derecognised when the Trust's contractual obligations expire or are discharged or cancelled.
ASKEW HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcios (Contlnued 1.9 Employee beneflts The cost of any unused holiday entitlement Is recognised in the period in which the employèé's serwces are reived. Temination benefits are recognised immediatsly as an expense when the Trust is demonstrably committed to tsminate th8 employment of an employee or to provide termination benefits. 1.10 Rent Rent r1Ved in respect of the Trusys propety lets is accounted for in the period in which it is re1Vable. Critical a¢eounting estimates and Judgements In the application of thè Trust's accounting policies, the trustees are required to make judgements, estimates and assumptions about thè carrying amount of assets and liabilities that ar8 not readily apparent from other Sour$. The estimates and associatèd assumptions are based on historical experi6nc8 and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are rèviewed on an Dngoing basis. Revisions to accounting estimates ar8 r8cognised in the period in which the estimate is revised where the revision affects only that period, or in the period of tha r8V15ion and future periods where the revision affécts both current and fLrture periods. Income from charitablè activities Unre8tri¢tsd Unrestrlcted funds funds 2025 2024 Rent 107,974 98,064 In¢ome from investments Unre8trictsd Unrestrlcted funds fund8 2025 2024 Other income Interest receivabl8 3,420 1,900 3,113 1,396 5,320 4,509 10-
ASKEW HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Ralslng funds Unrestrictsd Unrastricted funds lunds 2025 2024 Investment management 1,538 1,457 1,538 1,457 Charltable acllvltles Direct Govemance charitablè Costs expenditure Total 2025 Total 2024 Staff costs Hèat and light Council tax and water rates Insurances Repairs General administration expenses Bank charges 5,877 2,989 18,496 7,654 21,020 603 5.877 2,989 18,496 6,040 2,373 17,547 7,049 28,165 906 60 21,020 603 58,639 56,639 62,140 Share of govemance costs (see note 71 13,253 13,253 11,631 56,639 13,253 69,892 73,771 Support costs 2025 2024 Basis of allocation Secretary's fees Accountsncy 9,905 3,348 7.791 Govèrnance 3.840 Governance 13.253 11.631 Analysed beeen Charitable activities 13,253 11,631 G0Veman costs includes payments lo the independent examiner of £2,580 (2024: £2,520) for indep8ndent examination fees. 11
ASKEW HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Trustees None of the trustees (or any persons connected with them) received any remuneration or éxpenses during the year (2Q24.' £Nill. Employees Number of employees The average monthly number of employee5 during the year was.. 2025 Number 2024 Number Average numb8r of employees Employmènt costs 2025 2024 Wage5 and salaries 5,877 6,040 Th8r8 were no employees whose annual remuneration was £60,000 or more. 10 Galns and.Iossos on investments Unrestricted Unrestricted funds funds 2025 2024 Gainsl{lossès) arising on.. Revaluation of investments {1,9381 4,341 11 Taxation The Trust is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Tangible fixed assets Land and Property buildings improvements Total Cost At 1 April 2024 43,213 65.290 108.503 At 31 March 2025 43,213 65,290 108.503 Carrylng amount At 31 Marth 2025 43,213 65,290 108.503 At 31 March 2024 43.213 65,290 108,503 12-
ASKEW HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Tangibla fixed assets (Conllnued) The trustees acknowledge that the market value of the property is much greater than its carrying value. However, they do not feel that a revaluation is required as there is no intention to dispose of any property in the future. 13 Fixed asset investments Listed Unlisted investments investments Total Cost or valuation At 1 April 2024 Additions Valuation changes Disposals 123.849 20.351 {2.125) (19.543) 10,090 133,939 20,351 (1,7691 (19,543} 356 At 31 March 2025 122,532 10,446 132.978 Carrying amount At 31 March 2025 122,532 10,446 132,978 At 31 March 2024 123,849 10,090 133.939 14 Financial instruments 2025 2024 Carrylng amount of flnancial a88ets Equity instruments me8sured at cost less impaimènt 132,978 133,939 Carrying amount of financial liabilities Measured at amortised cost 672 1,086 15 Debtors 2025 2024 Amounts falling due within one year: Trade debtors 294 16 Creditors: amounts falling due within one year 2025 2024 Accruals and deferred income 672 1,088
ASKEW HOUSING TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Unrestrl¢ted funds Incomlng resources Resources expended Galns and At 31 March 108se8 2025 2024 General fijnds 372,708 113,294 (71,4301 (1,938) 412.634 Prevlous year: At 1 April 2023 In¢oming resourees Resources expended Gaing and At 31 March 108se$ 2024 General funds 341,022 102,573 175,2281 4,341 372,708 18 Analysls of nat assots betwoan funds Unrestricted funds 2026 At 31 March 2025: Tangible assets Investmènts Current assetsllliabilitl8s) 108,503 132,978 171,153 412,634 Unrostrlcted funds 2024 At 31 March 2024: Tangible ass8ts Investrnents Current assetsl{liabilitiesl 108,503 133.939 130.266 372,708 19 Related paty tran8actions There were no disclosabl8 r8lat8d paty transactions during the year (2024: None). 14-
ASKEW HOUSING TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 2026 2024 Investment income Deposrt account interest Investment income 1,396 3,113 3.420 5,320 4,509 Incoming resources from charitable activities Rent 107,974 98.064 Total Incomlng resources 113,294 102,573 Invostment managoment costs Investment management cosls (1,538) (1,457) Direct Charitable exponditure Wages Heat and light Council tsx and water rates Insurances Repairs Général administrab'on expenses Bank charges 5,877 2,989 18,496 7,654 21,020 603 6,040 2,373 17.$47 7.049 28,165 60 (56,639) {62,140) Governance costs Secretary's fees Accountancy 9,905 3.348 7,791 3,840 113.253) {11,631) Net gainsllosses on investments Revaluation of invesbments (1,938) 4,341 Surplus for the Year 39.926 31,686 15-