The Charity called The Almshouse of St John the Baptist and St John the Evangelist
in the Parish of Sherborne, in the County of Dorset
UNAUDITED FINANCIAL STATEMENTS
for the year ended
31 December 2024
Charity No.202499 Regulator of Social Housing No.A2569
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne LEGAL AND ADMINISTRATIVE DETAILS
GOVERNING DOCUMENTS
The charity is governed by the following documents:
William Dodill’s Charter of 1406 Trust deed of 1418 Royal Charter of Henry VI of 1437 Scheme of 15 September 1953
TRUSTEES
The following persons are the Trustees and called the Master and Brethren, viz:
Michael John Anthony Davies, of Sturminster Newton, farmer (to 1 June 2024) Timothy Maurice Cobden Higham Bartley, of Sherborne, chartered engineer Laurence John Burke, of Milborne Port, retired medical practitioner Michael David Burks, of Sherborne, horticulturalist Karen Elizabeth Fisher, of Sherborne, Matron Richard Hunt, of Sherborne, Businessman Lucy Robins, of Salisbury (to 1 June 2024) Reverend Martin Lee, of Sherborne, Rector of Sherborne (to 19 January 2024) Paul Jacobs, of Sherborne Steven James Lusher, of Sherborne, Chief Operating Officer Ian David Macfarlane, of Charlton Horethorne, Investment banker
MASTER
Lucy Robins (to 11 January 2024) Richard Hunt (from 11 January 2024)
DIRECTOR
Fritha Aelise Cassels Costain (to 1 March 2025)
CHARITY REGISTRATION NUMBER
202499
REGULATOR OF SOCIAL HOUSING REGISTERED NUMBER
A2569
Page 1
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne LEGAL AND ADMINISTRATIVE DETAILS
REGISTERED OFFICE
St Johns’ House Half Moon Street Sherborne Dorset DT9 3LJ
SOLICITORS
Stone King Upper Borough Walls Bath BA1 2HJ
Kitson & Trotman The Champions Beaminster Dorset DT8 3AN
INDEPENDENT EXAMINER
Robert Cadwallader Milsted Langdon LLP Chartered Accountants Motivo House Alvington Yeovil Somerset BA20 2FG
BANKERS
Barclays Bank Plc King George Street Yeovil Somerset BA20 1PX
Page 2
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne REPORT OF THE TRUSTEES
The trustees present their report and unaudited financial statements of the Almshouse for the year ended 31 December 2024.
OBJECTIVES AND ACTIVITIES
The Almshouse is registered as a charitable housing association and it is registered with the Regulator of Social Housing (R. S. H No. A2569) and the Charity Commission (Charity No. 00202499).
After paying the cost of repairs and insurance and all other charges and outgoings relating to their property, and all the property costs, charges and expenses of and incidentals to the administration and management of The Almshouse of St John the Baptist and St John the Evangelist, the Master and Brethren are required by the scheme established by the Charity Commission on 15 September 1953 to apply the remainder of their income in providing food, clothing and other necessaries for the residents of the Almshouse and in providing for their welfare and comfort in health and sickness in such way as the Master and Brethren think fit from time to time.
The trustees confirm that they have complied with their duties to have due regard to the guidance on public benefit published by the Charity Commission (on their website at Charities and Public Benefit) in exercising their powers and duties.
This guidance has directly influenced the setting of objectives and outcomes. In particular, the trustees have considered how planned activities will contribute to set objectives.
REVIEW OF FINANCIAL PERFORMANCE
Turnover in the year from rent and contributions received was £132,210 (2023 - £173,882). The actual deficit for the year was £80,384 (2023 - £306,075), the realised loss on investments was £nil (2023 - £1,370) and the unrealised gain on investments was £nil (2023 - £4,386). The net assets at the end of the year are £1,844,396 (2023 - £1,924,780).
Due to the closure of the Almshouse in 2023 the income that would normally be received from residents reduced dramatically. Costs were high because the Trustees guaranteed to employ all staff for an extended period and had to meet redundancy costs. Insurance was higher than normal due to the building being empty for a prolonged period. Expenditure on professional fees, particularly for extensive legal advice in relation to the closure of the Almshouse and the staffing implications, was significant. Costs relating to repairs and improvements have also been very high as it was the correct time to invest in the structure of the Almshouse and Commercial buildings.
The charity managed to reduce the 2023 deficit significantly in 2024 by introducing the following strategies:-
-
Renegotiation of the insurance arrangements with an improved premium
-
Reducing staff cover to a minimum level
-
Leasing part of the Almshouse premises to the Abbey, which will also improve community engagement with the town
GOVERNANCE AND MANAGEMENT
The Charity is governed by a Board of Trustees, The Brethren, who regularly meet, usually six times a year but more frequently during the year and for the foreseeable future because of the specific challenges which the Charity faces, to consider the affairs of the Charity and make decisions concerning its strategy. Issues which require more detailed input from the Brethren are usually first considered by the Master’s Standing Committee which meets more frequently, usually once a month.
Page 3
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne REPORT OF THE TRUSTEES
GOVERNANCE AND MANAGEMENT (cont)
The day-to-day operations of the Charity are managed by the Steward or Director, with guidance from the Master.
BRETHREN
A list of the current trustees is set out on page 1.
REVIEW OF ACTIVITIES AND FUTURE PLANS
The charity has also increased its income from beneficiaries by issuing licenses to three residents and is always considering ways in which it could collaborate with other organisations in order to become more efficient.
The charity is keen to develop the remaining accommodation into self-contained units and is exploring which assets could be disposed of in order to provide the funds for this investment.
Considering the significant reduction in the deficit between 2023 and 2024, and the initiatives being considered to ensure the sustainability of the charity going forward, the trustees remain very confident that the charity remains a going concern and are excited about potential future developments to ensure the almshouse serves the needs of its beneficiaries, both current and those appointed in the future.
RESERVES POLICY
The Trustees reviewed the policy at the start of the year.
At 31 December 2024 the capital and endowment reserve was unchanged from 2023 at £78,552 respectively. The revaluation reserve was unchanged at £1,614,999. The income and expenditure reserve had decreased to £150,844 at 31 December 2024 (2023: £231,228).
INVESTMENT POLICY
The Trustees have a policy of mixed investment, comprising of two elements.
-
A few architectural important listed commercial buildings in Sherborne, which the Trustees have acquired over many years, and which are all subject to commercial lettings, managed by a professional agent and subject to regular rent reviews.
-
Cash deposits invested in banks, which is for use in cyclical repairs and is readily accessible.
Page 4
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne REPORT OF THE TRUSTEES
RISK ASSESSMENT
The Brethren regularly conduct reviews of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Internal risks are minimised by the implementation of procedures of authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed in order to ensure that they still meet the needs of the charity.
On behalf of the Trustees
Mr R Hunt, Master (Chair of Trustees)
Date: 14 May 2025
Page 5
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne REPORT OF THE TRUSTEES
The Trustees are required to prepare accounts for each financial year which give a true and fair view of the state of affairs of The Almshouse of St John the Baptist and St John the Evangelist and of the surplus or deficit of The Almshouse of St John the Baptist and St John the Evangelist for that period. In preparing those accounts, the Trustees are required to:
-
a. select suitable accounting policies and then apply them consistently;
-
b. make judgements and estimates that are reasonable and prudent;
-
c. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
d. prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the accounts comply with the requirements of the Charities Act 2011, the Housing and Regeneration Act 2008, and the Accounting Direction for Private Registered Providers of Social Housing 2022. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the Charity and financial information included in the Charity’s website in accordance with the legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Page 6
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE ALMSHOUSE OF ST JOHN THE BAPTIST AND ST JOHN THE EVANGELIST, SHERBORNE
I report on the accounts of the Almshouse of St John the Baptist and St John the Evangelist 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 accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). The trustees consider that an audit is not required for the year specified in section 136(6) to the Housing and Regeneration Act 2008 and that an independent examination is needed.
Having satisfied myself that the registered social landlord is not subject to audit under housing law and is eligible for independent examination I report in respect of my examination of the Charity’s accounts carried out under Section 145 of the 2011 Act and under paragraph 18 of Schedule 1 of the Housing Act 1996. By carrying out my examination I have followed all the applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect;
-
Accounting records were not kept in respect of the charity as required by Section 130 of the Act nor in accordance with section 135(2)(b) of the Housing and Regeneration Act 2008; or
-
The accounts do not accord with those records; or
-
The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of the examination.
-
The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
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 accounts to be reached.
Robert Cadwallader Milsted Langdon LLP Chartered Accountants Motivo House Alvington Yeovil Somerset BA20 2FG
Date: 5 June 2025
Page 7
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne UNAUDITED STATEMENT OF COMPREHENSIVE INCOME (INCORPORATING AN UNAUDITED INCOME STATEMENT) for the year ended 31 December 2024
| Turnover Notes Rent and contributions receivable 1 Operating costs 1 Operating deficit Donations and legacies 1 Finance and investment income 2 Investment management costs 4 Realised loss from investments Deficit for the year 1 Unrealised gains/(losses) from investments 12 |
2024 £ 2023 £ 132,210 173,882 (215,453) (482,341) |
|---|---|
| (83,243) (308,459) 2,000 781 1,506 5,699 (647) (2,726) - (1,370) |
|
| (80,384) (306,075) - 4,386 |
|
| (80,384) (301,689) |
Total loss recognised in the year
The financial statements were approved on behalf of the Trustees and authorised for issue on 14 May 2025. and signed on their behalf by:-
Mr R Hunt - Master
Mr M D Burks - Trustee
Page 8
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne BALANCE SHEET As at 31 December 2024
| FIXED ASSETS Tangible assets Notes Housing properties plant and equipment Investment properties 3 INVESTMENTS 4 CURRENT ASSETS Stocks Debtors 5 Cash at bank and in hand 6 CREDITORS: Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS: Amounts falling due after one year 8 FINANCED BY: HOUSING PROPERTY FINANCE 9 EQUITY Capital and endowment reserves Income and expenditure reserve 12 Revaluation reserve 13 |
2024 £ 2023 £ 318,349 270,859 1,615,000 1,615,000 |
|---|---|
| 1,933,349 1,885,859 |
|
| - 5,177 - - 24,176 78,763 64,321 133,390 |
|
| 88,497 212,153 |
|
| (42,879) (36,960) |
|
| 45,618 175,193 |
|
| 1,978,967 2,066,229 (134,571) (141,449) |
|
| 1,844,396 1,924,780 |
|
| 1 1 78,552 78,552 150,844 231,228 1,614,999 1,614,999 |
|
| 1,844,396 1,924,780 |
Page 9
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne BALANCE SHEET As at 31 December 2024
The trustees are satisfied that the Charity is entitled to exemption from the provisions of the Housing Act 1996 (the Act) relating to the audit of the financial statements for the year by virtue of paragraph 18 (4A) of Schedule 1 of the Act.
The trustees acknowledge their responsibilities for:
-
(i) ensuring that the Charity keeps proper accounting records under paragraph 18 (2) of Schedule 1 of the Act, and
-
(ii) preparing financial statements in accordance with the accounting records and comply with the requirements of paragraph 16 of Schedule 1 of the Act and the Accounting Direction for Private Registered Providers of Social Housing 2022
The financial statements were approved on behalf of the Trustees and authorised for issue on 14 May 2025 and signed on their behalf by: -
Mr R Hunt - Master
Mr M D Burks – Trustee
Page 10
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne CASH FLOW STATEMENT For the year ended 31 December 2024
| Notes Cash flow from operating activities 15a Cash flow from investing activities 15b INCREASE/(DECREASE) IN CASH IN THE YEAR RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Increase/(Decrease) in cash in year Change in net debt resulting in cash flows Non cash flow from decrease in net debt MOVEMENT IN NET FUNDS IN THE YEAR NET (DEBT) AT 1 JANUARY 2024 NET (DEBT) AT 31 DECEMBER 2024 15c |
2024 £ 2023 £ (14,140) (359,156) (54,929) 391,322 |
|---|---|
| (69,069) 32,166 |
|
| (69,069) 32,166 |
|
| (69,069) 32,166 6,878 6,878 |
|
| (62,191) 39,044 (14,937) (53,981) |
|
| (77,128) (14,937) |
Page 11
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne ACCOUNTING POLICIES For the year ended 31 December 2024
Introduction and accounting basis
The principal accounting policies of The Almshouse of St John the Baptist and St John the Evangelist are set out below. The financial statements of the Charity, which is a public entity under FRS 102, have been prepared under the historical cost convention, modified by the inclusion of investments and investment properties at market value, in accordance with the Accounting and Reporting by Charities: Statement of recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Housing Statement of Recommended Practice 2018, the Accounting Direction for Private Registered Providers of Social Housing 2022 and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS 102.
Going concern
The trustees assess whether the use of the going concern is appropriate i.e. whether there any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The trustees make this assessment in respect for a period of at least one year from the date of the authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Income recognition
Rent receivable is credited in the income and expenditure account in the period to which it relates.
Income from legacies and donations are included as income when received or when the charity becomes entitled to the monies, if earlier, the receipt is probable and the amount can be measured reliably. Income from commercial letting of properties is stated net of Value Added Tax.
Designated funds
Where monies are set aside by the trustees for specific purpose these are shown in the accounts as specifically designated funds.
Investments
Monies held as investments are included in the accounts at market value. All gains and losses are taken to the Statement of Comprehensive Income as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Comprehensive Income.
Page 12
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne ACCOUNTING POLICIES For the year ended 31 December 2024
Stocks
Stocks are stated at the lower of cost and net realisable value.
Mortgages
The mortgage loan advanced by the Homes & Communities Agency has now been repaid bar £1.
Pension
The Charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. Any annual contributions payable are charged to the profit and loss account.
Housing Association grants
Under the Housing SORP 2018 this grant is classified as deferred income and is released to the income and expenditure account over the expected useful life of the asset on a straight line basis.
Revenue grants
Grants in respect of revenue expenditure are recognised when the charity has an entitlement to the funds, any conditions linked to the grants have been met and the funds are received.
Fixed Assets – land and buildings
Housing properties are stated at nominal valuation of £1 plus the cost of housing property renovations. Non housing properties are stated at an estimated valuation of £1,615,000. The Almshouse of St John the Baptist and St John the Evangelist and 2 Trendle Street are insured for £16,580,400 and other let properties are insured for £8,032,109. The Housing properties have been included at nominal valuations as they were originally gifted to The Almshouse of St John the Baptist and St John the Evangelist and therefore had no cost.
Depreciation
The company depreciates housing properties on a straight line basis over their estimated useful economic life of 50 years.
Furniture and fittings are written off over the period of their expected useful lives at 20% on a reducing balance basis.
Items of a capital nature are charged to the income and expenditure account unless they result in an enhancement of economic benefits of the property or where they replace a component which has been treated separately for depreciation purposes.
Page 13
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne ACCOUNTING POLICIES For the year ended 31 December 2024
Liabilities
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Financial instruments
The Charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Charity and their measurement basis are as follows:
Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 5. Prepayments are not financial instruments.
Cash at bank – is classified as a basic financial instrument and is measured at face value.
Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 7. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
Taxation
The Charity is exempt from taxation in respect of income or capital gains to the extent that such income or gains are applied exclusively to charitable purposes.
Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Page 14
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
1 PARTICULARS OF TURNOVER AND OPERATING SURPLUS BY CLASS OF BUSINESS
| Income and expenditure from lettings Housing accommodation Other income and expenditure Non housing property lettings Finance and investment income Donations and legacies Investment management costs Realised loss on investments Deficit for the year on all funds The operating deficit is stated after charging: Depreciation – land and buildings Depreciation – fixtures and fittings Independent examiner’s fee Independent examination fee Other 2 FINANCE AND INVESTMENT INCOME Deposit account interest Dividends received |
Income £ Operating costs 2024 £ Income £ Operating costs 2023 £ 14,526 145,130 50,433 402,016 117,684 70,323 123,449 80,325 |
Income £ Operating costs 2024 £ Income £ Operating costs 2023 £ 14,526 145,130 50,433 402,016 117,684 70,323 123,449 80,325 |
|---|---|---|
| 132,210 215,453 1,506 - 2,000 - - 647 - - |
173,882 482,341 5,699 - 781 - - 2,726 - 1,370 |
|
| 135,716 216,100 |
180,362 486,437 |
|
| 80,384 | 306,075 | |
| 11,449 9,746 1,167 1,459 2,400 1,800 5,375 8,233 |
||
| 2024 2023 £ £ 1,383 343 123 5,356 |
||
| 1,506 5,699 |
Page 15
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
| 3 FIXED ASSETS Cost or nominal valuation: 1 January 2024 Additions 31 December 2024 Depreciation: 1 January 2024 Charge for the year 31 December 2024 Net book value: 31 December 2024 31 December 2023 |
Property, plant and equipment Investment properties Fixtures and fittings Total £ £ £ £ 512,327 1,615,000 74,747 2,202,074 60,106 - - 60,106 |
|---|---|
| 572,433 1,615,000 74,747 2,262,180 |
|
| 247,303 - 68,912 316,215 11,449 - 1,167 12,616 |
|
| 258,752 - 70,079 328,831 |
|
| 313,681 1,615,000 4,668 1,933,349 |
|
| 265,024 1,615,000 5,835 1,885,859 |
The investment properties were valued in 2019 by Nigel Jones of Chesters Commercial Limited. The Brethren do not believe that the value of the property is materially different as at 31 December 2024.
| Almshouse accommodation, owned - for older people, owned Staff units |
2024 No. 2023 No. 19 19 1 1 |
|---|---|
| 20 20 |
Currently there are 3 units occupied (2023: 2 units occupied).
Page 16
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
| 4 INVESTMENTS Transact portfolio COIF Fund United Trust Deposit accounts Total £ £ £ £ £ Market value: 1 January 2024 647 4,386 - 144 5,177 Additions - - - - - Cash Withdrawal - (4,509) - (144) (4,653) Investment income - 123 - - 123 Management Costs (647) - - - (647) 31 December 2024 - - - - - 31 December 2023 647 4,386 - 144 5,177 On a historical cost basis investments would be included at: 31 December 2024 - - - - - 31 December 2023 647 4,386 - 144 5,177 5 DEBTORS 2024 2023 £ £ Trade debtors 7,902 10,167 Prepayments & accrued income 16,274 68,440 Other debtors - 156 24,176 78,763 6 CASH AT BANK AND IN HAND 2024 2023 £ £ Cash in hand - 11 Bank – current account 51,065 133,379 United Trust 3 Month Bond 10,112 - Deposit accounts 3,144 - 64,321 133,390 |
Transact portfolio COIF Fund United Trust Deposit accounts Total £ £ £ £ £ 647 4,386 - 144 5,177 - - - - - - (4,509) - (144) (4,653) - 123 - - 123 (647) - - - (647) |
Transact portfolio COIF Fund United Trust Deposit accounts Total £ £ £ £ £ 647 4,386 - 144 5,177 - - - - - - (4,509) - (144) (4,653) - 123 - - 123 (647) - - - (647) |
|---|---|---|
| - | - - - - |
|
| 647 | 4,386 - 144 5,177 |
|
| - - - - |
||
| 647 | 4,386 - 144 5,177 |
|
| 2024 2023 £ £ 7,902 10,167 16,274 68,440 - 156 24,176 78,763 2024 2023 £ £ - 11 51,065 133,379 10,112 - 3,144 - 64,321 133,390 |
Page 17
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| 7 | CREDITORS: Amounts due within one year | ||
| Trade creditors | 10,277 | 20,287 | |
| Taxation & social security | 791 | 2,773 | |
| Accruals & deferred income | 12,282 | 12,432 | |
| VAT liability | 19,529 | 1,468 | |
| 42,879 | 36,960 | ||
| 2024 | 2023 | ||
| £ | £ | ||
| 8 | CREDITORS: Amounts due after more than one year | ||
| Accruals & deferred income: housing grant | 134,571 | 141,449 | |
| 9 | LOANS | 2024 | 2023 |
| £ | £ | ||
| Housing property finance | |||
| Homes & Communities Agency | 1 | 1 | |
| 10 | OPERATING COSTS FROM LETTINGS | Operating | Operating |
| _costs_2024 | _costs_2023 | ||
| £ | £ | ||
| Housing accommodation (19 units – (2023: 19 units)) | |||
| Services | 83,400 | 304,827 | |
| Management | 45,518 | 66,733 | |
| Maintenance | 16,212 | 30,456 | |
| 145,130 | 402,016 | ||
| Currently there are 3 units occupied (2023: 2 units). |
Page 18
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
11 TURNOVER FROM LETTINGS
Rents receivable are stated net of rent losses from voids.
| 12 ACCUMULATED GENERAL FUND As at 1 January Deficit for the year (note 1) Surplus/(Deficit) on investment revaluations Transfer from Amenity fund As at 31 December |
2024 2023 £ £ 231,228 532,906 (80,384) (306,075) - 4,386 - 11 |
|---|---|
| 150,844 231,228 |
Page 19
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
13 REVALUATION RESERVE
| As at 1 January 2024 and as at 31 December 2024 14 EMPLOYEES Staff costs during the year Wages and salaries Steward’s salary Social security costs Pension contributions Redundancy costs The average number of persons employed was: |
Total 2024 Total 2023 £ £ 1,614,999 1,614,999 |
|
|---|---|---|
| 2024 2023 £ £ 34,000 159,382 - 13,384 3,437 11,036 1,889 2,440 - 52,339 39,326 238,581 2024 2023 No. No. 1 12 |
||
During the year, no trustees (2023 - 1) were reimbursed expenses (2023 - £23).
Neither the Brethren nor persons connected with them received any remuneration or other benefits from the Charity in the year (2023 - £Nil).
Page 20
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
| 15 CASH FLOWS a Reconciliation of operating result to net cash inflow from operating activities Total loss recognised in the year Depreciation (Gain)/Loss on fixed asset investment (Increase)/Decrease in stock (Increase)/Decrease in debtors Increase/(Decrease) in creditors Net cash outflow from operating activities b Cash flows from investing activities Fixed asset additions Investment income Investment management costs Drawn from investment Net cash inflow from returns on investments and servicing of c finance Analysis of net funds/(debt) At 1 January 2024 Cash flow £ £ Bank 133,390 (69,069) Debt due after one year (141,449) Debt due within one year (6,878) - (14,937) (69,069) |
15 CASH FLOWS a Reconciliation of operating result to net cash inflow from operating activities Total loss recognised in the year Depreciation (Gain)/Loss on fixed asset investment (Increase)/Decrease in stock (Increase)/Decrease in debtors Increase/(Decrease) in creditors Net cash outflow from operating activities b Cash flows from investing activities Fixed asset additions Investment income Investment management costs Drawn from investment Net cash inflow from returns on investments and servicing of c finance Analysis of net funds/(debt) At 1 January 2024 Cash flow £ £ Bank 133,390 (69,069) Debt due after one year (141,449) Debt due within one year (6,878) - (14,937) (69,069) |
2024 2023 £ £ (80,384) (301,689) 12,616 11,205 - (3,016) - 1,500 54,587 (58,198) (959) (8,958) (14,140) (359,156) 2024 2023 £ £ (60,106) (33,481) (123) (5,579) 647 2,726 4,653 427,656 (54,929) 391,322 Other non At 31 December cash change 2024 £ £ - 64,321 6,878 (134,571) - (6,878) |
|---|---|---|
| (14,937) (69,069) |
6,878 (77,128) |
Page 21
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
16 RELATED PARTY TRANSACTIONS
Mr R Hunt, one of the Brethren and Master from January 2024 is a director of Hunts Foodservice Ltd.
During the year Hunts Foodservice Ltd provided a credit note to the charity to the value of £52 (2023: Hunts Foodservice Ltd supplied £1,515 worth of supplies).
In April 2025 the charity entered into a lease to rent space to Sherborne Abbey Tea Rooms Limited of which the former trustee Reverend Martin Lee is director and shareholder. In future, the operations, assets and liabilities of this company will be transferred to Sherborne Abbey Tea Rooms and Community Project CIO. Mr R Hunt and the former trustee Reverend Martin Lee are also trustees of this charity. In addition, Hunts Foodservice Ltd provides supplies to the tea rooms.
| 17 | RESIDENTS | 2024 | 2023 |
|---|---|---|---|
| No. | No. | ||
| The average number of residents was: | 3 | 3 |
18 POST BALANCE SHEET EVENTS
On 1 April 2025 the charity entered into a lease with Sherborne Abbey Tea Rooms Limited. The income is £22,000 per annum until 1 April 2030.
Page 22
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne INCOME AND EXPENDITURE ACCOUNT For the year ended 31 December 2024
| Net income from non housing property Rents receivable Less: Repairs Insurance Utilities Bad debts Professional fees Dividends received Deposit account interest Investment management costs Donations Deduct: Net expenditure on Charity per property revenue account Deficit for the year –general funds Realised losses on investments Deficit for the year – all funds |
2024 £ 2023 £ 117,684 123,449 |
|---|---|
| (2,016) (34,331) (65,707) (26,002) - (35) 800 (744) (3,400) (19,213) |
|
| 47,361 43,124 123 5,356 1,383 343 (647) (2,726) 2,000 781 |
|
| 50,220 46,878 (130,604) (351,583) |
|
| (80,384) (304,705) - (1,370) |
|
| (80,384) (306,075) |
Schedule 1
The Almshouse of St John the Baptist and St John the Evangelist, Sherborne PROPERTY REVENUE ACCOUNT – ALMSHOUSE OPERATING ACCOUNT For the year ended 31 December 2024
| INCOME Contributions received from residents EXPENDITURE Provisions Laundry Salaries, wages, and national insurance Staff training Recruitment costs Heating and lighting: Gas Electricity Council tax and water Insurance Telephone Miscellaneous expenses MANAGEMENT AND FINANCIAL EXPENSES Salary of steward Stationery, advertising, including website Computer costs and equipment hire Accountancy Professional fees Bank charges Bank and other interest Management charges Depreciation of furniture and fittings Depreciation of housing properties Release of Housing capital grant Current repairs and renewals DEFICIT FOR THE YEAR |
£ (70) 8,795 |
2024 £ 14,526 |
£ 5,574 7,984 |
2023 £ 50,433 |
|---|---|---|---|---|
| 8,725 39,530 20,260 14,885 |
13,558 236,910 29,561 24,798 |
|||
| 39,326 204 - |
225,197 13 11,700 |
|||
| 13,208 7,052 |
16,634 12,927 |
|||
| 7,771 4,961 1,477 676 |
10,235 7,838 1,113 5,612 |
|||
| - 3,294 (3,009) 13,241 26,062 192 - - 1,167 11,449 (6,878) |
13,384 5,762 6,368 10,033 19,468 41 11 7,339 1,459 9,746 (6,878) |
|||
| 83,400 45,518 16,212 |
304,827 66,733 30,456 |
|||
| 145,130 | 402,016 | |||
| (130,604) | (351,583) |
Schedule 2