Charity registration number 201687 (England and Wales)
THE ROYAL ALBERT AND ST SWITHUN'S HOMES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE ROYAL ALBERT AND ST SWITHUN'S HOMES
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr M Ellison Mr B Thompson Mrs B Thompson Mr W Simpson MBE Mr M A Thomas Councillor S MacKay Mrs S Bannister Mrs S Major M T Clarke Councillor J Riaz Councillor A Sadiq
(Appointed 10 July 2024) (Appointed 19 December 2024) (Appointed 19 December 2024)
Clerk to the Trustees Mr J I Wagstaff Charity number 201687 Principal address 17 Royal Albert Close Fort Royal Worcester WR5 1BX Independent examiner S J Morley ACA Kendall Wadley LLP Merevale House 27 Sansome Walk Worcester WR1 1NU Bankers Lloyds Bank plc 4 The Cross Worcester WR1 3PY
Investment advisors M&G Securities Limited PO Box 9038 Chelmsford CM99 2XF
THE ROYAL ALBERT AND ST SWITHUN'S HOMES
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 - 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 22 |
THE ROYAL ALBERT AND ST SWITHUN'S HOMES
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document of 19 December 2000, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019)
Objectives and activities
Objects of charity
The objects of the charity are:
-
the provision of housing accommodation for beneficiaries
-
such charitable purpose for the benefit of the residents as the trustees decide; and
-
the relief of persons under the age of 18 who are in need, hardship or distress in accordance with clause 28(2) of the charity's Scheme.
Activities of the organisation
The Almshouses belonging to the charity shall be appropriated and used for the residence of Almspersons in accordance with the Scheme.
The Trustees shall charge the Almspersons a weekly sum towards the cost of maintaining the Almshouses and essential services. There have been no changes in the stated objects during the year.
Public benefit
As a charity, The Royal Albert and St Swithun's Homes provides a public benefit to the local community providing housing for the elderly and providing grants to young persons under the age of 18, who are in need, hardship or distress.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Organisation review and results
The replacement of all the side windows and front door units in the Bungalows at the Royal Albert Site have now been completed, as has the work required to repair the issues with the sewer systems at both sites.
During the year we have had one vacancy which had arisen in November 2023 but with the co-operation of our contractors the refurbishment was completed quickly and the new Resident was able to move in without too much loss of income to the Charity.
In May we had the Quinqennial Inspection carried out and the urgent items reported on are already in hand. The Trustees will continue to review the report and carry out the works reported on.
The Charity’s investments held in the M & G Charity Multi Asset Funds have recovered and this continues to be a
good investment for the funds.
Once again our thanks go out to our Warden who has provided an excellent service of care to our Residents in looking out for their mental and physical welfare. She has also kept the Trustees fully informed, complied with government guidelines and dealt promptly with the maintenance issues as they have arisen.
As usual the ongoing schedule of work to both improve the Residents facilities and to maintain the property to a high standard continues and thus the Trustees set their forward Budget Plan to cover this.
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial review
Reserves Policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which provides sufficient funds to cover resources expended for approximately two to three years, which equates to between £300,000 and £400,000, to ensure the continuity of the provision of Almshouses to the residents.
Total reserves stand at £1,461,134 (2023: £1,361,640) of which £231,979 (2023: £231,979) is permanently endowed. Restricted Funds total £148,895 (2023: £140,210) further details are provided on the use of these funds in the notes to the financial statements. Of the remaining funds £422,098 (2023: £378,783) is designated to ensure that the programme of cyclical and other maintenance of the properties can be undertaken, leaving unrestricted funds at £658,162 (2023: £610,668 ).
Investment policy
The Trustees have considered the most appropriate policy for investing funds and have found that specialised unit trusts, designed for the charity sector, meet their requirements to generate both income and capital growth. The Trustees consider the return on investments in the year to be satisfactory.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
Organisation status
The Organisation is an unincorporated charity regulated by a Charity Scheme dated 19 December 2000 and as approved by the Charity Commission for England and Wales. The board of trustees is responsible for the decisions taken concerning the management of the charity.
Trustees
The Trustees who served during the year were: Mr H Burton (Resigned 2 October 2024) Mr M Ellison Mr B Thompson Mrs B Thompson Mr W Simpson MBE Mr M A Thomas Councillor L Denham (Resigned 5 August 2024) Councillor S MacKay Mrs S Bannister Mrs S Major M T Clarke (Appointed 10 July 2024) Councillor J Riaz (Appointed 19 December 2024) Councillor A Sadiq (Appointed 19 December 2024)
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Recruitment and appointment of new Trustees
Trustees are appointed either by nomination or co-option, in accordance with clauses 7 and 8 of the Charity Scheme of 19 December 2000, for a term of four years.
Trustee Training
Trustees must give each new Trustee, on their first appointment, a copy of the Scheme and any amendments made to it and a copy of the charity's latest report and statement of accounts. Trustees receive any additional training as is necessary during Trustee meetings.
The Trustees' report was approved by the Board of Trustees.
Mr W Simpson MBE
Trustee Dated: 2 April 2025
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE ROYAL ALBERT AND ST SWITHUN'S HOMES
I report to the Trustees on my examination of the financial statements of The Royal Albert and St Swithun's Homes (the charity) for the year ended 31 December 2024.
Responsibilities and basis of report
As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have completed my examination. I confirm that no matters have come to my attention in connection with the
examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
S J Morley ACA Kendall Wadley LLP
Merevale House 27 Sansome Walk Worcester WR1 1NU
Dated: 2 April 2025
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Current financial year
| Unrestricted Unrestricted Restricted Endowment funds funds funds funds general designated 2024 2024 2024 2024 Notes £ £ £ £ Income and endowments from: Charitable activities 3 189,334 - - - Investments 4 6,545 - 250 - Other income 5 1,348 3,060 - - Total income 197,227 3,060 250 - Expenditure on: Charitable activities 6 135,126 46,127 1,929 - Net gains/(losses) on investments 10 44,298 27,477 10,364 - Net incoming resources before transfers 106,399 (15,590) 8,685 - Gross transfers between funds 12 (58,905) 58,905 - - Net movement in funds 47,494 43,315 8,685 - Fund balances at 1 January 2024 610,668 378,783 140,210 231,979 Fund balances at 31 December 2024 658,162 422,098 148,895 231,979 |
Total 2024 £ 189,334 6,795 4,408 200,537 183,182 82,139 99,494 - 99,494 1,361,640 1,461,134 |
Total 2023 £ 163,358 6,171 - |
|---|---|---|
| 169,529 | ||
| 185,060 | ||
| 58,656 | ||
| 43,125 - |
||
| 43,125 1,318,515 |
||
| 1,361,640 |
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
Prior financial year
| Unrestricted Unrestricted Restricted Endowment funds funds funds funds general designated 2023 2023 2023 2023 Notes £ £ £ £ Income and endowments from: Charitable activities 3 163,358 - - - Investments 4 5,921 - 250 - Total income 169,279 - 250 - Expenditure on: Charitable activities 6 125,036 57,994 2,030 - Net gains/(losses) on investments 10 31,738 19,364 7,554 - Net incoming resources before transfers 75,981 (38,630) 5,774 - Gross transfers between funds 12 (56,630) 56,630 - - Net movement in funds 19,351 18,000 5,774 - Fund balances at 1 January 2023 591,317 360,783 134,436 231,979 Fund balances at 31 December 2023 610,668 378,783 140,210 231,979 |
Total 2023 £ 163,358 6,171 |
|---|---|
| 169,529 | |
| 185,060 | |
| 58,656 | |
| 43,125 - |
|
| 43,125 1,318,515 |
|
| 1,361,640 |
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Capital funds Endowment funds 18 Income funds Restricted funds 19 Unrestricted funds - designated Unrestricted funds - general |
2024 £ £ 231,979 1,191,097 1,423,076 3,693 54,471 58,164 (20,106) 38,058 1,461,134 231,979 148,895 422,098 658,162 1,461,134 |
2023 £ £ 231,979 1,107,512 1,339,491 6,105 54,193 60,298 (38,149) 22,149 1,361,640 231,979 140,210 378,783 610,668 1,361,640 |
2023 £ £ 231,979 1,107,512 1,339,491 6,105 54,193 60,298 (38,149) 22,149 1,361,640 231,979 140,210 378,783 610,668 1,361,640 |
|---|---|---|---|
| 1,339,491 22,149 |
|||
| 1,361,640 | |||
| 231,979 140,210 378,783 610,668 |
|||
| 1,361,640 |
The financial statements were approved by the Trustees on 2 April 2025
................................................... Mr W Simpson MBE
Trustee
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
The Royal Albert and St Swithun's Homes is a charity registered in England and Wales. The principal address is 17 Royal Albert Close, Fort Royal, Worcester, WR5 1BX.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purpose and uses of the restricted funds are set out in the notes to the accounts.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt.
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Governance costs include costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examiners fees and costs linked to the strategic management of the charity.
All expenditure is accounted for on an accruals basis and is allocated to the activity to which it relates.
Royal Albert and St Swithun's Homes has established a regular programme of cyclical repairs and maintenance. Costs are charged to the revenue account in the year in which they are incurred.
Costs of extraordinary repairs, unless representing improvements to the properties, are charged to the revenue account in the year in which they are incurred.
The Royal Albert and St Swithun's Homes are not registered for value added tax (VAT).
1.6 Tangible fixed assets
Housing properties are stated at cost. The development cost of housing properties includes the following: 1) cost of acquiring land and buildings, and 2) development expenditure.
As the properties are maintained in a state of repair such that their estimated residual value is not less than their improvement cost or carrying amount, no depreciation charge is made on the grounds that it would be immaterial.
Housing Association Grant (HAG) is paid by the Housing Corporation to reduce the cost of development and is, therefore, shown as a deduction from the cost of housing the properties on the balance sheet.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure)for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
3 Charitable activities
Provision of Almshouses
| Notional | Voids | Rent | Total | Notional | Voids | Rent | Total |
|---|---|---|---|---|---|---|---|
| receipts from | receivable | 2024 | receipts | receivable | 2023 | ||
| occupants | from | ||||||
| occupants | |||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | ||
| £ | £ | £ | £ | £ | £ | £ | £ |
| 180,933 | (599) | 9,000 | 189,334 | 163,540 | (7,454) | 7,272 | 163,358 |
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
4 Income from investments
| Unrestricted Restricted Total Unrestricted Restricted funds funds funds funds 2024 2024 2024 2023 2023 £ £ £ £ £ Income from listed investments 6,279 250 6,529 5,876 250 Interest receivable 266 - 266 45 - 6,545 250 6,795 5,921 250 Other income Unrestricted Unrestricted Total funds funds 2024 general £ £ £ Insurance claim 1,348 3,060 4,408 |
Total 2023 £ 6,126 45 |
|---|---|
| 6,171 | |
| Total 2023 £ - |
5 Other income
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
6 Charitable activities
| House services costs Housing maintenance and repairs £ £ Staff costs 21,817 - Water 7,579 - Heat and light 37,445 - Insurance 6,155 - Clerk to the Trustees' fees 4,042 - Telephone 6,009 - Subscriptions 502 - Sundry 4,799 - Gardening 13,909 - Housing maintenance and repairs (unrestricted fund) - 20,599 Large non-recurring repairs (extraordinary repairs fund) - 31,052 Recurring maintenance costs (cyclical maintenance fund) - 15,075 Social event costs - - Grants from Children's Fund - - 102,257 66,726 Share of governance costs (see note 7) 12,270 - 114,527 66,726 Governance costs Clerk to the Trustees' fees Independent examiner's fees Sundry Analysed between Charitable activities |
Social costs Grants from Children's Fund £ £ - - - - - - - - - - - - - - - - - - - - - - - - 1,929 - - - 1,929 - - - 1,929 - |
Social costs Grants from Children's Fund £ £ - - - - - - - - - - - - - - - - - - - - - - - - 1,929 - - - 1,929 - - - 1,929 - |
Total 2024 £ 21,817 7,579 37,445 6,155 4,042 6,009 502 4,799 13,909 20,599 31,052 15,075 1,929 - 170,912 12,270 183,182 2024 £ 8,082 2,120 2,068 12,270 12,270 |
Total 2023 £ 20,696 7,886 36,603 6,031 3,835 5,154 413 4,422 10,546 18,024 16,642 41,352 1,530 500 |
|---|---|---|---|---|
| - - |
173,634 11,426 |
|||
| - | 185,060 | |||
| 2023 £ 7,671 1,740 2,015 |
||||
| 11,426 | ||||
| 11,426 |
7 Governance costs
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
8 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
Liability insurance has been taken out by the charity for its trustees. The cost of £484 (2023: £484) is included in governance costs sundry expenses.
9 Employees
Number of employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Warden | 1 | 1 |
| Employment costs | 2024 | 2023 |
| £ | £ | |
| Wages and salaries | 21,363 | 20,275 |
| Other pension costs | 454 | 421 |
| 21,817 | 20,696 |
In addition to employees' wages paid during the year, the Clerk to the Trustees received remuneration of £12,124 (2023: £11,506 ).
There were no employees whose annual remuneration was £60,000 or more.
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
10 Gains and losses on investments
| Unrestricted | Unrestricted | Restricted | Total | Unrestricted | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | funds | |||
| **general ** | designated | **general ** | designated | |||||
| 2024 | 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | 2023 | |
| Gains/(losses) arising on: | £ | £ | £ | £ | £ | £ | £ | £ |
| Revaluation of investments | 44,298 | 27,477 | 10,364 | 82,139 | 31,738 | 19,364 | 7,554 | 58,656 |
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
12 Transfers
At the year end transfers were made from unrestricted funds to designated funds to increase the amounts set aside to cover future costs of Cyclical maintenance to housing and Extraordinary repairs to housing.
These transfers amounted to £36,540 transferred to the Cyclical repairs and maintenance fund and £22,365 transferred to the Extraordinary repairs to housing fund from unrestricted funds.
13 Tangible fixed assets
| Land and Cost At 1 January 2024 At 31 December 2024 Carrying amount At 31 December 2024 At 31 December 2023 Net book value of fixed assets at 31 December 2024 represents: Freehold property, Fort Royal Worcester Less: Housing Association grants Freehold property, St Swithun's Close Worcester |
buildings £ 231,979 231,979 231,979 231,979 121,344 (19,790) 101,554 130,425 231,979 |
|---|---|
The current value for insurance purposes of the Freehold Property is £10,140,757 (2023: £9,941,918).
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
14 Fixed asset investments
| Income investments Accumulation investments £ £ Cost or valuation At 1 January 2024 144,804 962,708 Additions - 1,445 Valuation changes 4,853 77,287 At 31 December 2024 149,657 1,041,440 Carrying amount At 31 December 2024 149,657 1,041,440 At 31 December 2023 144,804 962,708 |
Total £ 1,107,512 1,445 82,140 |
|---|---|
| 1,191,097 | |
| 1,191,097 | |
| 1,107,512 |
The historical cost as at 31 December 2024 for the M&GCMAF Income Investments was £83,000 (2023: £83,000) and for the M&GCMAF Accumulation Investments was £209,300 (2023: £207,855 ).
| 15 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss Carrying amount of financial liabilities Measured at amortised cost 16 Debtors Amounts falling due within one year: Prepayments and accrued income 17 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2024 £ 1,191,097 20,106 2024 £ 3,693 2024 £ 18,962 1,144 20,106 |
2023 £ 1,107,512 |
|---|---|---|
| 38,149 | ||
| 2023 £ 6,105 |
||
| 2023 £ 19,530 18,619 |
||
| 38,149 |
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
18 Endowment funds
The income funds of the charity include endowment funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| At 1 Permanent endowments Property fund Previous year: At 1 Permanent endowments |
January 2024 At 31 December 2024 £ £ 231,979 231,979 January 2023 At 31 December 2023 £ £ 231,979 231,979 |
|---|---|
The property fund represents the cost of the freehold land and buildings held by the charity on the condition that such property is maintained by the charity.
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
19 Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
| Balance at 1 January 2023 r £ Social Fund 6,516 Children's Fund - Capital 4,692 Children's Fund - Income 1,550 Capital Redemption 121,678 134,436 |
Movement in funds Incoming esources Resources expended Investments gains/losses Balance at 1 January 2024 r £ £ £ £ - (1,530) - 4,986 - - - 4,692 250 (500) - 1,300 - - 7,554 129,232 250 (2,030) 7,554 140,210 |
Movement in funds Incoming esources Resources expended Investments gains/losses Balance at 31 December 2024 £ £ £ £ - (1,929) - 4,986 - - - 4,692 250 - - 1,550 - - 10,364 139,596 250 (1,929) 10,364 148,895 |
Movement in funds Incoming esources Resources expended Investments gains/losses Balance at 31 December 2024 £ £ £ £ - (1,929) - 4,986 - - - 4,692 250 - - 1,550 - - 10,364 139,596 250 (1,929) 10,364 148,895 |
|---|---|---|---|
| 148,895 |
Social Fund - This fund is held for use by the Social Committee in providing and promoting social events, outings and activities for the benefit of the Residents.
Children's Fund - The trustees allocate amounts of £250, or as agreed, to the relief of persons under the age of 18, living in the city of Worcester, who are in need, hardship or distress.
Capital Redemption Fund - This reserve is for the future development and/or rebuilding costs.
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
20 Designated funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| Balance at 1 January 2023 Resources expended £ £ Cyclical Repairs and Maintenance Repairs Fund 170,048 (41,352) Extraordinary Repairs To Housing Fund 190,735 (16,642) 360,783 (57,994) |
Transfers Investments gains/losses Balance at 1 January 2024 r £ £ £ 35,140 9,127 172,963 21,490 10,237 205,820 56,630 19,364 378,783 |
Movement in funds Incoming esources Resources expended Transfers Investments gains/losses Balance at 31 December 2024 £ £ £ £ £ - (15,075) 36,540 12,627 207,055 3,060 (31,052) 22,365 14,850 215,043 3,060 (46,127) 58,905 27,477 422,098 |
Movement in funds Incoming esources Resources expended Transfers Investments gains/losses Balance at 31 December 2024 £ £ £ £ £ - (15,075) 36,540 12,627 207,055 3,060 (31,052) 22,365 14,850 215,043 3,060 (46,127) 58,905 27,477 422,098 |
|---|---|---|---|
| 422,098 |
Cyclical Repairs and Maintenance Repairs Fund - This reserve represents amounts set aside for cyclical maintenance to meet costs in excess of budgeted expenditure for any year.
Extraordinary Repairs To Housing Fund - This reserve represents amounts set aside for the extraordinary repair, improvement or rebuilding of the homes.
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THE ROYAL ALBERT AND ST SWITHUN'S HOMES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
21 Analysis of net assets between funds
| Unrestricted Unrestricted Restricted Endowment funds funds funds funds general designated 2024 2024 2024 2024 £ £ £ £ Fund balances at 31 December 2024 are represented by: Tangible assets - - - 231,979 Investments 667,419 382,638 141,040 - Current assets/(liabilities) (9,257) 39,460 7,855 - 658,162 422,098 148,895 231,979 Unrestricted Unrestricted Restricted Endowment funds funds funds funds general designated 2023 2023 2023 2023 £ £ £ £ Fund balances at 31 December 2023 are represented by: Tangible assets - - - 231,979 Investments 623,120 355,161 129,231 - Current assets/(liabilities) (12,452) 23,622 10,979 - 610,668 378,783 140,210 231,979 |
Total 2024 £ 231,979 1,191,097 38,058 |
|---|---|
| 1,461,134 | |
| Total 2023 £ 231,979 1,107,512 22,149 |
|
| 1,361,640 |
22 Capital commitments
Amounts contracted for but not provided in the financial statements:
At the year end there were no capital commitments. As at 31 December 2023, the Trustees had signed a contract to replace the front door units at the Royal Albert Close Site at a quoted cost of £26,832 including VAT.
23 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
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