## **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
- 1 to 3 TRUSTEES REPORT
- 4 INDEPENDENT EXAMINERS REPORT 5 STATEMENT OF FINANCIAL ACTIVITIES
- 6 BALANCE SHEET
- 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
- (a) Select suitable accounting policies and apply them consistently;
- (b) Make judgements and estimates that are reasonable and prudent;
- (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;
- (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: -
- Examine the accounts (under section 145 of the act);
- To follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the act and
- 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:
- (1) which gives me reasonable cause to believe that in any material respect the trustees have not met the requirements to ensure that;
- proper accounting records are kept (in accordance with section 130 of the Act) and;
- accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
- (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|
|||2,595
36,059
1,200
12,797
52,651
42,413|
|||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;
- The charity becomes entitled to the resources
- The Trustees are virtually certain they will receive the resources; and
- 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**
- a) Endowment Fund - The purposes of this fund are to provide income for the Charity to run the house.
- b) Building Fund - This fund was for the building of the property.
- 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|
|||25,200
1,200|709
2|1,048
26,957
34
1,236|
|||26,400|711|1,082
28,193|
|||29,134|19|302
29,455|
|||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|