Regl$l8red Charlty No. 200759 SOUTH MOLTON corrAGE HOMES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 SOUTH MOLTON CO￿AGE HOMES ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Pago$ Tnjslees Report Legal & Adminislralive Inform?Iion Independent E%aminers' Report Slaiemeni ol Finantsal Activities Balance Sheet Notes lo the Accounts &7 SOUTH MOLTON COTTAGE HOMES TRUSTEES REPORT ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 The trustees of Ihfy ¢harity submit Iheii annual report and the financial 51aletnenls for the year ended 31 March 2024 The Iiuslees have adopted the provisions of the Slalemeni of RecommeTrdeLI PraGliTr ISORPI-Accounling and Reporting by Charities" In preparing the annual reporl and financial 51atemenls of the charity. a5 well as complyin9 With staluiory requirefflents and the goveming documsni. Con$tltutlon, Organisatlonal Struo¢ure and Objo¢1iV8S The charity registered as a chanty on 22 December 1961. 11 Is govemed by the scheme of High Court ol Justice ol ?3 June 1930 varied by schemes 0111 Augusi 1970, 28 March 1972 and 12 Novernber 1990 115 obieciives are the provision and tnainienance of homes lor poor single People of al least 60 yÈars ol a9e and poor rnarried couples, one of whom shall be al lea5160 years ol a9e and lexGepl in spetsal cases lo be approved by th8 chanty commi5slonersl 8re lo be inhabilanls of the area of benefit. In planTriTrg our 8Clivilies we have kept In Inind the Charity Commission's guidante on publiG benéfit and have followed this guid3n￿ lo demtrnsirale Ihe charilable aitns are for the public benefit. Iruste8s and thelr Interost5 New Trustee5 are appointed by a democratic process. The Town Council has, again, not been able to nominate anyone for the two Truslee position5 they were enlilled ID under our wnslilulion. This left us lo oper31e wilh four Trustees instead of the six we 5hDuld have The Trustees wrote lo the Town Coun&1 expressing their concern and pointing Dut the dilficullies the Charity f8C8d working with only four TrJstees. The Town Council. in acknowled9ing Ihe situation, wrote askin9 Ihat, with Immediate effeEI. the Town Council relinquish Ils entitlement lo those two Trustee positions and be removed from the Cotlage Hoffles consiilulion. This enabled Ihe Charity to seek lo fill the vacant Trustee p0511ions by 8dverbsing in the local paper, on-line and the Council noliGeboard, resulling in one new TnJstee appoinied in the 202412025 reporting year. Achievernents and Porformanco South Mtriion Collage Homes 15 an Alm5hoLdge Chariiy and receives its hn3n¢es from fflainlenance coniribulions from the residents Df the eight Cotta9es 31 Lamaion Park. SOU￿ Mollon North Devon EX36 48G The ChÈrity has a Managernenl Agreetnenl with North Oevon Homes Ltd lo provide cover 2417 for all emergency and maintenÈncÈ work. During the year. after 8 lengthy process. we were able lo enact an uplift clause on the value of a small ple￿ of land the Trustees had sold some Iwenty years ago. resulting in a £25k payment into the Charity's funds All tho appropriate annual checks have been Garned out 3nd. during the pa51 twelve monlhs. we have continued with our program of updabng and replacing. e g. r3dia1015, exlracior fans. new shower unil and major work lo the roof of Cottage no.7. The Trustees also agreed upon the widening and replscemenl of the paths lo the rear of the Cottages allowing for wheÈlchair and buggy use This wort was wealher-(lependanl and was cornpleled by Ihtr end ol March 2024 FLJrther wotk5 will b8 t8king place In the Trext finanoal year with the replacement of 811 soffits and gutters ard work 10 the front paths Al Chrisltnastitne 2023, we were able lo assist the Rolary Club of South Moiion provided Chn51mÈs hampers for our Resi¢enls. We arè grateful for the support Ihal the Robry Club gives our Residents and South Moiion South Mollon Cottage Homes do not employ any slaff and no rernuneralion was paid lo Trustees. We have two Trustees who have sèrved lor over len years and, along wilh the other Tru51ee5. are reviewed al the appropriole time. Ths thadty receives no overseas funding and hès not transferred rnoney overseas. Risks rhe Trustees h3ve reviewed all known risks and have sattsfied themselves Ihal Ihèr8 aré adsquale sysleffl5 and procedure5 in place ID miligale the nsks ide￿￿'fItd. Ros8rv88 PoliGy The Chanty IS In 8 good fin3ncial state and h2s a Reserve Policy Fund of £45k lo cover any unforeseen circumstances should they arise. Inwe$lmont policy The Trustee5 h8vp the power 10 invest in such 855els as Ihey feel is appropriate lo the Charily ON BEHALF OF THE BOARD Mr Stephen Whil& Trusiee Dated g-I- Rev Dr Michael Grand&y Trustee SOLJTH MOLTON CO￿AGE HOMES LEGAL AND ADMINISTRAMVE INFORMATION Trustees.. Mr Slephefi Vlhite Ichairrnanl Mr Sidney Claude Souire Mrs Lyn Winter Revd Dr Micnael Grandey Charity Number.. 200759 Bankers.. N8IWesl 41 Migh Street Bamstsple Dtrvon EX31 IHJ Accouniants.. Azels Lime Court Palhfields Business Pad< South Mollon Devon EX36 3LH Charity Contact.. Mr stephen Vvhile Crosseview 40 8rook Me3dow South Mollon Devon EX36 4BN INDEPENDENT Ex￿lINERs REPORT TOTHE COMMIThEE OF MANAGEMENT OF SOUTH MOLTON COThAGE HOMES I report on thè attounts of the charity for thé year ended 31 March 2024, which are Sel out on pages 4 to 7. Resppctive Rosponslbilities of Trvstee5 and ExatnineT The charity's Iruslees are responsible lor the prèpartiion of Ihe accounts. The chanty's trustees consider that 8n audit is not reouired for Ihis penod under section 144121 of the Ch8ri1i&s Act 2011 Ilhe 2011 Acll and thai an Independenl ex¥minalion is lleeded. examine Ihe acmJnls under section 145 of the 2011 AGI, lo follow the proeedures laid d04vn in the General Direcbons given by Ihe Charity Commission lunder section 14515llbl ol ihe 2011 Act. and 10 state whelh&r particular matters have come lo tny attentron. Basis of Indppendent Examinerfs Stat•ment My ex2minalion was carried out In accordance with the General Directions given by the Chanty Commission. An examination include5 a reviEW ol the aGcounling records kept by the ¢haDly and a cotnparison of the acmunts presenled with Ihose remrds 11 also IncludBs consideraiion of any unusu81 items or disc105uies In the accounts, and seeking explan31ions from you as Iruslees concÈmin9 any such rnattErs. The procedures undertaken do not prowde all the evidence that would be required In an audit. and conseouenlly no opinion is given as lo whelher thè accounis present a 'true and fair view, and the report Is limiied lo those matters sei oul In the $131emenl below. Independent Examlnèr's statement In connection with my examiTralion, no matter h45 COMÈ lo my attention hich gives me reasonable cause to believe that in any m81erial respect the wuiremenlS-. lo keep atcounlin9 rewrds in accordance with section 130 of the 2011 ACL and Its prepare accounts which accord with Ihe accounting records and 10 Comply with the actounling requiremenis of the 2011 Aci have not been mel, or 2. to vthich. in my opinitsn. 3llention should be drawn In or(ler to en8ble a proper understanding of the accounts lo be reach Dèled.. Mrs Elizabeth Smith ACA, FCCA. CTA zels Lime Couri Palhfields Business Park South Mollon Devon EX36 3LH SOUTH MOLTON COThAGE HOMES STATEMENT OF FINANCIAL ACTrVITIES AS AT 31 MARCH 2024 2024 2023 Unrestrlcted Income Conlribulion5 from Occijpanis Bank inleresl received Capital reserve alc Weslem Powèr WaOe8ve 41.645 610 27 40.719 182 27 42,282 40.928 Dlroct charitable ex Water Rates Insuran General repair5 Accountancy Management fees Honoraria Altnshouse AssoGialion nditure 1,942 1,286 8,214 1,070 4,617 250 263 2,198 1,256 15,985 858 4.194 250 196 117.6421 124.7371 her aln$ and losses Ch3ngc In fair value of financial asset5 Land value uplift 299 ?5,000 49,938 16.242 SOUTH MOLTON COITAGE HOMES B￿LANCE SHEET IS AT 31 MAR¢H 2024 202A 2023 Fixed Assets Tangible asseis Invesimcnts 4.928 4.928 4,629 4,629 Current Asstts Deblois Cash 31 bank and in hand 29.061 222.22g 251.290 18,619 181,508 200,127 radltors.. Amounts falling due within one year 17,288 15.764 Net Current Assèts 234.002 184.363 238.930 188,992 Capital and Reserves Unreslricled Incom8 Funds Surplus for th• ytar 188,992 49.938 172,750 16.242 Total Rèserwe8 238.930 188,992 ON BEHALF OF THE 80ARD Mr Slephpn Whi18 rruslee Dated. k.. /-ZoLf Rev DR Michael Grandey Tmslee D81ed'. fcfm oltF&s¢accourtE SOUTH MOLTON COTTAGE HOMES NOTES TO THE ACCOUNTS- YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of preparatlon of flnancial siatemenls The Financial Slalemenls have bEen prep8rÈd In 2ccord8nce ¥vilh thè charity's governing document. the Chanlies Act 2011. FRS 102 'The Financial Reporting Slandard applicable in the UK and RepLJblic of IrÈland- I'FRS 102,1 an(J the Charities SORP"Accounling and Reporting by ChariliÈs Slalemenl of Recommended Practice appIl￿ble lo thanii8S preparing their accounls In accordance ¥vilh the Finanaal Reporting Sl8ndaid applitr3ble in the UK and Republic of Ireland IFRS 1021. leffeclive 1 January 20191 The charity 15 a Public Benefit Entity as defined by FRS 102. The chÈrity has taken advaniage of the PTOWSiOnS in the SORP for chantses not lo prepare a Slalemenl of Cash Flows. The Financial 51alefflenis are prepared in 5terfin9, which is Ihe fvnctional currency ol Ihe chanty. MDnelary arnoun15 in Ihese financial slalern8nis are roLJnded lo the nearest £ Th8 financial 51aleTheni have been prepared under the hisiorlcal ¢051 wnvenlion. The PrinGIP81 accounting policies adopted are set out below A35et Policy Fixe(l Assels purthased lor continuing use by the charity fDf the furtherance of Ils objectives are capiialise(l ai ctssl and depreci31ed over their 8conornic lives. Investments held as fixed a55els are revalued al market value at the ba1afjce 5heel date and the gain or loss taken lo Ihe Slalemenl ol Finanoal Aciiviiies ISOFAI. D•prociatlon Tangible fixed Èssels are written off over their useful economic lives 85 follows.. Buildings- 2°/0 on a 51f319hl line basi5. Fixtures. fitting5 & eouipmenl- 2010 reducing balance As the assets were purchased dose lo Ihe end of the 8CCOUnting period depreaation has not been provided for this year a5 It Wa5 Immatenal. Idl FLsnd accounting General funds are unreslncled funds which 8re available for use al the disuebon of the IrusleÈs In furtherance of the general objectives ol the charity 8nd which hawe not been designated for other purposes. Reslricled funds are funds donated for use in a restncled area lel Incorning Recognition Al illGDming resour¢e5 are Included in the SOFA when the charity h8s enlilletTrenl to th& income, il is probable that they will receive il and the amouni be measured reliablw. Donated services and facilitie5 are included al the value lo Ihe fjha￿ty where th15 can be quantified The v81u8 of services provided by volunteers has noi been Included In these account5. Granis and donatsons are only recorded in the SOFA when the chanty has unwndilional enlillernenl 10 the resources. Investment Inmme is included when rewvablè. io Expanditure R£cognltlon Expenditure Is rerngnised on an aG¢rual basis as soon as there is a legal or conslwcbve obligation comtnitting Ihe charity lo thai expendilure. il is probable Ihai setuemenl will be required and the amount of Ihe oblioalion can be measured reliably. The ch8rity is not ieg15tered for VAT and 811 expenditure indudes this where appropriate. Cos15 of generatin9 fund5 compnse the costs associated with attraGting voluniary income. Charitable expenditu￿ compnses those costs Incurred the chanty in the delivery ol 11$ 8clivities an(J services for Ils b&Trefici8ries It Include5 both costs that can be allotsled dirÈctly 10 such activilies, costs of an indirÈ¢l nature nÈce558ry 10 support thèm and costs associated wilh meeting Ihp conslilulional and slaiulory requirarnenls ol Ihe charity. SOUTH MOLTON corrAGE HOMES NOTES TO THE ACCOUNTS-YEAR ENDED 31 MARCH 2024 OPERATING SURPLUS This Is slated after chargin9' 2024 2023 Compilation report lees 800 600 INVESTMENTS The charity's investment 0143 AGCUtnulation Units In the NA4CIF was value(l at £4.928 at 31 March 20241£4.629 al 31 March 20231. CURRENT ￿ssET$ 2024 2023 Debtors Prepaymenis Bank Currenl Account Capital Rèserve Account 28,460 602 176.198 46,030 18,127 492 136,088 45,420 251,290 200,127 CREDITORS.. ￿MoUNTs FALLING DUE WITHIN ONE YEAR CreElilor5 Accruals 16,488 800 15,1 600 17,288 15,764 CONTROL The company was controlled Ihrou9houi this pèriod by Ils Iwslee5. The prtrseni Iruslees are a5 listed on page 2. TRUSTEES The trustees w&re not rerlluneraled or reimbursed for any exp8nses during the penod. TAMTION As a charity. South Mollon Cottage Homes Is exernpi from lax on incnme 8nd 9ains falling Mlhin section 505 01 the Taxes Act 1988 or 5256 01 the Taxation of Charg8able Gains Acl 1992 10 the e￿en1 th31 Ihese are applied lo its charitable objects. No lax charges have arisen In the Charity.