2024-03-31-accounts - The Wakefield Almshouses Charity

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REGISTERED CHARITY NUMBER: 1179687

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2024

for

Wakefield Almshouses Charity

Contents of the Financial Statements for the Year Ended 31 March 2024

		Page
Report of the Trustees	2	to	4
Independent Examiner's Report		5
Statement of Financial Activities		6
Balance Sheet		7
Notes to the Financial Statements	8	to	14

Wakefield Almshouses Charity Report of the Trustees for the Year Ended 31 March 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by 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 102) (effective 1 January 2019).

The trustees have had due regard to guidance published by the Charities Commission on public benefit.

OBJECTIVES AND ACTIVITIES

The objectives of the CIO are, for the public benefit:

(1) the provision and maintenance of almshouse accommodation for the benefit of persons resident in England who are in need or experiencing poverty or infirmity.

(2) such charitable purposes for the benefit of the residents in the almshouses of the CIO in such manner as the charity trustees think fit from time to time.

The main activity of the CIO is the provision of affordable housing in Totnes, Devon for people in need or experiencing poverty or infirmity. The trustees are fully aware of the Charity's purpose and Charity Commission guidance "Public benefit: running a charity (PB2)" When appointing beneficiaries (Almshouse residents) the trustees carefully assess the applicant's needs and the restricted choice of housing they might be experiencing due to poverty or infirmity.

ACHIEVEMENT AND PERFORMANCE

The charity has continued to carry out maintenance work to its properties along with some improvements aimed at keeping them abreast of modern standards.

SPECIFIC INVESTMENT POWERS

The charity's Constitution provides that the trustees may invest at their absolute discretion, as they think fit. The trustees have started an investment portfolio, and in partnership with their stockbrokers they manage the portfolio as Risk Category 6 which, is regarded as moderate investment risk and is described as: The trustees are prepared to have the significant majority of the charity's investments in equities in order to achieve higher returns at the expense of greater risk to the capital. The portfolio will typically have a substantially higher weighting towards equities than fixed income investments and is likely to have moderate market volatility.

The portfolio is managed with an aim to balance these three objectives:

The need to reduce investment risk through diversification
The need to take 'proper advice'
Maximise the returns for the benefit of the charity.

The investment portfolio is under discretionary management by the trust's stockbroker allowing the execution of appropriate transactions in a timely fashion without prior reference to the trustees.

FINANCIAL REVIEW

Reserves policy

In order to ensure that sufficient funds are built up for the long term maintenance and improvement of their properties, the trustees have adopted a policy of basing the level of the charges made to the occupants of the Almshouses on equivalent fair rents as assessed by the rents service. This level of charge has been set to 80% of the equivalent fair rents by the trustees to ensure it is adequate to build up and sustain the designated fund for the long-term maintenance and improvement of the Almshouses. In addition the charity continues to build a project fund with a view to building more Almshouses in Totnes.

Wakefield Almshouses Charity Report of the Trustees for the Year Ended 31 March 2024

FINANCIAL REVIEW

FIXED ASSETS

The freehold and leasehold properties are stated in the financial statements at cost as the trustees are of the opinion that there would be no benefits in obtaining an open market valuation. The trustees are of the opinion that the current market values are in excess of cost.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity was formed by Constitution dated 23 July 2018 as a Charitable Incorporated Organisation.

Organisational structure

The charity has up to twelve trustees who are the only members. New trustees are invited to meetings with the existing board to become familiar with operations and governance of the charity before deciding if they would like to join the board. Appointment is by unanimous vote of the existing trustees. Four formal meetings of the trustees were held during the year. The trustees need to record the sad death of Judith Westacott MBE who died suddenly at home in Totnes on 21 May 2024, aged 84 and they want to recognise her contribution to the charity and to Totnes over many years; she was a colourful character who really cared for the town and will be truly missed.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

1179687

Principal address

c/o Dr J Severn The Coach House Station Road South Brent Devon TQ10 9BB

Trustees

Mrs J A Holmes M C Mitchell Miss J A Westacott MBE (died 21 May 2024) Mrs J Mitchell Mrs M Victory

Independent Examiner

R J Lewis ACA W R Frost & Co Chartered Accountants Riversdale Ashburton Road TOTNES Devon TQ9 5JU

Wakefield Almshouses Charity Report of the Trustees for the Year Ended 31 March 2024

RELATIONSHIP WITH CONNECTED CHARITIES

This charity has been merged with the Wakefield Almshouses Charitable Trust Reg. No. 1041964 and that charity has now been discontinued and removed from the Register of Charities.

Approved by order of the board of trustees on 13 January 2025 and signed on its behalf by:

Mrs J A Holmes - Trustee

Independent Examiner's Report to the Trustees of Wakefield Almshouses Charity

Independent examiner's report to the trustees of Wakefield Almshouses Charity

I report to the charity trustees on my examination of the accounts of Wakefield Almshouses Charity (the Trust) for the year ended 31 March 2024.

Responsibilities and basis 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 ('the Act').

I report in respect of my examination of the Trust's 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 examiner's 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:

1 accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2 the accounts do not accord with those records; or
3 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.

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.

R J Lewis ACA

The Institute of Chartered Accountants in England and Wales

W R Frost & Co Riversdale Ashburton Road TOTNES Devon TQ9 5JU

Date: 14 January 2025

Wakefield Almshouses Charity

Statement of Financial Activities

for the Year Ended 31 March 2024

Notes INCOME AND ENDOWMENTS FROM Almshouses Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Almshouses Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	2024 2023 Unrestricted Endowment Total Total funds fund funds funds £ £ £ £ 61,861 - 61,861 60,335 5,574 - 5,574 3,791 67,435 - 67,435 64,126 862 - 862 858 40,827 - 40,827 43,074 41,689 - 41,689 43,932 10,643 - 10,643 (11,438) 36,389 - 36,389 8,756 1,577,593 150,000 1,727,593 1,718,837 1,613,982 150,000 1,763,982 1,727,593

Wakefield Almshouses Charity

Balance Sheet

31 March 2024

Notes FIXED ASSETS Tangible assets 6 Investments 7 CURRENT ASSETS Debtors 8 Cash at bank and in hand CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds Endowment fund TOTAL FUNDS	Unrestricted Endowment funds fund £ £ 1,335,599 150,000 144,908 - 1,480,507 150,000 - - 137,865 - 137,865 - (4,390) - 133,475 - 1,613,982 150,000 1,613,982 150,000	2024 2023 Total Total funds funds £ £ 1,485,599 1,485,599 144,908 127,510 1,630,507 1,613,109 - 673 137,865 117,684 137,865 118,357 (4,390) (3,873) 133,475 114,484 1,763,982 1,727,593 1,763,982 1,727,593 1,613,982 1,577,593 150,000 150,000 1,763,982 1,727,593

The financial statements were approved by the Board of Trustees and authorised for issue on 13 January 2025 and were signed on its behalf by:

............................................. J A Holmes - Trustee

Wakefield Almshouses Charity

Notes to the Financial Statements for the Year Ended 31 March 2024

1 ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by 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 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Fixed assets for charity use are capitalised at cost when purchased, or market value as determined by the trustees where donated.

Depreciation is calculated to write off the cost of fixed assets, less their estimated residual value over their expected useful lives as follows:

Fixtures and fittings 10% straight line.
Leasehold property is depreciated over the period remaining on the lease.

Freehold property has not been depreciated on the basis that the charity has a policy and practice of regular maintenance and repair (charges for which are recognised in the Statement of Financial Activities) such that any residual value would make depreciation negligible.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Wakefield Almshouses Charity

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

2 INVESTMENT INCOME

Investment income Deposit account interest	2024 2023 £ £ 3,171 3,035 2,403 756 5,574 3,791

3 RAISING FUNDS

Investment management costs

Portfolio management	2024 2023 £ £ 862 858

4 TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

5 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM Charitable activities Almshouses Investment income Total EXPENDITURE ON Raising funds Charitable activities Almshouses Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 9	Unrestricted Endowment Total funds fund funds £ £ £ 60,335 - 60,335 3,791 - 3,791 64,126 - 64,126 858 - 858 43,074 - 43,074 43,932 - 43,932 (11,438) - (11,438) 8,756 - 8,756 1,568,837 150,000 1,718,837 1,577,593 150,000 1,727,593

Wakefield Almshouses Charity

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

6 TANGIBLE FIXED ASSETS

COST At 1 April 2023 and 31 March 2024 DEPRECIATION At 1 April 2023 and 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023	Fixtures Freehold Long and property leasehold fittings Totals £ £ £ £ 1,427,126 59,673 12,655 1,499,454 - 1,201 12,654 13,855 1,427,126 58,472 1 1,485,599 1,427,126 58,472 1 1,485,599

7 FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 April 2023
Additions
Disposals
Revaluations
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023
The following investments were held:
2024
No.
£
Insight Inv FDS UK GVT All Mat
6,400
5,153
Royal London AM Ethical Bond
4,100
4,133
Ishares II PLC USD
700
3,392
Legal & General UT GBL
9,000
-
Rlum Limited RL Sustainable
3,600
9,392
Ishares Core
860
6,684
Legal & General UT GBL
12,500
-
Aberforth Smlr
320
-
Baillie Gifford American
240
3,391
Brown Advisory FDS US Sustainable
400
7,400
Fidelity UCITS ICA US Qual Inc
1,550
12,332
Ishares Core S & P
310
12,870
Blackrock FM Ltd European Dynamic
2,400
7,406

Listed
investments
£
127,510
48,460
(41,705)
10,643
144,908
144,908
127,510
2023
£
5,329
3,978
3,483
4,525
8,590
6,439
7,226
3,936
2,467
5,628
10,470
10,180
6,345

Wakefield Almshouses Charity

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

7 FIXED ASSET INVESTMENTS - continued

No.
European Assets
4,380
Baillie Gifford Japanese
280
Fil Inv Svcs UK Index Pacific Ex Japan
7,600
Vontobel Fund MTX Sust
30
Schroder Unit Trust Global Energy Transition
10,500
Bny Mellon Fund Manager Sustainable Global
3,900
Muzinich Funds
45
Schroder Unit Trust
5,400
Hipgnosis Songs Fund
2,420
J P Morgan
100
Man Funds Global PLC
21
Government of UK 4.125%
4,350
Government of UK 4.125%
4,252
Government of UK
3,900
Vanguard Investment Funds
18
Vanguard Investments UK Ltd
72
Ishares Trust
24
MI Select Managers
6,892
Nuveen Global Investors Fund
101
Segro PLC
254
Greencoat UK Wind
2,405

-
4,056
4,626
4,337
9,276
9,669
2,804
2,825
4,586
5,796
-
3,590
-
4,207
-
4,330
-
1,960
-
8,144
2,201
-
4,506
-
4,370
-
4,203
-
6,778
-
12,059
-
2,607
-
6,882
-
2,216
-
2,296
-
3,345
144,908
127,510

Cost or valuation at 31 March 2024 is represented by:

Valuation in 2023 Valuation in 2024	Listed investments £ 127,510 17,398 144,908

8 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Prepayments	2024 2023 £ £ - 673

9 CREDITORS: AMOUNTS FALLING DUE

Other creditors	2024 2023 £ £ 4,390 3,873

Wakefield Almshouses Charity

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

10 MOVEMENT IN FUNDS

Unrestricted funds General fund Future Development Provision for External Maintenance Provision for Major Repairs Provision for Internal Decoration Provision for Fixtures and Fittings Replacement Endowment funds Endowment fund	Net Transfers movement between At At 1.4.23 in funds funds 31.3.24 £ £ £ £ 1,350,749 23,437 (20,000) 1,354,186 147,722 12,088 20,000 179,810 28,122 864 - 28,986 38,000 - - 38,000 6,500 - - 6,500 6,500 - - 6,500 1,577,593 36,389 - 1,613,982 150,000 - - 150,000 1,727,593 36,389 - 1,763,982

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund Future Development Provision for External Maintenance TOTAL FUNDS	Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 64,264 (40,827) - 23,437 2,960 (805) 9,933 12,088 211 (57) 710 864 67,435 (41,689) 10,643 36,389

Wakefield Almshouses Charity

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

10 MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds General fund Future Development Provision for External Maintenance Provision for Major Repairs Provision for Internal Decoration Provision for Fixtures and Fittings Replacement Endowment funds Endowment fund	Net Transfers movement between At At 1.4.22 in funds funds 31.3.23 £ £ £ £ 1,352,731 18,018 (20,000) 1,350,749 136,366 (8,644) 20,000 147,722 28,740 (618) - 28,122 38,000 - - 38,000 6,500 - - 6,500 6,500 - - 6,500 1,568,837 8,756 - 1,577,593 150,000 - - 150,000 1,718,837 8,756 - 1,727,593

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund Future Development Provision for External Maintenance TOTAL FUNDS	Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 61,092 (43,074) - 18,018 2,832 (801) (10,675) (8,644) 202 (57) (763) (618) 64,126 (43,932) (11,438) 8,756

Wakefield Almshouses Charity

Notes to the Financial Statements - continued

for the Year Ended 31 March 2024

10 MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds General fund Future Development Provision for External Maintenance Provision for Major Repairs Provision for Internal Decoration Provision for Fixtures and Fittings Replacement Endowment fund TOTAL FUNDS	Net Transfers movement between At At 1.4.22 in funds funds 31.3.24 £ £ £ £ 1,352,731 63,876 (40,000) 1,376,607 136,366 8,454 40,000 184,820 28,740 604 - 29,344 38,000 - - 38,000 6,500 - - 6,500 6,500 - - 6,500 1,568,837 72,934 - 1,641,771 150,000 - - 150,000 1,718,837 72,934 - 1,791,771

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds General fund Future Development Provision for External Maintenance TOTAL FUNDS	Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 58,457 5,419 - 63,876 (12,278) 19,990 742 8,454 (878) 1,429 53 604 45,301 26,838 795 72,934

11 RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.