## **EARLE’S RETREAT**
**REGISTERED CHARITY NO. 204123 HOMES AND COMMUNITY AGENCY NO. A3538**
**ANNUAL REPORT AND FINANCIAL STATEMENTS 5 FEBRUARY 2025**
## **EARLE’S RETREAT**
## **INDEX**
|**Contents**|**Page**|
|---|---|
|Officers and professional advisors|1|
|Trustees Annual Report|2 to 3|
|Independent Examiners’ report to the trustees|4|
|Statement of Comprehensive Income|5|
|Statement of Financial Position|6|
|Statement of Cash Flows|7|
|Notes to the financial statements|8 to 13|
|Income and Expenditure Account|14|
1.
## **EARLE’S RETREAT**
## **OFFICERS AND PROFESSIONAL ADVISORS**
Trustees Mr P Hobson Mrs H Evans Mr B Lukey Mr M Winchester Mrs A Tredget Mr P Haggar Mr I Symonds Treasurer Mrs. S. A. Hyde Secretary and Clerk to Trustees Mrs K Pearce Accountants Briants Ltd Chartered Accountants Maritime House Discovery Quay Falmouth TR11 3XA Bankers Barclays Bank PLC 6 Killigrew Street Falmouth.
Mr P Hobson Mrs H Evans Mr B Lukey Mr C Mosney - Resigned 20.03.24 Mr M Winchester Mrs A Tredget Mr P Haggar Mr I Symonds
2.
## **EARLE’S RETREAT**
## **ANNUAL REPORT OF THE TRUSTEES**
The Trustees present their report along with the financial statements of the charity for the year ended 5[th] February 2025. The financial statements have been prepared in accordance with the accounting polices set out on page 8 and comply with the charities constitution and applicable law.
## **GOVERNANCE**
Earle’s Retreat is an Almshouse registered under the Housing Act 1996, as amended by the Housing Act 2004 (Homes and Community Agency registered number A3538) and is a registered charity (number 204123). It was founded by scheme dated 26[th] September 1958, as amended by scheme dated 27[th] August 2003.
The trustees during the period and at the date of this report (unless otherwise indicated) were:
CO-OPTATIVE TRUSTEES (Appointed by the Trustees on 5-year terms) Mr. Paul Hobson - Chairman Mrs. Hazel Evans – Vice Chairman Mr. Colin Mosney – Resigned 21.03.24 Mr. Barrie Lukey Mr. Martin Winchester Mrs A Tredget Mr P Haggar Mr I Symonds
The Town Council have agreed that there will be no further requirement for Councillor nominees.
Other trustees are appointed for a term of 5 years by a resolution by the trustees.
## **OBJECTIVES AND ACTIVITIES**
The objective of the charity is to provide safe, long term accommodation for the benefit of long-term residents of the Falmouth area over the age of 55 who, for whatever reason, are unable to provide for themselves financially.
These activities are considered to be for the public benefit and in running the charity, the trustees have regard for the Charity Commission guidance on public benefit.
3.
## **EARLE’S RETREAT**
## **ANNUAL REPORT OF THE TRUSTEES (Continued)**
## **ACHIEVEMENTS AND PERFORMANCE**
Income is generated from the letting of its properties and income has increased by £15,614 to £138,310. Operating costs have increased by £31,844 this year mainly due to a large increase in routine maintenance costs relating to the refurbishment of some of the flats. A surplus of £63,401 has arisen and has been added to reserves, of which £51,580 is due to a revaluation of investments in the year.
The comparatives have been restated to show the prior year revaluation of the investments of £319,707 on the statement of financial activities, rather than included in the revaluation reserve.
The charity’s policy on reserves is to maintain sufficient reserves to enable the charity to continue to achieve its principal objectives.
## **STATEMENT OF TRUSTEES’ RESPONSIBLITIES**
The Homes and Communities Agency and charity legislation requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit for that period.
The trustees have complied with the duty in Section 17 (5) of the 2011 Charities Act to have due regard to guidance published by the Charities Commission in respect of public benefit.
In preparing these financial statements, the trustees are required to:
- Select suitable accounting policies then apply them consistently;
- Make judgements and estimates that are reasonable and prudent;
- Follow applicable accounting standards, subject to any material departures disclosed and explained in the financial statements;
- Prepare the financial statements ion the going concern basis unless it is inappropriate to presume the charity will continue in operation.
The trustees are responsible for maintaining adequate accounting records, for safeguarding the assets of the charity and for taking reasonable steps from the prevention and detection of fraud and other irregularities. The trustees are also required to indicate where the financial statements are prepared other than on the basis that the charity is a going concern.
4.
## **EARLE’S RETREAT**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF EARLE’S RETREAT**
I report on the accounts of the Trust for the year ended 5[th] February 2025, which are set out on pages 5 to 14.
## **Respective responsibilities of trustees and examiner**
The Charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 act) and that an independent examination is needed. The charity is preparing accrued accounts and we are qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants in England and Wales.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act 2011, the Housing Act 1996, as amended by the Housing Act 2004 and the Statement of Recommended Practice: Accounting by Registered Social Landlords (updated 2014)
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act; and
- to state whether particular matters have come to our attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with our examination, no matter has come to my attention:
- (1) which gives us reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Ian Briant
Dated: 4[th] August 2025
Briants Chartered Accountants Maritime House Discovery Quay Falmouth TR11 3XA
5.
## **EARLE’S RETREAT**
## **STATEMENT OF COMPREHENSIVE INCOME**
## **FOR THE YEAR ENDED 5 FEBRUARY 2025**
|Notes
Turnover
Operating costs
**Operating surplus/(deficit)**
Interest receivable and similar income
2
Interest payable
3
Gains on revaluations
**Surplus on ordinary activities**|2025
138,310
169,128
**(30,818)**
42,639
-
51,580
**63,401 **|2024
122,696
137,284|
|---|---|---|
|||**(14,588)**|
|||39,528
-
319,707|
|||**344,647**|
The comparative accounts include an adjustment as the revaluation of the investments in the prior year were allocated to the revaluation reserve instead of the statement of financial activities. See note 10.
The Charity’s only activity is the provision of accommodation.
No operations have been discontinued or acquired during the year, and the amounts above relate entirely to continuing operations.
The Charity has no recognised gains or losses other than those included in the surpluses above and therefore no separate statement of total recognised gains or losses has been presented.
6.
## **EARLE’S RETREAT**
## **STATEMENT OF FINANCIAL POSITION**
## **AS AT 5 FEBRUARY 2025**
|Notes
**Fixed Assets**
Tangible Fixed Assets
HAG Grant
6
Investments
7
**Current Assets**
Debtors
8
Cash at bank and in hand
**Current Liabilities**
Creditors: Amounts falling due within 1 year
9
**Net Current Assets**
**Total Assets less Current Liabilities**
**Capital & Reserves**
Charitable reserve
10
Revenue reserve
Revaluation reserve|2025
2,500,600
(267,410)
2,233,190
1,120,733
3,353,923
21,210
113,349
134,559
(20,259)
114,300
**3,468,223**
196,758
1,342,754
1,928,711
**3,468,223**|2024
2,500,900
(267,410)|
|---|---|---|
|||2,233,489
1,028,602|
|||3,262,091|
|||5,231
156,254|
|||161,485|
|||(18,754)|
|||142,731|
||||
|||**3,404,822**|
|||190,348
966,056
2,248,418|
|||**3,404,822**|
The comparative accounts include an adjustment as the revaluation of the investments in the prior year were allocated to the revaluation reserve instead of the statement of financial activities. See note 10.
7.
## **EARLE’S RETREAT**
## **STATEMENT OF CASH FLOWS**
## **FOR THE YEAR ENDED 5 FEBRUARY 2025**
|**CASH FLOWS FROM OPERATING**
**ACTIVITIES:**
Notes
**Net cash provided by (used in) operative**
**activities**
13
**CASH FLOWS FROM INVESTING**
**ACTIVITIES:**
Purchase of tangible fixed assets
Investment income
Purchase of investments
**CASH FLOWS FROM FINANCING**
**ACTIVITIES:**
Interest paid
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of
the year
14
Cash and cash equivalents at the end of the year
14|**2025**
(44,993)
-
42,639
(40,551)
-
_______
(42,905)
156,254
_______
113,349|**2024**
(7,773)
-
39.278
(37,688)
-
______
(6,183)
162,437
______
156,254|
|---|---|---|
8.
## **EARLE’S RETREAT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 FEBRUARY 2025**
## **PRINCIPAL ACCOUNTING POLICIES**
## 1. **a) Basis of preparation and assessment of going concern**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the ‘Charities Act 2011’, ‘The Accounting Direction for Private Registered Providers of Social Housing from 2015’, the ‘Housing SORP 2014: Statement of Recommended Practice for registered social housing providers’ effective 1 January 2015 and the ‘Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102) effective 1 January 2015.
The Charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
## **b) Turnover**
Turnover represents residential contributions and service charges receivable.
## **c) Depreciation**
Depreciation is calculated to write off the cost of equipment on a straight-line basis over 5 years.
Housing properties are maintained to such a standard that their estimated residual value is not less than their cost. Therefore no depreciation is charged.
## **d) Housing Association Grant (HAG)**
Grants for capital expenditure are deducted from the cost of the fixed assets to which they relate as they become receivable. HAG is repayable under certain circumstances, primarily following sale of a property but will normally be restricted to net proceeds of sale.
## **e) Investments**
Investments are held at their market value at the reporting date.
## **f) VAT**
The charity is not registered for VAT. Expenditure is therefore shown inclusive of irrecoverable input VAT.
## **g) Interest received**
Interest on bank and building society deposits is recognised in the revenue account when received.
No adjustment is made for accrued interest receivable.
9.
## **EARLE’S RETREAT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 FEBRUARY 2025**
|**2. Interest Received**
Charitable donations
Interest received
Investment income
**3. Interest Payable**
On loans repayable in fewer than 5 years
**4. Employees**
Wages & Salaries
Social security costs
Warden's council tax
Average number of people employed in
year:
Hostel staff
Secretarial support
**5. Trustees' Emoluments**
Emoluments
Total expenses reimbursed to the trustees not
chargeable to United Kingdom income tax|2025
-
1,074
41,565
**42,639**
2025
-
2025
31,786
-
-
**31,786**
2
Nil
**2**
NIL
NIL|2024
250
638
38,640|
|---|---|---|
|||**39,528**|
|||2024
-
2024
29,089
-
-|
|||**29,089**|
|||2
Nil|
|||**2**|
|||NIL
NIL|
The trustees of the charity hold the office of Directors for the purposes of the Registered Housing Association (Accounting Requirements) Order 2006.
10
## **EARLE’S RETREAT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 FEBRUARY 2025**
|**6. Tangible Fixed Assets**
**Cost**
At 6th February 2024
Additions
At 5th February 2025
**Housing Association Grant**
At 6th February 2024 and 5th February 2025
**Depreciation**
At 6th February 2024
Charge for year
At 5th February 2025
**Net Book Value**
At 5th February 2025
At 5th February 2024
**Property cost is represented by:**
Valuation in 2024
HAG Grant
Cost
**Total**|**Freehold**
**Housing**
**Properties Equipment**
**Total**
2,500,000
6,684
2,506,684
-
-
-|
|---|---|
||**2,500,000**
**6,684**
**2,506,684**|
|||
||**267,410**
**-**
**267,410**|
||-
5,784
5,784
-
300
300|
||**-**
**6,084**
**6,084**|
|||
||**2,232,590**
**600**
**2,233,190**|
||2,232,590
900
2,233,490
2025
2024
2,196,121
2,196,121
(267,410)
(267,410)
571,289
571,289
**2,500,000**
**2,500,000**|
The property was valued at £2.5m by the trustees on an open market basis on 5[th] February 2025.
11.
## **EARLE’S RETREAT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 FEBRUARY 2025**
|**7. Investments**
Value at 6th February 2024
Revaluation in year
Accumulated dividends
Additions in year
Value at 5th February 2025|2025
1,028,602
51,580
40,551
-
**1,120,733**|2024
671,207
319,707
37,688
-|
|---|---|---|
|||**1,028,602**|
Investments held have been revalued in the year ended 5[th] February 2025 to be carried in the accounts at market value. The original cost value of the listed investments at 5 February 2024 was £671,207. Investments had a market value on 5[th] February 2024 of £1,028,602).
|**8. Debtors**
Residential contributions receivable
Storm damage provision
Prepayments and accrued income
**9. Creditors: Amounts falling due in under one year**
Trade creditors
Tax and social security
Due back to residents
Accruals and deferred income|2025
2,612
15,658
2,940
**21,210**
2025
6,375
403
-
13,481
**20,259**||2024
2,304
-
2,926|
|---|---|---|---|
||||**5,230**|
||||2024
8,653
356
-
9,745|
|||**18,754**||
12.
## **EARLE’S RETREAT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 FEBRUARY 2025**
|**10. Reserves**
At 6th February 2024
Restate p/y revaluation
Surplus for year
Transfer to charitable reserve
At 5th February 2025|**Revaluation**
**Reserve**
**Revenue**
**Reserve**
**Charitable**
**Reserve**
**Total**
2,248,418
966,056
190,348
3,404,822
(319,707)
319,707
-
-
63,401
-
63,401
-
(6,410)
6,410
-|
|---|---|
||**1,928,711**
**1,342,754**
**196,758**
**3,468,223**|
The accounts include an adjustment as the revaluation of the investments in the prior year were allocated to the revaluation reserve instead of the statement of financial activities.
The charitable reserve has been designated for charitable purposes by the trustees but is not represented by specific assets of the charity.
|**11. Accommodation in Management**
Number of units of housing accommodation
**12. Residents in receipt of housing benefit**|2025
21|2024
21|
|---|---|---|
During the year 14 residents were in receipt of housing benefit.
13.
## **EARLE’S RETREAT**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 FEBRUARY 2025**
## **13. Reconciliation of Net Income/Expenditure to Net Cash Flow From Operating Activities**
|**Net income/(expenditure) for the reporting period as**
**per the statement of comprehensive income**
**Adjustments for:**
Depreciation of tangible fixed assets
Gains on revaluation
Investment income
(Increase)/decrease in debtors
Increase/(decrease) in creditors
**Net cash expended by operating**
**activities**
**14. Analysis of Cash and Cash**
**Equivalents**
Cash at bank and in hand|2025
63,401
300
(51,580)
(42,639)
(15,980)
1,505
**(44,993)**
2025
**113,349**|||2024
344,647
300
(319,707)
(39,278)
210
6,055|
|---|---|---|---|---|
|||||**(7,773)**|
||||||
14.
## **EARLE’S RETREAT**
## **INCOME AND EXPENDITURE ACCOUNT**
## **FOR THE YEAR ENDED 5 FEBRUARY 2025**
|
**Income From Lettings**
Residential contributions
Service charges
**Gross Income Receivable**
Other income received
Losses arising from voids
**Net Income Receivable**
**Expenditure**
**Services**
Heat & light
Water charges
Telephone
**Management**
Insurance
Subscriptions
Stationery & general expenses
Accounting fees
Employee costs
Lifeline system
Professional fees
Bad debt
Depreciation
**Routine Maintenance**
**Charitable Expenditure**
**Total Operating Expenditure**
**Operating Surplus/(Deficit)**
**Other Operating Income**
Charitable donations
Interest received
Investment income
Gains on revaluation
**Surplus on Ordinary Activities**|Notes
|2025
102,558
43,626
**146,184**
750
(8,624)
**138,310**
25,230
4,121
870
**30,221**
2,269
1,262
2,674
1,080
31,786
2,107
3,232
-
300
**44,710**
93,572
625
**169,128**
**(30,818)**
-
1,074
41,565
51,580
**63,401 **|2024
85,894
41,284|
|---|---|---|---|
||||**127,178**|
||||-
(4,482)|
||||**122,696**|
||||18,938
3,612
628|
||||**23,178**|
||||2,269
662
2,017
1,140
29,089
2,003
7,509
2,876
300|
||||**47,866**|
||||65,582
658|
||||**137,284**|
|||||
||||**(14,588)**|
||||250
638
38,640
319,707|
||||**344,647**|