BUTLIN AND ELBOROW HOUSING TRUST A Charitable Incorporated Organisation REGISTERED CHARITY No 1174921 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INDEX Page I Page 2 Page 3 Page 4 Page 4 Trustees Annual Report Independent Examiner's Report Profit and loss and cash flow statements Balance Sheet and movement in reserves Notes to the Financial Statements TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31- MARCH 2024 Trustees in the year Mr Roger Evans Ichaimian) Rev Edmund Newey Mr Paul Smith Mr Adrian Thacker Mrs Ruth Wagstaffe Objects The objects of the charity are to provide housing accommodation for poor persons who reside in the Borough of Rugby. Such charitable activity and objectives are commonly referred to as the supply of Almshouses Governing Instruments The Charity is governed by a constitution dated 2nd October 2017. 5ast amended on 4 April 2018 and is registered as a Charitable Incorporated Organisation th Review of the Period The Trustees have maintained 95.5% occupancy rate during the year which 15 Within the minimum allowance of 5Yo for voids recommended by the Almshouse Association and has maintained a reasonable surplus of income by increasing the weekly maintenance payments to the maximum allowed. The arrears of maintenance payments have risen during the year. This is something the Trustees will try to remedy although it is difficult when dealing with vulnerable people. The Trustees got the Council Property Tax liability reduced to a mana8eable level thanks to a sympathetic Borough Council. Financial Review The trustees believe the accounts presented herein fairly reflect the functioning of the charity over the last year. At the current property occupancy rate, the trust is financially viable. successfully fulfilling the trust objectives of providing a residence to poor member% of the Rugby community at a significant discount to market rates. Roger Evans Chairman th 19 June 2024 Page I
BLTfLIN AND ELBOROW HOUSING TRusr A Charitable Incorporated Organisation REGISTERED CHARITY No 1174921 INDEPENDENT EXAMINER'S REpoKr Independent Examiner's Report to the Trustees of the Butlln and Elborow Housing Trust I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024 which are set OLrt on pages I to 4 Respon51bilrties and basis of report As the chariVs trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011. I report in respect of my examination of the charivs accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Dirertions given by the Charity Commission under section 145151{b) of the Act. Independent examlner's ststement I have completed my examination. I confinn that no material matters have come to rny attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of tr* chaiity as required by section 130 of Act; or 2. accounts do accord with records . or 3. the accounts do not comply with applicable requirements ConMIng the forn and content of accounts set out in the Charities {Accounts and Reports} Regulations 2CLB otrrthan any requirement that the accounts give a true and fair view which is not a matter considered as part of an indepeNlent examination. I have no concerns and have come across no other matters in connertion 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. lain Richard Smith FCCA. 38 Sandford Way, Dunchurch. Rugby. CV22 6NB Page 2
BUTLIN & ELBOROW HOUSING TRUST PROFIT ON ORDINARY CONTINUING OPERATIONS IN THE YEAR 31 March 2024 2024 63,814 2023 59,573 Maintenance charges collected on properties occupied in the year Overpayments received to be refunded Current residents, maintenance charges under paid this year Current residents, prior years, under payments recovered Maintenance charges due on properties let in the year Top Farm Long Itchington annual rentcharge COIF Deposit Account Interest Received Total Income for the year 561 -148 64.183 10 2,531 66,725 1,776 61,349 io 378 61,738 Expenses in the year Utilities Bank Charges Insurance Regulatory fees & subscriptions Council Property Tax Repairs Charity Bank Loan Interest Total expenses 369 753 178 iio 1,362 2.445 233 1,303 1,328 1,000 11,300 12,762 ?8,556 12,440 18,681 35,707 Net profit on ordinary continuing operations in the year 31,018 33,182 CASH FLOW IN THE YEAR 31 March 2024 2024 2023 Net profit on ordinary continuing operations in the year Change in debtors= underpaid maintenance charges and rentcharge Property refurbishment and legacy unpaid council tax loan repayments (capital not interest} Charity Bank Ltd - 25 years 3.5% above base interest Almshouse Association- 10 years interest free Council tax during vacant periods to 2022 being repaid at £5(K)Imonth Total capital loan value repayments 31,018 33,182 (329) {1,8261 6,282 6,300 3,000 (15,582) 7,989 11,025 {19,014) Net cash flows from ordinary continuing operations in the year 15.107 12,341 Cash & bank balances at the start of the year Lloyds current account COIF deposit account Emergency maintenance petty cash balance Total cash balances at the start of the year Cash & bank balances at the end of the year Lloyds current account COIF deposit account Emergency maintenance petty cash balance Total cash & bank balances at the end of the year 18,543 40,OCMJ 150 46,351 58,693 46,351 8,707 65,(NX) 92 18,543 40,000 150 58,693 73,800 Net movement in cash & bank balances in the year 15,107 12,341 Page 3
BUTLIN & ELBOROW HOUSING TRUST BALANCE SHEEf 31 Marth 2024 2024 2023 Fixed Assets Freehold Property at 2022 market value Less Homes England grants repayable if properties are sold Total realisable value Note 1,800,0 (243,423} 1,556.577 1,800,000 {243,4231 1,556,577 Current Assets Debtors-current residents, maintenance fees overdue this year Debtors-current residents, maintenance fees overdue prior years Debtors-Top Farm Long Itchington annual rentcharge Emergency maintenance petty cash balance COIF Deposit Account Lloyds Bank Current Account Total 517 1,628 io 92 65,OCM) 8,707 75,955 1,776 50 150 40,000 18,543 60,519 Long term liabilities- property refurbishment loans & deferred rates settlement Charity Bank Ltd - 25 years 3.5% above base interest Almshouse Association - 10 years interest free Council tax during vacant periods to 2022 repaid at £500/month Total 217,337 29,925 14,108 261,371 223,620 36,225 63,524 323,369 Reported Net Assets 1,371,161 1,293,727 MOVERMENT ON RESERVES IN THE YEAR Net Assets as at l April 2023 Profit on ordinary continuing operations in the year Council tax during vacant periods to 2022 waived by Rugby Council Net Assets as at 31 March 2024 1,293,727 31,018 46,416 1,371,161 1,260,545 33,182 1,293,727 th Approved by the trustees on 19 June 2024 Chairman NOTES TO THE ACC UNTS TO 31 March 2024 l. The accounts have been drawn up under the historical cost convention with items recognised at cost or accrued transaction value. The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Prartice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102} issued 2019 and the Charities Act 2011 2. To fairly report the ongoing sofvency and viability of this charity, the freehold almshouses properties are stated at their estimated market value as at 31 March 2022. The trust has received various grants from Homes England going back as far as 1970 totalling £243,423. These are repayable to Homes England in the event that the trust propertie5 are sold. 3. An unpaid liability to council tax during periods that properties were unoccupied up to 2022 of £63,524 had accrued. In the year Rugby Borough Council agreed to write off £46,416 of this. In return the Charity started to repay the balance at the rate of E5tM) per month from October 2023. The £3CKK) of thts legary debt repaid in this year leaves the balance of £14,108 at the balance sheet date. Current tax charges are now being paid when they occur. Page 4