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2023-12-31-accounts

REGISTERED CHARITY NUMBER: 207594

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR HARLOW POORS CHARITIES

Alwyns LLP Crown House 151 High Road Loughton Essex IG10 4LG

HARLOW POORS CHARITIES

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 December 2023

Page
Report of the Trustees 1 to 6
Independent Examiner’s Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 16
Detailed Income and Expenditure Account 17

HARLOW POORS CHARITIES

REPORT OF THE TRUSTEES

for the Year Ended 31 December 2023

The Trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' (FRS 102) effective 1 January 2019.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

207594

Principal address

Clerk to the Trustees Mrs Nicola Murray 9 Newton Drive Sawbridgeworth Hertfordshire

CM21 9HE Email address: contactgodsafe@virginmedia.com

Trustees

Dr Shaun Firth (Chairman) Mr Peter Uglow (Vice-Chairman) Mrs Sylvia Dilley Mr Paul Moulds Mr John Platt Ms Sarah Edwards Mr Tim Gray Rev Sarah J Swift Mr Michael Frost (until November 2023) Ms Geraldine Goldsby (from January 2024)

Independent Examiner

Jan Rickler Alwyns LLP Crown House 151 High Road Essex IG10 4LG

Bankers

Co-operative Bank Unity Trust Bank PO Box 250 PO Box 7193 Skelmersdale Planetary Road WN8 6WT Willenhall WV1 9DG

CLERK TO THE TRUSTEES

Mrs Nicola Murray

REGULATOR OF SOCIAL HOUSING (FORMERLY HOMES & COMMUNITY AGENCY) NUMBER A0163

WORKING NAME Godsafe Almshouses

Page 1

HARLOW POORS CHARITIES

REPORT OF THE TRUSTEES

for the Year Ended 31 December 2023

The Trustees present their annual report along with the financial statements of the charity for the year ended 31 December 2023. The Trustees have adopted the provisions of the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) effective from 1 January 2019. The report includes an account of those activities undertaken by the charity to further its charitable purposes for the public benefit. They have also complied with the duty in the Charities Act 2011 to have regard to public benefit guidance published by the Commission.

1. BANKERS

The Charity’s main banker is the Unity Trust Bank and all income and expenditure are managed through this bank. We also have accounts with the Co-operative Bank which provided two loans for major renovations in the past. One of these loans was paid off in full during 2020 and one loan is still outstanding although much reduced.

2. OUR HISTORY AND OBJECTIVES

Harlow Poors Charities is an unincorporated trust, governed by a Trust Deed dated 28 August 1959 and registered with the Charity Commission under the Charity Registration Number 207594. As a provider of social housing, we are also registered with the Regulator of Social Housing under Registration Number A0163. It is also a member of the Almshouse Association.

The present charity combines into one trust a series of local Ecclesiastical and Non-ecclesiastical charities originally established between 1504 and 1944 through individual bequests. The assets of these charities included almshouses, land and investments. The area of benefit of Harlow Poors Charities is defined in the 1959 trust deed and corresponds to the area covered by the ancient parishes of Harlow, which became incorporated into the new town of Harlow.

In setting our objectives and managing our almshouse properties, the Trustees have considered the Charity Commission’s general guidance on public benefit. The key objective of the charity is to provide sheltered housing for single, retired people of either sex in financial, social and housing need. All prospective Residents must meet these criteria and also have some past or present connection with the Town.

The charity owns 14 almshouses in Churchgate Street, Harlow, Essex, comprising one two-bedroom house, five single bedroom bungalows and 8 single bedroom flats. The appointment of Residents is made by the Trustees following extensive local advertising, full investigation of the circumstances of an applicant and after personal interview by the Trustees. There was one vacancy in 2023. An existing Resident transferred to this property and her vacated property was then re-let.

Residents of the almshouses occupy the property on licence and pay a weekly “maintenance contribution”, which is regarded as rent by the local authority. Most Residents are in receipt of Housing Benefit or Universal Credit and many have their maintenance contribution fully paid. Residents are encouraged to authorise payment of Housing Benefit or Universal Credit directly to the charity’s bank account.

The charity is an equal opportunity organisation and is committed to an environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. The properties are suitable for people with disabilities.

The charity is committed to safeguarding and promoting the welfare of their Residents and to treating them with respect and consideration. The Trustees encourage the development of a supportive community within the almshouses and facilitate social contacts between Residents. Communal activities are provided or supported by the Trustees. We have no communal meeting room but we are able to use the facilities of the nearby church when needed.

All Trustees give their time, experience and expertise freely and no remuneration or expenses are paid to individual Trustees. No Trustee receives any benefit from the Charity.

Page 2

HARLOW POORS CHARITIES

REPORT OF THE TRUSTEES

for the Year Ended 31 December 2023

3. ACTIVITIES

We were very fortunate that our Residents and Trustees were not adversely affected by the Covid 19 pandemic and it was good for everyone to resume normal activities including face-to-face Trustee meetings. Godsafe remains a very stable community and we had only one vacancy during the year following the death of one of our Residents.

Residents are supported by the Clerk to the Trustees and there is an alarm system in each property connected to the local council’s alarm centre, for which the charity pays an annual fee. An emerging problem with this alarm system is that some Residents do not want to have a landline relying instead on a mobile phone. The alarm system requires a landline to function.

Residents live independently in their almshouses and personal care is not provided, but help is given when necessary for Residents to access local health or social care agencies. Residents in need of personal care have been successfully supported in the past through social care provision and with the help of their families.

Residents are given a comprehensive Residents’ Handbook, which includes details of a complaints procedure. During the year, following guidance from the Housing Ombudsman, we updated our complaints procedure. During the year we received one formal complaint about parking problems and this was dealt with in accordance with our complaints procedure.

Residents are consulted fully before any alterations or maintenance works are carried out on their properties. We have a clear process for reporting and responding to repair requests. Our maintenance contractor has a good relationship with the Residents and is able to respond quickly to any issues.

We have a longstanding policy of annual inspection of the properties undertaken by two of our Trustees to highlight maintenance problems. We have contractors who carry out routine electrical checks and annual boiler/central heating maintenance. These contractors also respond quickly to electrical and heating system problems.

4. GOVERNANCE

The charity is managed by a board of nine Trustees. There is one Ex-officio Trustee, being the incumbent of St. Mary’s Church, Churchgate Street, Harlow.

Trustees meet together on a quarterly basis to receive financial reports on income and expenditure against budget estimates and on bank account balances. These regular Trustees’ meetings also provide an opportunity to discuss the management of the almshouses and the Clerk is able to report on any problems affecting the Residents. Special meetings may be called to discuss specific issues, but discussion usually takes place by email or WhatsApp. In addition to the quarterly meetings, an Annual General Meeting is held in May each year at which our accountant reports on the charity’s financial affairs.

The quorum for meetings of Trustees is four. Decisions are determined by the majority of votes of the Trustees present and voting on the question. In the case of equality of votes, the Chairman of the meeting has a second or casting vote.

A Chairman and a Vice-Chairman are appointed by the Trustees by election each year at the Annual General Meeting. Individual Trustees are also appointed to undertake specific responsibilities on behalf of the Board as necessary. An Independent Examiner is also appointed at the AGM.

Within the limits prescribed by the Trust Deed, the Trustees have the power to make regulations for the management of the Charities and for the conduct of their business including the summoning of meetings, the deposit of moneys at a bank and the custody of documents.

Formal minutes and appropriate books of accounts are kept on behalf of the Trustees by their Clerk. Minutes are circulated to all Trustees shortly after each meeting. The Clerk to the Trustees works very closely with the Chairman managing the charity’s financial affairs.

Page 3

HARLOW POORS CHARITIES

REPORT OF THE TRUSTEES for the Year Ended 31 December 2023

The accounts are subject to external independent review each year by an accountant acting as an Independent Examiner and a report is made each year in the form required by both the Charity Commissioners and the Regulator of Social Housing.

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud and error.

The Trustees are responsible for determining and agreeing the strategic objectives of the charity, the management of the financial affairs of the charity, management of the almshouses, risk management, policies and performance. The day-to-day administration of the charity is delegated to the Clerk to the Trustees in close consultation with the Chairman and Vice-Chairman.

The Trustees employ a part-time Clerk to support their activities. The Clerk is paid on a monthly basis at a rate agreed by the Trustees when the annual budget is set. The Clerk’s tasks include the day-to-day management of the charity, general support for the Residents of the almshouses and keeping the charity’s accounts and minutes of all Trustees’ meetings. The Clerk has the use of a dedicated laptop computer and mobile phone for the charity’s business. The work of the Clerk has increased significantly over recent years and her salary has seen commensurate increases. Following a pay increase in 2023, she reached the threshold for a Working Place Pension and this was set up using the NEST scheme.

The skill requirements of the Trustees, either individually or as a board, have been recognised as follows: knowledge and understanding of the needs of residents in almshouse accommodation, an understanding of the support available within the local community, financial management in relation to charitable law and general business planning, policy formation and expertise in property management.

The Trustees regularly review the financial and other risks to which the charity is exposed and have endeavoured to put in place systems, procedures and policies to mitigate these risks. The charity meets the procedural and governance requirements of both the Charity Commission and the Regulator of Social Housing. The charity is also a member of the Housing Ombudsman scheme and has an agreed written complaints procedure, which is brought to the attention of all Residents of the almshouses.

5. FINANCIAL REVIEW

The challenges caused by the Covid pandemic for the charity and our Residents followed by the sharp increase in prices and fuel costs have been difficult. In spite of these challenges, the financial performance during the 2023 financial year was satisfactory, without any major overspends on the various budget heads.

The Trustees remain very aware of the financial risk to the charity of vacant properties and have an agreed protocol to ensure that new Residents are recruited as quickly as possible. The annual budget provides funding for a 10% void level, but long vacancies result inevitably in a reduction in the budgeted operating surplus at year end. There was only 1 vacancy totalling 3 months in 2023.

Page 4

HARLOW POORS CHARITIES

REPORT OF THE TRUSTEES for the Year Ended 31 December 2023

The charity receives no statutory funding and income is limited to the following funding streams:

(c) Payments by Residents for use of the communal laundry

(d) Donations and fund-raising activities

Projected Budget for 2023

The Trustees agreed a budget for the financial year ending 31 December 2023, which included a projected annual income of £84,281, after a 10% reduction for possible void properties. The estimated expenditure was £81,692. Any increases in the maintenance contributions are restricted by the formula (CPI + 1%). In 2023, the Government capped the increase at 7%. Regular reports of income and expenditure compared to the budget were provided for Trustees each quarter during 2023.

At the 2023 financial year end (before any allowances for depreciation, component accounting, etc.) actual income was £100,135 and total expenditure was £48,476. The end of year balance was helped considerably by unbudgeted interest payments totalling £3,366 following increases in the Bank of England base rate.

At 31 December 2023, total funds in the various bank accounts amounted to £212,830 and the NAACIF investment amounted to £160,420. The outstanding balance on the remaining loan from the Co-op Bank was £27,435.

Financial Risks

The major financial risks for the charity are the potential loss of income resulting from vacant properties and changes in interest rates resulting in greater repayment costs for the loan from the Co-operative Bank. The low interest rate in previous years was reflected in reduced interest payments on the loan. Also, as the loan capital outstanding has been reduced significantly, the interest payments have reduced as a result.

A further risk is the possibility of the need for major repairs, for example the need to replace roofs. As mentioned previously, we are seeing a steady increase in routine maintenance costs. All the 14 properties were upgraded at the same time about 18 years ago and items such as cookers, hobs and showers are beginning to need replacing.

Reserves Policy

The Trustees established a reserve fund in 2007 known as the Major Repairs & Renewals Fund, which provides a reserve for future major repairs and renovations. This initially comprised the remaining balance of the funds raised for the Renovation Scheme from individuals and charitable organisations. Donations and the income from fund raising activities are paid into this account. The costs of the major repairs and the Charity Donations Account were funded by transfers from this reserve.

The charity’s free reserves are represented by our Unity Trust deposit account and other net current assets at 31/12/2023 amounted to £178,896.

Page 5

HARLOW POORS CHARITIES

REPORT OF THE TRUSTEES

for the Year Ended 31 December 2023

6. STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

This report was approved by the Trustees at their Annual General Meeting held on 8 May 2024.

BY ORDER OF THE BOARD OF TRUSTEES

Dr Shaun Firth Chairman of Trustees

Page 6

INDEPENDENT EXAMINER’S UNQUALIFIED REPORT

Independent Examiner’s Report to the Trustees of Harlow Poors Charities

I report to the charity trustees on my examination of the financial statements of the Charity for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

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:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

J A Rickler, FCA ICAEW Alwyns LLP Crown House 151 High Road Essex IG10 4LG

17 May 2024

Page 7

HARLOW POORS CHARITIES

STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2023

Notes
Income and endowment from:
Donations and legacies
2
Charitable activities
4
Grant amortisation
Investment income
3
Total income
Expenditure on:
Charitable activities
-
Provision for social
living
5
-
Depreciation
Total expenditure
Net gains/(losses) on
investments
Net income/(expenditure)
before transfers
Transfers between funds
NET MOVEMENT IN
FUNDS
RECONCILATION OF
FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
funds
£
-
90,646
-
3,366
94,012
46,826
2,466
49,292
-
44,720
(19,648)
25,072
181,994
207,066		 Designated
funds
£
-
-
-
6,123
6,123
1,650
-
1,650
3,254
7,727
1,250
8,977
183,980
192,957		 Restricted
funds
£
-
-
11,225
-
11,225
-
33,394
33,394
-
(22,169)
18,398
(3,771)
93,304
89,533		 31.12.23
Total
funds
£
-
90,646
11,225
9,489
111,360
48,476
35,860
84,336
3,254
30,278
-
30,278
459,278
489,556		 31.12.22
Total
funds
£
520
87,828
11,225
5,762
105,335
63,567
29,342
92,909
(4,388)
8,038
-
8,038
451,240
459,278

All income and expenditure derive from continuing activities.

COMPARATIVE FIGURES ARE SHOWN IN NOTE 18 (PAGE 16)

The notes form part of these financial statements

Page 8

HARLOW POORS CHARITIES

BALANCE SHEET

At 31 December 2023

Notes
FIXED ASSETS
Tangible assets
8
Investments
9
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
CREDITORS
Amount falling due within one
year
11
NET CURRENT ASSETS /
(LIABILITIES)
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS
Amounts falling due after more
than one year
12
NET ASSETS
FUNDS
15 &
16
Unrestricted funds
Designated funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
28,170
-
28,170
1,331
180,293
181,624
(2,728)
178,896
207,066
-
207,066		 Designated
funds
£
-
160,420
160,420
-
32,537
32,537
-
32,537
192,957
-
192,957		 Restricted
funds
£
149,854
-
149,854
-
-
-
(31,835)
(31,835)
118,019
(28,486)
89,533		 31.12.23
Total
funds
£
178,024
160,420
338,444
1,331
212,830
214,161
(34,563)
179,598
518,042
(28,486)
489,556
207,066
192,957
89,533
489,556		 31.12.22
Total
funds
£
213,335
151,043
364,378
2,743
186,351
189,094
(33,323)
155,771
520,149
(60,871)
459,278
181,994
183,980
93,304
459,278

The financial statements were approved and authorised for issue by the Board of Trustees on 8 May 2024 and were signed on its behalf by:

Dr S Firth – Chairman

P Uglow – Vice Chairman

The notes form part of these financial statements

Page 9

HARLOW POORS CHARITIES

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements and assessment of going concern

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with applicable accounting standards including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (except for government grants received towards the freehold properties which are accounted for in accordance with the Statement of Recommended Practice for registered social housing providers, Housing SORP 2018 update) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention as modified for the valuation of investment.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are presented in sterling and rounded to the nearest £1.

The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income from charitable activities arise from mainly residents’ fees for the provision of social housing and accounted for on a receivable basis.

Income from investments is included in the year which it is receivable.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Fixed assets

Housing Properties and component Accounting

The Almshouses were constructed in the 19th and 20th centuries and no record of the original cost exists. The Housing Properties' cost relates to improvements carried out in 1975 and 2005.

Housing Properties are stated at cost less accumulated depreciation and any impairment losses. Harlow Poors Charities calculates depreciation by implementing component accounting. Estimated figures have been used where due to the elapse of time or the disproportionate cost of ascertaining the figures, it has not been possible to get actual information. This means that depreciation is charged based on the expected useful life of each component within the housing properties as follows:

Page 10

HARLOW POORS CHARITIES

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2023

Roof 40 years Bathrooms 30 years Doors and Windows 15 years Heating 20 years Kitchens 20 years Lifts 20 years

Fixtures, fittings and equipment

Fixtures, fittings and equipment are stated at cost less accumulated depreciation and impairment losses and are depreciated over 3 years.

Accommodation

The number of Almshouses during 2023 was 14 (2022: 14).

Major Repairs

Costs of major repairs, unless representing improvements to the fabric of the Housing Properties, are charged to the SOFA in the year in which they are incurred, or to the reserve account at the Trustees discretion.

A fund has been set up to represent amounts set aside to carry out major repairs on the Housing Properties.

Impairment

At each statement of financial position date, housing properties are assessed to determine if there are indicators that the properties may be impaired in value; if there are such indicators of impairment, then a comparison of the properties’ carrying value compared to its recoverable amount is undertaken. Any excess over the recoverable amount is recognised as an impairment loss and charged as expenditure in the SOFA; the carrying value is reduced appropriately.

Investments

Investments are measured initially at cost and subsequently at fair value (their market value) at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.

Government Grant

Government grants include grants receivable from the Homes & Communities Agency (HCA), local authorities, and other government organisations. Government grants received for housing properties are treated as deferred income and recognised in income over the estimated useful life of the housing property components, under the accrual model.

Cash at bank and in hand

Cash at bank and in hand includes bank current accounts and bank deposit accounts with no withdrawal limitations.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount.

Financial Instruments

Financial assets and financial liabilities are recognised in the statement of financial position when the Charity becomes a party to the contractual provisions of the instrument.

Trade (including rental) and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Charity will not be able to collect all amounts due.

Page 11

HARLOW POORS CHARITIES

NOTES TO THE FINANCIAL STATEMENTS

for the Year Ended 31 December 2023

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Charity’s cash management.

Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund.

Value Added Tax

The Harlow Poors Charities is not registered for Value Added Tax. In these Financial Statements, where applicable, expenditure is shown inclusive of VAT.

2. DONATIONS AND LEGACIES

31.12.23 31.12.22
£ £
Donations and gifts - 520
3. INVESTMENT INCOME
31.12.23 31.12.22
£ £
Income from investments 6,123 5,572
Deposit account interest 3,366 190
9,489 5,762
4. INCOME FROM CHARITABLE ACTIVITIES
31.12.23 31.12.22
Activity £ £
Contributions from residents Provision of social housing 90,646 87,828
5. CHARITABLE ACTIVITIES COSTS
31.12.23 31.12.22
£ £
Staff costs 12,508 10,837
Direct costs 31,357 49,183
Independent Examiner’s fees 2,455 2,336
Loan interest 2,156 1,211
48,476 63,567

Page 12

HARLOW POORS CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 December 2023

6. KEY MANAGEMENT PERSONNEL

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

There are no key employees.

7. STAFF COSTS

STAFF COSTS
31.12.23 31.12.22
£ £
Wages and salaries 12,508 10,837

The average number of persons employed during the year was one, the Clerk of the Trustees (part-time) (2022: one).

8. TANGIBLE FIXED ASSETS

Freehold
Property
Fixtures,
fittings &
equipment
£
£
COST
At 1 January 2023
966,946
3,413
Additions
-
549
At 31 December 2023
966,946
3,962
DEPRECIATION
At 1 January 2023
754,390
2,634
Depreciation for the year
35,110
750
At 31 December 2023
789,500
3,384
NET BOOK VALUE
At 31 December 2023
177,446
578
At 31 December 2022
212,556
779		 Total
£
970,359
549
970,908
757,024
35,860
792,884
178,024
213,335

The Almshouses were established in the 19th and 20th Centuries. There is no record of the original cost and no value is attributed thereto. The freehold to the land on which these improvements are situated is owned by the Charity.

The Charity received a Housing Corporation grant of £234,936 towards the renovation and used existing funds and loans from the Cooperative Bank to fund the remaining cost. The capital repaid each year on the mortgage is transferred to the restricted fund so that the restricted fund will equal the value of the renovation of the housing properties when the mortgage is fully repaid. The Co-operative Bank hold a legal charge over the Freehold property.

Page 13

HARLOW POORS CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED

for the Year Ended 31 December 2023

9.
INVESTMENTS
At 1 January 2023
Net income
Unrealised gain
At 31 December 2023		 £
151,043
6,123
3,254
160,420

Book cost of investments in M&G NAACIF £1,431 Accumulated Shares is £120,000.

10.
DEBTORS
31.12.23
£
Residents’ fees due
1,143
Prepayments
188
1,331
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12. 23
£
Deferred government grants (Note 14)
11,225
Bank loans
20,610
Other creditors and accruals
2,728
34,563
12.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23
£
Deferred government grants (Note 14)
21,661
Bank loans
6,825
28,486
13.
BANK LOANS
31.12.23
£
Due within one year
20,610
Due within 2 -5 years
6,825
27,435		 31.12.22
£
2,662
81
2,743
31.12.22
£
11,225
17,848
4,250
33,323
31.12.22
£
32,886
27,985
60,871
31.12.22
£
17,848
27,985
45,833

The loan is a 20 year loan due for repayment by May 2025 and secured by way of a charge over the properties in favour of the Co-op Bank.

Page 14

HARLOW POORS CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 December 2023

14. GOVERNMENT GRANTS

GOVERNMENT GRANTS
31.12.23 31.12.22
£ £
Deferred:
Due within one year (Note 11) 11,225 11,225
Due after one year (Note 12) 21,661 32,886
32,886 44,111
Amortised to date 202,050 190,825
Total government grants received 234,936 234,936

15. FUNDS ANALYSIS

Year ended 31.12.2022:
Funds at 01.01.2022
Income
Expenditure
Net unrealised gain on
investments
Transfer between funds
Funds at 31.12.2022
Year ended 31.12.2023:
Income
Expenditure
Net unrealised loss on
investments
Transfer between funds
Funds at 31.12.2023		 General
Fund
£
160,331
88,038
(38,826)
-
(27,549)
181,994
94,012
(49,292)
-
(19,648)
207,066		 Designated
Repairs
Fund
£
199,652
6,072
(17,756)
(4,388)
-
183,580
6,123
-
3,254
-
192,957		 Designated
Charity
Donations
Fund
£
-
-
(9,600)
-
10,000
400
-
(1,650)
-
1,250
-		 Restricted
Renovation
Fund
£
90,857
11,225
(26,727)
-
17,549
92,904
11,225
(33,394)
-
18,398
89,133		 Restricted
Repairs &
Maintenance
Fund
£
400
-
-
-
-
400
-
-
-
-
400		 Total
Funds
£
451,240
105,335
(92,909)
(4,388)
-
459,278
111,360
(84,336)
3,254
-
489,556

16. FUNDS

Repairs Fund

These amounts are set aside, out of unrestricted income, for future repairs and are therefore unrestricted.

Renovation Fund

The Renovation Fund now represents the renovation cost of Housing properties (see note 1), net of the outstanding mortgage.

Repairs and Maintenance Fund

This fund represents amounts specifically received from donors for repairs and maintenance.

Page 15

HARLOW POORS CHARITIES

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED for the Year Ended 31 December 2023

17. TAXATION

Harlow Poors Charity is a registered charity, and is therefore, exempt from liability to taxation on its charitable income.

18. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Notes
Income and endowment from:
Donations and legacies
2
Charitable activities
4
Grant amortisation
Investment income
3
Total income
Expenditure on:
Charitable activities
-
Provision for social
living
5
-
Depreciation
Total expenditure
Net gains/(losses) on
investments
Net income/(expenditure)
before transfers
Transfers between funds
NET MOVEMENT IN
FUNDS
RECONCILATION OF
FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 Unrestricted
funds
£
20
87,828
-
190
88,038
36,211
2,615
38,826
-
49,212
(27,549)
21,663
160,331
181,994		 Designated
funds
£
500
-
-
5,572
6,072
27,356
-
27,356
(4,388)
(25,672)
10,000
(15,672)
199,652
183,980		 Restricted
funds
£
-
-
11,225
-
11,225
-
26,727
26,727
-
(15,502)
17,549
2,047
91,257
93,304		 31.12.22
Total
funds
£
520
87,828
11,225
5,762
105,335
63,567
29,342
92,909
(4,388)
8,038
-
8,038
451,240
459,278		 31.12.21
Total
funds
£
-
84,643
11,225
4,360
100,228
37,581
42,557
80,138
13,084
33,174
-
33,174
418,066
451,240

19. RELATED PARTY TRANSACTIONS

There were no related party transactions either this year or last year.

Page 16

HARLOW POORS CHARITIES

DETAILED INCOME AND EXPENDITURE ACCOUNT

for the Year Ended 31 December 2023

INCOME
Voluntary income
Donations
Investment income
Deposit account interest
Income from investments
Incoming resources from charitable activities
Contributions from residents
Total income
EXPENDITURE
Unrealised gains/(losses) on investments
Net income
Charitable activities
Wages
Social security costs
Pension contributions
Water rates
Insurance
Light and heat
Telephone
Sundries
Maintenance
Alarm system
Subscriptions
Christmas meal and gifts for residents
Co-op Loan interest
Bank charges
Professional fees
Independent examiners fee
Donation
Depreciation (net of grant amortisation)
Total expenditure		 31.12.23
£
-
3,366
6,123
90,646
100,135
3,254
30,278
11,931
398
179
3,008
1,979
1,005
1,334
410
17,493
2,936
779
650
2,157
112
-
2,455
1,650
48,476
24,635
__
73,111
____		 31.12.22
£
520
190
5,572
87,828
94,110
(4,388)
8,038
10,837
-
-
2,852
1,311
1,534
1,325
-
27,544
3,347
800
700
1,211
170
-
2,336
9,600
63,567
18,117
__
81,684
____		 31.12.22
£
520
190
5,572
87,828
94,110
(4,388)
8,038
10,837
-
-
2,852
1,311
1,534
1,325
-
27,544
3,347
800
700
1,211
170
-
2,336
9,600
63,567
18,117
__
81,684
____
(4,388)
8,038
63,567
18,117
__
81,684
____

This page does not form part of the statutory financial statements

Page 17