REGISTERED CHARITY NUMBER.. 1175027 Report of the Trustees and Unaudlted Flnanclal Statements for the Year Ended 31 December 2024 for THE BERROW COThAGE HOMES KNOX CROPPER charleied ac=ountanls
THE BERROW COTTAGE HOMES Contents of the Financlal Statemènts for the Year Ended 31 Dècember 2024 Page Refarence and Admlnlstrative Detalls Report of the Trustees Independent Examlner'8 Report Statement of Flnanclal Actlvltles Balance Sheet 10 Notes to tha Flnanclal Statements 11 to 21 D8tall¢d Statement of Flnanclal Actlvltles 22 to 23
THE BERROW COTTAGE HOMES Rèference and Admlnlstratlve Detallg for the Year Ended 31 December 2024 TRUSTEES N J Cameron Chaiman TJCorns Dr J A Hagon Vice Chairman Mrs J Hogg (resigned 28.2.25) Mrs C Lewthwaite R WPitt C E Pontrfex A.C.A Treasurer Mrs E M Wlkin D Whiting Rev G Lanham Ex-OffKio Trustee PRINCIPAL ADDRESS Mary Galloway House 2 Ken[orth Road Knowle Solihull West Mldlands B93 OJA REGISTERED CHARITY NUMBER 1175027 INDEPENDENT EXAMINER Knox Cropper LLP Chartered Accountants Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE SOLICITORS Standley & Co 1612-1618 High Street Knowle Solihull West Midlands B93 OJU BANKERS B8rclays Bank plc 19-21 Mell Square Mill Lane Sollhull West Midlands B913AR Page 1
THE BERROW corrAGE HOMES Report of the Trustees for the Year Ended 31 December 2024 The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees hav& adopled the provisions of Accounting and Reporting by Charitles.. Statement of Recommended Practice applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES ObJeGtlv¢s and alms The Charity exists to maintain and manage 30 almshouse6 (including 1 occupied by ihe warden) in its ownership for the benefit and welfare of people in need of housing provision. principally in the village of Knowle and the surrounding 8rea5. in accordance with the original Trust deed. Slgnlllcant actlvltles The trustees have the objectives of keeping all the properties and gardens in good condition, thereby providing a comfortable and sale environment for each resident; complying with the Decent Homes Standards and ensuring that the properties ara in demand. To achieve thi8 Stated objecllve, plan8 were devised to further upgrade the Vlctorian Cottages, and in so dolng Improve their EPC ratings. Other aim8 for the year were to continue reviewing and updating the policles of the Trust to ensure that they reflect best practice; to review the risk assessments for the Trust., to continue to monitor the wellbeing of the residents and to mitigate against the effacls of Bank Base Rate fluctuations and other cost of living pressures on the financés of the charity. Publlc beneflt The charily provide8 public benefit by providing soclal housing by way of Almshouses to thos8 who are unable to afford commercial rents. By being in close contact with these individ uals the charity can ensure their health and wellbelng is prolected. Grantmaklng It 13 not the policy of the Trustees to make grants. ACHIEVEMENT AND PERFORMANCE Charltable actlvltle3 During lh8 year, the bay windows of the listed Victorian Cottages were replaced to increase the levels of insulation in Ihe properties, thereby improving their energy efficiency. The prccess of revSewing the trust's policies and its risks was continued. The Trust's bank loans were repaid on their repaym8nt dale, re8ulling in more eff icient use of the Trust's resources. which together with very high levels of property occupancy led to improved cash generation. A tenant's satisfaction survey was undertaken, 88 raqulred by the Regulator of Social Housing, the results of whlch showed high levels of tenant 881isfaction. Page 2
THE BERROW COTTAGE HOMES Report of Ihe Trustee$ for the Year End•d 31 De¢emb¢r 2024 FINANCIAL REVIEW Flnanclal po8ltlon Turnover from Soci81 Housing leltings rose by £18.443 to £195,306 compared to last y8ar (2023., £176,863), This increase is primarily due lo high8r W88kly Maintenanc8 Charges and a reduction in voids throughout the year. Operatlng expendlture has been effedivety monitored in the year, despite a slight Increase compared to last year, as detailed below: Charltable Activty Costs increased by £14,673 to £132,631 (2023.. £117,958), driven by a) £4,306 in higher losses on the sale of tangible assets: b) £8,594 in additional propety repairs and maintenance expenses, Support Costs have increased sl'ghtly by £737, totalling £18,886 {2023', £18,149). Th8 net income from ch8rrtable actrvltSes Ss reported at £73,746, whlch Sncludes gains on invèstments of £9,294, compared to £10.288 in 2023. Interest payable on loans amounted to £4.251, significantly lower than the £15,848 in 2023, due to the repayment of the Barclays Bank Loan in March 2024. Investment Income declined by £2,945 to £18,057 (2023.. £21,002) as a result of investmént disposals during 2024. As 8 result, the Balance Sheet shows an increase in reserves of £73.746, representing the net income for the year. This figure consists of a surplus of £89,425 on unrestricted funds and a deficit of £15,679 on restricted funds, which reflects the depreciation charge released against the social housing grant, Investment pollGy and obJectlve8 Th8 Investments are m8n8ged by the Trustees who have Opted to inve8t In Accumulation shares of the M&G Charily Multi Asset Fund, ReseNe8 poIIcy The National Association of Almshouses requires that Sufflent sums lo be set aside as investments to generate necessary funds mainly for the maintenance and repalrs of th6 Almshouses,. thls is 8chleved by setting aside annually the amount admsed by them. Accumulation Fund dividends are alk)w6d to accumulate in tha resérv88 unless required for exceptional expenditure. Total Unrestrlct8d ReseNes of the Charity amount to £1,981,740 of which £1,388,754 have been designated, £100.634 relat8s lo the I nvestment Revalualion Resep4e and £492,352 comprises the Income and Expenditure Account. Restricted ReseNes amount lo £738,003 and represent social housing grants received net of the depreciation element of the housing properties funded by the granls. Details of these reserves are set out in Note 18 to Ihe Financial Statements. FUTURE PLANS These will be to ensure that the Almshouses continue to be well maintained and in so doing provide comfortable accommodation for the residents. P13ns are being drawn up for further improvements lo the Victorian Properties, which will further enhance their energy efflenCy. The trustees intend to continue to maintain 8n enhanced level of tenant invofvement, by continuing to adopt the National Regulator of Social Housing Tenant Satisfaction Surveys. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity is a Chari18ble Incorporated Organisation (CIO) and is controlled by its governing document, the foundation registered on 9th October 2017, and as amended on 1st February 2018 and 4th June 2018. The CIO'S Registered Number is 1175027 and it is also regulated by the Regulatt)r of Social Housing (5051). Page 3
THE BERROW COTTAGE HOMES Report ol the Trustees for tha Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees Trustees are recruited as required with the aim of having a Board of Trustees with a range of relevant skills and experience. New Trustees are inducted by the Board and are able to attend courses run by the Almshouse Association and olhers. Organlsatlonal structure The Board of Trustees met four times in 2024 to deterniine strategy and policy and they employ a Warden and Clerk to ensure that residents, needs are mel and that the income and expenditure of the Charity is managed efficiently. Truslees serve on sub commiitees including Heah and Safety, Finance, Buildings, Residents, Selection, Residents. Welfare and Fundraising in order to facilitate day-t(>day management and resklents, welfare issues. The Warden is avallable to offer reasonablè non nurslng assistance to frail residents and liaise with Social Services to ensure that resldents are able to maintain independent residence until they requlre full time residential care. The Clark to the Trust888 prepares monlhly cumulative cash acunt8 and cumulative statements of contribution8 due from residents tog6ther with a reconciliation to th& bank balances. Th&s& are scrutinised by lh& Treasurer who prepares an annual budget and provides performance reports for each meeting of the Trust8es. The bank mandate requires Iwo authoiised persons for all payments. Insurance and Ri8ks are reviewed annually. The Trustees also conllrm that they have had regard for the Charity Commlssion guldance In respect of publlc beneflt wh8n revlewing the charlly's alms and objectives and plannlng fulure activilies. Code of Governance The code of govemance adopted by lh8 Trustees is the Charity Governance Code for Smaller Charities, as this best fits with the aims and objectlves of The Berrow Cottage Homes as an Almshouse Charity 2nd represents a standard of good governance practice to which all charitie8 should aspire. The Board of Trustees confims compliance with the Governance and Financhal Viability Standard. In dolng so, the Board confirms that It has an appropriate, robusl and prudent business plannlng, r5sk and control framework in place, Page 4
THE BERROW COTTAGE HOMES Report of the Trustee8 for the Year Ended 31 Dacembèr 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Rlsk management The Trustees have given consideration to the major risks to which the charity is exposed and have reviewed the established systems and procedures lo manage these risks and to ensure appropriate conirols are in place to provide reasonable assurance against fraud and error. Thè Board's focu8 in the year was on the below principal risks: Maintainin Pro ies to Decent Homes Standards Reports are made to the Board and eaGh meeting to ensure all propertles and inspections are up to date. A programme of works is In place for component replacements. Maintainin ood s8rvice levels to residents The Berrow Cottage Homes adopts an open forum of communication belw88n residents and key management personnel, During the year residents continued to be rnore involved with the operations of th8 Charty and th8 welfare of fellow residents, by providing key feedback to the Trustees at their regular vlsits and through a Regulator of Housing re8idents' satisfaction SureY. Effe tiv na hari The Board continue to monitor the Charity's resource8 and particularly its finances given the economic uncertalnties currently impacting the cost of living for the residents and the charity in maintaining the properties. Glven the investments held by the charity, the Trustees are confident Ihal the charity is able to continue delivering its objectives. Page S
THE BERROW COTTAGE HOMES Report of the Trusle08 for Ihe Year Ended 31 December 2024 VALUE FOR MONEY (VFM) Each year the Charity uses a range of data to measure VFM progress against the housing sector. The results help influence investment decisions and provide the regulators and other stakeholders with information on the progress of the Charity. whilst also ensuring compliance wtth the regulatory VFM standard. The metrics hav& been compared to to the Acuity smaller providers 2023124 results. Motrlc 2024 2023 Aculty Scorecard Commentary O%The Charlty has 30 Almshouses In management. This remains as per the previous year, with no new supply of social or non-social houslng. New supply d81ivered Ovo Gearing (3.93%) 7.17% 16% The Charity's has much lower borrowing5 and Iherefore lower inlergsl in the year. EBITOA MRI 1,814.440h 699.48CA+ 218% EBITDA margln comparing to 2023 has increased, exceeding industry average. The increase can be attributed to higher operating surpluses and effective cost management. Social Houslng Cost Per Unit £5,024 £3,072 £5,720 Lower voids compared to 2023, but higher capitalised costs reflect the increase in Social Housing Costs per unit during the year. Op8ratlng Margin Overall 26.290 16.06% The operating margin increase indicate5 that The Berrow Cottage Homes became more profitabla r8lative to its revenue in 2024 compared to 2023, outperforming the Industry Benchmark. 18.82% The operating Social Housing Lettings is 0.55% lower than in 2023, however remains above industry average, continuing to achieve superior returns on its social housing lellings relative to industry peers. Social Housing Lettings only 21.110 21.66% ROCE 2.35% 2.029 2.640A The increase in ROCE indicates that the Charity generated higher profrts relative to the capital employed in its operation8 during 2024. However, the reported ROCE is slightly balow the industry average. implying that its capital efficiency ané profitabilily are just below those of rts industry peers. pe6
THE BERROW COTTAGE HOMES Roport of thè Trustse8 for the Year Ended 31 December 2024 Reinveslment 1.770 0.02Q 2.630/0 The reported increase In inVeStMent can be attributed lo the increase in capttal expenditure during the year due to the replacement of four bay windows at Kenilworth Road. Over811, these key performance indlcators reflect the results for the year ended 31st December 2024 in comparlson to the industry sector scorecard, demonstrating financial str8ngth and robust asset management. STATEMENT OF TRUSTEES, RESPONSIBIUTIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally Accapted Accounllng Practice). The law 8pplicable to charities in England and Wales. the Charities Act 2011, Charlty (Accounts and Reports) Regulatlons 2008 and the provisions of the trust deed requires th8 trustees to prepar8 flnancial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming re80urces and application of resourcès, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then appty them consistently; - observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent,, prepare the financlal statemenls on the going concern basis unle63 it is inappropriale to presume that the charity wlll continue in business. The trustee5 are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financlal position of the charity and lo enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008. the Housing 8nd Regeneration Act 2008, the Accounting Direction for Private Registered Providers of Social Housing 2022, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Gharity and hence for taking reasonable steps for the prevention and detection of fraud and clhor irregu18rities. The trustees are responsible for the maintenance and integrity of the charity and financial informatlon included on the charity'8 website. Legislation in the United Kingdom governing the pieparation and dissemlnation of financial statements may differ from legislation in other jurisdictions. INDEPENDENT EXAMINER The Independ8nl Examiner has expressed his willingness to contlnue in office and a proposal for hi8 reappointment wlll be put before the Trustees at their meeting. Approved by order of the board of trustees on 20 May 2025 and signed on its behalf by: N J Cameron - T tee Pag8 7
Independent Examlner's Reportto the Trustses of The Berrow Cottage Homes Independent examlner's report to the trustees of The Berrow Cottage Homes I report to the charity trustees on my examination of the accounts of The Berrow Cottage Homes (the Trust) for the year ended 31 December 2024. This report is made to the Trustees, as a body. In accordance with the terms of my engagement. Our work has been undertaken so that we might carry out an Independent Examination of the financial statements in accordance with the General Directions given by Ihe Charity Commissloners. To the fullest extent permitt8d by law, we do not accept or assume responsibility to anyone other than the Charity and the Charky's Trusle&s, as a body, for our work or for this report. Responslbllltles and bas18 of report As the charity trustees of the Trust. you are responsible for the preparation of the accounts In accordance with the requirements of the Charities Act 2011 ('th8 AGt'). Having satisfied myself that the accounts of the Charity are not required to be audited under Seclion 136(3) of the Housing and Regeneration Acl 2008, an independent examination has been carried out. I report in respect of my examwiation of the Tru8t'8 accounts carried out under Section 145 of the Act and In carrying Out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5){b) of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to my attgntlon in connecllon with the examination giving me cause to believe that in any material respecl: 1, accounting records were not kept in respect of the Trust as required by section 130 of the Act; or section 135(2){a) of the Houslng and Regeneration Act 2008: or 2, the accounts do not accord wlth those records,. or 3, the 8ccounts do not ¢ompty with tha applicable requirements concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the aGcoun16 give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have ccyne across no other matters in connection with Ihe examlnatlon to which attention should b8 drawn in this report in order to ènable a proper understanding of the accounts to be reached. /Hts.J LL/ Jam8s Holland-Le8der FCA Knox Cropper LLP Chartered Accountants Office Suit6 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE 20 May 2025 Page 8
THE BERROVV COTTAGE HOMES Statement of Flnanclal ActltI0$ for the Year Endod 31 December 2024 2024 Total funds 2023 Total furKIs Unrestrict&J fvnds Reslricled fijnd Notes INCOME AND ENDOWMENTS FROM Donatlons and legacies 9.400 9,400 10,876 Charitable activltles Houslng Activities 196,306 195,306 178,883 Olh8r trading activit$ Investment income 25 18,057 25 40 21,CQ2 Total 222 788 208,561 EXPENDITURE ON Charltable activltles Housing Actlvities 142 657 158,336 154,409 Nat gains on investments 10,288 NET INCOMEI(EXPENDITURE) 89,426 (15.8791 73.746 64,460 RECONCILIATION OF FUNDS Total funds brought foDNard 1.892,315 753,682 2,645,997 2,581,537 TOTAL FUNDS CARRIED FORWARD 1981740 738 003 2719743 2,645,997 The notes fom part of these finandal slatemenls Page 9
THE BERROW COTTAGE HOMES Balance Sheet 31 De¢embgr 2024 2024 Total funds 2023 Total funds Unrestricted furKI8 Restricted fund Notes FIXED ASSETS T8ngible assets Investmenls 11 12 1,477,760 424.932 738,003 2,215,763 424,932 2,219.757 507.156 1,902,692 738,003 2,640,696 2.726,913 CURRENT ASSETS Debtors Cash at bank and in hand 13 1,615 138 177 1,615 138 177 14. 169,462 139.792 139,792 183,768 CREDITORS Amounts falling due within one year 14 (32.656) 132,656) (229,596) NET CURRENT ASSETS 107 136 107 136 (45,828) TOTAL ASSETS LESS CURRENT LIABILITIES 2,009,828 738,003 1747,831 2,681,085 CREDITORS Amounts falling due after more than one year 15 28 088) 28 088) {35.0881 NET ASSETS 1981740 738 003 2 719 743 2,645,997 FUNDS Unrestricted funds Restricted funds 18 1,981,740 738 003 1,892,315 753 682 TOTAL FUNDS 2719 743 2 645 997 The financial statements were approved by the Board of Trustees and aulhorised for issue on 2Q May 2025 and were signed on its behalf by: N J Cameron- Trus C E Pontifex A.C.A - Trustee The notes form part ol these financial statements Page 10
THE BERROW COTTAGE HOP41ES Notès to the Flnanclal Slatements for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basis of preparlng the flnanclal statements The financial statements of the charty, whh is a public benefit entity under FRS 102, have been pr6pared in accordance with the Charities SORP (FRS 102) 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with th8 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (8ff8Ctive 1 January 2019),. Financial Reporting Standard 102 'The Flnancial Reporting Standard applicable in the UK and Republic of Ir8land' and the Charities Act 2011. The accounts comply with the Charities Act 2011, the Housing and Regeneration Act 2008 and the Accounting Direction for Private Registered Provlders of Social Housing in England 2022. Th8 financial statements have been prepared under the historical cost convention. with the exception of investrnenls which are included at market value, as modrfied by the revaluatK>n of Gertain assets. The financial statements are presented in sterling. which is the functional currency of the Charity and are rounded lo the nearest pound. The acGount3 have been prepared to glve a 'true and fair vieW and have departed from the Charlties (Accounts and Reports) Regulations 2008 only to the extent r&quired to provide a Irue and fair vlew,. This departure involved following Accounting and Reporting by Charlties preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) issued on 16th July 2014 rather than the Accounting and Reporting by Charifies Statement of Recommended Practice effective from 1 st April 2005 which has since been withdrawn. Golng concern The financi81 statement8 have been prepared on a going concern basis as the Trustees balieve that no material uncertainties exist. The Trustee5 have considered Ihe level of funds held and the expected level of income and expenditure for 12 months from authorising thesa financlal statements. The budgeted income and expenditure is sufficienl with the level of r8serves for the Charlty to be able to continue as a going concern. crftlcal accountlng Judgements and key sources of estlmatlon uncertalnty The followlng are the critical judgements and key sources of estimation uncertalnty that the Board has made in Ihe procass of applying the charity's accounting policies ard that have the most signifi'cant effect on the amount8 recognised in the financial statement8: Identrfication of housing propety components The charity accounts for its expenditure on housing propertles using component accounting. Under omponent 8ccounting, the housing property 16 divided into those major components which are considered to have substantially differenl useful economic lives. Judgement is used in allocating property costs between components (land, structure. kitchens, bathrooms etc) and in determining the Useful economic lives of each component. Housing propety depreciation is calculated on a component by component basi5. The identificatk)n of such components is a matter of judgement and may have a material impact on the depreciation charge. The components selected are those which reflect how the major repairs to tha propèrty are managed. Income All income is recognised once the Charity has entitlement to the income, it is probable thal the income will be received, and the amount of income receivable can be measured reliably. Income from housing represent8 housing contributions from weekly maintenance charges from residents. Pagè 11 ontinued...
THE BERROW COTTAGE HOMES Notés lo the Flrmnclal Slatsments - ¢ontlnued for the Year Ended 31 December 2024 ACCOUNTING POLICIES- continued Income No amount is included in the financial Statements for volunteer time in line with the SORP (FRS 102). Investment income is earned through holding assets for investment purposes such as shares. included dividends and interest. Where it is not praclical to identify investment management costs inCued within a scheme with reasonable accuracy the inv8stm&nt income is reported nel of these costs. It is included when the amounl can be measured reliably. Interest income is recognised using the eff8cllve interest method and dividend income is recognised as th8 Charity's rlght to receive payment is established. Social Houslng Caprtal grants are recognised only when receivable, or in the period In which a scheme is ompleted and where the amount of the grant has been determined. Grants are reflected in the restricted Housing Properly Fund with depreciation on granl funded assets reducin9 this fund. Expendlturo Liabilities are recognised as expenditure as soon as thèr& Is a legal or constructive obligation committing the charty to that expenditure. it is probable that a transfer of 8conomic benefits will be required in settlement and the amount of Ihe obligalion can be measured reliably. Expenditure is accounted fDr on an accruals basls and has been classified under headings that aggregate all cost related to th8 ca18gory. Where cosls cannot be direct attributed to particular headings they have bean alloc8ted to actlvltie8 on a basls consistent with the use ol resources. Tanglble foxed assets Houslng propertles The original Berrow Cottage Homes Almshouses were constructed in the late Nineteenth Century. There is no record of the original cost, but they are valued al 1st January 1926 at £2,000, with additions slnce at cost being funded by Homes England and its predecessor bodles Grants, Mortgage Loans, Charitable Donations, and from the Berrow Cottage Home8, own resource8. Housing properties are stated at depreciated cosl. The cost of completed housing properties Is depreciated over the life of the properties. Properties are accounted for on 8 component cost basis with each component being depreciated over its estimated economic life. The prlnclp81 ¢omponents identified, and the depreciation rate applied lo each component are set oul below: Years 100 70 40 30 30 30 20 16 10 Fabrlc Roof Electrics Windows and doors Bathrooms Heating, Venlilation, Plumbin9 Kitchens Boilers Other enhancements Housing properties in the course of construction are disclosed at cosl within work in progress and not deprecialed until the schem8 is completed and ihe assets brought into use. The Charity capitali8e8 expenditure on houslng properties which increases the net rental stream over the lrfe of the property. An increas8 in the net rental stream may arise through an increase in rantal incom8, a reduction in future maintenance costs or a significant extension of the life of the property. Page 12 ortinued.,.
THE BERROW COTTAGE HOMES Notes to thè Flnanclal Slatements - contlnued for the Year Ended 31 December 2024 ACCOUNTING POLICIES- continued Tanglble flxed assets Furnlture, Fkitlngs and Equlpment Depreciation on Furniture. Fittings and Equipment has been provided in order to write off the cost over its expected useful life on a reducing balance basis. The rate used for this putPOS8 18 1 OVO. Taxatlon The charity is exempt from lax on its charltable actrvities. Fund accountlng Unrestricted funds can be used in accordance with the charitable objective8 at the discrelion of the trustees. Restrlcled funds can onty be used for particular r8Strict8d purposes wilhln the objects of the charity. Restrictions arise when specifd by the donor or when funds are raised for particular restricted purposes. Further explanatlon of the nalure and purpose of each fund 18 included In the notes to the financial gt8temants. Pension Costs and other post-retlrement beneflts The charity operates a defined contribution pension scheme. Contributions payable to the charty's pension scheme are charged to the Statement of Financial ActNities in tha period to which Ihey relate, Debtors Trade and other debtors are recogni8ed at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due, Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or slmllar account, Credltors and provlslons Creditors and provisions are recognised where the charity ha8 a presenl obligation re8ulling from a past event that will probabty result n the transfer of funds to a third party and Ihe amounl due to Settle the obligation can be measured or estimated reliably. Creditors and provlsions arg normally rewgni5ed at their selllement amount after allowing for any trade discounts due. Flnanclal instruments The charity only has financial assets and financial liabilities of a kind thal qualify as basic financial instruments. Basic financial instruments are initially recognlsed at transaction value and subsequently measured at their settlement value with the eXCept)rn of bank loans which are subsequently measured at amortised cosl uslng the effective interest method. Page 13 contlnu8d...
THE BERROW corrAGE HOMES Nots8 to tho Flnanclal Stst8ments - contlnuod for the Year Ended 31 December 2024 OTHER TRADING ACTIVITIES 2024 2023 Other income 25 40 INVESTMENT INCOME 2024 2023 Investment income Deposit account interest 15,743 2.314 19,358 1,644 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Gross maintenance contributions from residents Gross maintenance contributions from Supporting People Losses from volds 195,681 179,375 195,306 176 863 SUPPORT COSTS Governance costs Management Finar Totals Housing ActNitie8 4,251 TRUSTEES. REMUNERATION AND BENEFITS Th8re were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses Totsl expenses reimbuis8d 10 trustee8 in the year were as follS. 2024 2023 Sundry expenses Grounds maintenance Repairs Administration Outreach Travel 100 61 412 375 13 713 46 £1,062 Expenses were reimbursed to 5 Trustees In Ihe year (2023: 5). Page 14 continued...
THE BERROW COTTAGE HOMES Notes to tho Flnanclal Statements - contlnued for the Year Ended 31 December 2024 STAFF COSTS 2024 2023 Wages Social security Pension Other employee benefits 37,034 468 2,371 722 35.263 390 2,224 652 40,595 38,529 No employees receiv8d emoluments in excess of £60.000. The average monthly number of employees during the yearwas as follows: 2024 2023 Warden Clerk No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fuThl$ Restricted lund Total fund8 INCOME AND ENDOWMENTS FROM Donations and legacies 10.676 10,676 Charltable actlvltles Housing ActivitieB 176,863 176,863 Other trading actlvlties Investment income 40 21.002 40 21,002 Total 208 581 208 581 EXPENDITURE ON Charltable actlvltles Housing Activities 137,808 16,601 154,409 Net gains on investments 10,288 10,288 NET INCOMEIIEXPENDITURE) 81.061 (16,601) 64,460 RECONCILIATION OF FUNDS Total funds brought forward 1811254 770 283 2 581537 TOTAL FUNDS CARRIED FORWARD Page 15 continued.,.
THE BERROW COThAGE HOMES N¢te$ lo the Financial Slatsments - contlnued for the Year Ended 31 December 2024 SOCIAL HOUSING ACTIVITIES 2024 2023 Turnover from Social Housing Operating costs of Social Housing 195,306 158,336) 176,863 154,409) Operating deficlt and delicii on Social Houslng activilles 10. SOCIAL HOUSING GRANT The lolal Soci81 Housing Grant received for The 8errow Cotlage Homes as at 31st December 2024 amounted to £931,084 (2023.. £931,084). The full Capital Grant would only become repayable if ihe Almshouses were disposed of and the grant was not recycled. Aggregate amount received At 31st December 2024 931,084 Released to Statement of Financial Activitie8 At 31 st December 2024 (931,0841 Social Housing Grant Carried forward Paga 16 ontinued...
THE BERROW CQThAGE HOMES Note8 to the Flnanclal Slatements . ntInUed lor the Year Ended 31 December 2024 11. TANGIBLE FIXED ASSETS Fixtures and fittings Housing properties Planl and machlnery Tolals COST At 1 January 2024 Additions Disposals 2,623,199 51,527 22,634 358 6.977 2,651,810 51,885 At 31 December 2024 2 667 487 2 696 456 DEPRECIATION At 1 January 2024 Charge for year Eliminated on dlsposal 407.664 49,941 19,804 819 4,595 163 432,063 50,913 At 31 December 2024 455 322 4,748 480 693 NET BOOK VALUE At 31 December 2024 2 212 165 2 2q5763 At 31 December 2023 2,215,545 2.830 1,382 2,219,757 12. FIXED ASSET INVESTMENTS Listed investments MARKETVALUE At 1 January 2024 Addltions Disposals Revaluations Accumulated dividends 507,156 42,739 (160,000) 9,294 At 31 Decembar 2024 424 932 NET BOOK VALUE At 31 December 2024 424 932 At 31 December 2023 507,156 There w8r8 no investment assets outside the UK. Page 17 contlnued...
THE BERROW COTTAGE HOMES Note8 to the Flnanclal Ststeménts - conllnued for the Year Ended 31 December 2024 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Arrears of Maintenance contributions Other debtors Prepayments and accrued income 706 46 B63 639 13.667 14.306 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafls (see note 16) Taxation and social security Other credilor8 195.204 2,507 31.885 1,293 229.598 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Other creditors 35,088 16. LOANS An analysis of the maturity of loans is given below: 2024 2023 Amounts falling due wlthln one year on demand: Bank loans National Association of Almshouses Loan 195,204 7,CQO 7,000 7,000 202,204 Amounts falling between one arKI two years.. Other loans - 1-2 years 7,000 7,000 Amounts falling due between two and rp years: other loans - 2-5 years 28.088 Page 18 contlnued...
THE BERROW COTTAGE HOMES Notes to the Flnanclal Stalements - contlnued for the Year Ended 31 December 2024 17. SECURED DEBTS The Barclays Bank loan that was secured by a legal charge over Mary Galloway House, 2 Kenilworth Road, Knowle, Solihull. was fulty paid in March 2024 (2023.. £195.204). As as result. the charge over the Trust's asset was released. The National Almshouse loan is unsecured and interest free for 10 years. (Loan received October 2019,, £3,675 six monthly equal instalmenls, final repayment October 2029). 18. MOVENIENT IN FUNDS Net movement in funds Transfers been funds At 31.12.24 At1.1.24 Unrestrlcted funds Gen&ral fund Investment Revaluatlon Cyclical Repairs Extraordinary Repairs Charitable Property 401,577 124,138 164,468 167,192 1034 950 71,131 9,294 19,644 132,7981 16,333 18,687 492,352 100,634 180,791 185,879 1022 084 1,892,316 89.425 1,981,740 Restrlcted funds Housing 753.682 (15,679) 738,003 TOTAL FUNDS 2 645 997 2,719 743 N9t movement in funds, included in the above are as follows: Incfjmlng resources Resources expended Galns and losses Movement In funds Unrestrlcted fund$ Gener81 fund Investment Rev81uation Charltable Property 213,788 1142,657 71,131 9,294 9,294 222.788 1142.6571 9.294 89.425 Restricted funds Housing 116,679 (16,679 TOTAL FUNDS 222 788 168,336 9,294 Page 19 continued...
THE BERROW COTTAGE HOMES Notes to the Financial Ststemerrts - continued for the Year Ended 31 December 2024 18. MOVEMENT IN FUNDS - continued Comparatlves for movement In funds Net movement in funds Transfers between funds At 31.12.23 At1.1.23 Unrestricted funds General fund Investment Revaluation Cyclical Repairs Extraordinary Repalrs Charltable Property 368,363 113.850 141.226 149,232 1,038 583 60,773 10,288 (27.559) 401.577 124.138 23,232 164.458 17.960 167.192 13,633 10,000 1034,950 1,811,254 81.061 1,892.315 Restrlcted fu nd8 Housing 770,283 {16,601) 753,682 TOTAL FUNDS 2 581537 64,460 2,645,997 Comparative net movement in funds, included in the above are as follows: Inccfflm resourc08 Resourc8$ expended Galns and losses Movernent in fund8 Unrestrlcted funds General fund Investment Revaluation Charitable Property 198.581 (137.808) 60,773 10,288 10,288 208,581 (137,808) 10,288 81,061 R•$trl¢t•d funds Housing (16,601) (16,601) TOTAL FUNDS 208 581 154 409) Cycllcal Repalr5 and Malntenan¢e Fund This reserve represents amounts Set aside for cyclical maintenance to meet costs in excess of budgeted expenditure for any year. Extraordlnary Repalrs Fund This Revenue Reserve represent8 amounts set aside to carry out major repairs on Housing Properties Charltable Fund Property Fund This represents that proportion of the cost of properties which was financed by charitable donations and the Charity's own resources. In the year capitallsed expenditure on housing properties and loan interest has been transferred to thls fund and depreciation except for that relating to the social housing grant for housin9 properties have been transferred from this fund. Page 20 continued...
THE BERROW COTTAGE HOMES Notes to the Flnanclal Statements . continued for the Year Ended 31 December 2024 18. MOVEMENT IN FUNDS - contlnued Houslng Property Fund This represents the social housing granl received from the Housing Corporatlon for property improvements to the Almshouses. Depreciatlon on housing properties is charged to this fund over the life of the components of the building. 19. RELATED PARTY DISCLOSURES There were no related party transackn'ons for the year ended 310ecember 2024. 20. UNITS IN MANAGEMENT Th8 Charity had 30 units in Management during the year. (2023: 30). Thar6 were no acquisitions or dlsposals in the year. Page 21
THE BERROW COTTAGE HOMES Detalled Stalement of Flnanclal Actlvltles for the Yèar Ended 31 December 2024 2024 2023 INCOME AND ENDOWMENTS Donatlons and legacies Donations 9,400 10,678 Other tradlng actlvttles Other Income 26 40 Investment Income Investment income Dep081t account interest 15,743 19.358 1,644 18,057 21.002 Charltable actlvltl95 Housing Activltles - Resident8 Losses from void8 195,681 179,375 (2.512) 195,306 176,863 Total Incomlng resourcas 222,788 208.581 EXPENDITURE Charltable actlvltles Warden's salary Social security Pensions Rates and water Insurance Light and heat Telephone Property repairs & maintenance Cleaning Alarm costs Warden's utilities Grounds maintenance Depreciation of housing properties DepreciatSon of plant & machinery Fixtures and fittings Loss on sa16 of langible fixed assets 21,322 21,569 390 2,876 435 3,527 3,470 1,889 19,237 615 3.243 2.710 7,608 48,793 782 154 3,092 673 3,732 3,382 2,093 27,831 57 3.090 3.302 7,710 49,941 818 154 4,966 132,631 117,958 This page does Tr)t form m of the statutory financial statements Page 22
THE BERROW COTTAGE HOMES Detalled Ststement of Flnanclal Acllvltles for the Year Ended 31 December 2024 2024 2023 Support costs Management Clerks, salary Trustee indemnty insurance Postage and stationery Adv@rtising Sundries Subscriptlons Donations Professional fees Training 15,703 358 331 400 539 1,506 50 13,694 358 232 400 935 25 1.800 141 18,886 18,149 Flnance Loan 4.251 15,848 Governance costs Independent Examination 2.568 2,454 Total resources expended 168,336 154,409 Net Incom• b•fore galns and losses 64,462 54,172 Rgali$¢d recognlsed galn8 and 108888 Realised gainsl(losses) on fixed asset Investments Net Incoma 54,172 This page does Trjt form m ofthe stalutory financiat statements Page 23