**REGISTERED CHARITY NUMBER: 1179687**
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2024
for
Wakefield Almshouses Charity
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|
1
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:
1. The need to reduce investment risk through diversification
2. The need to take 'proper advice'
3. 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.
2
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
3
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
4
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
5
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|
|---|---|
6
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
7
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.
8
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|
|---|---|
9
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|
|---|---|
10
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|
|---|---|
11
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|
|---|---|
12
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|
|---|---|
13
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.
14