Registered Charity Number: 1159083 The Sheffield Firth Almshouses ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS For the year ended 31 December 2024
The Sheffield Firth Almshouses Contents Contents Page Legal and administrative information Trustees, annual report Independent examiner's report Statement of financial activities Balance sheet Notes to the accounts 10-16
The Sheffield Firth Almshouses Legal and administrative information for the year ended 31 December 2024 Full name The Sheffield Firth Almshouses Other names by which the charity is known The Firth Almshouses Firth's Homes Charity number 1159083 Trustees Louise Shield John Gaunt Alan Card Richard Lomas Patricia Nollent Barbara Doyle Jane Holmes Catherine Bailey Graeme Beck Chair & Governance Group Governance Group Governance Group Estate Group Housing Allocation Group Health, Safety and Welfare Group Housing Allocation Group Health, Safety and Welfare Group Estate Group Principal address No l Firth Homes Nethergreen Road Sheffield SII 7EG Accountants Seven Hills Accountants Limited 57 Burton Street Sheffield S6 2HH
The Sheffield Firth Almshouses Trustees, annual report For the year ended 31 December 2024 The trustees submit their annual report and the financial statements for the year ended 31 December 2024. The financial statements comply with the Charities Act 2011, the governing document and the charities Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland; FRS 1021 issued in October 2019. Structure Governance & Management The organisation was registered as a Charitable Incorporated Organisation {CIO} with the Charity Commission on 5 November 2014 with charity number 1159083. It is governed by its Constitution. The charity was originally founded in July 1869. Previously the organisation was governed under a Trust Deed dated 9 July 1869 as amended by the Charity Commission Scheme dated 27 November 2007, charity number 219116. The full Board of Trustees meets quarterly to plan and review the function of the charity. Trustees review and modify as necessary the controls and structure of the organisation, which includes four operational sub-groups (see above). The Chair is elected every January in accordance with the constitution. The Trust employs a salaried Clerk and a Resident Warden through competitive recruitment and their wage is reviewed at the Annual Budget Planning meeting. The Governance committee continue to review and update the Firth Homes, policies and procedures to ensure the effective running of the charity. Objects and activities of the charity The charitable objects are: a) To provide housing accomTnodation for men and women, resident in Sheffield who are over 60 years and are in need, hardship or distress; and b) such other charitable purposes for the benefit of the residents as the trustees decide. This charity owns an estate of sheltered accommodation for elderly people who are able to live independently. The Almshouse Trust was founded in 1869. In 1970 the homes were rebuilt with twenty eight flats and four bungalows. The Trust aims to provide its residents with a secure, comfortable and happy environment. Facilities on the estate include a laundry and community hall. The morale of residents is also important to the Trustees and therefore a range of social activities are organised and encouraged. Firth Homes is popular and has a good reputation. In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit- running a charity (PB21' and the additional guidance on fee charging. The priority for Trustees is to manage available resources to achieve its charitable objectives in the most cost efficient manner whilst ensuring that there may be sufficient provision to meet future challenges.
The Sheffield Firth Almshouses Trustees, annual report (continued) For the year ended 31 December 2024 Summary of the main activities and achievements during the year The Community Hall is used regularly by the residents for social meetings such as weekly coffee mornings, bingo, cards and art club. Special events in 2024 have included a craft fair, race night Halloween and bonfire night parties and the residents Christmas party. Organised resident trips have included a coach trip to Cleethorpes. The Resident Warden is on site to respond immediately to all the security, maintenance and health issues that arise. The Warden is notified of all emergencies {health alerts and fire alarms) many of which are outside normal working hours. The overall occupancy rate for the year was 98%. There was a total of forty vacant weeks across four properties in 2024. Three homes became empty in 2024 with one additional home which was vacated the previous year and remained vacant until February 2024. Of the three homes which were vacated two residents moved to alternative accommodation and one sadly died. Another resident also died and left their widow in occupation. The vacant homes have undergone refurbishment and two of the homes were re-occupied by three new residents, a single resident and a couple. There was also another new resident who moved in with their partner who has been existing resident for a number of years. The two remaining vacant flats will be occupied in January 2025 by existing residents who are moving from first floor flats to the ground floor for health reasons. At the year-end thirty homes were occupied by thirty-two residents {there are two couples). There are currently 25 female and 7 male residents, the mean average age of residents is 79 years. The time and cost of supporting residents to live independently in the context of increasing regulation is a challenge as support reduces due to austerity within the local authority and community. The Trustees acknowledge the assistance provided by the National Almshouse Association through guidance and training at a local level and with lobbying at a national level aimed at sustaining the future of the charitable almshouse movement. The majority of income comes from the maintenance charge paid by residents on a monthly basis, all income is held in a cash account with a bank approved by Trustees and guaranteed by the Financial Services Compensations Scheme. An instant access savings account was opened in 2024 so that some interest could be earnt on the free reserves held. Trustees decided to increase the maintenance contribution for 2025 by 2Yo {£448 for an upgraded property and £402 for a non-upgraded property). To pay for the ongoing maintenance and upgrade of the estate, income is derived from the investments in funds designed for members of the National Alrnshouse Association. Regular monthly investments of £IOOO continue to be made into the investments. The investments remain adequate and overall perform to the Trustees satisfaction. The Trustees continue to monitor the financial situation closely and consider The Sheffield Firth Almshouses to be financially resilient due to the adequate investments held in reserve and the surplus income which continues to be generated from the Weekly Maintenance payments from the residents.
The Sheffield Firth Almshouses Trustees, annual report (continued) For the year ended 31 December 2024 Summary of the main activities and achievements during the year (continued) In March 2024 EIO,000 was withdrawn from the investments in anticipation of upcoming planned improvement projects to the estate. Improvements to the estate have included repainting the finial and external railings, rebuilding a damaged brick wall with stone, renewal works to the flat roofs, installing heaters in the communal hallways and commissioning a cavity wall survey to investigate the condition of the insulation. Three vacant homes were also upgraded and Mechanical Ventilation Systems were installed in the homes to overcome issues with condensation and mould. It has been noted that the costs of labour and materials have increased significantly in recent years and continue to do so. The works were considered on a practical and financial basis with the overall maintenance and improvement of the estate in mind. The amount invested in the maintenance and upgrade of the estate in 2024 was £72,577.23. Serious Incidents In accordance with the guidance on the subject, Trustees declare that during the year there have been no "serious incidents" or other matters that must be notified to the Charity Commission. Insurance Relevant insurances are maintained which include the property; trustee liability; employerfs indemnity and public liability. Insured sums are re-valued each year by the insurance broker. The estate was revalued in December 2019 and is programmed to be valued again in early 2025. Financial review and reserves policy Free reserves {unrestricted reserves not held as tangible fixed assets, associated mortgage or fixed asset investments) at 31 December 2024 were £16,675 (2023: £14,388). Investments held were valued at £1,242,215 at the year-end (2023: £1,148.622). The reserves are reviewed quarterly and maintained in accordance with the guidelines and investments recommended by the National Almshouse Association. The sums held are considered proportional to the projected cost of maintaining and developing the estate in the foreseeable future.
The Sheffield Firth Almshouses Trustees, annual report (continued) For the year ended 31 December 2024 Financial review and reserves policy (continued) Trustees seek to build a level of reserves that is not only adequate to meet foreseeable expenditure but to also provide a margin proportionate to the risk that is inherent in any investment. Upgrading each home when it becomes empty costs approximately £20,QKJO per flat. 9 homes have still to be upgraded1£180,0001 and this is unlikely to be completed before 2027. This does not include the kitchens as most of which are currently satisfactory. It is 20 years since the kitchens were refurbished and these may need to be refitted from about 2029. Estimates suggest that re-roofing within the next 5 years, would cost £400,000 at current prices. Reserves are also used to fund 'non-accommodation support, to our residents such as the provision of a Community Hall and Guest Room; the laundry and the pendant alarms worn by each resident etc. Since the charity holds a high level of fixed asset investments, which may be freely spent on the above improvements, the Trustees do not consider it necessary to specify a minimum level of reseNes required. The Trustees will set such a target as and when the majority of the fixed asset investments have been spent. These costs would be funded from the following sources, in this order, as required: l. Net assets excluding investments 2. The sale of additional fixed asset investments if required 16,675 1,242,215 Total as at 31 December 2024 1,258,890 Further additional funding may be secured as a loan against the property, if required. Trustees, responsibilities in relation to the financial statements The charity trustees are responsible for preparing a Trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fairview of the state of affairs of the charity and of the incoming resources and application of resources. of the charity for that period. In preparing the financial statements, the trustees are required to: Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the applicable Charities SORP; Make judgements and estimates that are reasonable and prudent; State whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Sheffield Firth Almshouses Trustees, annual report (continued) For the year ended 31 December 2024 Trustees, responsibilities in relation to the financial statements (continued) The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports} Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements. The trustees declare that they have approved the trustees, report above l May 2025 and signed on behalf of the trustees by: L Shield Chair
Independent Examinerfs report to the trustees of The Sheffield Firth Almshouses ("the ChariW') I report to the charity Trustees on my examination of the accounts of The Sheffield Firth Almshouses {"the charit,) for the year ended 31 December 2024. Responsibilities and basis of report As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the ACVI. I report in respect of my examination of your charitys accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5llbl of the Act. Independent examinerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charity as required by section 130 of the Act; or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports} Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. Your attention is to drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) in preference to the Accounting and Reporting by Charities- Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulations but has been withdrawn. We understand that this has been done in orderfor the accounts to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed- Susan Cochrane, FCA DChA Seven Hills Accountants Limited 57 Burton Street Sheffield S6 2HH 15 May 2025 Date:
The Sheffield Firth Almshouses Statement of Financial Activities For the year to 31 December 2024 General funds Designated fund5 Total 2024 Total 2023 Notes Income from: Charitable activities Investments 160,538 229 160.538 47,346 153,643 43,638 47.117 Total income 160,767 47,117 207,884 197,281 Expenditure on: Charitable activities 110,498 47.117 157,615 175,273 Total expenditure IION98 47,117 157,615 175,273 Net income before net gains on investments 50269 50,269 22,008 Net gains on investment5 44,476 44.476 23,312 Net income 94,745 94,745 45,320 Total funds brought forward 1,216,348 1,216,348 1,171,028 Total funds carried forward 1311.093 1,311,093 1,216,348
The Sheffield Firth Almshouses Balance Sheet A5 at 31 December 2024 2024 2023 Notes Fixed Assets Tangible Assets Investments 52,203 1,242,215 1.294.418 53,338 1,148,622 1,201,960 Current assets Debtors Cash at bank and in hand Total current assets io 2.070 16,431 18.501 2,227 13,943 16,170 Creditors.. amounts falling due within one year li 11,8261 11,7821 Net current a55ets 16.675 14,388 Total assets less current liabilities 1,311,093 1,216,348 Total net assets 1,311,093 1,216,348 Funds of the Charity General funds Designated Funds 1.311,093 1,216,348 12 1,311,093 1,216,348 The Tru5tee5 declare thatthey have approved the accounts above on l May 2025 Signed on behalf of the Charity's trustees: Name: L Shield Name.. A Card
The Sheffield Firth Almshouses Notes to the Accounts For the year to 31 December 2024 l Accounting Policies a General The Sheffield Firth Almshouses is a Charitable Incorporated Organisation ICIOI registered in England and Wales. In the event that the charity is wound up, the liability in respert of the guarantee is £nil per member of the charity- The principal address is No I Firth Homes, Nethergreen Road, Sheffield, 5117EG. The accounts Ifinancial statements) have been prepared in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Accounting Practice. The accounts Ifinancial statements) have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair vie. This departure has involved following the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 rather than the Accounting and Reporting by Charities.. Statement of Recommended Prartice effective from l April 2(K)5 which ha5 since been withdrawn. The charity meets the definition of a public benefit entity under FRS 102. The financial statements are presented in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. b Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of fund5 held and the expected level of income and expenditure for 12 months from authorising these accounts. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. c Income Income is recognised when the charity ha5 entitlement to the funds. any performance conditions attached to the itemlsl of income have been met. it is probable that the income will be received and the amount can be measured reliably. Residents contributions are accounted for during the year in which they were owed. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. d Expenditure and liabilities Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a c05t against the activity for which the expenditure was incurred. Cyclical repairs and routine maintenance: the charity has established a regular programme of cyclical repairs and maintenance. Costs are charged to the Statement of Financial Activities in the year in which they are incurred. e Tangible fixed assets Housing properties: Firth's Almshouses were construtted in the latter part of the nineteenth century and there is no record of the original cost and no value is attributed thereto. The housing properties cost relates to the construction in 1970 of replacement units. This was funded by a Housing Association grant, a mortgage loan from Sheffield City Council and from Firth's Homes, own resources. Depreciation is provided to write down the cost of housing properties in equal instalments over their expected useful life of 100 years. f Fixed asset investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and Subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. io
The Sheffield Firth Almshouses Notes to the Accounts (continued) For the year to 31 December 2024 l Accounting Policies (continued) 8 Realised gains and losses All gain5 and 1055es are taken to the Statement of Financial Activities as they arise. Realised gains and losse5 on investment5 are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. h Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subjert to an insignificant change in value. i Trade Debtors Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original term5 of the receivables. j Trade creditor5 Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current Trade creditors are recognised initially at the transaction price and Subsequently measured at amorti5ed c05t using the effective interest method. k Fund accounting Unrestricted funds are donations and other income receivable or generated for the objects of the organisation without further specified purpose and are available as general funds. Restricted funds are to be used for specific purposes as laid down by the donor. Designated funds are set aside by the charity's trustees for a specific purpose. Leases Rentals payable under operating leases are charged to income on a straight line basis over the term of the lease. m Pensions The charity operates a defined contribution pension plan for its employees. Contributions to the scheme are recogni5ed when they are payable. n Critical accounting estimates and judgements In the application of the charity'5 accounting policie5, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised when the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. o Taxation As a charity. The Sheffield Firth Almshouses. 15 exempt from tax on income and gains falling withing the available tax exemption5 to the extent that these are applied to its charitable objerts. No tax charges have arisen in the Charity. li
The Sheffield Firth Almshouses Notes to the Accounts (continued) For the year to 31 December 2024 2 Income from Charitable Activities General fund5 Designated fund5 Total 2024 Total 2023 Residents contributions Ground rents receivable Solar energy receipts 158,916 19 1.603 158,916 19 1.603 150,914 91 2,638 160,538 160,538 153,643 2023- fund split 153,643 153,643 3 Income from investments General funds Designated funds Total 2024 Total 2023 M&G Charity Multi A55et accumulation shares income accumulated Bank deposit interest 47.117 47,117 229 43,638 229 229 47,117 47,346 43,638 2023 - fund split 43,638 43,638 4 Expenditure on charitsble activities General funds Designated funds Total 2024 Total 2023 Premises Costs Staff costs - see note 7 Administrative Costs Depreciation Maintenance Costs Other Costs Support costs- see note S 29,246 47,318 3,304 1.135 25,460 3,059 976 110,498 29,246 47,318 3,304 1,135 72,577 3,059 976 157,615 28,291 45,916 3,099 1,135 93,085 2,877 870 175,273 47.117 47,117 2023- fund split 131,635 43,638 175,273 5 Support Costs General nds Designated funds Total 2024 Total 2023 Independent examination fee Legal and professional fees 957 19 957 19 870 976 976 870 No other fees were paid to the Independent examiners organisation. 12
The Sheffield Firth Almshouses Notes to the Accounts (continued) For the year to 31 December 2024 6 Trustees remuneration, benefits and expenses Trustees received no remuneration in this period. There were no expenses reimbursed to trustees during the year. 7 Staff Costs and Numbers Total 2024 Total 2023 Salaries Employer's National Insurance Employment allowance Employer's Pension contribution 45,940 3,829 13,8291 1,378 47,318 44,579 3,641 13,6411 1,337 45,916 No employee received emoluments of more than £60,000. The average number of employee5 during the year was 212023= 21 8 Tangible Fixed Assets Housing properties Cost or Valuation As at l January 2024 As at 31 December 2024 113,486 113,486 Depreciation As at l January 2024 Charge this period As at 31 December 2024 60,148 1,135 61,283 Net Book Value As at 31 December 2024 52,203 As at 31 December 2023 53,338 Firth's Almshouses were constructed in the latter part of the nineteenth century and there 15 no record of the original cost and no value is attributed thereto. The housing properties cost relates to the construction in 1970 of replacement units comprising of 33 flats and bungalows. This was funded by a Housing Association grant of £15,000. a mortgage loan from Sheffield City Council which has now been repaid, and from Firth's Homes, own resources. 9 Fixed asset Investments 2024 2023 Movement in fixed asset listed investments Market value b/fwd at l January 2024 Add.. Additions Reinvested dividends Disposals Add/llessl= net gain/llossl on revaluation Market value as at 31 December 2024 1,148,622 1,069,672 12,000 47,117 iio,0001 44,476 1,242,215 12,000 43,638 23,312 1,148,622 The investments comprise the following at valuation= 10,26012023 - 10,2481 M&G Charity Multi Asset Accumulation shares 1,242,215 1,242,215 1,148,622 1,148,622 13
The Sheffield Firth Almshouses Notes to the Accounts (continued) For the year to 31 December 2024 10 Debtors 2024 2023 Prepayments 2,070 2,070 2,227 2,227 11 Creditors: amounts falling due within one year 2024 2023 Accruals 1,826 1,826 1,782 1,782 12 Designated funds Balance at 01-Jan-24 Balance at 31-Dec-24 Income Expenditure Transfers Extraordinary Repairs Fund 47,117 47,117 147,1171 47,1171 Prior yeor Balan at 01-Jan-23 Balance at 31-Dec-23 Income Expenditure TronsAers Extr(Jordin(Jry Repairs Fund 43.638 43,638 (43,638) 43,638 Extraordinary Repairs Funds- to be used for the extraordinary repair, improvement or rebuilding of the almshouses. 14
The Sheffield Firth Almshouses Notes to the Accounts (continued) For the year to 31 December 2024 13 Net assets by fund Unrestrirted funds 2024 Tangible a55ets Investments Net current assets 52,203 1,242,215 16,675 1,311,093 52,203 1,242,215 16,675 1,311,093 Unrestrirted funds 2023 Prior yeor Tongible Ossets Investments Net current assets 53,338 1.148,622 14,388 53,338 1.148,622 14,388 1,216,348 1,216,348 14 Operating lease commitments At 31 December 2024 the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follow5= 2024 2023 within one year 540 540 540 540 15 Related Party transactions There were no related partytransactions duringthe year ended 31 December 2024 or 31 December 2023. 15
The Sheffield Firth Almshouses Notes to the Accounts (continued) For the year to 31 December 2024 16 Statement of Financial Activities- Comparatives General Designoted fvnd5 funds Total 2023 Incomefrom." Choritoble Artivities Investments 153,643 153,643 43,638 43,638 Total income 153,643 197,281 Expenditure on.. Choritoble Artivities 131.635 43,638 175,273 Total expenditure 131.635 43.638 175.273 Net income befvre net goins on investments 22.008 22,008 Net guins on investments 23,312 23,312 Net income 45,320 45,320 Totalfunds broughtforword 1,171,028 1,171,028 TotalAunds carriedforward 1.216.348 1.216.348 16