SALISBURY CITY ALMSHOUSE AND WELFARE C RITICS REGISTER HARITY NUMBER 20211 REGISTERED SOCIAL LANDLORD NUMBEII A0192 TRUSTEES, REPORT AN ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 SALISBURY CITY ALMSHOUSE AND WELFARC CHARITIES YEIAR F.NDED 31 DECF.MBER 2023 REC.ISTERED CHARITY NUMBC4 R 202110 REGISTERf.D SOCIAL LANDLORD NUMBER A0192 TRUSTEES, REPORT AND FINANCIALSTATEMV.NTS Pa Contents Tiustees, Report Trusiees. Siatejnents on Interi)al Contro15 and Re%ponsibility for thc Accounis Auditois, Repoit Stateinertt of Financial Activities Balance Sheet 14 Casl) Flow Statement (with Notes) 15 Notes to the Finaiicial Stateinenis Accounting Polieie5 (Note l ) 16- 18 Income and Expenditure (Notes 2 7) Fixed Asseis {Noies 8 - 10) Cunent Assets (Notes 11 13) 25-26 Long Term Creditors (Note 14) 26 Provisions (Not¢ 15) 26 Capital Funds {Notes 16- 17) 27 Resti'icted Fui)ds (Note 18) Unrests'icted Funds (Note 19) 32 Analysi5 of Net Assets between Funds (Note 201 33 Capital Commitments {Note21} 33 Coinpai'ative Statement of Financial Activities (Note 22) foi. the year ended 31 De¢¢niber 2022 34 SALISBURY CITY ALMSHO E AND WELFARE CHARITIES TRUSTEES, REPORT FOR THF. YEAR ENDCI D 31 DECEMBER 2 23 REFERENCF. AND ADMINISTRATIVE DETAIL Govei'Ding Documents 29 chai'ities are administered under the title of Saltsbury City Almshouse and Welfare Charities. The harities are all constituted as charitable tTUSts, and they are gTroverned by a Charity Commission Scheme dated 19 August 1974 as varied by schemes dated 8 April 1975, 19 July 1979, 4 July 1986, 6 S¢ptember 1990 8nd 18 Decembei. 2001. The registration also includes the linked charities known as Mrs Sarah Hayter's Charity and The Buchanan Housiiig Charity which ale govei'ned by a sclieine daied 28 March 1961 {varied by a Scheme daied 26 August 1997) and a declaration of tru51 daied 5 NovembeT 1999 iespectively. Also liiiked is the Si Mai'y Magdalen's Hospital and Little Langford Farn) Almshouse Charity which is govern¢d by a scheme daied 4 October 2017. The Charities are a registered with the Homes aiid Comtnunities Agency under the Housing and Regeneration Act 2008 as a RegisteiEd Social Landlord. The'frustees, inve5tmeiit powers derive fi.om the 1974 Scheme and tlie Trustee Act 2000. Registered Office TrEnity 110spital, Trinity Stre¢t, Salisbury, SPI 2BD {01722 325640) Registered Niimber5 Charity number 202110 Registered Social Landlord nuinber A0192 Board of Trustees *Mr T Auslreng- Chairman 'Mi' A Coi'kill - Vice-Cl)aimian *Mr T Clay Mrs A Ilatton Di. R Heweisoth *Mrs P M Lush Dr H McKeoM *Mr R W Shipsey Mi's A TayloT Mr A Brain Mrs F Giten (Deceased 20 January 2024) * denote5 a Jnember of Finance and Gen¢ral Puryoses Committee. The Board of Trustees and the Chai'itie5' Staff also manag¢ and administer two other charities.. willia￿ Botley Ch&rity (Charity number 268418) Salisbury City Educational and Apprenticing Cliarity (Charity number 309523) Principal Officer Clerk to tlie Trustees: Mrs S E Coen Appointed Profe55ional Advisers Solicitors Trethowans, London Road Office Park, London Road, Salisbury SP13HP Sampson Coward, 51 New Sireet, Salisbury SPI 2PH Fletcher & Partiiers. Crown Chajnbers, Bridge Streei. Salisbui'y SPI 2LZ Lloyds Bank plc, 38 Blue Boar Row, Salisbury SPI I DB CCLA Invesiment Manageinent Ltd, Senator House. 85 Queen Victoria Street, London EC4V 4ET M&G Securitie5 Ltd, POB 9038, Chelmsford CM99 2XF Vanguard Asset Managemeiit Lid, 25 Walbrook, l.ondon EC4N 8AF Quilier Cheviot Ltd, London Rd Office Pèi'k, Salisbury SPI 3HP AuditorslAccountants Bankers Investinenl Managei's SALISBURY CITY ALMSHOUSE AND WE4 LFARE CHARI'fiES EES, REPORT FOR THE YEAR F.NDCI D 31 DECE BER 2023 Con TRUS inued STRUCTURE, GOVERTr4ANCE AND MANAGEMENT Organisation T]ie'frusiees have established prgcedures under which all major decisions are laken by the Truste¢s as a body, with advice being taken from their appointed professional advisers as appropi"iate. Sub-committees of the Trusiees, inLluding the Fit]ance and Genei'al Putposes Cgmmittee, are established ¢lS neces5a¥y io consider particular inatters and to Inake recominendaiioi)s to the rnain Board. Day-to-day management and administration is delegated to the Clei'k to the Trustees. Polleies 8nd Procedures In carrying out ihe objecls stated below, the TrL]5tees seek to provide a high standard of accoii)modation as 15 feasible and necessary io meet the increasing needs of tl)eir R¢sidents, and to provide welfaie ￿antS to needy peisons out of the funds wl)ich they have available for the PUlT)ose. They apply the following polities for th¢ appointment of Resident5 and tlie Inakiiig of grants, to applicants who are resident in the defined area of benefit: a. Applicai)ts foi. 51)eltered alnisliouses are assessed using an objeciive system for physical, social and fii)ancial need. Whei) ali alinshouse becomes available it 1% offeiEd to the person 01) the waitiT]g lisi who is most higlily qualified according to ihese ¢i'itcria. b. Applicaiits for genei'al nceds liousing are assessed aiid appointed using a siniilai. systein 011 the basis of social and financial need. c. Applications for welfare gi'ant5 air sponsoied by soLial workeTS or other profcssiot)als and arc ¢￿sesSed by a sub-coininittee of Trustee5. The values of bjranrs awarded are based on norms e%tabli5hed by thc Tiisstees. Tlie Ch4triti¢s' established policics are reviewed aiid amended wl)ere appropi'iate. Ti'ustee reeTUltmet)t conforms to the agi'eed policy stalement which entails the periodic requii'ement to conduct a skills &udii and rompilation of a list of potential candidates from whi¢h a selection can be made for preliininary interview and final Boai'd approval. Induction follows a process of visits to dlmshouse sites, i￿ettI11g5 wilh Resi(lenls aiid staff and overlaying inforin3tion i'elating lo the fui)ctions and valiie5 of the Charities through issuance of I'elated docuinentation 5ucli as. inter 8lia, Annual Repoit and Audited Accoiints, the Cl)aiitie8' Govcimiiig Instrument and Ihe Charily Coininissioii's booklet CC3 and other ielevant documents. Ongoiiig training, PTimarily ihrougli seminars offei'ed by the Almshouse Assoriaiion, is off¢red to all -frustees. The Charitie5' policies and procedures, together with the sysiein of internal control, are designed lo manag¢ risk and to give I'easonable assurance tliat key objectives and expected outcomes are achieved. The prii)cipal risks faced by th¢ Trustees idei)tifJed in Ilie repoTt last year still Stand.. 'rhe performancc of invesrmeiits. Risks are milibjaied by Irtaining expert investlliefftt managers aiid maintaining a diversified investinent portfolio. The portfolio is scrutinised by the Financial aiid Get)eTal Purposes Coininitiee thi'oughout tli¢ year. Pi'opeL"iy damage. These risks ar¢ mstigated by i'e8ular ii)spe¢tions of the Charitl¢5' properties as well as quinquei)nial surveys and insttyance review5, supported by a planned maii)tenan¢e schedule. External CCTV systems are in place at some city centre sites. Fire. Formal fire I'isk as5es5n)eiils air llndertaken periodically by a professionally qualified fire and safety consultant, and recommendation5 (Irising therefroin are followed. Staff receive F"ire Wal'den traiiiiiig and residen15 ale advised aiinually by the Fire & Rescue Service on fire safely and emergeiicy procedures in their homes. Schedules of electrical inspectioiis, communal electrical appliance te5tingi, and fire pi'otection equipinenl servicing are adhered io. An annllal ii)surance review is carried out. Health & Safety. Formal risk assessments are undei1aken pei'iodically by the Charities, appointed Health & Safety coiisuliai)ts, and wardens undertake cliinual risk assessments at eacli of ilieir sites. Cotnpliance I'equirements aye iegularly iEwiewed. Staff remuneratioii is i'eviewed annually and aiiy inci'eases are based upon inflation figures. When available, InoY¢ specific comparisons are Jnade wirh oihei. blmshouse charities of a similar size aiid operation. The Chari11¢5 hBve ut)dertaken an assessment of their compliance wilh the Oovernance and Financial Viability Siandard and ceilify ¢oinplian¢e with the Stai)dai'd during the course of thc year and with ihe Charity Codc of Governance. Th¢ Trustees, staff and Residet)ts were gieaily saddened to hear of the sudden death of Mrs Lush in Jaiiuaiy 2024. Mr5 Lush had been a valuable and coininiltcd 1'ru5tee for fiftecn years, and the Boai'd had benttfiiied from hei. sound cominon sense, energy and aiid exteiisive legal expeYtis¢. She had also been a VisitOT Trtisiee to Gloucester House and Steve Biddl¢ House, giviiig freely of her oivn tiine to suppoil the Wardeiis aiid tlie Residenls at the two sites. She will be niuch missed. ALISBURY CITY ALMSH USE AND WE4 LFARF CHARITIES TRUSTF.ES' REPORT FOR THE YEAR ENDf4 D 31 DECEMBER 2023 Continued STRUCTURE, GOVERNANCE AND MANAGEMEwr Value for Money Statement This is produced in accordance with the standard i$5ued by the Regulator of Social Housing The Value for Money Siaiidard iequires registei'ed providers to annually report on their perfoTmance against certain meirics defined by the regulator within the Annual Account5. Benchmai'k data taken from Value for Money metrics ahd reporting 2023- Aniiex to 2023 Global Accounls for year ended 31 March 2023, issu¢d in February 2024. Metric l Reinvestment ty/(* The reinvestment meh'ic looks al tlie investment in propertie5 (existing stock and new supply) as a perceiitage of ihe value of total properties held. 2023 2022 2021 Benchmark <2500 liomes Reinvesiment 0/0 5.960/ 5.490/ 8.61 /. 3.711 /. Thi5 represents the amounts spent in the year at the Cliarities, site in Wilton and the purch3se of an additional house for geneTal needs social housing. Meti'ie 2a: Neiv s￿pplY (Social Housiiig units ) ./. The New Sllpply meti'ic sets out Ille nuniher of new social housing thai have been acquiied or developed in the year as a proportion of total social housing units owned at the ￿al end. 2023 2022 2021 Benchmark <2500 homes Trjew Supply (50cial Housiiig units) 2.74 /. o.ooiTr/o 0.70°/ts This m¢a5ures the number of properties completed in IIIE year as a perc¢ntage ofrhe total niimb¢r held at the end of the year. Metri¢ 2b: New Supply (Non-soeial Housing units ) /. The New Supply metric sets out the number of Jiew non-so¢ial housing units that have been acquiird or developed iji the year a5 a piDportioft of total non-social housing units owned at the year end. 2023 2022 2021 Bencl)mad <2500 homes New Supply ( Non-social Housing unils) O.OO*/tl o.ooo/ The Chariiies do not generally seek io acquire non-social housing. Metric 3: Cearing % The gearing meti'ic assesses how much of the adjusted assets ￿.¢ made up of debt and the degree of dependence on debt finance. It is often a key indicator of re&FlS¢ered provider's appetite foi. growth. 2023 2022 2021 Benchinark <2500 homes Gearing The Charities hold substantial cash balances which Jesulis in a negative measure. -27.24 /. -27.61 Q/• -26.10/ 32.90O/(* SALISBURY CITY ALMSHOUSE AND WELFARE CHARITif¢S TRUSTF.kS' REPORT FOR THF. YEAR ENDF.D 31 DECF.MBER 2023 Contiiiued STRUCTURE, GOVERNANCE AND MANAGEMENT Value for Money Statement (contirtued) Metric 4.. Eariiii)gs before interesl, tax, depreelation and ￿￿ortiSation Th¢ EBITDA MRI inteirst cover measure 15 a key indicator of liquidity and investmeni capacity. It seeks to measure the level of surplus that a registered provider generates cornpared to interest payable: the m¢asure avoids any distortions steinming from the depreciation charge. 2023 2022 2021 Benchmark <2500 homes EBITDA MRI interest 394.4SQ/. 2955.91 /. 2623.46°/. 170.70ty/ The interest payable by the Chai'ities is miniinal Melric 5: Headlinc Social housing eost The Headline social housing c05t per unit m¢tTiC assesses ihe headline social housing cost per unit a5 defined by the regulator. 2023 2022 2021 Ben¢hm2rk <2500 homes Headline Social Housing 05t 9,148 6,568 S,542 5,720 These figures include servi¢es, including non-housing costs such as ivardens and (for ceiiain almshouses) catering. ri)e increase lai'¥ely i"eflects expeiiditUTe on cyclical Inainteiiance and other building works undertaken to Inainiain the hi￿ standard of the Charities, alinshouses. Metrle 5 a: Headline Social housiiig e05t- adjusted to exelude warden #nd eateriiig eosts 'rhe Headline social housing cost pea. unit meii'ic assesses tlie headliiie social liousing cost per unit as defined by the regulator but adju51ed by the Chai'lties io exclude warden and calering costs 2023 2022 2021 Benchmai'k <2500 home5 Headline Social Housing cost 6.283 3,841 5,720 These figur¢s include some services, sucli as electricity. I'he increase similarly reflects works undertaken to maintasn ihe high standard of ihe almshouses, Metric Ox: Opcraling Margln (Social Housing lettings) f/*0 The Opeiating Margin demonstrdles the profitabiliiy of operating assets before exceptional expenses ar¢ taken iiito a¢couiit. 2023 2022 2021 Benchmark <2500 homes Operating Inargin Social Housiiig This demonstrate5 the extent to wliich the alinshouse residents are subsidised out of tlie Charities, general revenue, largely invesiment income eaTned on their historie endowinents. -33.50'/ -5.81'/. 2.91°/• 18.700/0 Metric 6b.. Operating Margin (Ovei'all) Q/. 2023 2022 2021 Benclifftark <2500 hoines Operating maigin overall 12.96% 12.19°/. 16.80 /. This figure is calculated to iTkclude investinent incoin¢ and ineasures the overall siii'plus made by the ClJai'ities as peicentage of total iD¢oine. The negative figuie arises because iii the 2023 ¢xpendiluL'e on the alin5houses exceeded charges to I'e¥idents, largely due to the woj'ks referred to above. SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES TRUSTF.ES' REPORT FOR THE YEAR ENDED 31 DECF.MBER 2023 Coiitlnu STRUCTURE. GOVERNANCE AND MANAGEMENT Value for Money Statement (eonlinued) Mctric 7.. Return on eApital employed (ROCEI ./. The ROCE compares thc operating surplu5 to total ass¢ts less Cu￿ent liabilities and is a common measure in the commercial se¢tor to assess the effi¢ienl investment of capital resources. Thi5 meiric 5uppol.ls I'e81Stered providers with a wide range of capital investinent programmes. 2023 2022 2021 Benclimark <2500 homes Return un capilal ¢mployed (ROCE) -0.59 /. 0.91 ts/ 2,10/. Taken with the figures above we believe thi5 show5 that the Charilies are using their best effons 10 ketp the charges to residellt5 as low as ih¢y reasonably can. OWECTIVES AND ACTIVITIES Objetlives The Chai'ittes provide for needy residents pi'incipally in the Salisbury aiEa- 8helteTed almshouse5, with prefeience to those longest re5ideiit in the Salisbury aTea. General needs liousing for families. with preference to single parents. Welfare grants for the iEli¢f of Ih05e in need, hardship oi. distress. The TTUStees are satisfied that the Charities, objectives, and the policies and procedures which are applied, comply with Section 4 of the Charities Act 2011. The provision of subsidi5ed, high quality housing foi. over 200 local residents and the application of welfare grants to the m05t needy is tangEble evidence of public benefii within the Charities. area of benefii. In addttion, the large number of applicanrs, from a wide variety of background.%, waiting foi. accommodatioii is evidenc¢ of the benefit the almshouses have to tlie local population. The Ti"uslets also coi)5idei' thai the pibvision of 25 units of social housing in Salisbury ha5 made a modest contribution to the community that would othei'wise become the responsibility of the local council. Tlie Trllstees aiiii to keep resident conli.2butioi)s a5 low as possible, taking into accouni directivcs from tli¢ Regulator of Social Housing. Comi)iunal facilities at one site are made available twice weekly to a Day Cenlie charity which offer5 lunch and a¢tivities tts the elderly, ensuring that the wider commiinity benefits fi'om the Charities. resourees. The ChdTlti¢s own and manage 190 wai'den-assisted &ln)shouses ai 12 sites in and around Salisbury. Six full- time Wardens, as well as parl-time Wardeiis at the Very.Sheltered seh¢mes, aie employed to ensure that re5ideiits' needs are met and a pleasant and safe environinent provided. In additioii. a Relief Warden is einployed to pi'ovide cover for cimei'gencies at weekends and public holidays, as well as cover for holidays and sick leave. The two Very Shelteied sclieine5 are desigiied for ih05e people who need additional support but are still capable of indepeiident living. These sites have addiiional facilities such as assisted baihi'ooms, they are fully wheel¢hair accessible, lunches are provided and staff are on site 24 Iiours a day, seven days a week. Sheliered Blechynden's Almshouse5- 3 flats Bricketl's Hospital- 7 houses 'Bi'yJnpton' 31 flats, l O bungalow5 EYIE House - 8 flats Gloucester House . 25 flats Hardy Hou5e- 16 flats H￿SseY'S AlIMshous¢s- 7 flat5, 8 hoiises Sarah Hayter's Aln)shouses- I l flais Taylor's Almshouses - 6 flats Trinity Hospital 22 flats Vei. Sheltejed Robe11 Stokes Almshouse- 14 flats Steve Biddle House - 22 flats The Ti'ustees also manage 25 general needs flatslhouses (the Buchaniin Housing? Chai'ity) within the city, primarily for young faiMilic5 01. siiigl¢ parents, one of wliicl) Was PEii¢hased by the Charities during the year. A fijrthei. six almshouse5 in Wiltoii (St Maiy Magdalen Ho8Pltal and Little l.angford Almshouse FaT Almsliouse Charity) weiE given io the Charities in 2017 which requTred major renovations. refui'bisliment and iepaiTS. SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES TRUSTEES. RF,PORT FOR THF. YEAR ENDED 31 DF.CEMBER 2023 Co inued OBJECTIVES AND ACTIVITIES ObjeetSves (continued) Five new bungalows (l.ady Benson Almshouses) were consirucied on th¢ site. These bungalow5, a5 well a5 the terrace of six aljiishouses. are not wai'deii-suppolled, and priority is given to gpplicanis in financial di￿￿CultieS who ait not eligible for sheliered acco)￿l￿Odali0rt oi" Buchanan housing, and Irside in Wilton or nearby parishes. Tlie Charities also own the freeliold of a number of properties in the cenlre of Salisbury. Aetlvitie5 The Charities continued tl)eii' intensive pi'ogramine of property maintcnance. improving almshouses as va¢at)cies occuri'ed {25 alinshouse vacancies arose dui'ing the year, ai)d three at the Bllclianan Housing Cliarity properties). to en5UIE the accommodation 15 of the highest Staiidard possible and, wherever possible, In&kiiibJ adaptations to meet the needs of individual resid¢i)ts as their circumstances Change. Routine 2nd tyclical work is sub-coniracied wherever possible to Salisbury-based tradespeople on the Charities, approved list. Charge oui rates al'e routincly sci'utinised to ensure value for money. Whei'e possibl¢ and within safety guidelines, Ininoi. maintenance wo¥ks are carried out by tlie Chai'ities, Buildings Maintei)#n¢e O￿l¢er. ContTacls foi. major woi'ks are put out lo tender, for which spe¢ificatioii aiid conlract adiJinislratioti is undertaken either by the Building5 Maintcnllnce OtTicer oi. chailei'ed sui'veyoi. as appropi'iaie. All invoices are sci'utini5¢d by tlie Clerk ro Ilie'l'riistees, the Deputy Clerk, the Buildiiigs Maintenance Officer and finally by two T]wsiees. The progiamine of upgrading older kitchens and replacing baths with low level acces5 showers continued. Four kitchens and bat]Iruoins were upgi'aded during the year. Enei'gy efficient lighting upgiades in ¢xtemal and intern81 cominunal areas coi)tinued whicli will also enl)ance the qualily of ligliling for IEsidents. The renovation and itfurbishmeiit of the Grade 11 lisled almshouses at St Mary Magdalen Hospital in Wilton was coinpleted at)d the houses weie fully occupied by the end of the year. Otlier majoi. work includ¢d the replacement of all suited locks al eveiy alinshouse slte. In addition. tlie maiD entrdnce doors ai both Vei'y Slieltered schejnes wei'e replaced, with a new key fob entry system facilitating access foi. the eldei'ly and disabled itsidents at those sites. Passenger lifts were replaced at New Bryimpton House and Trinity Hospital with temporary stair lifts in place at boih sites for the duraiion of tlie woJ'k5. Rainwatei. goods, fascias and sO￿jt5 wei'e replaced at New Br￿lip10n House and a new CCTV system was installed to the exterior of the Bryinpton sile (o iinprove the safety and security of tlie site for resid¢ntS, Staff and visitors. The metal window5 and doors offour bungalows at Bryinpton iyei'e I"eplaced with new enei'gy effi¢ieiit double-glazed units. Dormer and Velux windows were installed on ihe lop floor of Robeit Stokes Almshouse as part of the consti'uction of a new flat. Reiiiedial fire pi'oteclion woi'ks were started in the loft areas of Ti'inity Hospital. including new one-hour firc check loft hatclies, ii)5ulaied fire sl¢¢ves in5erlrd into the top of iiiternal wall cavities. and conipartmenration. The thrce old metal external 51aircases at tl)e Bucliai)an Housiiig Charity's Lawrence Gr¢¢n property weie upgraded to n)eet cun'ent standai'ds. The Charities, staff training pi'obFrainme continued, with First Aid and Fiit Warden training undertaken as i'equired. Continual monitoriiig of the oualiiy of services provided by tlie Charities and addiessiiig issues Yai5ed was achieved ihi'ough weekly planning and feedback meetings between Wardeiis and tlie Clei'k lo tlie Trustees. The Residents Foi'ujii wa5 reconvened and met twice during the year, giving an opportunity for a residenl representative fvom each wardeii-supported sile to Jneet witli two Trustees, the Clerk ai)d the Buildhngs Maintenaiice Officer to discuss planiied maint¢nat)ce work, and to make suggestions and iaise aiiy I'elevant conceiiis. Tl)e Wessex Alinshou5e Group, of which the Clerk to the Truslees is a fO￿nding member, continued io meet during tlie year as a foi'um for local al]￿hOuSe chai'ity Clei'k51TrLlStees to discuss common issues of concei'ii bnd io provide mutual support. This exchange of infonnation and b¢sl practice is consideied to be of great benefit to all member cliarities. All costs are recouped by individual membei. cl)arities paying a portion of the expenses incui'r¢d. The Clerk to tl)e Tjustees 15 a150 a Regional Repr¢sentative for the National Alnishou5e Associotion. acting As a point of contact for almshouse cliariti¢s iii Wiltsliire. The Trustee5 Visited iwo city centlf 5ltes wl)ieh were 011 the market with a view lo developiiig new almshouses. Pj'ofessioiial advice waE sought from architects. However, after careful considei'ation of the dl'¢liiiecls' iepoi'ts on the practicalitie5 and costs of developing the sites. the Tlustees concluded thai neither site would be suiiable nor Lost ¢ff¢ctive. SALISBURY CITY ALMSHOUSE AND WELFARF. CHARITIES TRUSTEI E8, REPORT FOR THE YEAR ENDFD 31 DECEMBER 2023 Continued ACHIEVEMENTS AND PF.RFORMANCE The work of the Charities in Manag￿￿g and adjninistrating its almshouses cojitinued Successfully througliout the year. At the ei)d of 2023, of the iolal 209 (2022.. 2121 Ilosidents (excluding the Buchanan Flousing Charity, Lady Benson Almshouses and St Mary Magdalen Hospital}, over 43% were aged 80 years (Tri. older. The Trustees appointed 24 new residents as qualifying beneficiaries to Ihc alirshouses, and appi'oved two traiisfers on Inedi¢al gi'ounds. The continuing cominitinent of the Chariiies, staff and the high standai'd of service ih¢y provide ensures the wellbeing of each IEsident and enables them to maintain their indepei)dei)¢e with conteiitmenr and dignity. This, in ium, allows the resident% to remain in theij. owji homes for as long as possible, thereby reducing unnecessary and piemalure admission to hospital or residential care. Siaff turnover remains very low, reflecting the oj'ganisation's strong carii)g culiure. Almshouse vacancies in botli warden assisted and general iieeds propei'lies are, under noTmpl circumstances, filled witliout Iindue delay. deinons11'ating that the Charities. housing continues to be popular and helps to provide good quality of life. The Trustees were able to offer low-cost housin& through the Buchanan Housing Charity, to a numbei. of Ukrainian families who had been forced to flee their homelai)d because of tlie Russian aggi'e5sion against tlieii. country. Resideiit percepiion surveys weie can'ied out dui'ing the year in accordance with The Regulaior of Social Housing requiiements. Responses were I"eceived fi'om 75Q/o of tlie warden-siipporled almshouse residents and 77/0 of tlie gcneral needs i'esidenls. The results were very encouraging, with the n1￿j0].itY ofi'e5idents at all siies expressing satisfaction with the Charities. services and accommodation. Trustees considered 5312022,. 481 and approved 49 welfare grant applieations totalling £34,454 (2022.. £40,4116). This included grants awarded noi just to eligible local individuals in flnancial need but also io local organisatioiis and institiitions wiih similar aims. thus helping to mdximise the iinpact of grant assistance to people in need in the Salisbury area. FinanclAI Traiisactions and Position The Ch8rities' total incoin¢ in 2023 was £2,226,333 (2022. £2,027.2591, of which £1,569,414 was frorn Residents, Contribuiions aiid £484,991 was investment income. Total expenditure was £2,371,409, including charitable grants of£34,454. The Charities. inveslmenls recorded net gains of £911,758 aiid Ihe¥efoTe there was a net surylus for the year of £811.682. This was made up of unrestricted funds £79,196; r¢sti'icted fund5 £330,120 and endowed capital £402,366. Total nEt 8ss¢ts at the end of the year were £22,643,14312022.. £21,831,461). The Trustee5 consider that Ilie market value of ihe almshouses is consideiably in excess of theii" book value, but, as the properties are held on pei'manent endowment for carrying out the charitable purposes of the Charsties, they do nol Lonsider that a forn)al valuation would be justified. Investmen15 The iiivestment policy is to hold the Charities. investments in a combination of directly invested segnrgated poi1foli0s aiid a number of ehai'ity authorised investinent funds and to obtain a total re￿rn in line with or bellei. than the ARC balanced or growth index. Diii'ing the year the total rctuiii on the endowed portfolio was +10.9Q/o, and the total retum on the iion-endowed poitfolio was +9.90/0, compared willi a i¢turn of 5.8¢/0 and 7.2 /ts on th¢ respective indic¢s. Reserves The TTUStees have calculated that the Charities, working capital requirements aii)ount to £360.000, and this amount is held in the General Fiind less provisioiis for pension deficits. Any sun)lus on unrestricled funds 1$ IransfeTred to the Almsliouse Developinent and Major Improvement Fund, and is used to fiind almsl)ou5e developJn¢nt5 once sufFicient funding ha5 been obtained. This fiind, which cun'ently stands at £4,122,139, lias recently been drawn on to fund the purchase of a house foi. general needs, as well as conrinuing upgTades to the almshouses. Tlie Ti'ustee%' intention is to continue to increase the balance from the Charitie5' annual siirpluses and to draw 011 it for fiirtlie almshouse developn)ents and the purLhase of general necds housing in accordaiice with local requirements and when suitable opportuniiies 8ri5e. SALISBURY CITY ALMSHOUSE AND WE4 LFARE CHARITIES TRUSTEE4S' REPORT FOR THE YEAR ENDED 31 D EMBER 2023 Cojitinued FUTURC PLANS The I"olling prograinine of upgrading the older almshou5¢s, including monitoring and improving fuel eiiei'gy ¢fficiency. and upgradingj lighting in communal areas will continue, ensuring ihat the Charities continue to provide th¢ highest possible quality of housing and respond to the dev¢loping needs of its r¢sidents. Fire safety improvements will continue. Majoi. plans foi. 2024 also include the installation of photovoltaic cells at one of the Very Shelt¢red sites. extensive remedial work io tlie stonework of '[ aylor's Alinsl)ouses (a Grade 11 listed building) and the replaccin¢nt of all radiators. windows and doois of pi'opeities on tlJe South elevatioii of Hussey's Almshouses. The Trustees wi51 continue to investigate suitable lotal sites with a view to developing more almshouses for people in i)eed. Approved by the TNst¢es and signed on their behalf 2024 AU Chairl TREN an of Trustee SECOEN Clerk to tli¢ Trustees SALISBURY CITY A MSHOUSE AND WELFARE CHARITIES YEAR ENDED 31 DECEMBER 2023 TRUSTEE" STATEMENT ON INTERNAL CONTROLS The'fi"ustees acknowledge that ihey are responsible for the Charitie5' System of internal control. and for reviewing its effcctiveness. In commoii with all sucl? systems, the Charities. intemal ¢ontrol system is designed to manage. rather tlian to eliminate. the risk of failure to meet the Chariiies, objectives, and it can only provide IEasonable, as opposed to absolut¢, assurance against matei'ial missiatement or Ios5. The process for ]dent￿rYIng. evalllating and managing the 5ignificanl risks faced by the Charities is ongoing, it has been in place thrOU￿oUt the year under revtew and up to the date of approval of the annual report and at¢ounts.' and it is regularly Teviewed by the Tlustees. The Truslee5' pola¢ies to Jeview the effectiveiiess of the internal controls are a5 follows.. The pirseniaiii)n to and consideration by the Trustee5 of the annual review of the risk assessment and the iinnual accounts,. (li) The Tegulai. review by the Trustees of the eff¢cliveness of Chai'lties, PlDcedures lili} The annual report to Ihe Trustees by tlie external auditor. The key policies which liaye been established by the Trustees and which are designed to provide effective inrernal control are as follows,. 'riie establishinenl of forinal procedures including the involvement of the Trustees in all matters coniiecled with the managernent of the Chai'ities. including.. Strategic p141nning' Risk assessinent,. Preparation of budg¢ls and comparison of actual results with budget; Authorisation of expenditure, including capital projects and grant5 Appointment of almshouse residejits. Appointiment of staff., Majiageineni of investments. {iil The holding of regular Ti'ustees, meelings to which repoils gn the abov¢ matters are $ubmitted. (iii) The appoinlment of external auditors lo express an opinion on the Charities, annual accounts and to report lo Il)e Ti'ustees on any deficiencies in the system of internal controls which come to their attention dui'ing the eourse of their aiidit. {iv) The iegular reporting to the Tnistees of Inatters including potential new I'isks and regulatory developments which are relevant lo the Charities, activities. STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE PREPARATION OF THE ACCOUNTS The Tiwstees arc re%ponsible for pirparing the Trustees, Report ai)d the finantial Statemenis in accordance with applicablc law and Ui)ited Kiiigdom GtneTally Accepted Ac¢ounting Practice, includii)g the stsiemcnl of Recommended Practice Accountinbj aiid KeportinLF by Charities (FRS102). Charity and Housing law iequiirs the Trustees to prepare fiftaneial statements, for each finai)¢ial year, which ¥ive a true and fair view of the state of aff2ii's ofthe ChaTlti¢s and Of the surplus or deficit of tl)e ChaTlties for thai period. In preparing tlie5e fJnaii¢ial stateinents, the Trustees are required ro.. Seleci suitable accountiiig policies aiid ihen apply them consistently. Make judgeinents and estimates that re reasonable and prudent. Follow applicable accounting siaiidails, subject tu any material departure5 disclosed and explained in the account5. PIEpare the accounts on the going concerrh basis unless it is inappix)priate to presume that the Chariiies will continue io exist. The Trusiee5 are Jrsponsible for keeping proper accounting records which disclose with reasonable accuracy ai any tiine tlie fJnan¢i&l position of the Chariiie5 and to enable Ihcm to ensure that the ac¢oui)ts comply with the pJx>vistons of the Charities Aci 201 l. the Accouniing Diiection for Private Registered Pi'ovidei'5 of Social Housing 2022. They are also responsible for safeguarding the asse15 of ihe Charities and hence for laking reasoiiable steps for the pirvention and detection of fi'aud and othei. i￿egular1tIe$. 10 INDEPENDENT AUDIT RS, REPORT TO THE TRUSTEES OV SALISBURY ITY ALMSHOUSE AND WELFARE CHARITIES Opinion We have audited the financial statenients of Salisbury City Almshouse aiid Welfare Chai'ities for ihe year ended 31 DeceTnber 2023, wliich are Set out on pages 13 to 34. Tliese coinprise the Statemenl of Financial A¢tivities, ilie Balance Sheet, the Cash Flow Statement, and the related notes. The financial ieporting fvamewoi'k that has been applied in iheir prepai'ation is applicable low a￿d United Kingdom Accounting Siandard% including financial Reportiiig Standard 102.. The Fingijcial Repoiling Standard applicable in the UK and Republic of Ireland (United Kingdoin Generally Actepted Accounting Practice). In our opii)ion the financial stat¢ii)ents= give a true and fair view of the state of the Charities, affairs as ai 31 December 2023 and of its ii)comiMg I'esource5 aiid application of resource5, including lis income and expenditure, foi. the year tliei) ended. have been properly prepared in a¢coJ'dance wilh United Kingdom Generally Accepted Accounting Practice., and have been properly p]tpared in a¢cord3noe with the I'equiiEinent5 of the Housing SORP 2018.. Stateineni of Recoininend¢d Practice for Regist¢red Social Housing Providers and comply Wilh the AccL)unling DI1￿Ction for Private Regiisteird Providers of Social Housing 2022. Basi5 for opinion We conducted our audit in accordance with International Standaids on Auditing {UK) (ISAS (UK}l and applicable law. Our respoiisibilities under those stalldards are furtlier described in tlie Auditor's responsibilities foi. the audil of thc fInancial 5tateiMei)Is section of our rcport. We are indep¢iident ofthe Charitics in accordance with the ethical requirements ihat ale relevant to our audit of the financial sratements in the UK, including the FRC'S Ethical Standard, und we have luifilled gui. oihei- eil)ical responsibilities in accordance witli these requi1￿mentS. We believe that the audit evidei)ce we have obtain¢d is sufficieiit and appropriate to provide a basis foi. our opinioji. CoN¢liisions relating to going eoneern In auditing the fjiiancidl slateincnts, we have concluded that the Trustees, use of the gosiig concern basis of accounting in the preparation of the finaiicial sta(eJnenÈS is appropriate. BasEd on the work we have perfonned. we have not identified any Inaterial uncertainties relating tv events or conditions tl)at, iiidividually or collectively, niay cast sigiiificant doiibt on the Chariti¢s' ability to continue as a going concern for 8 period of at least twelve months Iron) wlien il)e financial statejments are authori5ed for i$$￿e. Our Irsponsibilities aiid the i'esponsibilities of the Trustees with resp￿1 to going concei'n are described in the relevalll sections of this Irpoil. Other informatio Tlie Ti'ustees al'e I'e5ponsible for the other infoi'ination. The other infoi'mation cornpri5es the inforniation included in the Ti"usrees' Annual Rcport, other than Éhe financiJl stdtements and our auditor's report Ihereon. Our opinion on the financial stateinents does not Cover the other informatioii and, excepl to the extent othei'wise explicitly stated in oui. report, we do t)ot express any foi'in of a5suranee conclusion theiEOn. In connection with our audit of the financial statements, our re5ponsibiliiy is to read the other inforination aiid, in doing so. eonsider whether the other infoiination is mJteriÈlly inconsistent with the flnancial staleinents or oiir knowledge obtained in the audit or otheiTrvise appears to be materially niisstated. If we ideiitify such Inaterial inconsistencies or apparei)t material misstatements, we are required to determine wheiher there is a mdterial It)issiatement iii the fiiiaiicial slatelli¢nts oi. a n)atei'ial Inisstateineiit of tlie other information. If, based on the WOTk we have perfoi'med. we conclude thut theit is a material Inisslateiiient of this oihei. inforination, we are i'equii"ed to r¢poit that fact. We have nothiiig to repoil in tliis I'egard. INDEPENDENT AUDITORS, REPORT TO THE TR STEES OF SALISBURY CITY ALMSHOUSE AND WE FARE CHARITIES Continued M%tt¢rs on ivliich we are r¢quir¢d to report by exception We have nothing 10 report in respect of the following Inattei's in relation to which the Charities (Accounts and Reports) Regiilations 2008 iequire us to IEpoi'l lo you if, in our opinion.. the inforii1at￿on given in the financial statements is inconsistent in any matei'ial respect with the Trustees, Repoil. or sutTicieni accounting I'ecords have not been kept.. or the finallcial statements are noi in agreement with the accounting records., or we have not received all the ii)foi'inarion and explanations we requiiE for our audit. R¢spoiisibilitie5 of Trustees As explained more fully in rhe Trustees, Respojisibilities Stat¢ment, sei out on page l O, th¢ Trustees aiE responsible for tlie preparation of the financial statements and for being satisfled that they give a true and fail. view, and for such internal control as they detemiin¢ is necessary lo enable the prepara(ion of financial statemenis that are free from material Ini55tatenient. wheilier due to fralld oi. error. In preparing the financial siatem¢nls, the Truste¢s are responsible for as5e55ing the Charities, ability to coniinu¢ as a going concern, disclosing, as applicable, Inatters related io goinul concerri and using the goiiig oncem basis of accounting unl¢ss the Trustees either intend to liquidate the Charities or to cease operation5, or have no I'ealistic altemalive but to do so. Auditor'5 responsibilitie5 for the au(lat nf the fiijancial statements Our objeciive5 alE to obtain reasonable assurai)ce about wheihei. the finant281 stgteinenrs as a whole are fiEe from matei'ial njisslatement, whether due lo fraud or error, and to issue an auditor's ieport that includes ovi. opinion. Reasonable assurance is a high level of a5siiran¢e, but 15 not a guarantee that an audii conducted in accordance with ISAS {UK) will alway5 detect a material tnisstateinent when it exists. Mi55tatemenis can ai'ise from fi'aud or erroj. and are Considered material if, Èndividually or in the aggregate, they could reasonably be expected to influence the econoinic decisions of users taken on the basis of these financial 5tateinents. We exercise professional judgemcnt and maintain professional 5ceplicisin throughout tlie audit. Our audit proceduie5 were designed to provide ieasonable assurance rhat they would detect ii'regularities, including non-cumpliance wilh relevant laws and regulations, and fraud. They included obtaining an understanding of the Ch8rities' activitie5 and the laws and regulations which are cenrral to their activities, iiicluding in particular housing and charity law. both through our knowlcdge of che sectoi. and discussions with managemeiit., reviewin& the Charities, aLllVltie.% and any relewdnt Correspondence for evidence of ngn-compliance. a5se5siiig the susceptibility of the finHiicial statements to Jmaterial Inissiatement in the light of the Charilie5' Cotitrol envirtsnmeiit, wliich we asses5¢d to be low., ¢iisuring thai the engageinent team had the appropi'iate ¢ompetenee and capabilitie5 to recogiiise non-coinpliance with law5 and regulatioi)s, thi'ough appi'opTiate training and briefings,. and Iliat they remained alert to the p05siblity of non-compliance throughout the engagement. A fuilhe¥ description of our responsibilitie5 for ihe audit of the financial 5taleinents is located oji tlie Financial Reporting Council's website at.. Iwww.frc.org.uklauditorsresponsibilitiesl. This description forms part of our auditoi s report. Use of our report This report is made solely to tl)e Trustee5, a5 a body, in accordance with section 128 of the Housing aiid Regeneration Act 2008, seciivn 144 of tl)e Chariiies Act 201 l and the regulations under section 154 of Iliat Act. Oui. audit work hds been undertaken so that we might state to the Trustees those matter5 we are required to state io them in an auditor's report and for no other purpose. To the fullest extent periniited by law, we do not asSu1￿e responsibility to anyoiie otlier than the ChaTilie5 and Trustees as a body, for our audit work, for this re orl oi. for the opinions we have fonned. Date.. Crown Chambejs, Bridge Street, Salisbury SPI 2LZ Ich￿.￿107.*.: FLETCHER & PARTNERS Chartered Aceouniants and Statutory Audirors Fletcher & Pa]iners is eligible to act as an auditOT in tem)s of section 1212 of the Companies Act 2006 12 SAL5SBURY CITY ALMSHOUSE AND WELFARE CHARITIES STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF COMPRE14C4 NSIVE INCOME R THE YEAR ENDED 31 DECEMBER 2023 Unrestri¢ted Funds Restricted Endowm¢nt Funds Funds Total 2023 Total 2022 Note INCOME FROM Ch#ritgble Activities Turnover Residents, ¢ontribution5 Housing Related Support Government grant income 1,004,833 76,666 67,291 564,581 3.442 1,569,414 80,108 67,291 1,449,911 75.488 67,291 1,148,790 568,023 1,716.813 1,592.690 Surplus on disposal Donations and legacies 1,235 4,056 5,291 4,265 InYestTnents 313,865 167,905 3,221 484.991 404,043 Other ineome 18,269 969 19,238 26,261 Total income 1,482,159 740,953 3,221 2,226,333 2,027,259 EXPENDITURE ON Raising Fund5 Investment costs 19,088 11,223 30,311 24,000 Charitable Activities Almshouse opei'ating cost$ Alinshouse management Interest 1,247,070 424,627 14,744 550,364 52,651 17,179 1,814,613 477,287 14,744 1,322,515 362.648 14,884 1.686.441 34,454 603,015 17,188 2,306,644 34,454 1,700,047 40,486 Welfare gi'ants 1,720,895 603,015 17,188 2,341,098 1,740,533 To(al expendituit 1,739.983 603.015 28,411 2,371.409 1,764,533 Net iD¢QIlltI(expeiiditure) before g2in5 OTHER GAINS AND LOSSES Realbsed gains1{losses) on disposal: Ii)veslments Unrealis¢d gainsl(Iosses) revaluation: Investment5 Investinent propertie5 Pen5ioii scheme i'evaluation (257,824} 137,938 (25,1901 {145,076) 262,726 19,262 1,992 5,531 26,785 {119,736) 363,686 145,532 375,755 45.000 884.973 45,000 (1.083,435) 55,000 82 Net ineomelexpeiiditure Ti'an5fers between funds 125.124 {45,928) 285.462 44,658 401,096 1.270 811,682 1885,363) Nel movement iii fuiids 79,196 330.120 402,366 811.682 (885,363) Fund balances at 31 December 2022 7,441,137 6.846,179 7,544,145 21,831,461 22,716,824 Fund balanees at 31 Deeember 2023 £7.520,333 £7,176,299 £7,946,511 £22,643,143 £21,831,461 Approved by the Trustees on..... .2024 and ¥n on th¢ir behalf . T Austren8 (Chairman) T Clay cfrustee) S Coen {Clerk to th¢ Ti'ustees) 13 SALISBURY CITY ALMSHOUSE AND WELFARE HARITIES BALANCE SHEET AT31 DECEMBER 2023 Note 2023 2022 FIXED ASSETS Asset5 treated x5 lield on endowment Altnshouse properties Offices Investment pi'operties Invesiments held on endowment 8a 8b 7.710,624 23,380 1,590,000 5,650,631 7,484.431 24,279 1,545,000 5,289,142 8d 14,974,635 Assets purchased from intome Investments recouped Equipment, fuimilure, rixtures and fittings 14,342,852 107.197 94,129 10 66,520 48,273 Total fixed asset5 15,148,352 14,485.254 CURRENT ASSETS DebtOlS Investinents Cash at bank and in hand 80,695 7,346,699 2,239,675 61,682 7,275.017 2,206,870 12 9,667,069 CREDITORS: Arnounts falling due withln one year 9.543,569 276,591 231,115 Net eurrent asset5 9,390,478 9,312,454 Total 4s5ets less current liabilities £24,538,830 £23,797,708 CREDITORS: Amounts falling due after more than one year 1,893,662 1,962,536 PROVISIONS FOR LIABJLITIES AND CHARGES 15 2,025 3,711 £22,643.143 £21,831.46] CAPITAL AND RESERVES Capital Endowment Endowment recouped 16 9&17 7,839,314 107,197 7,450,016 94,129 7.946.511 Reserves Restricted funds 7,544,145 18 7,176,299 6.846,179 Unrestricted funds 19 7.520,333 7,441,137 £22.643,143 £21,831,461 Approve by Ihe T]ustees on.....................................2024 an ed on their behalf . T AusbEng (Chairman) T Clay (Trustee) S Coen (Clerk to the Trust¢es) 14 SALISIIURY CITY ALMSHOUSE AND WEL ARE CHARITIES CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 023 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES Nei cash provided by (used inl operating activiti¢s (401,113) 65,166 CASH FLOWS FROM INVESTING ACTIVITIES Dividei)d, inteirst and rents from inveslinents Purcl)ase/iJnpi'ovement of housing Pl'operty PU￿has¢ of other fixed assets Proceeds fi.om the sale of houssng propeily Purcliase of investments Pi'o¢eeds from the sale of investment5 395,965 (459,7321 (39.5901 325,881 1441,753) (6,541) 1324,661) 912,838 (876.014) 1,145,245 Net tash provided by {l￿ed inl investing activities CASH FLOWS FROM FINANCING ACTIVITIES Int¢iEst paid Housing Loans repaid Net ¢Jsh pi'ovided by {used ill) financing activities 484,820 146,818 114,744) 11,4281 (14,8841 (1,289) (16,1721 (16,173) Change in eash ¢a5h equivalents in the rtporling period Casli and c#sh equivalent5 #t the beginiiing of the reporting period £67,535 £195,811 £2,315,924 £2.120.113 Cash and cash equivalents at the end of the reporting period (21 £2,383,459 £2,315,924 NOTES l. ReeoneiliatioR of net In¢omel(expendlture) to net cash noiv from operathn8 activities 2023 2022 Net ineomel{expenditiii'el for tlie reporting pei'iod (as per the statement of financial activities) Adjustments for.. DepJEcialion charg¢5 {Gains)110sses on invesiments Divideiid, intei'est and I'eiits from investments Intei'est paid {Incrcase)Idecrease in d¢btors InciEase/{deci¢ase) in creditors ljici'easelldeciease) in provisions 811,682 {885,363) 255,781 (957,218) (484,9911 14,744 {17.5771 (21,8481 {1,686) 229.638 {404,043) 14.884 {13,27I) {21.804) {3,046) Net ¢ash provided by (us¢d inl operating a¢tiviiies (£401,113) £65,166 2. Analysis of eash casli equivaleiits Balance 31.12.23 Balance 31 12.22 Cash at baiik and in hand Cash held in investinei)t poitfolio 2,239,675 143,784 2,206,870 109,054 £2,383,459 £2,315,924 SALISBURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBEI R 2U23 ACCOUNTING POLICIES BASIS ofA¢counttng: I I) AIThougli the Charities are a Registered PJDvidei' of Social Housing, they are priinarily all endowed alm51iousc and welfaie thai'ity. The Ti'ustees have therefore drawn up tlie Financial Sialeinents to refl¢ct this. Th¢ CharitEes are a public benefjt cntity. Tho accounts are presented in Stei.ling. 121 The FiiianLial Statements have been piepated under Ihe historical cost convention. modified by the revaluation of investmeiit assets. They coinply with rhe Accounting Dii'ection for Registered Pi'oviders of Social Housing fi'om JaTruaTy 2022. the Housing SORP 2014 (2018 Update). Financial Reporting Siand¥rd 102 {FRS 102) the Statement of Recommended Pi'actice on Accounting and Reporting by Charities (FRS 102) and wEth applicable accounting standard5, except where those statement5 ai¢ inconsistent. Tlie Trustee5 Consider that there are no material uncertainties regardiiig the Chariti¢s' abilily to continue as a going conc¢m. Twu siL)Iiificant areas of future unceilainty are the performance of investtllents and the effects of possible social changes on the ease of recruitTnent of iesidents. The Trustees are iequired to it)ake judgements, estimates and assumptions that are reviewed on an ongoing basis and ale based on hi5torieal expei'i¢n¢e and other factoi% that are considered relevanl. including fvture even15 tlial air considered reasonable. Turnover Tumover represents tlie contributions receivable from Almshouse Residents towai'ds maintenance and Services. plus Ooverninent grants toward5 revenue expenditure. Inve5ttnent Ineorne and ChHrilHble CrAnts These fom) part of Ihe operating incom¢ and expenditure of Ihe Charities, and are therefore included in the Opeiating 8urplu5 oj. Deficit. Bequests and Donations Donaiions for specific purposes are shown in the income and expenditure account and a corresponding Iransfer is shomffl to the relev3nt reslricled fund. Donated land is included at the valu¢ at Ihe date of donation. Incoine from these 50uir¢s is recogni5ed when it 15 probable tliat it will be r¢¢eived and when ihe value can be measured reliably. Land aijd Buildings.. 11) Almshouses and Offic¢5 are staled at cost less accumulated depreciation (se¢ sub-paTagraph i below). (21 Investment PJM)pei1ies are stated ar market value and are revalued independently every year. Housing pi'operties held as investments air included as investment propei1i¢S in ol'der to be consistent and to give a true fair view. Covernment Grants Social housing us51Stance, previously known as Social Housing Grants and Housing Association Grants (HAG). paid by ihe Homes and Coininunities A¥eiicy (formerly the Housing Coi'poration), or the Local Authority, towards the cost of a development, are recogniscd as income using ihe accrual model (a5 the Chai'ities a¢count for their housing properties at costl. The income is iecognis¢d over Ihe expected usefvl life of the housing pi'operty sli'uciure. Grant incoine relating to future years is deferred and split between creditor5 less ihaii and greaier than l yeai.. The gryants could be repayable in the event that the relevant properties were sold. A liability is not r¢cognised in respeci of tlii5 as the likelihood is remote. The Trustees will pi'ovide for a liability in the event of a decision being made to sell one of tlie properties. Investmeiit5 Investments are a forin of basic fJnan¢ial insirum¢nt and are initially recognised at Their transaction value and subsequently Ineasured at their fail value as at The balance sheet date using the closiiig qllot¢d market pri¢e. The statement of finaneial activities includes the nei gaijis and losses arising on revaluation and disposals throughout tl)e year. Shoit lemi, hig]ily liquid investments ait accounted for as fixed asset investmejits. Investinent properties are r¢valued annually, Equipment, Furniture, Fixtures and Fittlngs (E F F & F) These items (over £fjOOI, which are funded from the ChaTItE¢s' income, are capiialised at cost and depreciated over their expected lives. (See also sub-paragi'aph i. below). Impaimient reviews are carried out when ther¢ is an indication Iliat an asset's i'ecoverable amount is less than lis net book value. 16 ALISBURY CITY ALMSHOUSF. AND WELFARE CHARITIE NOTES TO THE A COUNTS AT 31 DECEMBLIR 2023 .ONTINUED Deprecixtion Depreciation is charged to write off tangible fixed assets, over their useful econoinic lives. by equal instalinents coinmencing in th¢ year of acquisition. The following rates are used.. Alin5houses and Offices Equipment, Fui'iiilure, Fixtures and Fittings IEFF&FI Depreciatioii on those part5 of the costs of aliiJshouse and O￿l¢e buildin&s wliich l)ave been funded from the Charities, endowed capital, in a¢Goidance with the applicable Chhrity Commission Schemes, is charged to the corresponding endowed capital account. It is iherefore shown in the Endowineiit Funds column of the Stalement of Financial Activities. IOQ/o 10 20°/0 Debtors Debtors are mcasured at the ainounts the Chariiies anticipate they will receive fron) a debt oi. tlie amount tliey have paid in advance for goods or services. k. Cash at bank and in h#nd Cash at bank and in hand includes cash and cash on deposit. Liabilities Liabili(ie5 are recogiiised when it is more pi'obable than not that a Iransfei. of econoTnic benefits will be made as a result of pasl transticiions or events, and when the value can be Ineasured reliably. DefeiTed sncome represeiiLs Housing Association Giant income spread ovei. the life of ihe propeilies. m. Finaii¢ial In5trurneiits Th¢ Chariiies only Iiave financial assets and liabilities of a kind that qualify as basic financial instiuments. They are initially IE¢ognised ai transaction value and subseqU￿111Y m¢a5uI'ed ai their se¢ileJnent value. Endoivrnent Funds Expenditure ¢haig¢d to endowinent fvDds i5 51iown in the Incom¢ and Expenditure Account and iransferred to the endowmeni funds. Cyelichl Maintenance and Extraordinary Repairs Th¢ TTU5tees have established Restricted Funds foi. Cyclical Maintenance and Extraordinary Repairs in accoi'dance with the provisioiis of tlieii. Charity Coin1￿1s510n Scheine5. Cach year. the Trustees calculate the anniial charges undei. theii. programme for Cyclical Mainienance ancl Exliaordii)ai'y Repairs aiid include these in tl)e Mainteiiance Contributions charged to Almshouse Residents. Tlie in¢oine shown in ihe Incoine ai)d Expenditure A¢¢ount includes the element of the Maihlenan£e Contributions relating to the Restricted Funds, and the incoine on tl)¢ underlying investnients. The expeDditUTe includes costs incurred on Cycliccll Maintenance and Exiraoi'dinaiy Repairs. The nei amount of the retained suiplus or deficit of the Restricted fllnd5 is then dedueted from tli¢ totttl surplus for the year to leave tlic sutplus before appropi'iations. p. The Bleehynden & Browii Almshouse Ch4rily Under the term5 of the Charity Cominission Scheme dated 6 September 1990. the Blech)ffld¢n and Browii Almshouse Charity ￿S adininisteied as one of the Salisbury City Alin.%house and Welfare Charities, but subje¢t to greatei. resh'iciions on rhe benefieiary ui'oup. Following the closui'e of the first Ordei. foi. the recoupineiil of sums spent on the ieconstruciion of the Blechyi)den's Almshouses, theiefoie, the coii"esponding invesiment l)as to contiiiue to be identified separately and tlie iiicome applied for the benefit of this Charity. Mrs Sgroli Hayter's Charity Under the te¥ms of the Uniting Direction made by the Ch2fiiy Coinmissioners. the accouthts of Mi"5 Sarah Hayter's Chai-ity are to be combined with those of the Salisbury City AIDishousc & Welfare Charities but Ilie ssets and liabilities are to be idei)tified Separately. Since tlie object5 of Mrs Sarah HaNei's Cl)arity are within those of tho Salisbury City Alinshouso & Welfare Charities. its ass¢ts tind liabilities hav¢ beeii treated a5 foLThing a restricted ￿nd. Buchanaii Housing Charity This chai'ity is regist¢i'ed by ihe Charity Coininissioii wiihin the group regisliation of the %alisbuiy City Almshouse and Welfai'e Chai'ities. Since its objeLts are within. but more restricted than, those of the Salisbury City Aliiisl)ou5e and Welfare Cl)ariiies, it5 assets and liabilities have been treated as forniing a restricted fund. 17 AL SBURY C TY ALM 'HOUSE AND WELFARE CH RITI£S NOTES TO TFIE ACCOUNTS AT 31 DECEMBER 2023 NTINUED liJtern%l Property Fund This iepresents the extent to which almshouse buildings have been funded from thc Charitie5' accumulated ineoine (Note 191. Equivalent funds have been esiablished in respect of Mrs Sarah Hayter's Charily and the Buchanan Housing Charity. L Almshouse Developmeijt and Major Improvement Fund This consists of accumulated income which lias been set aside by the 'fi'ustees foi. the Developinent and Major Improveinent of Almshouses. Wheii work 25 capitali5ed and funded frotn tliis Reserve {Note 19) an amount equal io the cost is transfe￿ed to the Internal Propety Fund. Other expenditure charged to this fund is also shown in Not¢ 19. Expenditure Expeiidiiure is accyued as soon as a liability js considered probable and the amount of the obligation can b¢ reliably measured. Expendituie is accounted for on an ￿C¢TualS basis and has been classified undej. the headin&Js tlial aggregate all cost Itlated to rhat category. Management and Adminislratioii Costs Costs whi¢11 cannot be atti'ibuted directly are apportioned between the management of the almshouses, generation of income and governance of the Charities, according to tl)¢ time spent by the office staff on the various acrivities. Pensioii Costs Conli'ibutions payable to the Charities, defined contribution 5¢heme are chai'ged as expenditure in the period io which they relate. w. Provlsion5 Provisions are Tecognised when the Charities have a present obligation as a result of a past event and it is piobable that the Chai'ities will be requiied lo settle the obligation. Provision5 are measured at the Trnstees, best estiinate of the ainount I'equired tg settle the obligation. Housing RclAted Support Income aiid expenditure Housing Related Suppoil, previously known as Suppoiling People, incoine is shown as a separate itetn within Turnovei.. Because of the nat￿re of the Charities, activities IÉ i5 not Ineaningful sepaiately to id¢nlify the related expenditure and it is therefore included in Almshouse Operating Expenditure. Valut Added Tax Irrecoverable Val￿e Added Tax is included with the relevant ¢xpendituir. L St Mary Magdalen's H05Pltal and Little Lxngford Almshouses This cliarity and its propeiiy wei'e Iransfened to the ChaTlties by a Charity Coinmis5ion Scheine dated 4 October 2017. The combination has beell accounted for usiiig acquisition a¢couiiting because il did not meet (he condalions for meiger accollnting. The assets ynd liabiliiies have been Iieated a5 forming a re51ricted fund. SALISIIURY CITY ALM%HOUSE AND WELFARE CHARITIEIS NOTES TO THF ACCOUNTS AT 311)F.CEMBIR 2023 CI)NTINUCI D 2.1 TURNOVER AND opfi RATING COSTS- 2023 Turnover and Operating Costs from Almsliou5es General Needs Supported Housin 2023 Total 2022 Total Turnover Residents, conti'ibutsons recetvable.. Maintenance Le55 voids Service cliai'ges {not eligible for housing benefjt).. Hea(iiig and hot water Catei'ing Electricity Less voids Hottsing Related Supp011 Amortised government grdDts 236,360 117,2671 1,098,200 {15,3751 1,334,560 132.642) 1,231,318 (34.832) 142,103 101,951 20,913 (4,989) 80,108 67,291 151.264 101,951 20,913 16,632) 80,108 67,291 143,397 96,772 17,905 (4,649) 75,488 67,291 11,643) 226,611 1,490.202 1,716,813 1,592.690 Operating expenditure Sei'vices.. Heating and hot water Sei'vices.. Catering Electricity (for communal areas) and water Wardens, cleaners aE)d gardeners Speech Call Alariii sys¢ein5 Routine maintenance Cyclical maintenance Major repaii's and iinprovemei)ts Building depreciaiio Bkd debts Other costs 14,920 93,043 94,914 109,322 465,538 32,280 125,698 235,220 338,123 173,449 )78 18.887 107.963 94,914 12,666 84,703 92,973 4J9,724 26.600 120,775 155,813 62,035 213,901 527 12,798 2.024 465,538 32,280 144,789 250,31 354.016 233,539 978 18,939 19,091 15,091 15,893 60.090 52 127,161 45.890 1,687,452 431,397 1,322,515 362,648 Management and adi11inistration (Note 2bl 477,287 173,051 2,118,849 2,291,900 1,685,163 Opei'ating suiplusl{deficit) £53,560 1£628,647} (£575,087) {£92,4731 Management and Administration (Support C05t5) Mana einent Govei'nance 2023 22 Staff c05ts Office expense5 Staff training7 aiid I'e¢ruitment Auditoi's, I'emuneTation (Note 71 Legg13nd professiL)nal fees Insuiance National Associalion of Alnishouses ¢0sts 295.058 45,386 22,209 3,000 25,497 53,667 4,410 15,529 2.389 310.587 47,775 22.209 13,142 25,497 53,667 4,410 253,453 34,301 2.546 12,266 4,343 51,579 4.160 10,142 £449.227 £28,060 £477,287 £362.648 19 SALISBURY CITY ALM.SHOUSE AND WELFARE CHARITIES NOTEIS TO THE ACCOUNTS AT 31 DECEMBER 2 23 CONTINUED 2.2 fuRIVOVER AND OPFRA TING COSTS- 2022 TiiriiovÉi'oii¢l Opei'iilijig C(&siyfroi&i All￿￿11￿u& Geiiei'ul Needs Supptsried Hoiisi 2022 7tsidl Tiiniovet Residenis'coiilvibi(lioi?& iyceiiiable., 184.5tJ7 (4,262) 1.046,811 (30.570) 1,231.318 (34,832) LesJ ipvids Servi¢e Cliai'ges (nol eligiblefor hoiisiiig benefil).. HetsiiJTg und liol ivuiÉi' Culeiing EleciiicFty LESS voids Ilnii,giJig R¥lÉTledSIippoJ'i 143.397 96, 772 17.905 (4.649) 75,488 67.291 143,397 96, 772 17.9Q5 (4.64Q) 75,488 67.291 180.245 1,412.445 1,592.690 Opgroliiig expenilliure SEivices.' Hecitiiig hof ivalgr .8eiwice.¥.- CalEI'hn¥ Elecli'iciij, If(>i' coJiikiiiintsl&r¢u5) (IndiiPuiÉr 1¥¢7rd¢ns. clganej's thndgÉTrdeneJ'$ Speech ('.all Alaiiii sysletyi Raiiling iiiGinreJidii¢e 5,221 107.445 841. 71)3 92,059 439.724 26.600 111,6941 lJ5.956 59.541 104.646 527 12, 798 1.215.693 323,739 112,666 84. 703 92,973 439. 724 20,600 120, 775 155.8J3 62.n35 213.901 527 12.798 1.322,515 362,648 914 9.081 39,857 2.494 49,255 lajoi. IEprtii'.% uJtÉl ijlip.￿eI7Je￿IS Bd¢l ¢lebiJ hgJ- co$lN 106,822 38.9nP MarkTgeiiienl (l￿dad}lIt￿lS11'alioIt (Nole 2b) 145,731 1.539,452 1.685, 163 Opeioling stiipliis(deficii) £34,514 (£126.987) (£92.473) Mrtiillg¢iiieiil niiflAcliwiiiislrrfiiloii (Stipporl cosls) eiiieni Goi*rn47*7ce 202 Si&Mc'oJls Office e.Ipeiises Si¢iJfiiaining andJ'e¢iiiiiiiieiTI AiiiJilors'i'ei?ItiJieiaiion (Nol¢ 7) Legol aAdprofe5siovulfees 240. 78Q 32,580 2.546 1.500 4.343 51.579 4, IL413 12.673 1.715 253,453 3rf.301 2.540 12.266 4.343 51.579 4,160 10.766 NoiiollcilAssocialioK ofAliitshoiises cosls £337,4S>4 £25.154 £362.648 20 SALISBURY CITY LMSHOUSE AND WELFARF. CHARITIES TES TO THE ACCOUNTS AT 31 DECEMBER 2023 NTINUEID 3. INVESTMENT INCOME 2023 2022 Rents receivable from investment prtsperiies Income from endowed a55et investments Income fi'om curi'ei)t asset listed investniei)Is Accumulated incoine on current assei listed investments Othei. interest 96,887 174,503 39,750 86.056 87,795 93,388 170,309 78,049 19.186 £484,991 £404,043 4. RAISING FUNDS 2023 19,558 10,753 2022 20.471 3,529 Investiment manageinent fees Investment pi'operty expenditure £30.31] £24,000 5. INTEREST PAYABLE 2023 2022 Int¢resl 011 Housiiig Loans (partly repayable in more than five years) £14,744 £14.884 6. EMPLOYEE AND TRUSTEE INFORMATION Employee Number 2023 2022 Part tiine Full time Part time Full time Offiee staff Ali11sliouse staff - ward¢ns, cleaners, cook5 Buildings MainteDance Officer 18 12 19 12 19 Total full-time equivalent 22 22 b. Staff Costs 2022 Salarie5 Social seeurity costs Pension co%ts Redui)daiicy and t¢rmination paym¢iits 722,986 61,309 34,999 30.000 655.929 56,178 30.647 £849,294 £742,754 Tliere thras one employe¢ dui'iiig the yeai. whose emoltsments {excluding pension contribulion5) weie in the band £60,000 to £70,000 (2022.. one). Th¢ Clerk to the Trustees is the only paid dii'¢¢tor of the Charities, undei. the definition given by Il)e Accouiiting Direction for Private Registeied Provide¥s of Social Housing 2022. Tlie Charities consider their key management personnel to be ihe Clerk to the Trubtees. Tlie total reniuneration siicluding pension conts'ibutions of £3,682 paid to this employee dui'ing the year was £73,647 {2022'. £68,859). The Clei'k is an ordinary member of ihe Charitie5' pension sclJwlle. The total of temiination aiid redundaDcy paiqnents charged for the year to 31 December 2023 was £30,000. The Cl)ai'iiies' policy is that any necessary redundancy or termination payneiit 15 settled in accordance with appi'opriate legal advice. SALISBURY ITY ALMSHOUSE AND WELFARE CH RITIE NOTF.S TO THE ACCOUNT.S AT 31 DECEMBF,R 2023 NTINUED Trustees, Emoluments No reinuneraiion was paid to the Trustees of the Charities in 2023 or 2022. Total expenses reimbursed to Trustees for travel and no( chargeable to United Kingdom income tax were £Nil12022-. £Nil). A p¥einium of £949 (2022.. £1,012) was paid for Trustee Indeinnity Insurance. Pension Scherne The Chariti¢s operate a pension scheme on behalf of the employees. The assets of this scheme are lield sepai'ately fi'oTn those of the Charities in independently administered fund. Although this sclieme is pi'incipally a defined conlributions scheme, for certain members it qualifies as a multi-employer defined benefit scheme. As the Charities aTe unable to identify tlieir share of (he a55ets and liabilities in this pail ofthe scheme, in accordance witli FRS 102 il has been accounted for as a defined contribution sclieme, but with (he inclusion of a provision for tli¢ recovery of arrears as shown in Note 15. ConiTibutioiis paid in the year were as shown above and amounts payable to the scheii)e at the end of the year weJ¢ £Nil12022., £Nil). On the basis of the most recent Triennial actuarial valuation of the schen)e in September 2020, the Charities will need io make further contribution5 to the schetne in relaiion to past service for three years from l April 2022. In atcordanee wilh FRS 102 tlie accounts incllld¢ a provision for this amount Hthich is shown in Note 15. The Chariiies cojiti'ibuled £1,869 during 2023 (2022.. £2,964). In the event thai the Cliarities wei'e to withdraw fix)m the Scheme a funher contributioll would be required which orh the basi5 of the mosl recent valuation {30 Sepien)bcr 2020) would ainount to £73,097. This lias not been provided for in the accounts ag the Trustees consider that withdrawal is improbable. SURPLUS ON ORDINARY ACTIVITIES This is stated after cliargii)g'. 2022 Depreciation of almshouse and office buildings £234,438 £214,792 Depreciaiion of other iangible fixed a55ets £21,343 £14,846 Welfare Grant5'. To individtials To other Cliarities in the Salisbury area.. Physically disabled Vulnerable and homele55 31,954 27.886 1,500 1,000 10.000 2,600 £34,454 £40,486 Allditvrs. remuneration.. In thcii. capacity as auditors ror taxation and other services 11,335 3,000 10,766 1,500 £14,335 £12,266 And after crediting.. Gi7nts received froin William Boiley Charity Mai)agement fees charged io William Botley Charity Salisbury City Educational and Appret)iicing Charity £8,877 £8,877 £330 £90 £330 £90 Th¢ Ti'ustees of William Boiley Charity Bnd Salisbujy City Educational Bnd Apprenticing Chai'iiy ar¢ all compi'ised of Trustees of Salisbury City Almshouse and Welfdre Charities. The Chai'ities air noi reqiiired by statute to pJ¢ppre gi'oup accounts, excepi in as inucl) as these accounts include those of the subsidiary chai'ities which are shown 45 Irstricted funds. The Charities have no parent undertaking. Tn common with many oiher b115ines5es of our size and natiii'e we use our auditors to assist wilh the prepaiation of the financial 51ateJnents ai)d some lax compliance. 22 SALISBURY CITY ALMSHOUSE AND WELFARE CHAIIITIES. NOT ' TO THE ACCOUNTS AT 31 DECEMBER2023 CONTINUF,D FIXED ASSETS Housing Propertles Mrs Sarah Ha￿e1'S Charit Buchanan St Maiy Housing Magdalen's Chai'it Hos General Total Cost At l Januai'y 2023 Addition5 Transfer 7,647,890 265,026 957,000 1,971.329 838,445 11,414,664 194,706 459,732 At 31 December 2023 7.912,916 957,000 1,971,329 .OJJ,151 11,874,396 Depr¢ciatioii Ai l January 2023 Charge for the year 2,914,313 154.309 421,073 19,140 552,847 39,427 42,000 20,663 3,930,233 233,539 At 31 December 2023 3.068,622 440,213 592,274 62,663 4,163,772 Net booli value At 31 tkc¢mbei' 2023 £4,844,294 £516,787 £1,379,055 £970,488 £7,710.624 At l Jaiiuary 2023 £4.733.577 £535.927 £1,418,482 £796,445 £7,484,431 These prop¢rties consisted of the following categories of a¢coinmodalion'. 31 DeeeE]Iber 2023 Sheltered housing Under consti'iiciionlrenovation Wal'dens. IIoys¢S General t)eeds housing.. In use 179 190 24 36 24 232 31 Dectmbtr 2022 Shelter¢d liousiiig Wardei)s'1)ouses General needs housing.. In use Uiider Constructionlrenovation 178 189 24 30 188 24 229 All housing properties dre held freeliold, except for ccrtaiii properties held by tlie Buchanan Housing Charity on very long leases {more tlian 500 yeaTS ren)aining). The net book value of these leasehold PToperties ai J l De¢en)ber 2023 was £260,280 {2022'. £269,920) and the depTeciation chaTged them during tlie year was £9,64012022.. £9,640). b. Offices- Freehold Land and Buildings Totsl Cost At l January 2023 and 31 December 2023 Depreeiatioii At l January 2023 Charge for the year At 31 Ikceinbei. 2023 44,960 20.681 899 21,580 Nel book value At 31 Dec¢mb¢r 2023 £23,380 At l January 2023 £24.279 23 SALI BURY CIT ALM HOUSE AND WELFARE C ARITIE OTES TO THE ACCOUNTS AT 3] DECEMBF.R 2023 co TINUED FIXED ASSETS {CONTINUFD) Investment Propertie$- Freehold Land Bulldlngs Three Sho Two Houses I'otal Valuaiion as ai l January 2023 Unrealised gain51{Ios5esl oft r¢valuaiion 895,000 45,000 650,000 1,545,000 45.000 Valuation as at 31 December 2023 £940,000 £650,000 £1,590,000 Thes¢ properti¢5 were valtsed as at 31 Decejnber 2023 and 31 December 2022 by Messrs Woolley & Wallis, Chaiiered Surveyoi's, on the basis of open InilTket value. Their historic costs are not known. The valuers are considered to b¢ independent of the Chai'ities. Fixed Asset Investments Blechyndeii and Brown Almshouse Charit General Endowment Fund Mrs Sarah Hayler's Chai'it Total MaTket value at l January 2023 Additions Disposals Investment incoine ac¢rued Investment tnanagemeni fee5 Uiireali5ed gains/l1055esl on revaluatio 5,276,824 141,520 (135,986) 3,221 111,223} 362.806 9,533 2,785 5,289.142 141,520 (135,986) 3,221 111,223) 363,957 891 260 Market value at 31 December 2023 £5,637,162 £10.424 £3,045 £5,650.63] Historic c05t'. At 31 December 2023 £4.063,626 £6,198 £1.622 £4,071,446 At 31 D¢¢ember 2022 £4.061,022 £6,198 £1.622 £4.068,842 The mai'ket value at 31 December 2023 was Inade up as follows.. Charilable LomTnon investment funds 2,199,676 L￿sted inveslinent5'. UK r2xed interest UK equities 10,424 3,045 2,213,145 286,224 3,099,837 51,425 286,224 3,099,837 51,425 Cash £5,637.162 £10,424 £3,045 £5,650,631 ENDOWMCI NTS RECOUPF.D Investment5 held in ClJ51ritable Common Investment Fund5 Blechynden and Brown Almshous¢ Chai'il 25,274 70 3,171 Mrs Saiah Ha￿er.5 Chai'ii 68,855 1,200 8,627 Total Market value at l January 2023 Capital recouped (Note 17) Unrealised gainsll105se5) on Tevaludtion 94.129 1,270 11,798 Market value at 31 December 2023 £28.515 £78,682 £107,197 His101'ic c05t'. Ai 31 December 2023 £12,663 £27,769 £40,432 At 31 December 2022 £12,593 £26,569 £39,162 24 SA ISBURY CITY ALMSHOUSE AND WELFARF. CHARITIES NOTES TO THE ACCOUNTS AT 31 DECEMBER 2023 CONTINIIED 10. OTHER FIXED ASSETS Equipment. Furniture, Flxtures a￿d Fittings Almshouses Offices Total Cost As at l January 2023 Additions Disposals 233,638 38,040 58,643 1,550 292,281 39.590 As ai 31 December 2023 271,678 60,193 331,871 Depreciation As at l January 2023 Chai'ge foi. the year Disposals 191,900 17,067 52.108 4,276 244,008 21,343 As ai 31 December 2023 205,967 56.384 265.351 Net Book Valu¢ At 31 December 2023 £62,711 £3,809 £66,520 At l JaTkuaTy 2023 £41,738 £6.535 £48,273 It is estimated that the office equipl￿en1 is used 50 % for the suppoit of direct chai'itable work and 500/0 fgr (he management 2nd administration of the Charities. I I. DEBTORS 2023 2022 Residents, ¢ontribuiions in arr¢ai'5 Othei. debiors Prepayin¢nts 3,900 25,488 51,307 6,208 6,515 48,959 £80.695 £61,682 12. CURREIYT ASSET INVESTMENTS Buchanan St Mary Housing Magdalen's Charit Hos Genei'al Unreslricted Fund Extraordinary Repair Fund Total Market value at l Aanuaiy 2023 Additions Disposals In¢oine accumulaied Invesiment managcineni fees Oth¢r Inovemenl in ca811 Unrealised gain51(10s5esl 549,270 351,539 4.350,331 224.753 (722,4901 39,729 18,335) 2,023,877 7,275,017 224.753 (775,7291 121,774 18,335) {53,239} 82,045 68,819 363,686 43,603 509,219 Market VRlue at 31 December 2023 £618,089 £331,411 £4,247,674 £2, 149.525 £7,346,699 Hi5tQl'l¢ LOSI.. At 31 December 2023 £326.688 £221,020 £3,745,226 £1,620,900 £5.913,834 At 31 December 2022 £326,688 £267,207 £4,164,509 £1,538.855 £6,297,259 Th¢ inarkei value at 31 Decembei. 2023 was made up as follows.. Coimiiion Investmeni Funds 618,089 331,411 Listed inveslin¢nl5'. Equities Fixed interest Casli 2,001,264 2,149.525 5,100,289 1,706,025 448,027 92.358 1,706,025 448,027 92,358 £4,247.674 £2,149,525 £7,346,699 £618,089 £331,411 25 LISBURY CITY ALMSHOUSE AND WELFAR CHARITI NOTES TO THE ACCOUNTS AT 31 DECEMBER 2023 CONTINUED 13. CREDITORS: Amounts lalllng due within one yeAr 2023 2022 HoLtsing loans Residents, contributions received in advance Rents received in advance Other creditois Deferred income- Government grallt5 Accruals 1,584 1,429 5,387 2.205 86,609 67,291 68,194 883 115.746 67,291 85,975 £276,591 £231,115 14. CREDITORS.. Amounts falling dlle After more than one yeir 2023 2022 Housing loans for.. Gloucestei House (interest rate I1.3750/fj) Trinity Hospital (interest rate 9.50/0 Defen'ed income- Government grant5 73,364 64,386 1,755.912 74,298 65,035 1,823,203 £1,893,662 £1,962,536 The loans al'e secured on the respective developments and have fixed rates of interest. They are repayable, by half-yeai'ly insialm¢nts, over 60 years until 2044 {Gloucester House) and 2049 (Ti"inity Hospital). The total amount repayable aftei. more than five years was £131,885 £131,885 ]kferred income 2023 Bi'ought forward at l January 2023 Released in the year Deferred in Ihe yeai. Carried forward at 31 December 2023 1,890,493 (67,291) 1,957.784 (67,291) £1,823,202 £1,890,493 IS. PROVISIONS FOR LIABILITIES AND CHARGES 2023 2022 Broiighi forward pension liability at l JanuaTy 2023 Unwinding of the discount faetor Deficit conrribuiion paid Impact of change in assuinption and ¢oniribulion schedlll¢ Carried forward pension liability at 31 Deceinber 2023 3,711 183 (1,869) 6.757 55 (2,964) (137) £2.025 £3,711 As m¢ntioned Note 6d, the Charitie5 pension $¢heme is accounted for a5 a defined coi)tribution scheme but a provision has been included for the past service element payable witli the aim of eliminating the deficit oii the scheme. The amount recognised is the PTes¢nt value of contTibutions payable that result fi'om the temis of the agreement. Income and expenditure impact Unwindiiig of the discount factor Iinpact ofcliaiige in assuinption and ¢ontribution schedule 2023 2022 183 55 {137) (£821 £183 A$$umption5 Rate of distount 2023 4.96¥. 4.96Yo Tlie discouni iales showii above are the equivalent single di￿o￿nt rates which, when used to discouiit the futuie recoveiy plan contributions due, would give Il)e saine results as using a full AA Corporate bond yield curve to discount tl)e same iecovery plan Coiitributioiis. 26 SALISBURY CITY ALMSHOUSF, AND WF.LfiARC CFIARITIES TES TO THE ACCOUNTS AT 31 DF.CEMBER 2023 CONTINUED 16.1 ENDOWED CAPITAL- 2023 Blechwden G¢t)eral aiid Brown Endowment Almshouse Fuiid Chari Mrs Sarah St Mary HayteWs M8gdylen's Charil Hos 2023 Toial Balanc¢ as at l January 2023 Transfer of as5et5 Depreciatioii of buildings Investinent Jnanagement fees Investment income accumulated Realised gains on disposal of investmenis Unrealised gaiiis on Yevaluation of investment propertie5 Unrealised gains oli anvtstments Balance as 8t 31 Deceinber 2023 £7.423.846 7,026,099 9,533 36,384 378,000 7.450.016 (7,588) {11,223) 3,221 (1.200) {8,400) 117,188) (11,2231 3,221 5,531 5,531 45,000 362,806 45,000 363,957 891 260 £10,424 £35,444 £369,600 £7,839,314 16.2 ENDOWED CAPITAL- 21122 lecliynden ojid Ilioivit Generul doiiJiJiei?I riiiid Ali's Sai'ah H17JJlcr's Si Maiy Alogdttleii's 2n22 Toial Chdiil Balunce tts ai l Jonu47ry 2022 Ti'oiis[ei' ofassel.F Deprecidiioii of biiildi￿gs Ivvesfiiienl iJidptageNienilees 7,523.159 JO.787 37.95n 386,40Q 7.958,290 ,588) (lJ,691) (1,200) (8.400) (17,J88) (11.691) (78.383) (78.383) IJKrealisedgoiiiJ i*valuaiion ofiiiv¢siiJieJili)J'opeJ'liES Uiir¢¢TlisedgaiFis uiy lrtve&iiiieiiis 55.OQQ (454,398) 55,000 (456.1118) (1.254) (306) ol¢tiTce as ui 31 Dgceiiibei. 2022 £7,026.Q99 £9,533 £56.384 £378.OOQ £7,450,016 17. ENDOWED CAPITAL TO BE RECOUPED The Charity ComTnissioners oi'dered tlial suims ¢xpended oil ihe I'econstruction of Blechynden's and Mrs Sarah Ha￿er'S Almshouses Should be recouped from incom¢ to capiial. Two recoupinent orders are now in force: (i) On 5 Maich 1980, for £70 per year for 60 years t(Tr 2040, to generate {ii) Oi) l June 2000, for £1,200 per year for 50 years to 2050, to generate Capital recouped is held in Charitable Common Investment Fund5 (Note 9). 20,037 60.000 £80.037 27 SALISBURY CITY AL SHOUSE AND WELFARE CHARITIES TES TO THE ACCOUNTS AT DECEMBER 2023 CONTINUF.D 18.1 RESTRICTED FUNDS- 2023 SCAWC Mrs Sai'ah Buchanan St Mary Almshouse Hayter's Housing Magdalen'5 Charities Charit Charit Hos (Note 18.3a) (Note 18.Jb) (Not¢ 18.3c) tNote 18.3d) 304,176 81,063 154,765 28,019 121.662 9,833 22,269 14,141 969 2023 Total Contributions from residents Investinen¢ incoine Other income Legacies and donations Expenditure 568.023 167,905 969 4,056 (603,015> 4,056 (372.502) (84,087) (113,154) {33,272) Net income Realised gai115 Ot) tjiveslments Uniealised gains on investments 57,392 7,778 63,880 8,888 1,992 33.421 137,938 1,992 145,532 34,124 2,032 75,955 Net movejnent iii funds before transfers Transf¢r froin unresii'icted funds Endowed capital recouped Balance atl January 2023 Balance at 31 December 2023 91.516 45,858 9.810 139,835 44.301 285,462 45,858 (1,2001 6.846,179 (1,200) 420,727 2.881,189 2,571,767 972,496 £3,018,563 £429,337 £2.711,602 £1,016,797 £7,176299 The fund balances include the following unrealised gainsl(losses)'. As at 3 1 Decembei. 2023 £450,123 £19,092 £448,800 £91,957 £1.009.972 A5 at l Januaiy 2023 £415,999 £17,060 £372,845 £58,536 £864,440 The transfer to restricted fuiid5 conslSt5 of addiiional contributions to the extraordinaiy repaii. fund of £45,858 (2022.. £25,859) reflecting expenditure on boil¢rs and environmental energy wlieines. 18.2 R￿TRICTED FUIVDS- 2022 scAI¥c J's Sui'uh Hoylej" Chai'ii Bitehanun Si Mniy Hoii.riiig MogduleRI'J Chaiil 14os (Noi8 J8.4aJ (Note 18.4b) (Nde 18.4c) (Nole 18.4d) 290.562 73.932 144.537 4,858 70,467 4,785 14.335 14. 122 J.449 2022 Chaiiiies Toleii¥ioit deficFI Ii'ansfei. 82 3.086 (3.686) 3,44d 2.862.651 (486,931J 4.7n5.688 3.046 353.243 (480,445) 7.921,582 BdluJi¢¢ ar l JoKtiai)1 2Q22 Bulaiice 311)eeenil)eJ'2022 £2,866,091 £4.218.757 £350.289 £7,rf41, 137 32 SALISBURY CITY ALMSIIOUSE AND WELVARE CHARITIE NO TO THE ACCOUNTS AT 31 DCCF.MBEI R 2023 CONTINUF.D 20.1 ANALYSIS OF NET ASSETS BETWEEN FUNDS- 2023 Unrestricted Funds Resiricied Funds Endowjnent Fuiids Total Fixed Assels Almshouses Offices Inve5tmenl pi'op¢rti¢s Investments EFF&F 4,246,351 23.141 2.866,293 597,980 239 1,590,000 5.757.828 7,710,624 23,380 1,590,000 5,757.828 66,520 66,520 4,336.012 4,247,674 777,630 (276.591) (1.893,662) 331.295 (2,025) 2,866,293 3,099,025 1,542.276 7,946,047 15,148,352 7,346,699 2,320,370 1276,591 } (1,893.662} cU￿ent asset investtnent5 Oth¢r Cu￿ent assets Curreni liabilities Long tei-m liabilities Loan to Mrs Sarali Hayter's Chai'ily Provisions 464 (331,2951 12,025) £7,520,333 £7,176,299 £7.946,511 £22.643,143 Tlie loan to Mrs Sarali Haytei's Charity was pi'ovided froin tlie Unre5tricied Funds of tlit Salisbury City Almshouse and Welfare Chariiies to enable the dlmshouses own¢d by Mi's Sarah Hayter's Charity to be rebuili. It j5 ljlteTest-frce and is being iepaid out of the income of Mrs Sarah Ha￿er'S Cliarity. 20.2 AIVAL YSIS OFNETASSETS bETWEENFUNDS- 2022 Uni'esiiieied FiindJ' Rgslritied rtiiids Toiul Fi.ied Assel Alftishotises Office.f lrtvesiiMeiiiprop¢i'lics 3,8n2,767 24.031 3.066,506 615. 158 248 1.545.000 5.383,271 7.484.431 24.279 1,545.0110 5.363.271 48,273 48,273 3,87i.n71 4.35n,331 l.Q69.8Q7 (231, 115) (1,962,536) 343,295 (3,711} 3.066,51J6 2.924.686 1,198,281 7.543.fJ77 14.485,254 7.275,017 2,266.552 (231.115) (1.962.530) Oih¢r ciij'reill assels Ciirrcnl Itubiliiieb 464 LoL7M lo Mi's 3aJ'i71t Ilaj￿er,.f ChÉtrily Pj'ovisioiis (343.295) (3. 711) £7,44J.J42 £6.846,J78 £7,544, 141 £21.831,40J 21. CAPITAL COMMITMENTS As ai Balance Sheet date the Charities had coinmitments as follows.. 2023 2022 Coniracted for but not provided in the accounts.. £0 £0 33 ALISIIURY CITY ALMSHOUSE AND WELFARE CHARITIES NOTES TO I'HE AC OUNTS AT I DECEMIIER 2023 CONTINUED 22. PRIOR YEAR STA TEMENTOF FIIVANCL4L ACTIVJTIES llnresliicled Fiivds Resliicl¢d Ftind& Eiidoiviiiepti Ftiiids Toiol 2022 Notre INCOME FROM Clirtriillhle Acliville,¥ Tiiriiov¢r 939.2Q4 72.306 67,291 51n, 707 3. 182 J,449.911 75.488 07.291 HoiisiAg Relatetl.S'iii)poi'l 1.078,8QJ 5J3,889 1.592,69n Stijpliis disposal 2,265 2.000 4.265 3nn.336 In3.707 rfQ4.043 Oiher iiicDme 24,812 1,449 26.201 Tnlal iiictsnie 1.41)6,214 621.045 2.027.259 EXPFNIJJTIJRE OAI 12.309 11.691 24.¢NIQ Churllfibl¢AcilvlrleJ AlfviskGiise opeJ'4liKg co.rlj QW9.437 310,288 14.884 315.890 52.360 17.188 1.322.5J5 562.648 14,884 1.314.009 40,480 308.250 17.188 1,7nO.Q47 4n,486 Hleljai'e gi￿￿13 1.355,rJ95 368,250 17,188 1. 74Q,533 Toliil expendiiiii 1,367.4Q4 568,25 28.879 1. 7t54,533 Nel iiicoilie/(￿p￿Iid1tIIrej beftsrÉgiiliii 38.8ln 252.795 08.879) 262, 726 OTJI*.'R fyAIIVSAND LOS.SES Rertlis¢ilgiiliis/(lu.¥x¥J) oji dlJposrtl.. (21.110) (211.237) (78.383) (119.736) Uikreiili.¥e(Igiiiiis/(los$g&J nii revffluN¢ioii.' (472,292) (J45,945) (465, 198) 55.000 (l.Q83,435) 55.nOQ 82 Pension scheliie i'evaliialion 82 Nel iiicoFTrie/¢.Ipgiirfliiir Ti'uns[ery beiii'¢enfiinds (454,516) (25.929) 86.613 24,Oig (517.46n) 1,27(J (885.363) 18 N¢1 wioveiii¥iil iiifiiiirfs (480,445J JJl.272 (5J6.J9Q) (885.363) FiinJblllui7ces J Jfjniiaiy 3022 7.921,582 6.734,907 8.000,335 22,716.824 Fiiii(Ib¢iliiiicey tt131 Dttc¥iirb¢r21122 £7.441. 137 16.846. 179 £7,544. 145 £2J,831.461 34