THE HOMEYARD HOMES VERYAN TRURO CORNWALL
CHARITY NUMBER 200770 REGISTERED IN ENGLAND AND WALES
THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
BALME KITCHEN & PEARCE LTD
CHARTERED ACCOUNTANTS 25 LEMON STREET TRURO CORNWALL
THE HOMEYARD HOMES
CONTENTS
PAGE
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1 to 3 TRUSTEES REPORT
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4 INDEPENDENT EXAMINERS REPORT 5 STATEMENT OF FINANCIAL ACTIVITIES
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6 BALANCE SHEET
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7 to 10 NOTES TO THE FINANCIAL STATEMENTS
The following page does not form part of the statutory financial statements 11 DETAILED ANALYSIS OF INCOME AND EXPENDITURE
PAGE 1
THE HOMEYARD HOMES TRUSTEES REPORT FOR THE YEAR TO 30 JUNE 2023
VERYAN TRURO CORNWALL
REGISTERED CHARITY NUMBER 200770
The trustees present their report and accounts for the year ended 30 June 2023.
Trustees:
The following Trustees have served during the year:
Mr D Rounsevell (Chairman) Mrs S Truscott Mr B Jobson Mr J German Mr G Webb Mr J Leach Mrs N Bush T J Dawson FCA Balme Kitchen & Pearce Ltd Chartered Accountants 25 Lemon Street TRURO Cornwall TR1 2LS Barclays Bank King Street TRURO Cornwall
Vacancy – Parish Priest
Independent Examiner:
Bankers:
Governing Document
The Homeyard Homes Trust is constituted by a Trust Deed dated 27 April 1953.
How our activities deliver public benefit
Our main activities and who we try to help are described below.
All our charitable activities focus on providing accommodation to the seamen’s widows of preferably Cornish seamen or other appropriate applicants, at a nominal contribution towards expenditure.
Objects and Organisation
The objects of The Homeyard Homes Trust are to ensure the provision of accommodation for dependants of the widows of Cornish seamen.
PAGE 2
Continued........
Review of the year
The trust made a profit of £8,376. The charity ensures the accommodation continues to be of a good standard. Some investments had to be sold in order to finance its expenditure.
Principal Funding Source
Aside from contributions from the occupiers, the principal funding source for the Charity is from investment income.
Investment Policy
The Charity has a Stockbroker advising on investments. Some investments are sold each year in order to pay the ongoing expenses.
Reserves Policy
To retain the endowment portfolio at a level which produces approximately two-thirds of the average annual expenditure of the charity.
Trustees Selection
The Trustees shall consist of not more than eight persons.
The vicar shall be one Trustee.
Cornwall County Council may appoint two Trustees and the Royal Alfred Merchant Seamen’s Society shall appoint two Trustees.
Up to three Trustees can be appointed by the existing Trustees.
Each appointment is made for five years or until earlier vacation. A Trustee retiring after five years is eligible for reappointment.
Trustee Induction & Training
New Trustees are briefed on their legal obligations under charity law, the Charity Committee guidance on public benefit, the decision making processes and the recent financial performance of the charity.
Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Risk Management
The Trustees have a risk management strategy which comprises of an annual review to discuss those risks identified and plan procedures to minimise any potential impact on the charity should those risks materialise.
PAGE 3
Continued........
Statement of Trustees responsibilities
The Trustees are required under the Charities Act 2011 to prepare financial statements for each financial year, which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and
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(a) Select suitable accounting policies and apply them consistently;
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(b) Make judgements and estimates that are reasonable and prudent;
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(c) State whether applicable accounting standard and statement of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
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(d) Prepare the financial statements in a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enables them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the charity and hence for taking responsible steps for the prevention and detection of fraud and other irregularities.
Approval
This report was approved by the Trustees on and signed on their behalf by:
Trustee
PAGE 4
THE HOMEYARD HOMES
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE HOMEYARD HOMES
I report on the accounts of the Trust for the year ended 30 June 2023, which are set out on pages 5 to 10.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The Charity’s Trustees consider that an audit is not required for this year in accordance with the Charities Act 2011 (the act) and that an independent examination is needed. It is my responsibility to: -
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Examine the accounts (under section 145 of the act);
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To follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the act and
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To state whether particular matters have come to our attention.
BASIS OF INDEPENDENT EXAMINER’S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
INDEPENDENT EXAMINER’S STATEMENT
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure that;
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proper accounting records are kept (in accordance with section 130 of the Act) and;
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
T J Dawson FCA Balme Kitchen & Pearce Ltd Chartered Accountants 25 Lemon Street TRURO Cornwall TR1 2LS
Date:
PAGE 5
THE HOMEYARD HOMES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023
| INCOMING RESOURCES Incoming resources from generated funds; Activities for generating funds Investment Income Other Total incoming resources RESOURCES EXPENDED Costs of generating funds; Charitable Activities Investment Management Costs Governance Costs Total resources expended Net incoming/(outgoing) resources Gain/(Loss) on revaluation of investments Funds brought forward |
NOTE 2 3 |
2023 2022 Unrestricted Endowment Building Repair Funds Funds Fund Fund Total Total |
|---|---|---|
| 18,809 18,809 19,409 42,218 42,218 34,834 |
||
| 18,809 42,218 61,027 54,243 |
||
| 22,291 1,200 12,797 36,288 25,681 13,768 13,768 14,102 2,595 2,595 2,630 |
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| 2,595 36,059 1,200 12,797 52,651 42,413 |
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| 16,214 6,159 (1,200) (12,797) 8,376 11,830 (3,900) (3.900) (116,925) 238,367 483,330 30,334 588,654 1,340,685 1,445,780 |
||
| 254,581 489,489 29,134 571,957 1,345,161 1,340,685 |
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
The notes on pages 7 to 10 form part of these accounts.
PAGE 6
THE HOMEYARD HOMES BALANCE SHEET AS AT 30 JUNE 2023
| NOTE FIXED ASSETS Tangible Assets 7 CURRENT ASSETS Listed Investments 8 Debtors 9 Cash at Bank CURRENT LIABILITIES CREDITORS: 10 Amounts due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES FUNDS OF THE CHARITY UNRESTRICTED FUNDS: Accumulated Fund Expandable Endowment Fund RESTRICTED FUNDS: Repair Fund Building Fund 6 |
1,264,420 40,598 11,888 |
2023 | 1,238,389 54,050 18,755 |
2022 |
|---|---|---|---|---|
| 29,455 1,315,706 |
30,691 1,309,994 |
|||
| 1,316,906 1,200 |
1,311,194 1,200 |
|||
| 571,957 29,134 |
588,654 30,334 |
|||
| 1,345,161 | 1,340,685 | |||
| 254,581 489,489 |
238,367 483,330 |
|||
| 744,070 601,091 |
721,697 618,988 |
|||
| 1,345,161 | 1,340,685 |
These accounts were approved by the Trustees on and were signed on their behalf by:
The notes on pages 7 and 10 form part of these accounts
PAGE 7
THE HOMEYARD HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
1. ACCOUNTING POLICIES
a) Basis of Accounting
The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value and follow the recommendations in the Accounting by Charities – Statement of Recommended Practice.
b) Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
c) Incoming Resources
These are included in the Statement of Financial Activities (SoFA) when;
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The charity becomes entitled to the resources
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The Trustees are virtually certain they will receive the resources; and
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The monetary value can be measured with sufficient reliability
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SoFA.
d) Investment Income
This is included in the accounts when receivable.
e) Liability Recognition
Liabilities are recognised as soon as there is a legal or constructible obligation committing the charity to pay out resources.
f) Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of Trustee meetings and cost of any legal advice to Trustees on governance or constitutional matters.
g) Fixed Assets
These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost, or if gifted at the value to the charity on receipt.
Investments held as fixed assets are revalued at Market value at the Balance Sheet date and the gain or loss taken to the Income and Expenses statement of financial activities.
h) Depreciation
Depreciation is provided on all tangible fixed assets in use at rates and bases calculated to write off the cost or valuation less estimated residual value of each assets over its expected useful life, as follows: - (i) Freehold Property 2% per annum on the straight line method (ii) Furniture 10% per annum on the reducing balance method (iii) Equipment 10% per annum on the reducing balance method
i) Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred
All costs allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
PAGE 8
THE HOMEYARD HOMES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
2, ANALYSIS OF INCOME RESOURCES
| Activities for generating funds Interest Donation Contribution from occupiers Electric Meter collection Dividends Other Profit (Loss) on Sale of Investments |
2023 2022 32 - - 7 17,253 18,609 1,524 793 34,733 29,769 7,485 5,065 |
|---|---|
| 61,027 54,243 |
3. ANALYSIS OF RESOURCES EXPANDED
| Costs allocated to Basis of activities Allocation |
Contributions Investment from 2023 2022 Income Occupiers Admin Total Total |
|
|---|---|---|
| Warden Direct Heating & Lighting Direct Repairs & Renewals Direct Rates & Water Direct Insurance Direct Garden Expenses Direct Depreciation Direct Support Costs allocated to activities Legal & Professional* Usage Office Expenses Usage |
3,600 3,600 4,500 10,804 10,804 7,577 12,797 12,797 2,606 2,167 2,167 4,517 1,278 1,278 1,156 3,936 3,936 3,536 1,236 1,236 1,239 14,788 14,788 15,122 2,045 2,045 2,160 |
|
| 35,818 16,833 52,651 42,413 |
- Included in Legal & Professional expenditure is £1,020 in respect of the Independent Examiner.
4. TAX
The Trust is entitled to Income Tax and Capital Gains Tax exemption as a Charity under Section 505 of ICTA 1988.
5. PURPOSES OF FUNDS
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a) Endowment Fund - The purposes of this fund are to provide income for the Charity to run the house.
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b) Building Fund - This fund was for the building of the property.
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c ) Repair Fund - The purpose of this fund is to assist with any major building repairs or improvements.
PAGE 9
THE HOMEYARD HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
6. BUILDING FUND
| As at 30 June 2022 Depreciation At 30 June 2023 |
2023 2022 30,334 31,534 1,200 1,200 |
|---|---|
| 29,134 30,334 |
7. TANGIBLE FIXED ASSETS
| Cost; At 1 July 2022 Additions At 30 June 2023 Depreciation; At 1 July 2022 Charge for year At 30 June 2023 Net book value at 30 June 2023 Net book value at 30 June 2022 |
Freehold Property 55,534 |
Furniture 730 |
Equipment Total 1,384 57,648 |
|
|---|---|---|---|---|
| 55,534 | 730 | 1.384 57,648 |
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| 25,200 1,200 |
709 2 |
1,048 26,957 34 1,236 |
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| 26,400 | 711 | 1,082 28,193 |
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| 29,134 | 19 | 302 29,455 |
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| 30,334 | 21 | 336 30,691 |
The Trustees have estimated the Market Value of the Freehold Property at 30 June 2023 was .
8. LISTED INVESTMENTS
Investments listed on a recognised Stock Exchange.
| Market Value at 1 July 2022 Additions at cost Sales Net loss on revaluation Market Value at 30 June 2023 Historical cost at 30 June 2023 |
1,238,389 239,206 (209,275) (3,900) |
|---|---|
| 1,264,420 | |
| 1,269,654 |
These investments are managed by Charles Stanley who makes recommendations to the Trustees for their decision on purchases or sales.
PAGE 10
THE HOMEYARD HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
9. DEBTORS
| Debtors Prepayments |
2023 2022 |
|---|---|
| 40,056 53,508 542 542 |
|
| 40,598 54,050 |
10. CREDITORS
| Creditors Accruals |
2023 2022 |
|---|---|
| 1,200 1,200 |
|
| 1,200 1,200 |
11. TRUSTEES REMUNERATION
Trustees neither received nor waived any emoluments during the year.
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible Fixed Assets Current Assets Current Liabilities Net Assets 30 June 2023 |
General Endowment Restricted Total |
|---|---|
| 29,455 29,455 254,581 1,062,325 1,316,906 (1,200) (1,200) |
|
| 253,381 29,4551,062,3251,345,161 |
THE NEXT PAGE DOES NOT FORM PART OF THE STATUTORY ACCOUNTS
PAGE 11
THE HOMEYARD HOMES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023
| INCOMING RESOURCES Interest Donation Dividends Contribution from Occupiers Electricity Meter Collection Profit/(Loss) on Sale of Investments RESOURCES EXPENDED Direct Charitable Expenditure:- Warden Heating and Lighting Repairs and Renewals Rates and Water Insurance Garden Expenses Depreciation OTHER EXPENDITURE Administration:- Stockbrokers Management Fees Accountancy Printing, Stationery and Advertising Subscriptions and Sundry Managers Wages TOTAL EXPENDITURE |
3,600 10,804 12,797 2,167 1,278 3,936 1,236 |
35,818 16,833 |
2023 | 4,500 7,577 2,606 4,517 1,156 3,536 1,239 |
25,131 17,282 |
2022 |
|---|---|---|---|---|---|---|
| 32 - 34,733 17,253 1,524 7,485 |
- 7 29,769 18,609 793 5,065 |
|||||
| 61,027 52,651 |
54,243 42,413 |
|||||
| 13,768 1,020 274 196 1,575 |
14,102 1,020 89 461 1,610 |
|||||
| 8,376 | 11,830 |