Charityregtstr3tion number.. 1187063 DORCHESTERALMSHOUSES ANNUAL REPORT AND UNAUDITED FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2024
DORCHESTERALMSHOLISES CONTENTS Trustees and Admlnistrative Details Tivstees. Report 2to7 Independent Examlnefs Report Statementol FinancialActlvltles Balance Sheet io Notes to the Flnancialststements iito22
DORCHESTER ALMSHOUSES TRUSTEESANDADNINISTRATIVE DETAILS Tiustees and offleeis The trustees and offlcers servlng durlngtheyear and 51nce theyear end were as follows: Trustees: M E Rennie- Chalrman N 8undy- Wce Chalrman unlllApr112024andTreasuier S Hoslord F Kent-Ledger S Goss l Hewttt CLIF R Blggs I Christmas- Vice Chalrman T Loasby- appolnted September2023, Vlce Chalrman from Apr112024 General ManageranLI Clerk tothe trustees.. V Golte5man Finan¢lal Cleik: Swood Reference and Admlnlstratlve l)etalis Charlty RegistratloFb Number: 1187063 Inclpal Offlce.. The Clerksoffice Whetstones Westwalks Dorch¢ster Dorset DTI IAW Independent Exarnlner: SJ Hough FCA Edwards and KeepingLlmlted Chartered Accouniants Unity Chambers 34 High EastSt¥eet Doi¢heste¥ Dorset DTI IHA
DORCHESTER ALMSHOUSES TRUSTEES. REPOAT The Trustees of Dorchester Alrnshouses present theli annual report and unaudited Ilnancial st8tement5 foithe yeai endeil 31st March. 2024. The Trustees have adopted the piovlslons tsf the Statement ol Recommended Practlce ISORPI'Accountlng and ReportlnE by Chaiitles" IFRS 1021 In preparlng rhe annual report and financial Slatements ol the Charlty. Thls is the ireatmertrt required by the Houslng SORP 2018 for registere(I soclal landlords which are atso almshouses. The ftnancial statements have been piepafed In accordance wllh the accountlng policies set out in notes to the accounts and complywth the ChaTiVs governingdocument. the Charlties Act 2011 and A¢counting and Reportlng by CharltSes.' Statement ol Recommended Practice appllcable to charltles preparSng ihelr accounts In acctsrdance wllh the Flnantlal Reporting Slandard appllcable in the UK and Republlc ol lieland. Oblectlves and aCtItle$fOrpbllc benéflt Dorche5ter Almshouses Is an amalgamatlon 013 almshouse tharities. Chubb, Whetstone and Napper's Almshouses, founded in the eaily 17th century to piovlde accommodatlon for the elderly. poor and needy ol Dorchester. The objects of Doicheslei Almshouses are the relief of IlThancial hardship bythe provlslon of soclalhouslng In ihe fomi of alTH5house ac¢offlmodatlon and ancriry equipment, services and financial rellef for almspersolls Irom the class ol beneficiaries. Vacancies are fflled from the cla55 of beneficiaries being people In financlal hardshlp who are Inhabitants Of the lown ol Dorchester ol elsewhere in the county of Dorset. TheTru5tees' pollcyls to deliver Ihese objects by means of a harmonious community. These objects are metthrough the provision of accommodatlon In 26 flats providing supported houslng In 2 almshouses. Whetsiones and Nappei's House. Residents should be Ilt enough to Ilve an Independent life, though possiblywlth care support. The almshouses ale oveiseen by a Resldentwarden. Resldents coTrtrlbute towards the overall costs of the charlty and Ihese coniributlons afe Increased each year in line wlth guidance trom the Regulator of Social Housing. Their contrlburions are such that overall costs are balanced.
DORCHESTERALMSHOUSES TRUSTEES. REPORT The ¢harlty formerly owned a property known as Chubbs. whlch compllsed 4 bedsits used as accommodatlon In the furtherance of the charity's objectives. The property was sold because It did not meet relevant regulatlons at the tlme and has not been repl8ceLI. Slnce that time. the Trustees have been waiting lor a suitable replacement opportunity to arlse and took the decision to Investigate the development of Ihe Napper's sltÈ. They have applled IOT and recelved 7 grants from Dorset Councll (formerly West Dorset Dlstrict Counclll towards feaslbility Study and design work up to submission of planning appli¢ation, whlch contlnued in 2023. The charlty submitted 3 formal planning application I early 2022. the outcome of which has been delayed due io Issues ol nutrient neutraiitywhlch has affected many new d8velopments in Dorset. The trustees made the declslon to lease vacant flats al Nappers House to Dorset Councll to avold the property sittlng vacant prlor io deTnolition. to provlde short term accommodation for local people on the Houslng Register who rneet the CIOS crfterla for appolntmenl and to provlde valuable in¢ome foi the CIO. 6 flats were leased to the councll durlng the April 2023 Mar 2024 Illlonclal year, for whlch they took on Ehg majority of landlord responsibllitieswhilsl the CIO ¥etalned ownershlp. Ill settlng and reviewlng Its aims and actlvltles. the Board has givfrn careful conslderatlon to the charlty Commls51on's guldance on publlc benellt. Revlew otactlvltles-achlevements and performance There were 2 new residents in 2023124. 1 re51dent moved out and I dle(J. Expendlture on malor workg amounted to £115,548112 months to March 2023 £47,9421. Thls Included large refurblshment projecis 012 flats and necessary repaits to stonework on 1-4 Whelslones plus the removal of Carellne unlts lor the new Nappers House Counchl tenants. at the request of Dorset Councll. A further £30.501112 months to March 2023- £15,848) was spent on rouilne maintenance forthls perlod. Flnanclal review- assessment of howthè ¢harlty Is achlevlngvaluefw money The TTUStees conslder economy, efflclency and effectiveness In detivering the charlty's oblectlves at operatlonal and strateglc levels. They meet regularly to review the annual budget and agree expenditure. They alm to balance the levelol maintenance and updatlng wlth a pollcy of careful budgetlng and value for money. Total adtnlnlstTaiive expendltuie for Ihe year wa5 £257,156. compared wlth £184.604 the 12 months to March 2023. Income lor the year was £261,6231£213.084 in Ihe 12 months to March 20231. resulting In an operating surplus of £4.4661£28,479 In the 12 monthsto March 20231. Baietays Wealth contlnues to run the Investment portfollo and feport lo the Trustees on a regular basls. The marketvalue ofthe portfollo of Investments was £955,397 at 31 March 2024 compared with £862,533 at 31 March 2023. Income arlsing on Investment5 was Q18,748, compared with £23,908 in the year to 31 March 2023. Bank InteTe5t recelvablewas £7,545112 month5 10 Mar¢h 2023- £7071. After deductlng Interest payable on the houslng loan of £5,6811£5.741 In the 12 months to March 20231, the surplus lorthe year was £25.0791£47,353 for the 12 months to March 20231, but £56,473 galns on the revaluation ol investment5 resulted In lotal comprehenslve Income of £81,55212023 £42,974 In dellcitl lorlhe yeai. Total reserves at 31 March 2024 siand al £1.451,234131 March 2023- 21,369,682).
DORCHESTERALMSHOIJSES TRUSTEES, REPORT Re$eNes polky It IS the pollcyol the charltyto malntaln free reserves ai a sufflclent levelto.. Provlde a deslgnated operatlng reseNe, or contingency fund. at a level to provlde sufflcient lunds to ensure the propeT functioning ol the charity and to cover anticipated cost5 in ihe shon to medlum term. This level Is entlrely at the dlseretlon of thè trustees and 15 currently set at £50,000, repFesenring 50% of annual admlnistratlve expenditure OT 6 months day-to-day expendltuie. excluding depreciation and major works and Includèd as a desigTrated reserve wlthin the Income and expendlture reseNe. Ensure the proper lunctionln£ of the charlty over the rnedlurn term and to meet long ierm and unexpected needs. Provlde stablUtyfo¥the charlty the longterm and ensure Ilnanclal solvency Provide funding to undertake and complete repair or refurblshment ol the almshoustss. The level of this restrlcted reseNe or Extraordinary Repalr Fund Is èt the d15cretlDn of the trustees and cuirently stands at £50.000. Expand ¢uirent seICeS and facilities In the longterm. • Generate sufflclÈnt capltal iesewes for the purchase of property to replace Chubbs Isold In 20071, If a sultable replacement pioperty, flt for purpose, be¢ame available whlch could be consldered by the Trustee Board. The trustees may Invesr any of the reserves listed as long as iesour¢es ale available in the short lo medlum term if required. The f¥eehold propertles are shown on the balance Sheet at thelr deemed cost. The Teconstructlon cost lor insurance purposes In lune 2017 was £3.181,126. The trustees have dlscussed the level of reserves held generally followng the sale In 2007 of Chubbs which comprSsed foul bedsits which were used as accommodation In the lurtherance ol the charity's objectives. The Trustees sought professional advlce from a local ialld aeent who advlsed that a replacement property fit for purpose, including conversion costs, would cost the region of £650.(X)O. The level of this deslgnated reseNe is entlrely at the dlscretlon of the trustees and currently stands at £654.8t)O, included within the income and expenditure reserve. Stru¢ttire,Eovernance managemeTrt Dorchester AlmshDuses l¢harity number t1873). Is a Chaiitable Incorporated Organlsation ICIOI. iegistered wilh the Chailty Commis51on and the Regulator ol Soclal Housing. The ¢harlty is a membei of the Housing Ornbudsman Service and The Almshouse Assoclatlon. The affairs of the charlty are goverTred by a Cha¥lty Commission Foundatlon Model Constitution doted 9 December 2019 and amended on 20 March 2020. The trustees of the lormer charlty, Chubb, Whetstone & Napper's Almshovses (charity number 2013871, known as Dorchester Munlclpal Charlties. consldered the risks of contlnulng to run the eharity as a Charitable Trust and took the decision to convert the legal status of the chaiity to a CIO. which the trusteès considered the most sultsble structure tor the charity. They took the opportunlty to change the name at the same time to bette¥ reflect the tUre ol the charity. The charitys permanent enilowment propèrty continues to be held upon the terms of the orielnal trusts.
DORCHESTER ALMSHOUSES TRUSTEES. REPORT Dorchester Almshouses was Ilrst constltuted in 2019 and became operatlonal In Apfil 2022 after the effeclive date th rhe transfer ol assets and Ilabilities to the new charlty at rnldnight on 31 March 2022. The merger of Dorchester Municipal Chadtles wlth Dorehester Almshouses was completed later and Ihe unlncorptsraied chaiity dereglstered bythe Charltycommlsslon. The governing body Is the Board of Trustees. The trustees are the only members of the CIO and tbelr poweTS are In¢lu(Jed wilhin Ihe Constitution. The Board of Trustees normally meets 4 times a year and operates through the General Manager and Clerk to the frustees, who undertakes day to day management ol the charity and SIS stsff team as necessary. The charltyls run tytheTrustee Boardwhlch conslsts of- a mlnlmtsm 014 and a maximum of 11 appolnted IYLlStees, who serve for a perlod 013 yeavs and are eliglble tor reappolntment. Appolnied tru51ees are recruited accordlng to the cuirent Trustee Recrultmenl and Induction Pollcy & P¥ocedures. a maxlmum 012 Town Councilnominaied trusteeswho servefora maxlmum ol Syears. The Trustee Board have approved a scheme ol delegations whereby rwo Vlce Ghalrsworklng aiongslde the Chairman ol Trustees form a Management Team. Those VS¢e Chalrmen lead separate WorkirLg Groups of trustees In Property and Welfare, to which the Chalrman has an invitation. A Nappers Development Group ha5 been created to manage the bulld ol the new Nappers devèlopment. Other twstees may atlend any WoiklngGroup meetlng ilthey sowbsh. with agreement of the group's Chair. No trustees have recelved any remuneration. payments or benellts from the CIO during the flnanclal year April 2023- March 2024. The Mayor of Dorchester is ex-officio an *onorary member ol the CIO, wlthout votlnE rights, In recognition of the hlstorlcal relatlonship betweenthe charlty and the Corporation of Dorchester. The CIO has a¢opted the Natlonal Hovslng Federation Code ol Governance 2020 and is 5atlslled that il complleswtththe splrltollhe code and the principles set out In It. and revlews this annually. Howevei, the Code states that each trusiee's mam tenure is nOTmally 6 years, eKtendlng to a maximum of 9 years il tbls Is In the organlsations, best Interests. and not be reappolnted lor at least 3 years. The CIO'S governlng document takes precedence over thls and allows the Board ol T¥ustees lo reappolnt appointed trustees who have seNed two consecutSve terms 013 years 11 a perlod ol e1ve rnonrhs has elapsed since Ihe explryof the second term, or It is in the best Inierests orihe charlty to do so, iaklng into account the level of relevant experlen¢e withln the chaflty trustees OT Ihe dlfflculty ol recrultlng newtrustees. The trustees have Elven consideratlon to the major risks to which the CIO Is exposed and satisfied themselves that system5 are established In Order to manage those rlsks. Regular dlscusslons concernlng rlsks to health and safety. linances and cornpliance with the chaflty's legal and regulatory duiies, feed Snto the organisatlon's pollcles and procedures and risk assessments are In place.
DORCHESTERALMSHOUSES TRUSTEES, REPORT Value lormoney The regulatOT for Social Houslng IRSHI Issued a new Value lormoneyslandard In Aprll 2018. Thls Introduced a requlrement for reglstered pioviders of soclal houslng to publlsh performance metrlc5 agalnsi their own Value for Money targets and seven common metrlcs to C8plure performance a¢TOSS the sector. The seven metrics ale as lollows wlth commentaryto expialn anyvailations.. Value For Money Metrlc Reinvestmenl New supply (Social Housing Units) Newsupply (Non-soclal Housing Unilsl Gearing % EBITDA MRI Interest Cover % Headline Social Housing CO Operating Margin150cial houslng lettlngsl % Operatlng Margin (Overall) % Return on Capltal Employed 2024 52% 2023 21% 2a 2b 0% 252% 10,801 556% 7.691 28% 13% 6a Gb Commentary.. The Investment properlles- The Increase15 due to signlfScant Investment In refurb15hing the flats. 2a&b. The number of new soclal and non-soclal houslng units divided equally by the total unlts- There has been no deveopment of new soclal or non-social houslng units nor any acquisitions In the perlod. The net debt as a percentage of the tot81 value of piopertles- Cash tnd cash equivalents exceeded debt in the perlod. The level of surplus generated compared to the interest payable- operating surplus lower than iastyear. Social housing costs dlvlded tytotal unlls owned- hlgher malow repalrs expendltltrethis year. 6a. Operaling surplusl Ideflclll from soclal houslng lettings dlvlded by turnover from soclal housing lettinEs- hlgher surplus lastyear. Gb. Operatlng Surplu Ideffcitl overall dlvlded by overall turnover- small PTofit thls year lesulting in a 2% margin compared toa large piofit last year resultr'ng in a highei margin. Comparlson of the overall operating surplus 11(leficitl to total assets less current Ilabllltles. Small suiplus forthe yearbut due to large assetvalues thls causes the metric to be 0%.
DORCHESTERALMSHOUSES TRUSTEES, REPORT Statemenlof Trustee's fesponslbllltles The trustees are responslble for prepaTinE the twstees. report and the Ilnanclal ateMentS In accordance with the Unlted KSngdom Accountlng standards Iunlted Kingdom GeneraUyAccepted Ac¢ourrtlng Pracll¢el and appllcable law and regulations. The law applicableto charltles requlres the Ivusteesto prepare flnancial statements foreach Ilnancialyear whlch give a Iiue and lalr view ol the state ol affalrs of the charity and of the Incomlng resource5 and appllcallon ol resourcès of the charftyfor thal perlod. In prepartngthese linan¢lal 5tatÈmentS, the trustees are requlred to.. sel@ct suitsble aGcountlng poll¢les and then applythem consisteniiy.. obseNe the methods and prlnciples In the Charttles SORP; makejudgements and estimaies that are reasonable and prudent., state whether appllcable a¢countlng stanrtards have been followed, 5ublectto any materlal departures disclosed and explained Inthe financial statetnents- and prèpare Ihefinancialsiatements on the going concern basls iJn18ss It15 inapproprlate to presume thatthe charitywIII contlnue in buslness. The trustees are responslble for keeping proper accountlnE records that dlsclose wlth reasonable accuiacy at any tlme the financial posltlon ol the charity and enable them to ensure that ihp financial statements comply wSth the Chariiles Act 2011. the appllcable Charities IAc¢ounts and Reports) Regulations, the provislons ol the constltution. The trustees are aL50 responsible for safeguardlng the assets of the charlw and hence for taklng reasonable sieps for the prevenllon and dete¢tlon of fraud and other Irregularsties. The annual report was approved by the trustees ol Ihe cha¥lty on. behalf by.. 2nd signed on Its M E Rennle- Chaliman Trustee T Loasby-vlce Chalrman TTUStee
DORCHESTERALMSHOUSES INDEPENDENT EXAMINER'S REPORTTO THETRIISTEES OF DORCHESTER ALMSHOUSES I report to the trustees on myexaminallon olthe accounts ol DorchesterAlmshouses forthe yearendpd 31 March 2024. Responslbllltles and ba515 of report As the charlty trustees of Dorchester Almshouses you are responslble for the prepaiaiion otthe accounts In acGordancewlththe requirements of the Charltles Act 20111'theAct'l. I report In resppct ol my examlnatlon ot the Dorchester Alrnshouse5' accounts carried out under sectlon 145 of the 2011 Act and in cairyinE out my examlnation I have followed all the appllcable Directlons glven by the Charitycommisslon under section 14515llbl ol theAct. Independentexamlnar's statement Since Doichester Almshouses's gr05s incoffle exceeded £250,000 your examiner must be a member of a body listed In se¢tlon 145 ot the 2011 Acr. I confirm that l am qualified to un(Jertake the examinètion because l arn a member of the ICAEWwhlch Is one of the Ilsted bodles. I have Completed my examinatlon. I conflrm that no materlal matters have come to my attentlon In connectlon wlth the examination glving me cause to belleve that in aTrymaterial respect- l accountlng recorijswere not kept in iespectotDorcheslerAlmshouses as requlred by sectlon 130of IhèAct,' or 2 the aecounts do not a¢cord wlth those records; oi 3 the accounts do not comply with the accountlng requlren7ents concernlng the form and content ol accounts set out In the Charities (Accounts and Reports) Regulatlons 2008 other than any requlrement that Ihe accounts give a 'true and falr vlew which Is not a maltei consldered as part of an Independent examlnation. I have no concerns and have come acioss no other matters in connection with the examlnation to whlch attention should be drawn in this report in order to enable a proper undeistandinÉ of the accounts to be reached. SJ Houg17 FCA Edwards and Keeplng Ltd Charteied Accountants Unitychambers 34 Hlgh East Street Dorchester, Dorset DTI IHA Date
DORCHESTER ALMSMOVSE5 STATEMENTOFFINANCIALACMVtTIES FOR THE YEARENDED 31 MARCH 2024 Unre$irl¢ted Restrlcled lunds funds Total2024 TotaL2023 Note Incomefrom: Charitable actlwlles Donaiionsand grants Inve5tmer¢tlncome 203,689 7.934 26,293 203.689 57,934 26,293 160.151 52,933 24,615 50,000 Totsl Income 237,916 50,0(KJ 287,916 237,699 Expen¥lture Dll: Charltableactivitles 1201.3321 161.5051 1262,8371 1ts0,3461 Totalexpendiiure 1201.3321 161.5051 1262,8371 1190.3461 Gainslliossesl on Investment assets io 56,473 56A73 190,3271 Netlncomel lexpeRdlturel 93,057 111,5051 81,552 142,9741 NetmovemeTrtln funds 93.067 111.5051 81.552 142.9741 Reeonellaiion olfund$ Totslfunds brought forward 1,308,177 61,505 1.369,682 IA12,656 Totalfunds carrledforward 15 1,401,234 50,000 IA51,234 1,369,682 All ofthe chaiitys 8CIMllesderlvelrom ConnYt180peraIl0nSUringthe abovetwo perio¢$. Thefund5 breakdown for20231$shown In note IS.
DORCHESTERALMSHOUSES IREGISTIIATION NUMBER.. 11870631 BALANCE SHEEfASAT31 MARCH 2024 2024 2023 Note Flxed assets Tangjble assets Investments 223,559 955,397 1.178,956 234,376 862,533 1.096,909 io Cuiient asset5 Debtors Cash at bankand In hand li 1,848 507,191 509,039 1.389 514,880 516,269 Credltors: Amounts fallingdue wlthln one year 12 121,0531 (19.1871 Net eurient assets 487,986 497,082 Totalassets less currentllabllltles 1,666.942 1.593,991 Credltors,. Amountslalllng due aftermore than oneyeai 13 1215.7081 1224.309) 1,451,234 1,369,682 Funds otthe charhy: Resirl¢ied Income funds Restriced luftds 50,000 61,505 Unrestricted Intomefund$ Un¥estiicted luTrds 1.401,234 1.308,177 Totalfund5 15 1,451,234 1.369,682 The flnancial statements on pages 8 to 19 were approved by the trustee5, and authorlsed lor Issue on and signed on their behalf by.. M E Renni& Chairtnan Trustee TLoasby-Vice Chairm Trusiee
DOR¢HESTERALMSHOUSES NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlngpollcle5 statement of compliance Dorchester Almshouses is a charltable Incorporated oiganlsatlon reglstered with the Charlty Commlsslon under a CIO - Foundatlon dated 19 December 2019. as amended on 20 March 2020, a member of the National Association of Almshouses and a prlvate reglstered provider of soclal housifig in ihe UK. The address ol the reglstered office Is given In the Legal and admlnistraiive Informatlon section on page l. The nature ot the charity's operallons and princlpal actlvlties awe to piovlde accommodallon lor In(Sependent persons. wlth flnanclalandlor houslng support needs. and Uve In Dorchester or Dorsel. The financlal statements have been prepared In a¢cordance wllh the second editioN of the Charltles Statement ol Recommended PFactlce issued in October 2019. the Financlal Reportifjg standard applicable In the United Klngdom and Republic of Ireialld IFAS 1021 andthe Charlties Act 2011. Ba$ls of preparatlon Dorchester AITnshouses meets the dellnltlon ol a pubil¢ benefit enity under FRS102. The accounts Iflnanclal statements) have been prepared under ihe hlstorical cost conventlon wilh Items recolse at cost or tran53Ction value unles5 OtheiSe stated in the relevant noielsl to these accounts. Prevlous accounts were prepared under the SORP for houslng provlders. Theie are no transitlonal matters or adjustments iesultlngfrom the thange ot ba51slTom HousingSORPto charitySORP. The accounis are presented In £Sterllng. Exemptlon fiom piepaflnga cash flowstatement The charlty Opted to adopt Bulletln I publlshed on 2 February 2016 and have therefore not Includpd a cash flow statement In these flnan¢laL aTementS. GolngcL>ncern The trustees conslder that Ihere are no materlal un¢ertalnlles abOt the charitvs ablllty io continue as a golngconcern. Income an¢1 enrtowments Voluntary Income Includlng donations, g1ft5, legacles and grants thal p¥ovlde core lundlng or are of a general nature Is Tecognised whell the charlty has entitlement to the Income, It Is probable that the Incorve will be recebved and ttte amount can be measured with sufflclent rellabllity. -li-
DORCHESTERALMSHOUSES NOTES TOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED31 MARCH 2024 Revenue recollnltlon Turnover comprises resl(Jeftt's contributions. Income from other servlces supplied and levenue gTants and donations receivable In the period. It also Sncludes the amortised element ol capitalgrants released duilng the perlod. Government grants Grants recelved as contributlons towards the capital costs of a scheme are recognised al the falr value of the asset received or receivable using thè accwals model. The dlfference bEeen the fair value of the asset and the con51deration Is recognised as a Ilabllity and amortised over the useful economic Ilfe ol the asset. This amortjsatitsn Is recoenlsed withln tUTnover. Investment lTrcome Dithdènds are ¥ecognised once the dfvldend has beell tleclared and notillcatlon has been reeelved of the dlvidend due. Expendltvrg All expendllure Is recognlsed once there Is a legal or eonslructlve obllgatlon to that expendlture, it Is probable settlement Is requlied and the amount Can be measured reliably. All costs are allocate(A to the appllcable exPendIre headlng that aggregate slmilar costs to that category. Where Cosis cannot be directly attributed to particular headlngs they have been allocaled on a basls consistent with the use ol re5Durce5. wllh central staff costs auocated on the basis of time spent. and depreclation charges allocated on ihe portlon of the asset's use. Other support costs are allocaled based on the spread of staff ¢osts. Cbarltable actlvltle$ Cttaritable expenditure comprfses those cost5 incurwed by the charity In the dellvery ol Its aCtlI1eS and setvlces for Its benellclaries. It Includes both costs that can be allocated dlrectly to such actlvltles and those Costs olan Indlrectnatvie netessaryto supportthem. Suppon¢ost$ Support costs Include central lunctlons and have been allocated to activlty cost categories on a Dasls consistent wlth the use of $ources, foi example, allocaiing property Costs by floor areas, or pei capita, staftcosts bythe tlffle spent and other costs bythelr usage. Governance Co3 These include the costs attributable to the charlty's compllance wth constltutlonal an(J ststutory requlwements, includlng audlt. Strategic managementand trustees's meetlngs and reimbursed e¥penses. -12-
DORCHESTERALMSHOUSES NOTES TOTHE FINANCIALSTATEMENTS FOR THEVEAR ENDED 31 MARCH 2024 Taxatlon The charity Is consldered io pas5 Ehe tests sel out In Paragraph I Schedule e ol the Finance Act 2010 an(J therefore It meets the dellnStion ol a charitable company lor UK corporation tax purposes. Accordlngly. the charlty Is potentlally exempt from taxatlon In respect ol income orcapital galns recèlved wlthln categorles covered by Chapter 3 Part 11 of the Corporatlon Tax Acl 2010 0¥ Sectlon 256 of the Taxation ol Chargeable GainsAct 1992, to the eentthat such income orgains ale appiled excluslvelyto Challtable purpose5. Tanglble flxed assets Individual lixed assets are illitially recorded at cost, less any subsequent aGcumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes dlreGlly attrlbutable Incremenialcosts incurred In thelracqulsSllon and Installatlon. Assets are revlewed for any Indlcatlon that Ihe asset may be Imparted at each balance 5heÈt date. If such Indication exlsts, the recoverable amount Is estimated and compared to the cairylng amount. Where Ihe carrying amount ex¢eeds its recoverable amount. an Impalrment loss is reCoglse in expendlture. Costs are capltallsed tf they result In an Increase In the net rentallncome, a reductlon In tuture maintenance costs or a 51gnllicant extenslon to the Ille olthe property. Depreclatlon and amortl$atlon Depreclation is provided on tangible Ilxed as5eiS so a5 to write off the cost orvaluation, less any estimated rosidualvalue, over thelr expected usefuleconomic Ilfe asfollows: Asset class Soclalhou51ngproperties Office equlpment Depreclatlon method and rate Straight Ilne over 50year5 St¥alEhl Ilne over 4year$ Investmenis Flxed asset Investments, other than progiamme related investments. are Sncludett at market value at Ihe balance sheet dale. Rea115ed gains and losses on Investments are calcutated as the difference betteen sales proceeds and thelr marketvalue at the Start of the year, or theii subsequent cost, and are charged or credited to the Statementol FlnancialActlvltles In the perlod of disposaL Unreallsed galns and losses iepresent the movement In marketvalues durlng the year and are credlted or chaFgedto the St3temÈnt ol FlnancialActivltles based on the maiket value at the yearend. L3-
DORCHESTERALMSHOUSES NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 NARCH 2024 Tiade d8btors Trade debtors are iecognlsed inltially at the tiansactlon prlce. They ale subsequently measured at amortlsed cost uslng the effe¢Uve Interest method, less prov(slon for impalrment. A provlslon for the impairment of irade debtors is estsbllshed when there is objective evldence ihat ihe company wlll not be able to collectall amounts due accordlng to the orillnalterms of the recelvables. Cash and cash equlvalents Cè5h and cash equlvalents comprise cash on han¢J and call deposlts, and other short-term hlghly Ilquld Investments that are lgadlly convertible to a known amount Qf cash and are subject to an Inslgnlficant rlsk of change invalve. Trade credltors Trade Credltors are recognlsed inltlally al the Iransactlon pilce and subsequently measured at amortised Cost uslng the effective Interest method. Bwrowlng$ Inteiest-beeiing bOrrOngS ale Inltlally recorded al lalr value, net of tiansactlon costs. Interest-bearlng borrowlngs are subsequently carrled at amortised COSL wlth the tjlfference between the proceeds, net ol Iransaetion costs, and the amount due on redemptlon belng recognlsed as a charge to the Profit and Loss Account overthe perlod of the relevant bofrowing. Interest expense Is recognlsed on the basis of the effectlve Intewest rnethoij and Is Included in Interest payable and similar charges. Borrowings are ciassilled as current liabllltles unless the compaw has an uncondltional right to deler settlement olthe liabllltyfor at least twelve months after the reportingdate. The fuu Costs of Interest arlsing on houslng property loans are shown In ihe statement ol Gomprehenslve Income. Fund structure Unrestrlcted Income funds are general funds that ale avallable for use at the tIUStees' dlscretlon In furtherance of the objectives ol the charity. Restricted income funds are those (Jonated for use in a partlcular area OT lor specific purposes, the use of whlch Is restrlcted to that area orpurpose.
DORCHESTERALMSHOUSES NOTES YOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 Leases Rentals payable and recelvable under operating leases ale ¢harged to expenses on a siraight line basis over the perlod ol the lease. Restrfcted reseNes Restrlcted reseNes are to be used for specific purposes as laid down by the funder or regulatory body. Expenditure cannot be dlrectly sei agalnsi restrlcted weseNe5 but Is taken through the statement of Ilnanclal actlvities. Atranslerlrom restil¢ted reserves Is then made as appropilate. Income Unrestrl¢t- edlvnds General Restricted funds Total 2024 Totat2023 Incomo from chailtable a¢tlvltles' Residents conlributions 203,689 203,689 160.151 In¢ome from donatlons and grants: Grants, Includlng capital gianls., Amortlsed soclal houslnggrants Napper's development revenue grant (Dorset counclll 7,934 7,934 7,933 50,000 50.000 45.000 211,623 50,000 261.623 213,084 Resldents conttlbutlons Is nel of vold 10$5es of £46,94712023 £51,871). The charlty provldes 27 unhs ol housinl i unit is a stafl unlt. Invèstment Income Unrestiict. ed tunds General Restrlcted funds Tota12024 Tots12023 Inteiest recelvabie and slmllar income- Interest on cash deposits Income from Ilsted Investments 7,545 18,748 26,293 707 23,908 24,615 18,748 26.293 -1s-
DORCHESTEAALMSHOUSES NOTESTOTHE HNANCIAi STATEP4ENTS FOR THEYEAR ENDED 31 MARCH 2024 EKpendltureonrharllabLe a¢tfviies Unresirlct- ed funds General Restrlcted Fvnds Tota12024 Tota12023 Siaff cosis Counciltax WaterTates Llght, heat and power Insurance Major works Majorworks-llat refuibishment 47,401 1,274 5,061 15.678 3,629 47,401 1,274 5.061 15,678 3,629 44,543 9,457 4.010 13,213 3,663 53,782 53,782 7.3n Malorworks- Nappevs bylldlng development Rovtine maintenance Telepholle and tax PrlntlnE, Postage an statlonery Resldenls. support Sundryexpenses Cleaning andgardening Advertlslng Plolèsslonal lees Investment managers fees Depreciation ol freehold propety Depreclatlon of offlce equipmenl Accountancyfees Loan interest 261 30,501 4.259 61,505 61,766 30,502 4.259 39,275 15.848 6.547 2,598 683 2,453 2,855 624 423 2.598 683 2.453 2,855 624 423 2.091 1,831 1,528 4,341 8.675 7,548 10,771 10,771 10.260 10,260 10,260 558 2.580 5,681 201,332 558 2.580 5,681 262,837 558 2,SSO 5,741 190,346 61.505 Governance costs Include Independentexamlnarion fees of E2,58012023 22.5501 Trustees rttmunÈration and expenses No trustees. nor any persons connected wllh them. have recelved any remuneratlon from the charlty duiingthe year. No trvstees have received any reimblrrsed expenses or any other benefits from Ihe charity during ihe year. -16-
DORCHESTERALMSHOUSES NOTESTOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 staff costs Theaggregate paylIe0$tSwere aslollows.. 2024 2023 staff costs dvrlngtheyearwere". Wages and 53larle5 47AOI 44,543 The monthly average nvmber otpersonsemployed bythe charltydurlng theyear expressed a5 full tlme135 hours perweekl equlvalents was as follows- 2024 No 2023 No Office staff (three part-llme employees) Warden lone part-time employeel No employee recewed ernolurnents of more thon £80.OOOdurlng*heyear Independent•yamlner's remuneratto 2024 2023 Ail seNlces 2.580 2.550 Taxallon The charityls a gIStered chailty and Is thereforeexefnptfrorn ta¥atiOn. Tanglbieflxed as$etS¥ Other Oflice equlpment Cost At 1 April 2023 At 31 March 2024 5,126 5.126 Depreclatlon Al 1 April 2023 Chargo lor Ihe year At 31 March 2024 4,151 557 4708 Net book value At 31 March 2024 418 At 31 M8rch 2023 975 17-
DQRCHESTERALMSHOUSES NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Tangibleflxed assets- housingpropertles Houslng propertle5 forlettlng Cost Al 1 Awll 2023 Al 31 March 2024 512,986 512,986 Depreclatlon At 1 April 2023 Charge for the y8èr Al 31 Mgrch 2024 279,585 10,260 289,845 Net bookvalue At 31 March 2024 223.141 At 31 March 2023 233.401 Included wlthln the nel bookvalue ol land and bulldlngs above Is E223,14112023 £233.4011 In respect of freehold land aTrd bulldings. The alTnshDuses date back to the 17th century and were Inoependeniiy valued In 1979 lor inclusion in the acounts, no hlstoric cost being avallable. Thi5 valuation and the cosr of subsequeni capltal Impriwementswere iecognised as a deemed coston the tFansltionlo FRS 102. 18-
DORCHESTERALMSHOLISES NOTES TOTHE FINANCIALSTATEMENTS FOR THEYEARENDED31 MARCH 2024 io Inve$lments Llsled Invest- ment$ Non.currentllnanclal855ei$ Cost As at IAprll 2023 Revaluation 862.533 30,753 602.833 1540,7221 955,397 Ailditions Dlsposals As at 31 March 2024 Carrylng amovnt As at 31 March 2024 955.397 As at 31 March 2023 862.533 Investments are UK Ilsted. Falr value 15 determSned by refeienee to the quoted prlce Yor idefttlcal assets In an a¢tlve market atthe balance Sheet date. The cost prfce olthe total Invesiments held at the 31 March 2024 is£915,53212023 £858,8251 li Debtor5 2024 2023 Trade debtors Prepaymellts Other debiors 37 1.252 loo 1,389 599 1,848 12 CredSlors: amounts falllng due wlthSn oneyéar 2024 21 Bank loan- current Instalment due on houslng loan Trade creditors Deferred Income- soclal houslnggrant Other laxatlon and soclal securlty Penslon contiibutions unpaid Accrua15 and deferred income 668 3,689 7.933 1,814 601 1,827 7.933 6,949 21,053 8,540 19,187 19-
DORCHESTER ALMSHOUSES NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13 Credltors: amovnt$falllngdue after oneyear 2024 2023 Houslngloan due 1-2yrs Houslng loan due 2-5yrs Houslng loan due over 5yrs Social housing grant 743 668 2,487 48.627 172.527 224.309 47,605 164.595 215,708 Soclal Houslng Operatlng Result 2024 2024 2023 2023 Income from Residents INote 21 Donations and gTanls (Note 21 Amort15ed soclal houslnggrants INole 21 203.689 so.000 7,933 160,151 45.000 7,933 Less: admln costs (Note 41 Exclude Ilnance costs- loan Inte¥est 1262,8371 5,681 1190,3461 5.741 1257,1561 4.466 1184,6051 28.479 Social Houslng Operatlng Result
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DORCHESTERALMSHOUSES NOTESTOTHE FINANCIALSTATEMENTS FOR THEYEARENDED31 MARCH2024 The speclflc purposes for whlch the funds are to be applled are as follows.. The Income and expendlture reseNe represents cumulative surpluses and deficits net ol translers and othei adlustments.11 Includes amounts designated for capltal projects atthe truslees'dlscretion. The Napper's development restricted ¥eserve reflects grants received which must only be applled towards tho almshouse developrnent costs. The extraordinary repalr reserve Is a restrlcted reseNe required under the chartty scheme to be set aslde out of Income to prowde lor future extraordlnary repall, Improvement or rebuildlng ol the almshouses beionglngto the charlty. Theamount to be set aslde Is at the dlscretlon of the trustees. 16 Analy$150f netassets between lund5 Total lunds at31 MaY¢h 2024 Unrestrlct- ed fund5 RestrIed funds ranglble fixed assets Flxed assetinvestments Current asseis Current lfjabllltes Creditots over l year 223.559 955,397 459,039 121,0531 1215.7081 223,559 955,397 509,039 121,0531 1215,7081 50,000 Total net assets 1,401.234 50,000 1,451.234 17 Relaied patytransactlons There were no related party transartlons In the year. Whllst five tiustees are local authority coun¢llloTs as staled In the Report ol the Board, any transactlons beeen the charity and those local authoritles ale at amis tength. on normal cofftmerclalterms and trustee5 cannot Use thelrposition to theiradvantage.