Charity number 1186887 Perceval Almshouses Charity Report and Accounts 31 March 2024 Perceval Almshouses Charity Report and accounts Contents Page Trustees, report Statement of trustees, responsibilities Independent audilorfs report Statement of Comprehensive Income Slalement of Financial Position Notes to the accounts Perceval Almshouses Charity Trustees Report The Trustees present their report and audited accounts for the year ended 31 March 2024. They are prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and the provi510ns of the Statement of Recommended Practice Charity SORP FRS 102. REFERENCE AND ADMINISTRATIVE INFORMATION Registered charity number 1186887 Co-operatlve Trustees Mrs P Stsfford (Chairl Mr A Jones (Vice Chairl Mr J Beatty Mr J Franklin Ex4)fficio Trustees Revd. Jaqueline Dove Clerk Miss K Phillips Office 78 London Road Stony Slrafford Milton Keynes Bucks MK11 1JH Auditors Hickeson Boyce Liml(ed 68a High Street Stony Slratford Milton Keynes MK11 1AQ Bankers Lloyds Bank plc Secklow Gate Milton Keynes Bucks MK9 3EH Perceval Alrnshouses Chority Registered number: Trustees, Report 1186887 Structure Govemance and Mana ement The charity is a charitable incorporated organisation Ifoundalion modell govemod by a constr(ulion dated 11 December 2019. Recruitment. appointment. induction and tralnlng of Tru5tee5 Th¢ names of the trustees who acted during the financial year 2023124 are sel out on page 1. The Board of tnjstees 1$ made up of the Rector of the Eccle5iaslical Parish of All Saints. Ca*verton, four Cov operative trustees who through residence, occupation 01 employment have speci31 knO￿￿edge of the said Ecclesiastical Parish and one trustee appointed by Beachamplon Parish Council. For an individual lo be appointed, they must be proposed by one of the existiThJ Iruslees, then seconded by an existing trustee and all the other trustees musl agree. New trustees are given details of Ihe charity in an introductory letter and advised to seek fvrther infomiationlguidance from the Chanty Commission website. Training is given as and when required. Trustees consider the budget for the year at their January meeting and set the level of weekly maintenance contribution for the year commencing 1, April. The charity 13 Managed on a day lo day basis by the Clerk lo the trustees. The trustees carry out an annual review of the risks w17ich the chafity may face, have established systems and procedures to mitigate any risks identified and minimise any potential impact should any identified risks materialise. OBJEcnvES AND ACTIVITIES 11 is intended that the charity will lake over the properties and investments of Calverton Almshouses Charity which runs three almshouses in Calverton for the peop*e in need in Calverton, Stony Stratford and Beachampton. The trustees have refèrred to the guidance contained in the charity commission's general guidance on public benefit when reviewing aim5 and objectives and in planning future adivities. In parti'cular, the trustees consider how planned activities will contribute to the aims and obje¢lives they have sel. ACHIEVEMENTS AND PERFORMANCE As at the year end the investments and properties of Calverton Almshouses Charity had not been transferred and the relevant income and expenditure is therefore not reflected in these accounts. Reserves polity The trustees aim to have a good levels of funding in the Cyclical Maintenance Fund ICMFI and Extraordinary Repairs Fund IERFI. Whilst there are no amounts showing in these accounts, the Iruslees will be seeking to expand the contributions to CMF and ERF In the Coming year. Perceval Almshouses Charity Registered number: Trustees. Report 1186887 STATEMENT OF TRUSTEES, RESPONSIBILITIES Housing association legislation and the law applicable to charities in England and Wales requires the Iruslees lo prepare accounts in accordance with United Kingdom Generally Accepted Accounting Practice for each finan¢ial yeai which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity lor that period In preparing those accounts, the Iruslees are required to.. Select suitable accounting policies and apply them wnsislenlly Make judgements and estimate5 that are reasonable and prudent., State whether applicable accounting standards and statements of recommended practice have been followed subject lo any departures di￿10$ed and explained in the accounts,. and Prepare the accounts on the going concern basis unless rt is inappropriate lo presume that the ¢harty will continue in operation The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and to ensure that the a¢¢ounts comply with the Charities Act 2011, Statements of Recommended Practice and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Under the Charities Act 2011, as the charity's trustees. we certify that.. So far as we are aware, there is no relevant audit information of which the charity's auditors are unaware., and As the trustees of the charity we have taken all the steps that we ought lo have tsken in order lo make ourselves aware of any relevant audit information and to establish that the charity's auditors are aware of that Information. AUDITOR The auditors, Hickeson BoyGe Limited Chartered Certified Accountants. have indicated that they are wlling to be reappointed at the forthcoming Annual General Meeting. This report was approved by the Management Comrnittee on 12 March 2025 and signed on ils behalf by.. Miss K Phillips Clerk P9rcgval Almshouses Charity Independent auditors. rèport to the trustees of Pèrceval Almshouses Charity Opinion We have audited the finanaal $18iemenis of Perceval Almshouses Charty for the year ended 31 March 2024 which comprise the Slatèmeni of Comprehensive Incoffle, the Slalemenl of Financial Position and the re181ed noles. Including a summary of svJnificanl accounting policies. The finanual reporting framewotk Ihai has been applied In Iheir preparation 15 applicable law and United ngdom Acr￿untIng Standards (United Kingdom GerErally Acrepled Accounting Pradicel Induding FRS 102 "The Finar¢kAI Reportin9 Standard ap￿1¢able In Ihe UK and Republic of Irdand" In our opinion the finar￿al slatemenls.. give a true and fair view of the slate of the charty's affairs as al 31 March 2024 and of ils incomiry resour￿5 and application ol re8ources, including ils income and expÈndilure. fDr Ihe yearthen ended,. have beeri Proper￿ prepared In accordance wlh United ￿ngdoM GÈnÈrally A¢Lepled Accounling PraclKe.' and have been p￿pared in accordance with the requirements of Ihe Charibe$ Act 2011. Basis for opinion We conducled our audit in accordance vlith Inlernalional Sland8rds on Auditing IUKI IISAS IUKII and applicable law Our re5ponsibiiities under Ihose standards are further described in Ihe Auditor's rÈspon5ibilities for Ihe audit of Ihe financial siaiemenls section ol our report. We are independent ol the chanty in accordan* wilh the ethical requirements Ihal are relevant to our audit of IV* financial slalemenls In the UK, indudiry the FRC'S Elhitsl Standard. and h8ve fulfilled our other elhical responsibilities In accordance svith these requirements. We bElieve that the audrt eviden￿ we have obtained Is suffrienl and appropriate lo provk1e a basis lor our opinion. Conclusioni rglatlng to golng concgrn In a￿liting the finanaal sialements. we have conduded that Ihe board's use of Ihe concem basi$ of accounting in Ihe preparation of the financial slalemenls is appropriate. Based on the work we h8ve performed, we have not i￿￿t￿le￿ any tn8lerial unr*rtaitFtie5 relatin9 to ￿en1$ or conditions that. individually or collectively. may cast significant doubl on the a8S0cEI￿n'S ability lo continue as a going con(*tn for a period of 81 least Iwelve months from when the finanaal slalemenis are aulhorised for 155ue. Our responsibilitie5 and the respon5ibililies of the board With respect lo gfyng COn￿[n are described in rdevant secbons of this report. Other informatitin The Iruslee8 ale responsible for the other inforrn8lion. The other Information comprise5 the infomaiion nclu(led in the Iwsle88 annual report. Olher than Ihe fin8noal slalemen15 and our auditor's report Ihereon. Our opinion on Ihe finana81 slalemenls does noi cover the other InlDrrnalion and, ex￿p1 to the extent Olhetwise expliolly 81aled in our report, we do nol express any form of assurance conclusion Ihereon. In connection ￿th our audit of the financ4al st8lerTTren18, our respon&bilty is lo ￿ad the other inform8tron 8fKI, in doing so. conshaer whether the olher infonnalion Is materially inconsisteni wlh the financial slaiemen15 or our knowledge obtained In the audit or olherwise appears lo be materially fflissiated If we Idenlify such fflalerial incon5151encies or app8rÈnl mater181 mi$5talements, we are required lo delermine whether It￿re Is a material misslalemeni in the finanaal sl&iemenls or 8 malenal missièietllenl of Ihe Other infonnalion. If, based on Ihe work W￿ have performed, we eondvile that there Is a malerial mts51alemenl of this other inforniatron, we are required lo report that fact We have nothing lo report in Ihis reg8rd Matters whlch we aro rèquired to report by &xGeptlon We have nolhing lo report In respect of the followng fflallers in relalion lo ¥Yhich the CharilEs IActow15 and Report51 Regulaiion$ 2008 require u5 to report lo you If, in our opinion. Ir* information given In Ihe finana81 slalemenls is nconsistenl in any material respect Mlh the Irusiee5 ￿POrt.. or suffi￿ent accountinu reGords have not been kept., or the financi81 Slalemenls 8re nol in agreement with the 8cfA)untiryJ rec(Kds.' or we have noi receNed all the inforniatson and explanation$ we reqL4re for our aud Continued on Page 5............. Perceval Almshouses Charity Independent audltors. report to the trustees of Perceval Almshouses Charlty Rospon$ibillUos of tho trust•OS As explained more fully In the Iwslees reswr6ibilrties sl8temenl set oul on page 3, the Iruslees gre restx)nsib* for the preparation of the finanaal slalemenls and for being sa115fied that they gwe a ITue and fair wiew. and for such inlemal control as they delermir is necessary lo enabk the preparaliw of finanoal slatemenls Ihal a￿ free frorn malerial tnksslalemenl. whethér due 10 fraud or error In prepariry the finan(ial $iaiemenl$, the Iru$lee$ a￿ wponsible for a$$essing the association's ability to continue as a g￿r￿j Con￿r￿. disdosing. 3$ applicable. matter5 relaled lo going Gwcern using the going concern basis of ar￿UntIng unless ihe they eiltrEr inten(I to liquidate charity or cease operation5. or have no realistic allemalive bul lo do 50 Audlto*s rospon$ibllltios fort￿ audlt of th• fln¥nGial statemerts Vve have been appointed as auditor und8r 5ectiori 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 01 that Act. Oui objectives are lo oblain reasonable assuranc8 aboul whether the financial 513tetnenls a5 a whole are free from malerial rll15slatemenl. whether to fraud or error. and lo issue an audilor's report Ihal Indudes our opinion Reasonable assurancE 15 0 hvJh level of 35surance. bul Is nol a guarantee thai an audit conducted In accordance wilh ISAS IUKI will afvays delect a maierial ml&si8iemenl when il exists. Misslalements can arise frgtn fraud or error ano are con81dered material If, Individually or in the aggregate, they coukj reafjonably be e¥pected lo Infkjence tt)E eco￿￿1¢ deosions of users taken on Il* basis of I￿se finan¢xal $lalemenls. Irregularilie8. mcluding fraud. a￿ instances of nOn-t￿rn￿lance with laws and regulations. We design procedures n li￿ Nvth our re$pon5ibililies. outlined above. lo delect material misslatsmenls in respect of lrr8gu18ri1￿$, induding fraud Because of the nherenl limilatson$ of an audil. there is a risk thal we wll ￿1 delect all irregularthe5. Ir￿lUdIr￿J Ihos8 leading 10 a alerial mis8181etnenl in the finanaal slaiemenls or non-compliance wlh regulalifyi. This nsk increases Ihe more that complian(* vlth a law 01 regulation 1$ retnoved from the even15 an(J Iransadions reflected in Ihe financial stsiemenls, as we will be less likely lo become 8W8re of instances ol non-complian* The risk is also grealer regarding irregularilies occumng due to fraud rather than error. a5 fraud Involves intentional conce81mtnl. ft>rgery, collusion, omission or misrepresentation. As part of an audit in attordan¢* with ISAS IUKI. we exeruse profe55ionaljudgmenl and maintain professional sceptiLYSrn throughout Ihe audit. We also-. Identify and assess the risks of malenal misslalernent of the financial slaltmenls. v**lher due lo fraud or error, de$igtTr and perform 8udil procedures rÈsponsNe to Ihose risks, and oblain 3udil eviden￿ Ihal 15 suffioeni and appropnate 10 provide a basL8 for our opinion The rtsk of not detecting a material missiatemenl resullino from fraud Is higher than for one ￿$￿Iling from error. as fraud may involve wllusion, forgery. intentional omisyons, mi5represenlaiions, or the overrid& of inlemal control. Obtain an underslandiry of internal control re￿vant lo the aud￿ in order lo design audit procedures Ih81 are appropriate in Ihe rcLjmslan￿s, bul not for the purpose of expressing an opinion on the effectiveness of the as50cialiM's Internal control. Evaluate the 8pproprialeness of accounting polides used and the ￿SOnable￿esS of arLounting 8slimate$ aThY rekted disck)5ure5 made by Ihe trustees Conclude on Ihe approprialer*ss of Ihe Iruslee5 use of the goiw concern ba515 of accounting and. based on Ih& aLKlil eviden￿ oblained. whèther a rnalerial uncertainty e￿St9 ￿lated lo evenis or condllions that Thay casi slgnificanl ¢oubl on the assooaiion's ability 10 continue as a going concern If we conclude Ihai a fflalerial unTrrtainty e￿$1$. we are required lo (Iraw attention in our audilor's report lo the related disclosures in the fina￿31 statements or. if $uch disclosures are inadequaie. lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the dale of our audrtor's report. However, future events or condition5 may cause the assocpalK)n lo (*ase lo continue as a going con￿[￿. Evaluate the overall presenlaiion, slwclure and conleni of Ihe financ￿1 $lalemenls. Ind￿11￿9 Ihe disclosure5. and w￿l￿er the financial slatemenls represent the undertying transactions and events In a manrer Ihal achieves fair p¢5entalvJn Th8 purposo of our audlt work arbd to whom w• owe our responsibilities This report is rnacle solely to the trustees as a body, In accordance with Part 4 of the Charities IAccounts and Reports) RegLJlalions 2008 . Our audit work has been ulldertaken 50 that we tnight state to thtr trustees those matter5 we are required to State lo thern in an auditor's report and for no other purpose. To the fullest extent permitted by law, we Uo not ac￿pt or assurne ￿SPOnsIbl1fy to anyone other than the charity an¢ the Charity, trustees as a body, for our audit work, for this rewrt. or for the opinions we have forme¢J. N Boyce FCCA (Senbr siaiutoryAudrtorl for and behalf of H￿ke50￿ Boyce Limited Accountants and Slalulory Audilors 68a HKJh Slreet Stony siratford Miiion Keynes MK11 1AQ Dale.. 7 April 2025 Perceval Almshouses Charity Statement of Comprehensive Income for the year ended 31 March 2024 Notes Unrestricted Restricted Funds Funds Total 2024 INCOME AND EXPENDITURE Incoming resources Maintenance contributions from residents Activities for generating funds Investment income Grants receivable Total Incoming resources 62 62 62 62 Resourcgs expended Direct charitable expenditure Governance ¢05ts 3,471 3,471 Total resources oxpended 3,471 3,471 Net Incoming resources {3,409} 13.4091 Unre•lised {Ios$gsllgaln$ on investment assets Transfer from Calverton Almshouses Charity Net movement in funds 19,406 19,406 15,997 15,997 Fund balances brought forward Fund balances carrled forward 15,997 15,997 There have been no other gainsl{lossesl apart from those included in this Statement of Comprehensive Income Signed on behalf of the trustees on 12 March 2025 Mrs P Siafford (Chairl Mr A Jones (Vice Chair) Trustees Perceval Alrnshouses Charity ststement of Financial Position as at 31 March 2024 Notgs 2024 Flxed ass¢t$ Investments Current assets Cash at bank and in hand Less current liabilities 16,627 Crgditors- amounts falling due within one year 16301 Net current assets 15,997 Net assets 15,997 Funds and reseNes Unrestricted funds 15,997 15,997 The accounts on pages 6 to 11 were approved by the trustees on 12 March 2025 Mrs P Slafford Ichairl Mr A Jones (Vice Chairl Trustees Perceval Almshouses Charity Notes to the Accounts for the year ended 31 March 2024 ACCOUn￿ng policl•s Basls of accounting The accounts have been prepared under the historical cost convention. as modified lo include the revaluation of investments al markèt value, and in a¢ctsrdance with applicablè accounting standards including Financial Reporting Standard 102 The F1nan¢ial Reports'ng Slandard Applicable in the UK and RepLJblic of Ireland IFRS 102), and the Charities Act 2011. Thé charity is a public benefit entity as defined by FRS 102. As a small enlily. the charity is exempl from the reqLJirement lo prepare a cash flow statement. Incoming re50ur¢es Incoming resources are recognised on an a¢¢ruals basis except for Government grants rèceived as a contiibub.on lo revenue expenditure, which are recognised in the statement of comprehensive income on a systematic basis over the period in which the related costs are recognised for which the grant is intended to Compensate. The lated expenditure, if applicable. is disdosed in note 3. Resources expended All expenses related to the maintenance and running of the almshouses are deemed lo be direct charitable expenditure. The expenses of administering the ch8rrty are shown as govemance cos15 8nd in¢lLJdè those costs assoaated with mèeting the ¢onstrtution81 and statutory ￿quirementS of the charity and indude the audit fees and costs linked lo the Strategic management of the charity. Work done on maintaining the propertie5 to make them suitable for habitation is written off in the year in which il is undertaken Dèsignat￿ fvnds The charity's constilution requires the trustees lo sel up the following funds and set money aside each year where viable. Cyclical maintenance fund.. For the purpose of providing for those itèms of ordinary rnainlenance and repair of Ihe almshouses belonging to the charity which iecur at infrequent intervals. Extraordinary repair fund.. For the purpose of providing for the extraordinary rep8ir. irnprovemant or iebuilding of the almshouses belonging to the charity. Investm8nts Investments are slated at valuation. This is b8sed on the bid price at the year end. Gain5 and losses on rèvaluation are taken to the Statement of Comprehensive Incomè. Taxallon The company has charity tax exemption status. Perceval Alrnshou$e8 Charity Notes to the Accounts for the year ended 31 March 2024 2 Turnov•r from lettings 2024 Maintenance contributions receivable lèss: Voids Totsl Income from lettlngs Unlts of accommodation 3 Totsl resources expended 2024 Total Dlrect charitable expendlture Repairs and maintenance Heating Insurance Water Alam monitoring and maintenance Sundries Grfts and donations Loan Interest Governance costs Secretarial services Audit fees Professional fees Almshouse consortiurn fee Sundrie5 Subscriptions 2,534 600 30 307 3,471 Amounts payable in respeci of audit services 600 Perceval Almshouses Charlty Not¢$ to the Accounts for the year ended 31 March 2024 4 Fixed as$•t InV￿tment Charitles Notional Official A550¢iation of Investment Almshouses Fund- CIF shares accumulation units Charitie$ Dèposit Account Totsl Cost or valuatlon Transfer from Calverton Alm$hous•s Charlty Additions Disposals Incrèaselldecreasel on revaluations 16,639 71,684 88,323 At 31st March 2024 16.639 71.684 88,323 S Debtors 2024 Prepayments & accrued income 6 CreditoryJ Amounts falllng du• within one year 2024 Other creditors Accruals and Dèferred income 630 630 Total unrestrictsd fund¥ D8slgn•t¢d Undesignat•d nds funds 7 UnrestriGt8d fund$ Transfer from Calvèrton Almshousès Charity Nel incoming resourcesllresources expended) for the year Appropriations in the yèar SurplusllDeficitl on rèvaluations in yèaf 19,406 19,406 13,4091 13,4091 At 31st March 2024 15,997 15,997 10 Perceval Almshouses Charity Notes to the Accounts for the year ended 31 March 2024 Cyclical Maintenance Fund Totsl Designated Funds Extr4ordinary Repair Fund Dèsignated funds At 1st April 2023 Appropii8tions in the year Transfer lo Perceval Almshouses Charity At 31$t Mar¢h 2024 The designated funds represent amounts set aside to carry out major repairs on housing properties. Certain of the investments are sel aside lo pay for the cydical maintenance and extraordinary repairs.