**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.
- 1 -
## **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)
- 2 -
## **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
- 3 -
## **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
- 4 -
## **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.
- 5 -
## **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|
- 6 -
## **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**
- 7 -
**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.
- 8 -
## **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).
- 9 -
## **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.
- 10 -
## **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.
- 11 -
## **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|
- 12 -
## **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**
- 13 -
## **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**
- 14 -
## **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.
- 15 -
## **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|
- 16 -
## **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).
- 17 -
**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|
- 18 -
## **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.
- 19 -
## **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.
- 20 -
## **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.
- 21 -
## **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).
- 22 -