Charlty number.. 1196080 ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS CONTENTS Page Reference and admlnl$tratlve detalls of th• Charftabl• Incorporated Oryanlsatlon. its Trustees and advisers Trustaes. report Indapondent audltorfs r¢port on the financial ststomonts Statem•nt of flnanclal activities Balan¢0 sh•at 10 stst•mont of cash flow$ Notes to the flnanclal statsments 12-26
ALMSHOUSE CHARITY OF ARTHUR WINSLEY ANO OTHERS REFERENCE AND ADMINISTRATIVE DETALS OF THE CHARITABLE INCORPORATED ORGANISATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2024 Trustees Paul Coleman David Hart Simon Pinion Andrew Vvaters Irene Kettle Amanda W8Stbrook Philip George Iretlred 24 January 20241 Timothy Field (appointed 24 January 20241 Charlty rogl$t•red number 1196080 Prlnclpal offlce 22 Winsley Squar8 Old Heath Road Colchesler Essex C012AU Chadty Emloyees Mrs Sareena Cobden, Clerk to the Charty and General Manager Mr Martin Rayxer, Maintenance Assistsnt Independent auditor Griffin Chapman Chartered Accountsnts 4&5 The Cedars Apex 12 Old Ipswich Road Colchesler Essex C07 7QR Bankers Barclays Bank plc 9 High Street Colchesler Essex C01 1DD Sollcltor Birkett Long LLP 1 Amphora Place Sheepen Road Colchesler Essex Page 1
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS TRUSTEES. REPORT FOR THE YEAR ENDED 31 OCTOBER 2024 Introduction and Tru$t¢es rosponslblllties The Trustees present their annual report lo accompany the audited financial slalemenls of the Charitable Incorporated Organisalion ICIOI for the year ending 31st October 2024. The prior period is the 11 months to 31st October 2023. The Trustees have adople¢J the provisions of the Staternenl of Recornmended Practice ISORPI "Accounting and Reporting by Charlties. IFRS1021 in preparing the annual report and financial statements of the Charity. The financial statements have been prepared in accordan with the accounting policies sel out in notes lo the Accounts and comply with the Charitys governing document and the Charities Act 2011. Law applicable lo charities in England and Wales requires Trustees lo prepare financial stat8m8nts aach financial year ensuring that th8se give a true and fair view of the chariws financial activities during the year and ts financial posi0 at the end of the yeaT. In Preparing those financial statements, Trustees must.. Select suitable accounting pollcles and apply them consistently., Make judgernenls and estimates that are reasonable and prudent., Stale whether applicable accounting standards and statements of recommended practice have been followed and subject lo any departur85 disclosed and explained in the financial statements and Prepare the financial slalemenls on a going ¢oncern basis unless it is inappropriate lo presume that the Charity will continue in business. The Trustees are responsib5e for keeping accounting records which disclose with rèasonable accuracy the financial position of th8 charity and enable them to ensure that the ffnancial statements comply with th8 Charities Act 2011. Trustees are responsible for safeguarding the assets of the CIO and taking reasonable steps to detect and prevent fraud or theft. Gov•rnan¢• and managomont Arthur Winsley left mud) of his propety to the Charty in his Will Idaled the 28th March 17261. Twelve almshouses and the Chapel were erect8d and since then other benefactors have left money to the Charity and further houses built. In following the terms of tha Will, an annual s8rvic8 takes place to which residents are invited and this is followed by the Annual General Mgeling. Today, the Charity Commission provides that the body of Trustees shall consist of s8V8n compètgnt P8rsons residing or carrying on business in or near the borough of Colchesler. As Trustees retire, new Trusl&8s ar approached and appointed lo ensure a mix of skills and expertise. The position of Acting Trustee, who chairs th8 maètings. rotstès annually. The Trustees meet at least four limes a year lo discharg8 their responsibilities. The risks associated with the running of the CIO- its financial health and safety factors - are reviewed regularly together with ensuring that the organisation operates in a manner which is fair and transparent in accordance with ils govtsming rules. The Trustees are responsible for the govemance of the organisation and day to day management is devolved to the General Manager who provides the first point of conts¢t for residents. Trustees are grateful to thè General Manager for her commitment to the organisalion,. she strive5 to meet the needs of current residents and thoso who may choose to live there in the future. The General Manager and the Trustees are committed lo ensuring that the Charity is open and transparent and that il seeks feedback on a regular basis. Two residents, meetings are held during the year giving residents the collective OPPDrtunity for direct contact with the Trustees. These meetings are well attended and fom part of our ovèrall strategy to consult with the people who live al the Charity. In addition lo this, a survey of residents views was undertakan in 2024 which had a response rate of 78°h and which demonslraled a high level of satisfaGlion 198QA of residents responded that they were satisfied with the service provided by the Charity and 900A felt that th$y wer8 kept informèd about things that might affect them as a residenll. Publlc banofit Trustees are satisfied that the work of the CIO and its policies and procedures accord with ils staled objectives Page 2
ALMSHOUSE CIIARITY OF ARTHUR WINSLEY AND OTHERS TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 OCTOBER 2024 and provides tangible public benefits. The criteria used to asses those who may bèn8fit arè not unreasonably restrictive and the admissions poli¢y was ravi8w during 2C124. Most potential residents apply through Colchester City Councils klome Choice scheme and this partnership ensures that new resldents are appointed in accordance with the terms of the original Will. Purposè and a¢tlvltlo$ The objective of the CIO is lo provid8 appropriate, convenient and comfortablo accommodation for older people over 65 in need of housing. The properties are of varwng ages and the Trustees aim to maintain these lo a high standard making improvements where practical and affordable. Some of the properties provide limfted opportunities for modemisalion bLrt the alm of any altarations is always to provide a 'home for life, able to adapt lo changes in the individuals health and mobillty. A community call alarm system is fitted in all tha properties. Financial revlèw - Holdlng of Inv•stsn•nts The CIO holds reserves so th8t il can maintsin s8Nices to its residents during periods of economic uncertainty. It also maintains a contlngen¢y reseryè against major unforeseen expenditure and to meet any reasonable increase in demand as the population ages. The Trustees invest these reserves with th8 aim of, at least, maintaining their value in real terms. The investment products used need to provide flexibility so that th8 funds can be wlthdrawn for expenditure on properties as and when required. The planned infr8slructur8 reserves and the redevelopment reserve are available for investment. The Trustees adopt a cautious profile in respect of investment risk and choose lo invest in well-managed funds including specialist charity investment funds. The performance of all the Charills investments improved during 2024. The Trustees have not placed any particular ethical r8Strictions on the fun managers. Reservès Unrestricted funds ar8 needed to.. Provide funds which can be designated for specific projects to enable these lo be undertaken at short notice if necessary. Cover costs of running the CIO in the short tertn if there is an inlerruption in funding to cover administration and supports costs. Provide funds to meet the Trustees airns lo malnlain the almshouse properties to a hlgh standard. making improvements to modgrnise the accommodation where practi¢abl8 and affordable to meet incr8ases in dernand as the population ag8S. Trustees consider it prudent to hold a gen8ral reserve fund to.. Avoid the necessity of realising fixed asset investments held for the CIOS use. Cover nine months of the general charitable expenditure, which is expected to be £223,373. The fund balance at thè period 8nd was £228,238. The r8serve has been calulated based on budgeted 9 months unavoidablg 8xpendilure. Planned infrastructure funds afe needed lo.. Provide funds whlch can be designated for the upkagp of the estate and propertiès to the high standard set out in the Aims of thè CIO. Enable infrastructure projects to be undertaken al short notice lo keep property voids to 8 minimLJm. The fund requirernenl is based on the planned property rnaint&nanc8 r8POrt and the amount held al the end of the period was £1,903.010. Thè report includes an analysis of required expenditure expected over 10 year peri(xl. Page 3
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 OCTOBER 2024 Redevelopment reserve funds are needed lo- Ensure sufficient assets are set aside lo provide the necessary funding lo allow the redevelopment of the Rose Garden to provide homes for lrfe and to increase the number of properties available to meet growing demand. Minimise any external funding or grant requirements. Fund requlremenl Is based on the estimated build costs for the planned redevelopment and has been built UP Over a number of years. It is anlicpated that £100,000 will be incurred next year. wfth the balance in year 2 save for the expected 2.5% relenlion. The current estlmated Irevisedl build cost is £2,454,200 which is the balan on the reserve at the year end. Property reserve funds are needed lo". Maintain sufficient reserves that are not readily r8alls8ble wthout disposal of propety assets held by the cio. The reserve is represented by tangible propety fixed assets held by the CIO. Al the period end the fund balance was £1,928,067. 2024 and plan$ for the futur• Following Philip Georye's retirement at the end of 2023, Tim Field was appointed lo join thg exists'ng body of Trusle8S, thus maintaining the seven board members specified in the original Will. Whilst planning consent was granted in 2023 for the demolition of the Rose Garden dw811ings, dalays ¢austrd by the planning process, significantly increased costs, changes in legislation related to the proposed heating system and excessive conditions 1341 influenced the Trustees decision to abandon the original project and look at a more modest development. This wll allow th? CIO to balancé the need for additional properties Wth money required lo refurbish existing properties to meet the increased needs of resldenls. New architects have been instructed and plans devised to renovate the èxisting Rose Garden properties adding a small nurnber of new dwellings. Residents have been kept abreast of these changed proposals. The reduced planned expenditure on this project leaves more money availablg to improve the existing housing stock. Planned maintenance was delayed during 2023 to enable the Charty to subsidis8 th8 Costs of heating and electricity as the incrgase experienced by many was having a significant impact on residents ablllty to manage their own budgets. This decision was welcomed by existing residents. A stock condition survey {planned Maintenan report) commissioned in October 2024 will inform priorities for the estate lo ensure that all the properties are kept in good condition. There is a Separate report commissioned through Bronlide Consulting la speaalist building services consullancyl on the heating systems and their efficiency. The report received in October 2024 identifies areas wf(hin the existing systems which require attention or rernedial work. Voids from the 10 trmpty properties are accounted for in the Accounts bul not included in the annual budget which is ably managed by the Clerk lo the Charity and r8gularfy rèported lo the Trustees at thair mgetings. Several of the organisations policies and procedures were updated during 2024 and, where appropriate, consijltation wf(h residents took place. Approv8d by order of the members of the board of Trustees and signed on their bohaK by.. Amanda Westbrook (Chair of Trustees) Date.. 2? |.Izs Page 4
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS Oplnlon We have audlled the financial slalemenls of ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS Ilhe 'chariVI for the year ended 31 October 2024 which comprise the Stalernent of financial aclivilies, the Balance sheet. the Stslemenl of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applicablè in th8 UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practi1. The financial statements have been prepared in accordance with Accounting and Reporting by Charf(ies preparing theii accounts in accordance with the Financial Reporting Standards applicable in tho UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Re¢omm8nd8d Practice issued on 1 Aprfl 2005 whid) is refgrr8d to in th& extant regulations but has been withdrawn. This has been done In order for the accounts to provide a true and fair view in accordance wth the Generally Accepted Accounting Practice effective for reporting pgriods b8ginning on or after 1 JanL¢ary 2015. In our opinion the financial statements.. glve a true and fair view of the state of the charivs affairs as al 31 October 2024 and of its incoming resources and application of resources for the year then ended., have been prop8rly prepar8d in accordance wth United Kingdom Generally Awpted Accounb'ng Practice., and have been pr8par8d in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UK} {ISAs IUKII and applicable law. Our responsibilities under those standards are furthar d8scribed in the Auditorfs responsibilities for the audr( of the financial statements section of our report. We are indeptsndenl of the charity in accordance wf(h the ethical requirements that are relevant to our aud(t of the financial slalemènts in the United Kingdom, including the Financial Reporting CounciS's Ethical Standard, and we hav& fulfillèd our other ethical responsibilities in ac¢x>rdance wfth th8s8 rèquirem&nts. We believe that the audit evldonce we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusionts relatlng to golng ¢onc8m In audf(ing the financial slalemenls, we hav8 concluded that the Trustees. use of the going concem basis of accountsng in the preparation of the financial ststemenls is appropriate. Based on the wort wa have performed, we have not identified any material uncertaint'es relating lo events or conditions that. individually or collectively, may cast significant doubl on the charitys ability to continue as a going concem for a period of at least e1ve months frorn when the financial statèmènts are authorised for issue. Our responsibilities and the responsibilities of the Trustees Wth respect lo going concem are described in the relevant section5 of this report. Page 5
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALMSHOUSE CHARITY OF ARTHUR IAIINSLEY AND OTHERS {CONTINUED} Other Infomatlon The other information comprises the infomation included in the Annual report other than the financlal stslements and our Audilols report thereon. The Trustaes are responsible for the other information contsined within the Annual rèport. Our opinion on the financial statements does not cover the other inforrnalion and, gx¢ept to the exlenl othgrwise expSi¢itly stated in our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility is to r88d tha oth8r information and, in doing so, consider whether the other information is materially inconsistent wth the financial slalem8nts or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If wé identify such material inconsistencies or apparent material misstatements, we are required to determine whether this givès risè to a material misstatement in the financial statements themselves. If, based on the work we hav8 performed. we conclude that there is a material misstatement of this other inforniation, we are required lo report that fact. We have nothing to report in Ihls regard. Matters on whlch we are required to rsport by •x¢èptlon We have nothing lo report in respect of th8 following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you rf, in our opinion.. the infomiation given in the Trustees. report is inconsistent in any material respect wllh the financ181 statements., or sufficient accounting re¢ords have not been kept., or the financial slalements are not in agreement with the accounting records and returns.. or we have not received all the informats'on and explanations w8 rèquir8 for our audf(. Responslbllltles of trustees AS explained more fully in the Trustees, responslbllhies statement, the Truslo9s are rosponsible for tho preparation of the financial statements which glve 8 true and falr view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial stsl8m8nls that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the thariws ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going ¢on¢ern basis of accounting unless the Trustees either intend to liquidate the charity or lo cease operations, or have no realistic alternative but to do so. Page 6
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS ICONTINUEDI Audltor's rtsponsibllltles for th• audlt of the financlal statomonts We have been appointed as auditor under section 144 of the cha Act 2011 and report in accordance with the Act and relevant regulallons made or having &ffect ther8under. Our objectives are to oblaln reasonable assuranc8 about whether the financial statemgnls as a whole ale free frorn material misslalemenl, whether due to fraud or error, and lo issue an Auditols report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will aVayS detect a matenal misslalement when it 8XlSts. Misslalements can arise from fraud or error and are consid&r8d material if, individually or in the aggregate, they could reasonably be expected to influence th8 economic declsions of users taken on the basls of these financial statements. Irregularf(ies. induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, OLrtline(J above, to d8t8ct maltsrlal misstatements in respect of irregularities, including fraud. The extent lo which our proceduras are capable of detecting irregularitses, including fraud is detailed below.. The engagement partner ensured the engagement ts8m had the necessary skills and knowledge lo identify non-compllance with applicable laws and regulations. We obtained an understanding of the legal and regulatory framaworks that are applicable to the Charity and for those that are most significant, we enquired into how management ensures compliance is maintsined. We idgnlffied that the principal risks of non-compliance wlh laws and regulations related to the Charity. This 8ff8cts the abillty to continue operating as a Charlty. Enquiry and review of the entitys transactlons was undertaken lo highlight any instances of penalties, fines or legal activity which could suggest non-compliance with laws and regulats'ons. There was no contradictory evidence found. We also considered those laws and regulations that have a direct impact on th8 pr8paralion of the financial statements including th8 Chartties SORP. We evaluated management's incentives and opportunf(ies for fraudulent manipulation of the financial statements {including th8 risk of overrlde of controls) and determined that th& principal risks were relal8d lo the override of delegatsd authorities and the misappropriation of grant funding. In response, we incorporated testing of procurement and expendrfture and any other entries at rtsk of falling outside of delegated authorities. Scrutiny of unusual transactions and analytical procedures wore used lo help Identify risk factors in moni8S received and expended during the year. 11 is also stsled, as a reminder. that the primary responsibility for the prevention and dete¢lion of fraud rests with both rnanagemènt and those charged with governance of the Trust. As part of an audit in accordanc8 with ISAS IUKI, we exercise professional judgment and maintsin professional scepticism throughout the audit. We also.. Idenlty and assess the risks of Tnalerial misslalement of the financial stslements, whether due lo fraud or error, design and perform audit procedures responsive to those risks, and obtsin audit eviden that is sufficient and appropriate to provide a basis for our opinion. Th8 risk of not dètecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve Pag8 7
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS {CONTINUEDI collusion, forgery, intentional omissions, misrepresentations, or the overrfde of intemal ¢ontrol. Obtsin an understanding of internal control relevant lo the audit in order lo design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitys internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relal&d disclosur8s mad8 by the Trustees. Conclud8 on the appropriateness of the Trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a rnalerial uncertainty èxists related to events or conditions that may cast significant doubt on the charitys ability lo continuè as a going concern. If we conclude that a material uncertainty exists, wè are required to draw attention in rny Auditorfs report to the r8laled disclosures in the financial slalements or, if such disclosurès ar@ inadequate, to modify our opinion. Our conclusions are based on the audi( evidence obtsined up lo the date of my Audf(orfs report. However, future events or conditions may cause the charity lo cease to continue as a going concern. Evaluatè th& ovèrall presentation, structure and conlenl of the financial slalements, including the disclosures, and whether the financial ststements represent the undgrfwng transactions and events in manner that achieves fair presentslion. We communicat8 Wlth those charged with govemance regarding, among other mattgrs, the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit. Usa of our raport This report is made solely lo the charitys trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been und8rtak8n so that we might stste lo the charitys trustees those matters we are required lo slate lo them in an Auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or as5urlle re5ponsibilhy lo anyone other than the charity and ils trustees, as a body. for our audit work, for this report, or for the opinions we have fom)ed. Danlel Aldworth FCCA FMAAT (Sanlor Statutory Audltorl for and on behalf of Griffin Chapman Chartered Accountants Statutory Auditor 4&5 The Cedars Apex 12 Old Ipswich Road Col¢hgslgr Ess8X C07 7QR Date.. 28 2025 Griffin Chapman are ellglble lo act as audllors In tem)s of se¢llon 1212 of the Companies Act 2006. Page 8
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024 Total funds 11 months ended 31 October 2023 Restrl¢tad Unrestrlct•d funds funds year ended ygar onded 31 Octobor 31 October 2024 2024 Total funds year ended 31 October 2024 Note Incom8 from.. Charitsble activities Investments 539.450 13.401 539.450 13.401 473,000 2. 723 Total Incom• 552.851 552,851 475, T23 Expondlture on- Ch8rllable activities 127.851 509.612 637,463 359. 147 Total èxpenditure 127,851 509,612 637,463 359, 147 N•t lexpendlturellincome bèfor¢ not gainslllossesl on Inv•stments Net gainslllossesl on investments (127.8511 43.239 457.467 184,6121 457.467 116,578 (99,414) Net lexpendlturoyln¢ome Transfers beeen funds (transfer from preceding charity) 1127.8511 500.706 372.855 17,162 16 11.484 111.4841 6,123,498 Net movement in funds 16 1116,367) 489.222 372,855 6, 140,660 R•conciliatlon of funds: Total funds brought forward Net movement in funds 16 2,044,434 {116,367} 4.096.226 489,222 6,140,660 372,855 6, 140,660 Totsl funds ¢arrled forward 1,928,067 4,585,448 6.513.515 6, 140,660 The Statement of financial activities includes all gains and losses r8cognised in the year. The notes on pages 12 to 26 fomi part of these financial stat8ments. Page 9
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS BALANCE SHEET AS AT 31 OCTOBER 2024 2024 2023 Nots Flx•d a$s•ts Tangible assets Investments 11 12 1,931,957 3,757,884 2,049,062 3,800,417 5,689,841 5,849,479 Curr•nt assats Debtors Cash at bank and in hand 13 5.623 842.136 4,612 330,864 847,759 335,476 Crgditors.. amounts falling due within one year 14 {24,0851 (44,295) Net current assets 823,674 291,187 Total a55ets less current Ilabllltl•s 6.513,515 6, 140,660 Net a$$gts axcludlng pension asset 6.513.515 6,140,660 Total net as$•ts 6.513.515 6. 140,660 Charlty funds Restrlcted funds Unrestricted funds 16 16 1,928.067 4,585.448 2.044,434 4.096,226 Total funds 6,513,515 6, 140,660 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behaw by. Amanda Westbrook The not8$ on pages 12 to 26 fomi part of these financial slalements. Page 10
ALMSHOUSE CHARI OF ARTHUR WINSLEY AND OTHERS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2024 11 months nded 31 October 2023 year ended 31 October 2024 Cash flows from operatlng actlvltlos Net cash used In operating activities 10,225 127,967 Cash flows from investlng actlvltles Interest received Proceeds from th8 sale of tangible fixed assets Purchase of tangible fixed assets Proceeds from sale of investments 12.681 370 2.723 {12.0041 soo.000 (156.026) Net cash provld•d byl{used Inl Inv•stlng a¢tivities 501.047 1153.3031 Cash flovm from flnanclng actlvltles Cash introduced from precedlng charity 356,200 Net cash provlded by flnancing actlvltlos 356,200 Chango In cash and cash •qulval•nt$ In the year Cash and cash equlvalenls al the beginning of the year S11.272 330.864 330.864 Cash and cash 8qulval¢nts at the end of thg year 842.136 330,864 The notes on pages 12 10 26 form part of these financial slalements Page11
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 General infomiatlon Th& Almshouse Charity of Arthur Winslgy and Others is a registered Charitabla Incorporated Organisation incorporated in England and Wales. The principal office is 22 Winsley Square, Colchesler, C012AU. Thts règistered number of the charity is 1196080. The object of the CIO is the provision of Almshouses, for the prevenUon or relief of poverty and to support alderly people. The CIO operates in Essex. Accountlng policies 2.1 Basis of preparatlon of flnanclal $tatoments Th8 financial statements have been prepared in accordance with the Charies SORP IFRS 1021- A¢¢ounting and Reporting by Charities.. Stat8ment of Recommended Practice applicable to charities preparing their acwunls in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 1021 {èffective 1 January 20191, the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The finan¢ial statements have been prepared to give a 'true and fairf view and have departed from the Charf(ies (Accounts and Reports) Regulations 2008 only to the axient required lo provide a Irue and fairf view. This doparturg has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities: Ststèmont of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Mmshouse Charity of Arthur Winsley and Others meets the definition of B public benefit entity under FRS 102. Assets and liabilities ara initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Golng concern No materi81 unc8rtainli8S that may cast significant doubt about the ability of thg charity lo continue as a going concem hav8 bean idents'fied by the trustes5 and in their opinion the use of the going concem basis of accounting is appropriate. 2.3 Income All income is recognised once the Charitabl8 Incorporated Organisation has enlitlemenl to the incomè, it is probable that the income will be Teceived and the arnounl of income receivabl8 can be measured reliably. Income tsx re¢overable in ralation to investment income is recognised at the time the investment income is receivable. other incorne is re¢ognis&d in the period in which il is re1vable and lo the oxlenl the goods have been provided or on completion of the service. Donations are recognised in fvll in the ststement of finan¢ial activities in the year in which they are receivable. Page 12
ALMSHOUSE CHARITY OF ARTHUR 114INSLEY AND OTHERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accountlng pollcles l¢ontlnuedl 2.4 Exp8ndlturo Expenditure Is fecognised once there is a legal or constructivo obligation lo transfer economic benefit to a third party, rt is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Exp8ndf(ure is classified by activity. The wsts of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activrty. Direct costs attributsble to a single activity are allocatgd diroctly lo that actwity. Shared costs which contribute to more than on8 activity and support costs which ara not attributable to a single activity are apportioned between those activities on a basis consislgnl wtth the use of resources. C&ntral stsff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on ¢harilablè activities is incurred on dir8clly undertaking the activitie5 which further the Charitable Incorporated Organisalion's objectives, as well as any associated support costs. Cycllcal r•palr$ and rnalntenance Thè Almshouse Charity of Arthur Winsley and Others has established a regular programme of cyclical repairs and maintenance. Costs are charged lo the revenue account in the year In which they are incurred, and are in¢luded in routine maintenance. Plannod Infrastw¢ture repalrs Costs of planned infrastructure repairs ar& charged to the revenue account in the year in which they are incurred. through the planned infraslrusture reserve. Governance costs Governance costs indude thosa costs a580ciated with meeting th8 constitutional and ststulory requirements of the charty and include audit fees and costs linked to the strategic management of the charity, including a 20% apportlonment of the general managarfs cost in Spect of her role as clerk to Ihg charity.Costs of generating funds are costs incurred in attT8cling voluntary income. and those incurred in trading activities that raise funds. All expenditure is indusive of irrecoverable VAT. 2.5 Govarnment grants Gov8mm8nt grants latIng to tangible frxed assets are Ireatgd as defèrred income and released to the Statement of financial activities over the expèctèd useful lives of the assets concemed. Other grants are credited lo the Statgmenl of financial activities as the related fjxpenditurg is incurred. 2.6 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured Teliably by the Charitable Incorpomted Org8nlsalion', this is normally upon notrfication of the interest paid or payable by th8 institution with whom the funds are deposited. Page 13
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Ac¢ountlng poll¢lo$ {eontlnued} 2.7 Taxatlon Tho Charitable Incorporated Organisation is considergd to pass the tests set out in Paragraph 1 S¢h8dule 6 of the Finance Act 2010 and therefor8 it meets the definition of a charltable company for UK ¢orporation tax purposes. Accordingly, th8 Charitable Incorporated Organisation is potantially &xempt from taxation in respect of income or capitsl gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeablè Gains Act 1992, to the extent that such income or gains are applied exclusivtsly lo charitsbl8 purposes. 2.8 Tangible fixed asset5 and d•pr¢clatlon Tangible fixed assets costing £500 or more are capitalised and regnISed when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognitlon, under th8 Cost model, tangible fixed assets are measured at cost less accurnulated depreciation and any a¢cumulated impaimient lossès. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Houslng propertlos Freehold properties representing housing land and buildings are stated al cost. No cost is attributable to non-housing land and buildings held as investment properbgs. The cost of housing propertiès relate to improvements carried out which hav8 been funded by Housing Corporatlon grants, Colchester Borough Council grants and from the Charftys own r8sourcEs. As the propefties are maintsined in a stata of repair such that their eslimaled residual value is not less than their irnprovemènt cost, th8 annual Charge for depreciation would be nil. Dapreciation is charged so as to allocate tha cost of tsngible fixed assets less their residual value over Ihgir estimated useful lives. using the slraight-line method. Depreciation is provided on the followng bases.. Freehold propèty Furniture and equipment Alam system 10%& 25% 20° 2.9 Invéstmonts Fixed asset investments are a form of financial instrument and ar8 inf(ially recognised al their transaction cost and subsequently measured al fair value at the Balan¢e sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairm8nt. Investment gains and losses, whether realiséd or unrealised, are combined and presented as 'GainsllLossesl on investments. in the Stst8m8nl of financial activities. 2.10 Dabtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any Ir8d8 discounts due. Page 14
ALMSHOUSE CHARITY OF ARTHUR NSLEy AND OTHERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 A¢¢ountlng pollcles lcontinuedl 2.11 Cash at bank and In hand Cash al bank and in hand in¢ludes cash and short-lerm highly liquid investments with a short rnalurity of three months or less from the dalg of acqulsltion or opening of the deposit or similar account. 2.12 Llabllltl•s and provlsion5 Liabilitias are rè¢ognised when there is an obligation al the Balan sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in settlèmant, and th8 amount of the settlement can be estimated reliabty. Liabililies arg recognised at the amount that the Charitable Incorporated Organisalion anb'cipates it will pay to settle the debt or the amount it has received as advancod paym8nts for th8 goods or servicas it musl provide. Provisions ar8 measured at the best estimate of the amounts required lo settlè the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks spectfic to the liability. The unwinding of the discount Is fecognised in the Statement of financial activities as a finance cost. 2.13 Flnan¢lal Instruments The Charitable Incorporated Organisation only has financial assets and ftnanclal Ilabilllles of 8 klnd that qualrfy as basic financial instruments. Basic financial instrumants are initially recognised al transaction value and subsequently measured al thgir sottlemgnt value with the exception of bank loans which are subsequently measur8d at amortised cost using the effective interest method. 2.14 Penslons The Charitable Incorporated Organisalion operat8s a dafin8d contribution pension scheme and the pension charge represents the amounts payablts by the Charitable Incorporated Organisalion to the fund in rosp8Ct of the year. 2.15 Fund a¢eountlng Gener81 funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Incorporated Organisation and which have not been designated for olh8r purposes. Designated funds comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes to the financial slalemenls. Restricted funds are funds which ar8 lo be used in accordance w((h specific restrictions imposed by donors or which have been raised by the Charitable Incorporatèd Organi5alion for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The airn and use of each restricted fund is set out in the notes lo the financial statements. Investsment income, gains and losses are allo¢aled to the appropriate fund. Page 15
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Crltl¢al a¢¢ountlng astlmatg$ and araas of Judgmant Estimates arid judgments are continually evaluated and are basèd on historic818xperienca and othèr factors, including expectslions of future events that are belleved lo be reasonablg under the circumstances. Crltlcal accounUng esllmates and assumpUons.' The Charitsble Incorporated Organisation makes estimates and assumptions Concemlng the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the relat8d actual results. The eslimales and assUpIlonS that have a significant risk of causing a maltrrial adjustment to the carrwng amounts of assets and liabilities within the next financial year are dis¢ussed below. Critical areas of judgment.. The estimates and assumptions made by the Trustees involve the transfers required to designated funds lo allocate funding to the redevelopment reserve and the planned infrastructure reserve. These are material funds which provide funding for expenditure over an extended tsme period. and are recalulaled and updated each year. Income from charitable activities Total funds 1 I months ended 31 October 2023 Unrestricted Total funds funds year ended year ended 31 October 31 October 2024 2024 Residents conlrSbufjons 539.450 539.450 473,000 Investment income Total funds 11 months ended 31 Octobei 2023 Unrestricted Total funds funds year ended year ended 31 Octobor 31 October 2024 2024 Rent receivable 720 12,681 720 12,681 660 2,063 Interest receivad 13,401 13,401 2, 723 Page 16
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS NOTES TO THE FINMCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Analysls of axpendlture on charltabl8 actlvltles Summary by fund type Restrlctad Unr•strl¢ted fund$ funds Totsl yaar ènded year ended y•ar onded 31 October 31 October 31 October 2024 2024 2024 Charitable actwib'es 127,851 509,612 637.463 Unrestricted fvnds Total 7 1 months t I monlljs 8ndetl ended 31 OGtober 31 Octobgr 2023 2023 Direct costs- Activitl8s IA¢tivlty 1) 359, 147 359,147 Summary by èxpenditure typa Slaff costs Depreclatlon Othar cost$ Total year ended year ond¢d year ended year end•d 31 Octobgr 31 October 31 October 31 O¢tobor 2024 2024 2024 2024 Charftable aGtivilies 53.150 641 583,672 637,463 Staff Gosts Depreciation 71 months I I months ended ended 31 Octobar 31 October 2023 2023 Other costs f l fflonlhs ended 37 October 2023 Total 1 I months nded 31 OGlober 2023 Charrtable activities 46,034 1.567 311,546 359,147 Page 17
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Analysls of expendlture by actlvltlos Total funds 11 months ènded 31 October 2023 Support Total costs funds y•ar •nd•d year ended 31 Octob•r 31 October 2024 2024 Charitable activities 637,463 837,463 359, 147 Analysls of support costs Total Total funds S$rvlcas funds 1 I months y•ar èndod year ended ended 31 October 31 October 31 O¢tober 2024 2024 2023 Staff costs Depreciatlon Rates and water Heat and Ilghl Insurance Mainlenan¢x 53,150 641 17.215 228,663 7,690 40,255 53,150 641 46,034 1.567 12,210 176, 140 8, 107 34,391 17.215 228.663 7.690 40.255 L ill Cleaning Exceptional repairs Helpline charges Telephone Residents events 4,365 25,135 13,724 1,686 1,109 56,612 1.555 824 4.365 25,135 13,724 1,686 1,109 S6.612 1.555 824 3,880 17.652 10,934 1.319 1,122 19,876 792 Planned infrastructure Subscriptions Accountancy and payroll L8gal faes Sundry administration Redevelopment ¢osts L05s on disposal of tsngibl8 fixed assets Govefnance costs 831 4,394 5,216 9,882 5,868 45,773 128,098 5,100 5,868 45,773 128,098 5,100 4,800 637,463 637,463 359, 147 Page 18
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Analysls of expendlture by actlvltles {¢ontinuedl Analysls of support ¢osts (continued) Gov8mance costs included above are as follows.. Governanc• costs 2024 2023 General Manager120Vol 6.589 5,100 5,623 4.800 Audll 11.689 10,423 Detailed breakdown of total Snd on properties 2024 2023 Rovonue malntenance: Electrical and plumbing Normal 13.614 13,613 10.002 2.204 56.612 822 25.135 6,977 13.975 10,364 1.509 19,876 1,566 7 7,652 Central Healing Gardens Planned infrastructur8 Equipment repairs & puichases Exceptional repairs Totsl 122.002 71.919 Exceptional repairs expenditure and planned infrastructure expenditure above is allocated lo the planned infrastructure reserve. All other expendilurg relates lo the general income fund. Audltorfs remuneratlon The auditorfs remuneration amounts to an auditor fee of £5.10012023- £4,800>. Pago 19
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Staff costs I I months year ended ended 31 O¢tob•r 31 Octobgr 2024 2023 Wages and salaries Contribution to defined wntribution pension schemes 51.965 1.185 45,041 993 53.150 46,034 The average number of persons employed by the Charitable Incorporated Organisation during the year was as follows.. 11 months ended 31 October 2023 No. year ended 31 October 2024 No. Clerk to the TrusleeslGeneral Manager Other staff No employee received remuneration amounting to more than £60.000 in eilhef year. Detalled analysls of wag8s and $alarf•$ 2024 2023 General manager- operational180¥th} Ggneral manager- govemance1200kl 26,355 6,589 20,206 22,492 5,623 17,919 Other stsff 53.1 46,034 10. Trustees. remuneratlon and axponsgs During the year, no Trustees received any rèmunerats'on or olhor b8neflls (2023- £NIL). During the year ended 31 October 2024, no Trustee expenses have been incurred (2023- £NILJ. Page 20
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 11. Tanglble fixed assets Fr••hold Flxtures and property fittlngs Offic equlpment Totsl Cost or valuatlon Al 1 November 2023 2,044.434 11,484 (127.8511 22.979 13.047 520 2.080,460 12,004 1129,086) Additions Disposals {1.2351 Al 31 October 2024 1,928.067 22.979 12,332 1,963,378 Depreciatlon Al 1 November 2023 Charge for the year On disposals 22,979 8,419 641 31,398 641 1618) 16181 Al 31 October 2024 22,979 8,442 31,421 Net book value Al 31 October 2024 1.928.067 3,890 1,931.957 Al 31 Octobgr 2023 2,044,434 4,628 2,049,062 The fixed assets were Iransfered from The Almshous8 Charity of Arthur Wirbsley and OlheTS, charity nurnber 206000 on 1 December 2022. The freehold properties comprise 80 dwellings with associated chap81 and amenity land in Old Heath. Colche5ter and are valued for insurance purposes at £19.308.572. 12. Fixed asset investments Llst8d Investmonts Cost or valuatlon Addf(ions 3,800,417 1500,0001 457,467 Disposals Revaluations Al 31 Oclober 2024 3,757,884 Page 21
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 12. Flxed asset Inv•stments l¢ontlnu•dl Matsrial Investments 31 Octobgr 30 November 2024 2023 M&G Equities Investment Fund for Charities {Charrfundl M&G Charity Multi Asset Fund 1,278,822 977,056 1,502,006 1. 102,921 855,978 1,841,579 Parmenian Inv8slmenls GIA 3,757,884 3,800,417 The investments were transfered from The Amshouse Charity of Arthur Winsley and Others, charity number 206000 on 1 De¢ember 2022. 13. Dobtors 2024 2023 Du• wlthln ono year Trade debtors Prepayments and accrued Income 1.$76 4.047 585 4,027 5.623 4,612 14. Credltors- Amounts falllng due wlthln one year 2024 2023 Trade credrtors 12,518 11,567 23,065 21,230 Accruals and deferred income 24,085 44,295 Pagg 22
AUSHouSE CHARIry OF ARTHUR WINSLEY AND OTHERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 15. Flnancial Instruments 2024 Flnan¢lal assets Financial assets measured al falr value through Income and expenditure 843.712 2024 Flnanclal Ilabllttles Financial liabilities measured at amortised cost 24,085 Financial ass8ls measured al fair value through income and expenditure comprise cash al bank and in hand, and trade debtors Other financial liabilities measured at amortised cost comprise trade creditors and accruals and deferred income. Page 23
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 16. Statement of funds statement of funds- current year Balance at 1 November 2023 Balanc• at Galnsl 31 Octobèr ILoss•sl 2024 Transfers Inlout Income Expendlture Unrestricted funds Deslgnatod funds Planned Infraslru¢ture reserve 401,500 156,6121 1,483,592 74.530 1.903.010 Redeveloprnent reserve 3,544.726 (70.9081 11,402,555) 382,937 2,454.200 3.946.226 1127,5201 81,037 457,467 4,357,210 Ganaral fund$ Ganèral Funds- all funds 150.000 552,851 {382,092} 192,5211 228.238 Total Unrestrfcted funds 4,096,226 552,851 {509,612) 457,467 4,585,448 Restrlcted funds Propety reserve 2,044.434 1127.8511 11.484 1,928,067 Total of funds 6.140.660 552.851 1637.4631 457,467 6.513,515 A transfer of £81,037 has been made from General funds to Redevelopment reserva to maintain the General funds al approximately 9 months budgeted expenditure. A transfer of £1,483,592 has been made from Redeveloprnent reserve to Planned Infrastructure reserve to designate funds required for the revised redevelopment programme and the funds required for the planned propety maintenance programme. A transfer has been madg from Propety resgrve to General reserve of £116,637 to reflgct Ihg additions and disposals of propety during the year. Page 24
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 17. Analy$ls of net assets betwèen funds Analysis of not assats batween funds - current perlod Restricted Unr•$trfctsd funds funds 2024 2024 Total funds 2024 Tangible fixed assgls Fixed asset investments Current assets 1.928,067 3,890 3.757,884 847,759 124,0851 1.931,957 3,757.884 847.759 124,0851 Creditors du8 within one year Total 1,928,067 4,585,448 6,513,515 18. Reconclllatlon of not mov•mont In fund5 to net cash flow from operatlng a¢tlvltles 11 months gnded 2023 year ended 2024 Net income for the period las per Ststement of Financial Acliviliesl 372,855 17,162 Adjustments for.. Depreciation charges Gainslllossesl on investments Intarèst received Loss on the sale of fixed assets Decreasellincreasel in debtors Increaselldecreas81 in creditors Net assets Iransfered from previous charity Resèrves transfered from previous charity 1,567 99,414 (2,723) 1457,467} 112.681) 128.098 11,0111 120,2101 6,084 6,463 (6, 123,498) 6,123,498 Net cash provldod by operating a¢tlvltla$ 10,225 127,967 Page 25
ALMSHOUSE CHARITY OF ARTHUR WINSLEY AND OTHERS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 19. Analysls of cash and cash oquivalents 2024 2023 Cash in hand 842.136 330,864 Total cash and cash equivalents 842.136 330,664 20. Analysls of ¢hang•s In net debt At31 October 2024 Nov•mb•r 2023 Cash flows Cash al bank and in hand 330.864 511.272 842.136 330,864 511,272 842,136 21. Panslon comrnitrnents The charity operates a defined contribution pension scheme. The assets of the scheme are held $8paralely frorn those of the charity in an indep8ndently administered fund. The ptsnsion cost charge represents contributions payable by the charity to the fund and amounted lo £1,18512023 -£9931. 22. Relat•d party transactions Thg charity had no related party transactions during the period. 23. Controlling party There is no controlling party in this or the preceding period. Page 26