WILSON MEMORIAL HOMES Charitable Incorporated Organisation Registered Charity No. 1184260 TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR TO 31 MAY 2022 IMLSON MEMORIAL HOMES Reference and Administrative Inforniation Trustees Hilary Holland (Chair) Michael Bames John Brian Hogg Sally Margaret Nelson Peter Sedgwick Maureen Granville Beverley Forster {TreasU￿r) William John Wilson Lionel Dobson Charity Number 11842 Prlncipal Address Brampton Community Centre The lrthing Centre Union Lane Brampton CA8 1BX Independent Examlner Miss A Taylor Amlathwaite Carlisle Bankers Bardays Bank PLC. Rosehill, Cartisle Cumbertand Building Society, 19 Front Street. Brampton, CA8 1 NG CCLA, Senator House, 85 Queen Victoria Street, London, EC4V 4ET Clerk to the Trustees Mrs A Nixon Brampton Communty Centre The lrthing Centre Union Lane Brampton CA81BX WILSON MEMORIAL HOMES Contents Pa Trustees, Report ststement of Responsibilib"es Independent Examinerfs Report Income and Expenditure Account 10 Balan￿ Sheet Notes to the Financial Ststements 12-16 Schedule of Invesbnents 17 WILSON MEMORIAL HOMES (The Charity) Trustees, Annual Report The Trustees present their annual rewrt and financial ststeffEnts for each 124nonth peri¢xl ending 31 May. This report is for the peri(xl 1st June 2021 to 31 May 2022. The financial statements have been prepared in accordan￿ with the accounting policies as set out in Ihe notes to the financial statements and comply with The Charity's governing document, applicable law and the requirements ofthe Ststement of Recommended Practice, Accounting and ReFrfJrting by Charities, (SORP 2016} issued in January 2016. More recent autumn 2019- Chafity SORP FRS 102. Utthte Bulletin 1 and 2. Structure. Governance and Management The Charity is a Charilable Incorporated Organisation (CIO) vthi¢h was established on 4 July 2019 and is regulated by a constitution dated 5 December 2018 (the Constttution). l of the assets of the former Wilson Memorial Homes, chanty number 224967 were transferred to the Charty on 30 September 2019 which was the dale when the two charities Merged. The Charity is govemed by a minimum of 3 and a maximum of 12 Trustees (the Trustees) and a Clerk to the Trustees who meet at least four times a year. The Trustees or Clerk to the Trustees usualty visit all of the properties. which fomi part of Wilson Memorial Homes. on. at least, an annual basis. This year atthough many of the properties were vistted by the clerk there were no Trustees visits as the properties were all visited by a I￿al surveyor in pyeparing the quinquennial rep)rt for the Chaiity. Tnjstees he Trustees The Trustees who seNed during the peric#J were: Maureen Granville Michael Bames John Brian Hogg Salty Margaret Nelson Leslie Nichol (until January 2022} Peter Sedgwick (from 30 March 2022) Hilary Holland Beverley Forster William John Wilson Lionel Dobson New Trustees are usualty appoint￿ by being recommended by an existing Twstee and forrnal￿ approved by a resolution passed at a property convened meeting of the Trustees. During this peric*J Leslie Nichol reS￿ned as a trustee lin January 2022) having served for 18 years and Peter Sedgwick was apFX)inted as a trustee on 30 March 2022. Public benefit The Trustees have revithved the Charity Commissicm's guidance on the requirement to report on publtc benefit and are satisfied that the work of the Charity provjdes tangible benefit to a wide section of people who live in or were bom in the Charty's areas of benefit, the crtteria used to assess those who may benefft are not unreasonabty restrictive. Objectives The Constitution sets out the objects of the Charity which are Yhe provision and maintenance of alms-houses to peop￿ of not W than 50 years of age wf(h a charitable need for housing, the majonty of whom ￿Ing on low incomes, and where preference is given to people vtho are bom in or are resKlent in the Parishes of Farlam, Brampton and WaRon'. Activities, malntenance and repairs The Charity has a policy of imw￿lng all properties to bring them up to a decerrt home standard and to keep contribut￿nS payable by the occupiers at an affordable level. Whenever a propety becomes vacant the policy is, where necessary, lo modemise the kitchen and bathroom arKI deal with any other defects, resources permitting. ific works carried o durin this rioda as follows:_ Re-roofin Watton Re-roofing of six homes at Waiton started in Juty 2021 and was completed in August 2021" this finalises all the re-rc(sfing of the day tiled Rosemary roofs of propeities bek)nging to the Charty wh￿h were highlighted in the previous quinquennk81 survey. 4 Station Road Ends. Corn lete refurbishment This derelict propety has been vacant for over 40 years, the Charity not having had the fijnds in previous years to complete the UF¥Jrading works required. Included in the refijrbishment is a new air source heat exchange, fulty insulated walls and undeffloor healing. The Almshouse Asscciation did not SUPFQrt a grant towards the costs ofthis work.. however. an interest free loan was secured for £25,000 {with a £1,250 arrangement fee) and received in June 2022. A small grant was obtained from the local Council's Empty Propety Department of £3,000, receNed in September 2022. The contractor began work in December 2021 and completed the renovalion in Juty 2022. 2 Wallon - Refurbishmenl This property became v&ant * the end of September 2021. At their October meeting the building su￿e0MMEttee recommended that a new kitchen vms all thal was required to enable the house to ￿ let quickty. The su￿)￿Mittee subsequerrtty recommended a full refurbishment. however, and a new Specif￿￿￿On for a full refurbishment was actioned including a new heat exchange unrt, undetknr heating and fulty insulated walls. The new specification went out to tender in May 2022 to six local contractors. uin uennial Surv A local building surveyor carried out inspectM)ns of all 45 properties over November and December 2021 the survey and report being recewed in January 2022. The report highlighted the fact that new windows would benefrt the hornes and improve the re$idenls' comfort. uler U rade A new office computer was purchased and a new joint server system installed for the staff lo use. Financial Revlew All residents pay a stsndard Weekty Maintenance Contribution IWMC) which is below the fair renl set by the Valuation Office. The WMC is reviewed annualty. this year in March and as a resuit a £2 increase was applied lo hy￿bedrOoM houses in Brampton and village proFertFes for 2021-2022, effective from 1 June 2022. No inC￿aSe was applied lo one-bedroom properties in Brampton. This meant that the WMC for tWc￿bedr0OM properties in Brampton was increased from £8￿£91, one-bedroom propert￿$ in Brampton remained at £89 and the WMC for vilEage properties increased from £79-£81. This ensures that significant improvement works can be carried out and enables the Charity to provide adequate housing provision for future generations. Investment Pollcy The Trustees hold £44,200 in CCLA COIF funds of which £9.499 is an Endowment Fund. Reserves Policy The Trustees follow The Alrr&house Association's recommended minimum ani)unts for transfer to the Extraordinary Repairs Fund IERFI and the CycliGg1 Maintenance Fund {CMFI trM)th being designated funds. The Alms-house AssociatKsn also recommend5 allocating an annual sum to routine mainterbance but the Trustees do not o)nsider it to be necessary to estsblish this addttional fund. It is also recognised that rt is necessary to have sufficient funds in reserve to cover day to day expendf(ure especialty in the event that there is a reduction in the WMC following the departure of residents and before new residents are apwinted. A free reserve of £179,369.05 is thought to be sufficient for this purpose. This being the amount of the net current assets less those funds allocated for designated purposes {ERF, CMF) and the endowment funds which cannot be accessed. The AIFnshouse A$80¢iation recommended amount to transfer to desÈgnaied funds 0¥gr 20 years old per unit Extraordinary Repairs Fund Cyclical Maintenance Fund Recommended •mount 20Z2 Pyoperties (£) per year £531 £626 £23.895 £28. 170 EXt￿rdinary Repairs FuThJ". Emergencies, major tPP3irs of ￿lers. wirMJThvs and r￿f rwirn. Cyclical Maintenance Fund.. pl￿￿j mantenar￿E. reffiJth$hment on ¥Acancy, kitchens. bathrooms & interiof & exterior dacoratiC￿. In this period the recommended sum of £28.170 was Iransferred to the CMF {note 13). The Trustees agreed to transfer £125.217.37 to the ERF (note 121 to meet the Cost of the ERF works Ihat were carried oul during this period. Risk Factors The Trustees have examined the risks which The Charity faces and confimi that intemal systems, policies and procedures have been established to enable the Charity to funclion effectivety. The status ofthe Charrty as a CIO mrtKJates the risk to indNidual trustees. Plans for the Future The suggestions made in the quinquennial report will be considered and, as finances 811ow, irnplemented over time. As a p￿rty consideration will be grven to replacing the windows in all of the pro￿rtieS. The WMC is reviewed annualw wtth the fvnds being reinvested into the housing stock to ensure that The Chartty continues to provide adequate housing provision for future generations. Al residents pay a WMC beknv the fair ￿nt set by the ValuatK)n Office. The WMC was revwed in March 2022 as detailed above. IMLSON MEMORIAL HOMES statement of Responsibilities The Trustees are responsible for preparing the Trustees. Annual Rewrt and the financial slalemenls in accordance with the applicable law and United Kingdom ounting Siandards (Unrted Kingdorn Gen￿al Accepted A¢counts'ng Practice}. The law appltcable lo charities in England and Wales requires The Trustees to prepare financial slatements for each financial year which give a true and fair view of the state of affairs of The Charity and of the incoming resources and applicatK)n of resources of The Charity for that period. In preparing these financial statements, The Trustees are required to: Select suttable accounting wlicies and then apply them consistentP¥: Observe the methcrtls and principles in the Charities SORP: Make judgements and estimates that are reasonable and prudent.. Stste whether applicable accounting standards have been followed. subiecl to any material departures being disclosed and explained in the financial statements., Prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that The Charity will cL￿tinUe in operation. The Trustees are responsible for keeping adequate accounting records which disclose with accuracy the financial position of The Charity and enable them lo ensu￿ that the finan￿al statements compty with Accounling and Reporting by Charities, ISORP 2016) issued in January 2016. (Charity SORP FRS 102, Update Bullelin 1 and Update Bullelin 2). They are also responsible for safeguarding the assets of The Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees therefore ceitify that: In so far as we a￿ aware there is no relevant audtt infonnation of which The Charity's independent examiner is unaware.. and We have taken all reasonable steps thal we ought to have taken to make ourselves aware of any relevant audrt infomlation and to establish that the independent examiner is aware of that inf0M￿lon. On behalf of the Board of Trustees Chair- Mrs Hilary Holland Dated.. 24° March 2023 ACCOUNTS OF THE WILSON MEMORIAL HOMES 1 June 2021 to 31 May 2022 Ind8p8nd8nt Exam1￿￿$ r•port to T￿￿t￿8 of tho ￿lSOn Mgmorfal Hom¢8 I report to the trustees on my examination of the ￿lUnts of the Wilson Memorial Homes (Charty ComMiss￿n No.11842601 from 1 June 2021 to 31 IAay 2022. R8spoctive responslbllltles of th• T￿￿te•S and the Ind•pgndgnl Examlnor Th Trustees of The Cha are res nsible for the aration of the ac ance wth the Accounbn and Re b Charl￿$ SORP 2016 . {Charity SORP FRS 102, Update Bulletin 1 and Update Bulletin 21. The Trustees Gonsider that an audit is not required forth¢s year urhjer s￿tion 144 of the Chafrtie5 Act 2011 {Ihe Act) and that an independent examination is needed. It is my responsibilty to= examine the accounts un(ler section 144 ofthe follow the appliCa￿e Directions gNen by the Charity commiss￿ {urMler section 145{5l{bl of the Act}, and stsle whether parlicular matters have come to my attention. Basis of Ind8p8ndanl Examinoes 5tatem8nt My examination was carried oui in accordaw witti general Oir8Ctions given by the Charity Commission. An examination i￿ludeS a rev￿ ofthe a¢counts"ng records kept by The Charty and a comparison of the accounts p￿sented with those records. It also includes consideration of any unusual items or disdosures in the a¢coiJnls and seeking explanations from The Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequenty no opinion is given as to whether the accoLtnts present a Irue and faiv view and the report is limited to those matters set out in the statement bekn¥. Independent Examlnotrs ststwnent In eonnecb.on with my examinalion, Th) m*ial matters have COTr￿ to my attention in connection with the examination giving me cause to believe that in any material ￿SpeCt a¢¢ounting records V•Ere not kept in ac￿anCe with section 130 of ￿ Act or the accounts did nol accord 7hryth those [￿dS., or the accounts did not compty the applicable requirements o)nceming the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any fequirement thai Ihe ac¢oun15 give a knie and fair view ￿thIch is not a matter considered as part of an independent examination. I have no concems and have come across rKJ other matters in connection with the examination to which attention should be drawn in this report in or(1er to enable a proper understsnding of the accounts to be reached. Miss A Ta4br Dats: 24" 2D23 WILSON MEMORIAL HOMES Statement of Financlal Activities- Income and Expenditure Account 1 June 2021- 31 May 2022 Note5 UnreslrittÈd Deswwted DEWied En4owiJien% fv￿5 ERF fvThJs C￿F￿r 2022 2021 IrK￿YThIng ReX*ur￿5 Incoadng Resourcés 189.631J4 J89AJI44 om 189,631.84 192,131.04 189ffi3114 192A31 OJO Oporatlw Costs Runnlnl costs & Maint Governance£05ts 3450232 34.36638 68J68JO" 132.741JIO UA50JXI 132.741IXI om oAJo 18S.S93.52 80.934.20 3436638 28.987.17 219JS9SQ 10gJZ137 Izo.762J4 1132.741ml (18JSfjml ojjo 130328J161 82309$? AAlran5fer reed ERF transf Gains on invotrr￿t¥S5ets 12 (S2￿5.￿} 23*9SXN) 28.170.IX) IIOIA2237} IOIJ2237 OA)0 ILkr￿￿)for the 5T. 132W4A3) I7￿2355) ¢2J09*7 Fufid 31 2021 SurplusllDeficitl for year ZI1￿93￿8 7523ffj3 1130820 132ts24.431 11523.63) 9A20.IK) 95OOnO ojjo 240.32531 158.115.64 130A28J)61 82209.67 F￿d Balanw31 May2021 I79369￿$ ZIA1820 9SOOJIO 209J9?25 240AZ531 The Charity has not acquired or discontinued any fundamental activtties during the above financial year; therefore, all of the actNities are deemed as continuing. 10 WILSON MEMORIAL HOMES Balance Sheet as at 31 May 2022 Notes 2022 2021 Fixed A*ts Functional prcferties In￿tMentS 44,2C(J.C(I 44.201.00 44,2(Kl.fX) 44.201.00 Current Ag••ts Cash at Bank and in haNJ 165.220 94 1,588.84 166,809.78 1¥2.051.39 5,024.10 197.075.49 CredltoY% Amounts falllng duo withln one y••r 10 11.013.53) 1951.181 Net Curr•nt A￿ts 165.796.25 196.124.31 Total As*ts L•¥B Current Llabilitie8 209.997.25 240.325.31 Capltal and Re*rves Casytal Fund - EndohThent Funds Income Fund Designat&J Funds - ERF Desi9r￿t￿ Funds - CMF Unrestricted FurKIs 11 9.5rK).c 9.SXJ.00 12 13 7,523.63 11.308.20 211,993.48 21.128.20 179.369.05 209.997.25 240.325.31 The financigl staternents We￿ approved by The Trustees and were signed on behalf of The Cha the Chaim)an'. Chair.. Mr5 Hilary Holland Date: 241Th March 2023 wtLSON MEMORIAL HOMES Notes to the Financial Statements For th8 year ended 31 May 2022 LEGISLATIVE PROVISIONS The Charity is a Charitable Incorporated Organk8atson (CIO) which VRS established on 4 Juty 2019 and is regu￿1￿1 by the ConstttutK)n. ACCOUNTING POLICIES These accounts have been prepared in atXordar￿e with at4)licable accounting standards, the Statement of Recommended Practi￿, Accounting and Reporting by Charities. Charity SORP FRS 102. Upjate Bulletin 1 & Utrfjate BU[￿tin 2, and Ihe Charities Act 2016. Accountin Convenlion The accounts are prepared under the historic cost convention. modified to include the ￿valUation of investments in accordance with appL￿b￿ 8£counting standards and recommended practice. Incomin Resources Contributions from the Residents are accounted for when receivable and are added to the Unrestricted Fund. Investment Income is accounted for on the receivable dates and added to the relevant fvnd in which the investment is held. ratin All expendrture has been recc#3nised in the financial statements on an accruals basis. Functional Pro rties The functional properties are induded on the balance sheet at a nominal value of £1. The current insurance value of these properties is detailed on page 14 of these statemerrts. The propertyes wthin The Charity f(Kmed part of the original Permanent Endowment of the Charrty and under the terrns of the Charity Commission scheme dated 4 May 1984, they must be used as alms-houses. The properties are therefore considered to be inalienabie. Therefore. the market value of the properties is reflected in the baLqnce sheet at £1. Inv The quoted inveslments are valued al market value, Whe￿ applicable. Gains and losses relating lo investments are shown on Page 14. 12 INCOMING RESOURCES Un￿StriCttrd nds Designated funds Totsi 2022 Tota I 2021 cC￿tributIOnS from residents Interest Donations. I￿ursn¢e Claims 189.397.C¥) 122.34 112.50 189.631.84 189.397.(M) 122.34 112.50 189.631.84 191.872.00 139.04 120.00 191131.04 OPERATING COSTS Unre*icted Designated De8ignated funds ERF funds CMF funds Totsl 2022 Total 2021 Operdtlng Co Running Costs & MaintGnwKe 34.5tr2.52 132,741.fKJ 18.350.IXI G¢)￿n￿Ce Cclsts 34,￿.38 68,868.90 132.741.￿ 18,350. 185,593.52 80,934.20 34.￿.38 28,987.17 219,959.90 109.921.37 Runnlng Co*s & Malnt•nan¢e General Repair & maInt￿a￿e prownents Water Rates Council Tax Insurance NIVLRO Bank Charges AlmshcMJ$e Subscrimion 29.747. 29.747.86 21,725.53 0.￿ 132.741.W 18.350.cK)" 132.741.00 55.thJ2.thJ 0.00 4.147.73 112.50 4,147.73 112.50 3,625.81 112.50 83.36 399.(FJ 385.00 185,$93.$2 80,934.20 399 (X) 34.$0152 132.741.1)0 18.350.00 Govemance Cogts Salaries & Costs Trustees Assurance Independent Exami Office EX￿nSeS Logal & PrDfessional Fegs 26.299.97 26,299.97 23,804.78 380.80 380.80 2(M).(Kl 200.C¥) 6,951.61 4,601.S9 534.00 2(K).(K) 6.951_61 534.¢J) 34.366.38 34.366.38 28.987.17 13 5. TRUSTEES None of The Trustees receIv￿j any remuneration during the per*)J. 6. EMPLOYEES There were two emptyees during the pertc*J, the c￿ and an administrative assistsnt. 7. FUNCTIONAL PROPERTIES 2022 2021 Nel Book Value land Nominal value) at 31 May Insurance Value A. Land al Brampton having a frontage on to the road from Brampton to Alston together vthh the ￿enty-seVen cottages erected thereon and knovm as Wilson Memorial Homes. 4.275.000 3.189.097 B. Land 81 Milton having a frontage on to the road from Mirton to Hallbankgale together wrth the six cottages erected ther￿ and known as Wlson Memorial Homes. 833,258 C. Land at Walton having a frontage on to the road from Walton to Nickn'es Hill together vAth the six cottages erected thereon a￿1 known as'wilson Memorial Homes. 920,000 633,258 D. Land al Brampton (Station Road Endl having a frontage on to the road from Bramplon to Milton together the six cottagès erected Ihereon 8rKI known as The Joseph Wlson Home5. 860.000 494,849 6,985,000 4.950.462 8. INVESTMENTS Endowment Inveawnent fvnds funds 2022 2021 MaTket Value Beginning of wcdyear Acquisitions at CC6t Change in ￿lue in ￿(#￿Year End of year Transferred to CIO- See page 16 Historic Cc6t Beginning of perioj End of perit)J 16,718.￿) 52.010.10 68,728.10 62,480.95 623.66 {672.511 17.341.66 51,337.59 68,679.25 6,267.15 68,728.10 9,499.CQ 34,701.00 44,200.C 9.499.LKJ 34.701.￿ 44,200.C 44,2()J.cK) 44,2ix).00 14 DEBTORS 2022 2021 Weekly Maintenance ContribLrtions (WMC) 1.588.84 1.588.84 5,024.10 S.024.10 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 IrKlyndenl Examiner E&M Ser%i¢es Buildèr- CMF WLNk Nest Pension Contril￿rtIons 2¢JJ.CK) 0.00 1S1.53 1.013.S3 151.18 951.18 11. ENDOWMENT FUNDS 2022 2021 Balance at 1 June MO￿1ent in fvnds: Prior adjustment GainsllLossesl C￿MMIsSiC￿ weiwj 8818n¢e at 31 May 9,5W.C(J 9,500.00 0.00 0.00 0.00 9.500.00 9.$00.00 The Endowment Fund represents those assets which must be hebj pernanentty by the Charity. Income arising on the assets held in this fund can be used in accordance with the objectrwes of The Charty is includa as unrestrthj in￿me. 15 12. EXTRAORDINARY REPAIRS FUND 2022 2021 Balancè at 1 Jun Racommen¢J¢d AA Iransfpr Agreed athyilional ERF transfer {30111r22) Les¥ ERF ExFenthture Balanc• at 31 IA•y 7,523.63 23,895.00 101,322.37 132,741.00 (14.826.371 22,860.00 0.00 510.00 7.523.63 Extraordinary Repalr Fund (ERF) This is a designated reserve fund for future major repairs. Transfers are made to il from the Income and Expenditure Account in accordance with the recommendations ofThe Almshouse Association. This year the trustees agreed lo transfer an extra £101,322.37 on the 30111122 to avoid having a negative baLgnce. 13. CYCLICAL MAINTENANCE FUND 2022 2021 Balance at l Jun¢ Transfer from Unrestridgj Fur Less CMF Expenditure Balance at 31 May 11,308.20 28,170.00 18,350.00 21,128.20 28,405.20 37,395.00 54,492.00 11.308.20 Cyclical Maintenance Fund {CMF) This is a designaled reserve fund for rnaintenan￿ occurring at regular intervals. Transfers are made to it from the Incorne and Expenditure Account in accordance with the recommendations of The Mmshouse Ass(￿[a￿'0n. 14. ANALYSIS OF NEf ASSETS BETWEEN FUNDS Unrestricted Doggnated fund funts Endowment Total Total 2021 Flxad A￿1* Functlon81 Prr*xrties COIF Intwest FuTrY COIF Inwltrrwrt FuTrJ 17.3￿1.0) 17.351.C 34.701.C•J 17,350.CO 17,35). 9.499.(K) 26,850.01 26,650.c .5LK).DJ 44.201.￿ 44.201. CurrentA•wtr1LI•DIi￿W* Cash at oa 144.OW2.74 1.588.84 11.011$31 179.369.05 21.12&20 21.128.20 IXJ 1&fj.220.94 1Wd.OS1.39 1.5e8.84 6,024.10 11.013.$31 1951.181 ¥.5￿1￿1 204897.25" 24Q336.31 Neta••*tWts)t•l lunth Unre*is&l gairo Ir￿1￿*y 8t￿. gainsl